US Garment Imports Plunge 22.92% Between Jan-May 2023
US garment imports in the first five months of 2023 plunged 22.92 percent year on year, to US $31.51 billion as against $40.89 billion in January-May 2022.
Between January and May 2023, volume wise data measured in Square Meter Equivalent (SME) sank 30.48 percent from a year ago period to 9.58 billion SMEs from 13.79 billion SMEs during the first five months of previous year.
“During the reporting period, shipments from all top garment import sources like China, Vietnam, Bangladesh, Indonesia and India have shown significant decline in terms of both value and volume,” data from the US Office of Textiles and Apparel (OTEXA) informed.
During the period under review, imports of apparels from China saw a decline of 30.44 percent in dollar terms and 31.44 percent in quantity terms.
US imports from Vietnam, the second largest source of garment imports too revealed negative growth of 28.07 percent in dollar value and 33.51 percent quantity wise
Clothing imports from Bangladesh too were in negative zone at 19.16 percent in dollar value and 30.91 percent in quantity terms.
Negative growth was observed in case of other top sourcing countries like Cambodia at 34.42 percent, Pakistan at 31.98 percent, Indonesia at 27.57 percent, India at 20.80 percent and Mexico at 7.50 percent.
