This month’s key highlights are:
- Apparel Imports: In September 2024, US & EU registered string imports growth while small markets of UK and Japan registered decline:
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- US: US$ 8.1 bn, up 9% YoY
- EU: US$ 8.5 bn, up 13% YoY
- UK: US$ 1.6 bn, down 11% YoY
- Japan: US$ 2.2 bn, down 15% YoY
- Apparel Exports: In October 2024, exports of both China and India were higher:
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- China: US$ 12.6 bn, up 9% YoY
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- India: US$ 1.2 bn, up 35% YoY
- With a very significant apparel exports growth (+35%) in Oct, India’s total exports for 2024 are estimated to remain between US$ 15.5 to 16 billion, reflecting 8-10% rise over 2023.
- Apparel Retail Scenario:
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- US apparel store sales in October 2024 are estimated to be 2% higher than October 2023 and home furnishing store sales are estimated to be 11% higher
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- UK apparel store sales in September 2024 were £ 4.5 bn., which is 5% higher than in September 2023
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- US online clothing and accessory sales dropped 2% in Q3 2024 from Q3 2023
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- UK clothing e-commerce sales registered a degrowth of 6% in Q3 2024 from Q3 2023
- In October 2024, the US inflation rate increased slightly to 2.6%, compared to 2.4% in September. The country added just 12,000 jobs in October affected by the strike at Boeing and two hurricanes. However, amid growing optimism about further interest rate cuts, the Consumer Confidence Index surged to 108.7, a 10% increase from last month.
Apparel_Trade_Scenario_in_Key_Global_Markets_and_India_Nov_2024
