WAZIR APPAREL TRADE UPDATE MAY 2024 APPAREL IMPORTS US EU UK. JAPAN. APPAREL RETAIL SCENARIO APPAREL EXPORTS INDIA GLOBAL MARKETS TRENDS CONSUMPTION INSIGHTS REPORT GLOBAL NATIONAL
NEW DELHI, INDIA
By IFAB MEDIA - NEWS BUREAU - May 28, 2024 | 295 1 minute read
Wazir presents the global apparel trade update report for May 2024, covering the latest available apparel consumption and import data for the US, EU, UK, and Japan, along with insights into India's apparel export and import.
Key Highlights:
The data continues to highlight lower consumption and imports in all major markets. This month's key highlights are:
This month’s key highlights:
Apparel Imports (March 2024): The imports were, once again, down for all the key markets
US: US$ 5.9 bn, down 6% YoY.
EU: US$ 7.1 bn, down 8% YoY.
UK: US$ 1.4 bn, down 22% YoY.
Japan: US$ 1.7 bn, down 26% YoY.
Declining imports also corroborates with the retailer inventory data (available up to Q4 2023), which shows appreciable decrease in inventory levels compared to previous year. The US consumer confidence has declined to its lowest value in last seven quarters (97.0 in April 2024) indicating low chance of immediate revival.
Apparel Exports (April 2024): The exports were also down for all the key supplier nations:
China: US$ 11.3 bn, down 3% YoY.
Bangladesh: US$ 3.3 bn, no change YoY.
India: US$ 1.2 bn, no change YoY.
Apparel Retail Scenario:
US apparel store and home furnishing store sales in Apr. 2024 are estimated to be 3% and 2% lower than Apr. 2023, respectively. In Q1 2024, US online clothing and accessory sales dropped 1% from Q1 2023.
UK apparel store sales in Apr. 2024 were £ 3.3 bn., which is the same 8% lower than Apr. 2023. In Q1 2024, UK's online sales of clothing registered a growth of 7% over Q1 2023.
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Varun Vaid, Business Director, Wazir Advisors Varun possesses more than 20 years of experience in textile sector covering manufacturing, marketing and consulting domains. As a strategy consultant, he has led diversified projects for private companies, government bodies and development agencies in Asia and Africa. |
Wazir Advisors Over the years Wazir has placed itself as a premier Indian consulting organization with a special focus on textile and apparel value chain. Our team of textile engineers, sector experts, management graduates and economists have executed a broad range of consulting projects working for reputed Indian and international clients. Wazir has partnered with ITA Germany, an international research institute under RWTH University, Aachen, for offering sustainability and digitalization solutions to textile and apparel players in India and other South Asian countries. With combined expertise, Wazir- ITA can be your solution provider in the shift towards a sustainable future.
