WAZIR APPAREL TRADE UPDATE JULY 2024 APPAREL IMPORTS US EU UK. JAPAN. APPAREL RETAIL SCENARIO APPAREL EXPORTS INDIA GLOBAL MARKETS TRENDS CONSUMPTION INSIGHTS REPORT GLOBAL NATIONAL GLOBAL NATIONAL
NEW DELHI, INDIA
By IFAB MEDIA - NEWS BUREAU - July 25, 2024 | 326 1 minute read
Wazir presents the global apparel trade update report for July 2024 . This report provides an overview of the latest apparel consumption and trade data for major supplier and buyer nations.
Key Highlights:
Apparel Imports: In May, the imports were down for all the key markets except EU
US: US$ 6.0 bn, down 8% YoY
EU: US$ 6.9 bn, up 17% YoY
UK: US$ 1.4 bn, down 14% YoY
Japan: US$ 1.8 bn, no change YoY
Declining imports also corroborate with the retailer inventory data (available up to Q1 2024), which shows appreciable decrease in inventory levels compared to previous year.
Apparel Exports:
China: US$ 14.5 bn, down 1% YoY
Bangladesh: US$ 3.4 bn, down 17% YoY (May 2024 data)
India: US$ 1.2 bn, up 13% YoY
Apparel Retail Scenario:
US apparel store sales in June 2024 are estimated to be 5% higher than June 2023 and home furnishing store sales are estimated to be 4% higher.
UK apparel store sales in June 2024 were £ 4.6 bn., which is 2% lower than June 2023.
Inflation in the US eased slightly, dropping from 3.2% in May to 3% in June. However, the Consumer Confidence Index fell to its second-lowest level since 2023, and unemployment data remains discouraging. As a result, a revival in consumption remains elusive.
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.
