Key highlights of this month’s report are:
- 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.
- US imports – US$ 6.6 bn., down 23% from June 2022
- EU imports – US$ 7.0 bn., down 0% from June 2022
- UK imports – US$ 1.9 bn., up 5% from June 2022
- Japan imports – US$ 1.6 bn., no change from June 2022
- 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.
- 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
- 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.
- 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