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Insight | Time: May 12 2020 3:59PM
US textile and apparel import demand plunged
 
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COVID-19 pandemic is still severe. The United States has become the hardest hit and global economic activities have been greatly affected. The latest data show that US textile and apparel imports reached 4.19 billion square meters in Mar, down by 12.6% year-on-year; the volume from China was 940 million square meters, down by 38.7% year-on-year.



US textile and apparel imports have been showing negative growth for six consecutive months, and declined more quickly; the volume from China saw faster speed than the total, a negative growth for seven consecutive months. Apr import demand will be weaker. In terms of import value, it declined faster year-on-year. In the first quarter, the cumulative US textile and apparel imports were 14.66 billion square meters, down 10.9% year-on-year; the volume from China was 5.18 billion square meters, down 26.2% year-on-year.



In Mar, the cumulative US textile and apparel imports were 6.88 billion square meters, down 14.6% year-on-year; the volume from China was 0.92billion square meters, down 49.6% year-on-year. In the first quarter, the cumulative US textile and apparel imports were 23.63 billion square meters, down 11.8% year-on-year; the volume from China was 5.1billion square meters, down 39% year-on-year. From the share, both the volume and value of US textile and apparel imported from China declined significantly in March.



The volume and value of US textile and apparel imported from China in Mar fell to 22.4% and 13.4% of the total textile and apparel imports respectively, 30.1% and 25% lower than that in Aug of last year mainly due to the epidemic. In recent years, US textile and apparel import market has gradually shifted to Southeast Asia, Bangladesh and other regions, and emerging markets have continued to occupy China's market share.

Major US textile and apparel import country market share

Confronted both by Sino-US trade war and the epidemic, China's textile and apparel market share in the United States has gradually declined, especially in the first quarter. However, the share of ASEAN, India and Bangladesh gradually increased, especially that of ASEAN rose to 19% in Mar and that of China fell to 22.4%.

There is a time lag in import data. The epidemic outside China in Mar and Apr continued to spread, and the United States became the hardest hit. Therefore, the US textile and apparel consumption was bound to be greatly impacted, and the import volume also declined. However, mills in ASEAN, Bangladesh and India were hard to resume work amid the pandemic, so it is expected that US textile and apparel Apr import will still slip evidently, with larger decline than that in Mar.
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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