In 2023, US’ total apparel imports plummeted by 22 per cent to reach $77.8 billion. However, European producers bucked the trend, with imports from the EU growing by 2.4 per cent to $3 billion.
US’ imports from Italy and France surged by 3.5 per cent and 10.8 per cent respectively as demand for luxury goods increased. However, imports from the UK remained stable.
While US apparel imports from all other regions declined, the EU held steady compared to 2022. This positive trend for European exports can be attributed to several factors. Western and US brands overestimated the post-pandemic recovery, leading to excessive inventory buildup in 2022. This resulted in reduced demand for new orders in 2023, a trend mirrored in EU sourcing.
Despite the global slowdown, European producers maintained their US market share due to several factors, including a strong brand reputation, proximity and agility and product differentiation.
Overall, the 2023 US apparel import data presents a mixed picture. While the global market witnessed a significant decline, European producers emerged as winners, highlighting the importance of brand image, agility, and product differentiation in the competitive landscape.
