US import of apparels import from India has sharply declined in May ’20, acceording to OTEXA. The country imported 19.63 million SME garments from India in the month of May which was worth $62.98 million.
In the same month of 2019, the US imported 111.62 million SME garments worth $387.32 million. Hence, the decline registered in May ’20 was 82.45 per cent in volumes and 83.74 per cent in values, on Y-o-Y basis.
The fall in May ’20 over April ’20 was also substantial as shipment from India declined by 70.17 per cent in volumes on monthly basis and 71.44 per cent in values. This was the highest fall of any top country in the list exporting apparels to USA.
Cumulatively in January-May ’20 period, the fall experienced by India’s apparel shipment was 27.08 per cent in values and the country clocked $1,424.63 million revenue as against$1,953.74 million in the same period of the prior year.
It’s worth mentioning here that the US imported $23.92 billion worth of apparels in Jan.-May ’20 period, marking 27.76 per cent decline on yearly basis. India’s share to the US, however, remained unchanged as it was 5.93 per cent in the current year, while the share in the corresponding period of the previous year was 5.91 per cent, in value terms.
Furthermore, unit prices of India’s shipment to the US also decreased to $3.50 in the review period of 2020 from $3.56 in the review period of 2019, noting 1.74 per cent decline.
The lockdown in April and May have clearly hurt the Indian shipment of apparels of USA. The factories in India have started resuming operation from June first week and the reflection of the same will be seen in the subsequent months