Wazir Advisors’ monthly report that covers latest apparel consumption and import data of the US, EU, UK, and Japan along with exports data of India has just released its October 2023 edition. Highlighting global market scenario in August and September, the report shows US import market is not too strong with online sales of clothing and accessories registering only a nominal 1 per cent growth in Q2 of 2023 over Q2 2022. Lower figures have also been recorded month-wise, with US apparel imports at $7.8 billion in August 2023, which is 25 per cent lower than August 2022.
The UK markets have also seen lower figures as on year-to-date (YTD), with imports 14 per cent lower than 2022. Apparel import in August 2023 was around $1.8 billion, 10 per cent lower than last year. China’s share decreased 6 per cent in UK apparel market while Bangladesh has seen 2 per cent increase since 2021. EU’s apparel imports this year was $8.2 billion which is 23 per cent lower than August 2022, on YTD basis, imports were 10 per cent lower than 2022.
Japan’s imports from Vietnam increase
Japan’s apparel import, an important segment of the Wazir report revealed in August 2023, imports were $2.4 billion, 14 per cent lower than the same month last year on YTD basis. Imports were 2 per cent lower than in 2022. Moreover, China’s share decreased 7 per cent while Vietnam saw an increase of 2 per cent since 2021. Post-pandemic, other South East Asian countries like Vietnam and Bangladesh are trying to takeover some of the business from China in global import-export of apparels.
Apparel store sales higher in key global markets
However, in spite of lower imports, the monthly apparel store sales were slightly higher in the UK and US, both in online as well as offline markets over the last couple of months. The US monthly apparel store sales were around $18.2 billion in September 2023, clocking in 10 per cent rise from September2022.
Home furnishing store segment is under-performing with sales at around $4.7 billion in September 2023 which is 13 per cent lower than in September last year. On YTD basis, sales are around 4 per cent lower than last year. Online sales of clothing and accessories registered a nominal growth of 1 per cent in Q2 this year over Q2 2022.
Even in the UK, a nominal 2 per cent increase in September 2023 was noticed as compared to last September. On a YTD basis, sales were 8 per cent higher in 2023 as compared to 2022, with online segment doing rather well in Q2 2023 with a growth of 10 per cent as compared to Q2 2022.
In the Indian apparel export market, Middle East countries share have decreased 5 per cent since 2021, while that of the US has increased 1 per cent. India’s apparel exports were estimated to be around $1 billion in September 2023, although on a YTD basis, exports are 14 per cent lower than 2022. Playing the role of a torchbearer for the textile and apparel Industry, the Wazir Advisors monthly report is much-awaited by analysts for its comprehensive global market overview.