Global Apparel Trade Update | August 23

Key highlights of this month’s report are:

1. Global Apparel Imports – Apparel imports of UK and Japan improved to certain extent; but the larger markets – US and EU, again reported lower imports in June 2023 compared to June 2022. The silver lining is that on month-on-month basis, all these markets reported higher imports.
   1. US imports – US$ 6.6 bn., down 23% from June 2022
   2. EU imports – US$ 7.0 bn., down 0% from June 2022
   3. UK imports – US$ 1.9 bn., up 5% from June 2022
   4. Japan imports – US$ 1.6 bn., no change from June 2022
2. Apparel Retail scenario – Nominal growth in value terms were reported in the US and UK. Given the high inflationary scenario, this translates to negative to nil volume growth.
   1. US apparel store sales in July 2023 are estimated to be 5% higher than July 2022, while home furnishing store sales in the same period are estimated to decrease by 10% . The good news is that the consumer confidence index has started to improve, implying that sales could improve in the upcoming holiday season
   2. UK apparel store sales in July 2023 were £ 3.7 Bn., 3% higher than July 2022. Online sales registered strong growth of 13% and 10% in Q1 and Q2, respectively.
3. India’s apparel exports in July touched the lowest value in 2023 at US$ 1.1 bn. In the current calendar year, exports are 15% lower than the same period last year. Under this scenario, Indian apparel exports in 2023 might remain in US$ 14.8 to 15.0 bn. Range.

Apparel Trade Scenario in Key Global Markets and India – Aug 2023