Snapshot of Latest Apparel Consumption and Trade Data:
Apparel Imports: A mixed bag for major apparel importers in May. While the EU bucked the trend with a 17% year-on-year (YoY) increase to $6.9 billion, other key markets experienced declines: US (-8% to $6.0 billion), UK (-13% to $1.4 billion), and Japan (flat at $1.8 billion). These figures align with retailer inventory data, which shows a significant decrease in stockpiles compared to the previous year.
Apparel Exports: Export performance was also varied. China, the world's apparel factory, saw a slight 1% YoY decline to $14.5 billion. Bangladesh experienced a steeper drop of 17% to $3.4 billion, while India bucked the trend with a 13% YoY increase to $1.2 billion.
Apparel Retail: US apparel store sales in June 2024 are estimated to be 5% higher than the same period last year, with home furnishing sales up 4%. However, the UK saw a 2% decline in apparel store sales to £4.6 billion.
Economic Indicators: While US inflation eased slightly from 3.2% to 3% in June, consumer confidence is at a low point, and unemployment remains high. These factors continue to hinder consumption recovery.
CREDITS: Wazir Advisors key global markets & India-July 2024 report
