The US apparel exports grew by 30.16 percent in the year 2022 to reach US$ 87.05 Billion between January and October. OTEXA released the data recently and further analysis was done by Apparel Resources.
The imports so far in 2022 have been the best of all time surpassing previous best figures – US $ 72.52 billion – that was witnessed during the same period in 2019.
Apparel Resources The USA could import clothing worth US$ 100 billion before 2022 ends, according to predictions.
All Asian apparel exporting nations experienced an increase in shipment to the USA due to a significant rise in import value.
Of top five destinations, Bangladesh benefited the most in terms of percentage-wise share (in values) as it grew to 9.71 per cent in Jan.-Oct. ’22 from 8.51 per cent in the same period a year earlier.
In the first quarter of 2018, Bangladesh exported apparel worth US$ 8.46 billion to the US. This represents a 48.56 percent Y-o Y increase.
China topped the list with US$ 19.33 billion in garments coming from China. This was at an annual growth rate 20.76 percent. The value-wise percentage has fallen to 22.19% from 23.92% a year ago.
Vietnam’s share too dipped to 18.42 per cent in Jan.-Oct. ’22 from 18.42 per cent in the same period of the prior year. Vietnam remained in second place with US$ 16.04 million apparel export value to the US.
India and Indonesia continue to be in an intense competition. India shipped garments valued at US$ 5.25 billion, up 45 per cent. The shipment of Indonesian goods to the USA was US$ 4.95 Billion (up 47.57%).