Global Apparel Trade Update | Dec 2024

This month’s key highlights are:

• Apparel Imports: In October 2024, US, EU, and UK continued to register strong imports growth while Japan registered a decline:

· US: US$ 7.9 bn, up 22% YoY

· EU: US$ 8.8 bn, up 22% YoY

· UK: US$ 2.0 bn, up 5% YoY

· Japan: US$ 2.2 bn, down 4% YoY

• Apparel Exports: In November 2024, all the major exporters registered strong growth.

· China: US$ 12.5 bn, up 5% YoY; remained same on a YTD basis

· Bangladesh: US$ 3.3 bn, up 16% YoY; 9% decline on a YTD basis

· Vietnam (Oct 2024): US$ 3.2 bn, up 23% YoY; 10% increase on a YTD basis

· India: US$ 1.1 bn, up 10% YoY; 8% increase on YTD basis

• Apparel Retail Scenario:

· US apparel store sales in Nov. 2024 are estimated to be 2% lower than Nov. 2023 and home furnishing store sales are estimated to be 15% higher

· UK apparel store sales in November 2024 were £ 4.1 bn., which is 5% lower than in November 2023

In November 2024, the US inflation rate rose to 2.8%, while the unemployment rate dropped to 4.2%. Additionally, the Consumer Confidence Index rose by 3%, reflecting growing consumer optimism. This trend is expected to continue with the Federal Reserve's recent interest rate cuts.

Apparel_Trade_Scenario_in_Key_Global_Markets_and_India_Dec_2024