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Insight | Time: Aug 10 2020 2:06PM
MoM US textile and apparel imports downtrend reversed
 
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The latest data show that US textile and apparel imports reached 4.65 billion square meters in Jun, down by 18.8% year-on-year but up by 31.1% month-on-month; the volume from China was 2,420 million square meters, down by 13.9% year-on-year but up by 37.1% month-on-month. In Jan- Jun, the cumulative US textile and apparel imports were 26.86 billion square meters, down 19.9% year-on-year; the volume from China was 10.83 billion square meters, down 26.8% year-on-year.


US textile and apparel imports value in Jun was 5.7 billion USD, down 37.5% year-on-year but up by 38.9% month-on-month; that from China reached 1.9 billion USD, down 40.2% year-on-year but up 40.7% month-on-month. In Jan-Jun, the cumulative US textile and apparel imports were 38.63 billion square meters, down 27.9% year-on-year; the volume from China was 9.6 billion square meters, down 43.1% year-on-year.

US textile and apparel YoY import volume in Jun was still in the shrinking range, but the decline narrowed. US textile and apparel MoM import volume showed signs of improvement for the first time in Jun after a large fall; the textile and apparel from China gradually improved from Apr.


The volume and amount of US textile and apparel imported from China increased, with the value rising to 33.8% and the volume increasing to 52%.


The latest data show that US apparel imports reached 1.5 billion square meters in Jun, down by 34.3% year-on-year but up by 57.8% month-on-month; the volume from China was 0.65 billion square meters, down by 32.5% year-on-year but up by 65.4% month-on-month, accounting for 43.4% of the total apparel imports. In Jan-Jun, the cumulative US apparel imports were 9.67 billion square meters, down 27.9% year-on-year; the volume from China was 3.06billion square meters, down 38.3% year-on-year. US apparel imports value in Jun was 3.97 billion USD, down 42.8% year-on-year but up by 49.3% month-on-month; that from China reached 1.16 billion USD, down 48.4% year-on-year but up 59.7% month-on-month. In Jan-Jun, the cumulative US textile and apparel imports were 27.89 billion square meters, down 27.9% year-on-year; the volume from China was 5.77 billion square meters, down 49% year-on-year.

It can be found that the YoY and MoM trend of apparel is consistent with that of textile and apparel, the YoY decrease of apparel, however, is greater than that of textile and apparel, and the MoM growth rate of apparel is greater than that of textile and apparel. In terms of the proportion of US apparel imports from China in the total textile and apparel import value, apparel one is higher, accounting for about 70%.

The latest trade statistics support the view that US fashion companies continue to treat China as an essential apparel-sourcing base, despite COVID-19, the trade war, and companies’ sourcing diversification strategy. China’s apparel exports to the US dropped by as much as 49.0% from January to June 2020 year over year. In February 2020, China’s market shares slipped to only 11%, and both in March and April 2020, US fashion companies imported more apparel from Vietnam than from China. However, China’s apparel exports to the US are experiencing a "V-shape" recovery: as of Jun 2020, China had quickly regained its position as the top apparel supplier to the US, with a 29.1% market share in value and 43.4% share in quantity.

In conclusion, the epidemic in the United States is still grim. However, under the background of returning to work and production, the demand for textile and apparel turned positive for the first time, but it is still in a sharp YoY fall, so it will still be some time for demand recovery.



[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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