US Garment Imports Plummet 22.15% in Jan-April 2024
In the first four months of 2023, US garment imports plummeted 22.15 percent year on year. In the first four months of 2022, they stood at US $32.38 billion as against which they fell to $25.21 billion in January-April 2023.
According to OTEXA, which published the data, imports from all top import sources like China, Vietnam, Bangladesh, Indonesia and India have shown significant decline in terms of both value and volume.
USA’s apparel imports from China, which is the largest import source dropped by a massive 32.45 percent in dollar terms and 34.74 percent by quantity in the first four months of 2023, both falling from a year ago period.
USA’s clothing import from Vietnam and the second largest source of apparel import also showed negative growth of 27.33% in dollar values and dipped 33.67% in quantity.
During the period under review, USA’s garment import from Bangladesh fell 17.88 percent in dollar values and 30.49 percent in quantity. As against this, overall US garment imports declined 22.15 percent in dollar values and 31.09 percent by quantity.
Dollar values negative import growth in the period January to April 2023 was also observed from Cambodia at 34.53 percent, Pakistan at 29.73 percent, Indonesia at 25.57 percent, India at 16.59 and just 6.92 percent from Mexico, when compared with a year ago period.