U.S. apparel imports continued to gain steam in July, with Vietnam, India and Bangladesh benefiting most from the increase. For the first time ever, the value of apparel imported in a month from Vietnam exceeded $1 billion.
Total U.S. apparel imports (MFA) increased by 5 percent in the month on a dollar basis and by 7.1% on a square meter equivalent (SME) basis, according to data just released by OTEXA, the International Trade Administration’s Office of Textiles and Apparel, causing the year-to-date increases in the two measures to rise to 4.3% and 5.9%, respectively.
Apparel imports from China rose by 5.1% in July on a dollar basis and 7.8% on an SME basis as the country continued to ship lower cost apparel to the U.S. So far this year, imports from China have grown by 2.3% in dollars, around half the pace of total apparel imports, to $15.9 billion, causing China’s share of U.S. apparel imports to drop to 33.5% from 34.1% in the year-ago period, giving it the biggest share loss of any major trading partner.
Apparel imports from Vietnam increased in July by 12.7% year-over-year, exceeding $1 billion in a month for the first time. Though the number two source of U.S. apparel imports, imports from Vietnam have grown the fastest of any top trading partner, up 15 percent, giving it a 1.2-percentage-point share gain so far this year to 12.5% of total dollar imports of apparel, or $5.9 billion. If the Trans-Pacific Partnership (TPP) ends up passing, Vietnam’s continued rapid growth as a source of imported U.S. apparel could even accelerate.
Growth in imports from Bangladesh slowed to 3.7% in July to $508 million, giving the country a 8.5% increase year to date, allowing it to edge out Indonesia as the third largest source of U.S. apparel imports, at 6.7% of the year-to-date total.
Apparel imports from India grew by 7.3% to $325 million in the month, bringing the year-to-date total to over $2.3 billion dollars, up 9.6% compared to the same period in 2014. India’s share of U.S. apparel has risen to 4.9% so far this year.
Though not among the top 10 trading partners, Sri Lanka has seen its imports to the U.S. increase by more than 16 percent so far this year, to $1.1 billion, and imports from Burma (Myanmar) have increased by more than 130 percent, to over $14.6 million.
Imports from Sub-Saharan Africa have declined by almost 3 percent so far this year, to $560 million. Kenya is the biggest trading partner in the region, at $213 million year-to-date.
Imports from Haiti have grown by over 12 percent in 2015, helped by the Haiti HOPE knit apparel program.
Print PDFPrint PDFWhen times are tough, companies are more willing to test new ideas and Target, Warby Parker and Amazon are pushing the boundaries of traditional retail. Target gets in bed with Casper After failed attempts at an acquisition, Target has instead invested in Casper...Read more
J.Crew has been shifting in its seat trying to adjust to a new normal of shrinking sales and growing debt, but nothing has quite yet paid off, so the company is cutting its prices.Read more
It’s official. Coach, Inc. is snapping up shares of handbag brand Kate Spade.Read more
This week, consumers called for better children's apparel, retailers turned internally to remedy their financial woes and apparel incubators improved China's manufacturing sector.Read more
Whether and how much consumers care about sustainability may be an ongoing question the industry wants an answer for, but one thing that’s clear is that though some consumers do care, sustainability isn’t the first thing they think of.Read more
Gymboree tapped former Tilly's executive Daniel Griesemer as its new CEO, JC Penney appointed Marci Grebstein as its new EVP and Wolford creative director Grit Seymour is leaving the company.Read more
Aiming to clear up potential conflicts with state laws, the Reinforcing American-Made Products Act now moves to the full Senate for consideration after the chamber’s Commerce Committee gave approval to the measure.Read more