Total U.S. apparel imports dropped in December, according to data released last week by the U.S. Census Bureau, resulting in the first annual decline in the category in the past four years.
Apparel imports plunged by 7 percent in the month, to $6.6 billion on a CIF basis, their tenth straight month of year-over-year decline, in stark contrast to total U.S. goods and services imports, which increased by 2.3% in December to $186 billion. Apparel exports rose by 5.4% to almost $127 billion.
The sky-high dollar and recovering economy last year did little to stimulate demand among apparel-weary consumers who took advantage of the lower prices to spend less on clothing. Although most big retailers reported a solid holiday 2016 season, apparel was cited as weaker than usual.
Apparel exports dropped by almost 5 percent in December, to $450 million. Total apparel exports on an FAS dollar basis fell every month in 2016 compared to the same month in 2015.
Total apparel imports were $91.2 billion in 2016, down 5.9% from 2015. Apparel imports fell by 6.8% to $27.5 billion.
In sports, the saying is “You can’t teach speed.” In global sourcing, “speed to market” can be realized with the right sourcing strategy.Read more
Global shipping giant UPS is putting a little fun and funding in a competition aimed at helping companies export their products.Read more
Topshop's creative chiefs announced their departure, while Carolina Herrera hired two new executives to helm its retail and merchandising divisions.Read more
Another party has stepped forward for a possible bid for beleaguered Sears Canada, while legal the wranglings around the company’s bankruptcy status continue.Read more
Cotton Made in Africa made strides in 2016 in its mission to make cotton growing in Sub-Saharan Africa more sustainable year after year, while improving the lives of smallholders and their families.Read more
Though the deal has been in place just five years, the U.S. and South Korea will meet in Seoul next week to discuss renegotiations, and President Trump has already said he would either go that route or terminate the agreement.Read more
New Zealand wants to go ahead with a TPP 11 and the deal could be reached before the end of the year.Read more