US apparel imports continued to soar in August, reaching a record high for the second straight month. Total apparel imports rose by 8.7 per cent over August 2014.
On a 12-month smoothed basis, which corrects for volatility of data in a particular month, apparel import growth was 5.6 per cent in August, its biggest monthly jump in almost four years.
China, Vietnam, Bangladesh, Indonesia and India are the top five sources of US imported apparel so far this year. The apparel import increase contrasted sharply with total US imports in the month, which fell by 3.1 per cent despite the purchasing power of the stronger US dollar.
Apparel exports outperformed the total export market as well, falling by 7.5 per cent compared to last August, while total US exports of goods and services plunged by 10.5 per cent. On a 12-month smoothed basis, apparel exports increased by two per cent, their smallest monthly increase in almost two years.
Meanwhile the textile and apparel industry in the US remains healthy, with earnings and margins for the most part continuing to top year-earlier levels. On the mill level, for example, after-tax earnings were running a solid 18-per cent ahead of a year earlier. Apparel manufacturers managed to eke out another four per cent bottom line increase.
