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Insight | Time: Dec 12 2019 2:33PM
US textile and apparel import demand further drops
 
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According to the latest data, US textile and apparel import was 6.26 billion square meters in Oct, down by 8.2% year-on-year, among which that from China was 3.04 billion square meters, down by 16.4% year-on-year. In Jan-Oct, the cumulative US textile and apparel import was 59.38 billion square meters, up by 3.03% year on year, of which 27.97 billion square meters imported from China, down by 0.59% year on year. Share of China's textile and apparel import in US textile and apparel import market has declined by 48.6% compared with 53.3% in same period of last year.

In Oct, growth rate of total textile and apparel import in the United States turned negative, with a decline rate of 8.2%. The growth rate of import has been negative for two consecutive months, and the decrement reached 12.2% in Oct. Then the value and amount of textile and apparel imported from China were more unsatisfactory. Amount of textile and apparel imported from China has declined for two consecutive months, and it has declined to 16.4% in Oct; in terms of value, it has declined for three consecutive months and has dropped sharply by 31.9% year-on-year, indicating that the situation of textile and apparel imported from China was not ideal, which also dragged on total imports of US textile and apparel.

Changes of US textile and apparel imports in 2019
  volume year-on-year value year-on-year
Total US imports imports from China Total US imports value imports value from China
Jan 11.7% 8.7% 7.6% 6.1%
Feb 1.7% -2.2% 1.0% -4.2%
Mar 2.4% -15.3% 4.4% -16.3%
Apr 5.1% 7.6% 4.0% 3.0%
May 7.5% 7.1% 5.3% -0.1%
Jun 0.1% -2.6% 1.3% -5.9%
Jul 7.2% 6.7% 6.1% 3.3%
Aug 3.9% 5.7% 0.3% -1.8%
Sep 1.0% -4.3% -2.2% -16.9%
Oct -8.2% -16.4% -12.2% -31.9%
Jan-Oct 3.0% -0.6% 1.2% -7.2%

From US imported apparel market, the total US apparel import in Oct was 2.4 billion square meters, down by 16% year on year, of which that from China was 930 million square meters, down by 30.4% year on year. In Jan-Oct, the cumulative volume of US imported apparel was 24 billion square meters, up by 1.2% year-on-year; among them, the cumulative volume from China was 9.72 billion square meters, down by 2.3% year-on-year. Value of US imported apparel in Oct was 7.44 billion USD, down by 12.9% year-on-year, including 2.03 billion USD worth of apparel from China, down by 35% year-on-year. In Jan-Oct, US imported 72.52 billion USD worth of apparel, an increase of 2.6% year on year, of which the cumulative value from China was 22.13 billion USD, down by 5.6% year on year.

Changes of US apparel imports in 2019
  volume year-on-year value year-on-year
Total US imports imports from China Total US imports value imports value from China
Jan 8.6% 11.3% 8.2% 8.6%
Feb -0.4% -2.0% 1.8% -2.9%
Mar 5.5% -13.5% 8.3% -12.9%
Apr 3.4% 6.2% 4.8% 2.9%
May 5.6% 7.0% 6.6% 1.7%
Jun 3.2% 3.6% 5.8% 2.0%
Jul 9.2% 12.5% 9.4% 8.6%
Aug 2.1% 5.0% 1.6% 0.5%
Sep -4.4% -13.2% -2.0% -18.1%
Oct -16.0% -30.4% -12.9% -35.0%
Jan-Oct 1.2% -2.3% 2.6% -5.6%

It can be seen from the changes that both the total imports of US apparel and the import from China have declined for two consecutive months, and the decline in imports are expanding.

However, there is no new progress in the recent Sino-US trade negotiations, and there are some subtle changes. According to the current situation, US may impose tariff on the rest of Chinese goods which include some apparel on Dec 15. If it is implemented as scheduled, most of textile and apparel will be included in the list of additional duties, so US imports of textile and apparel from China will decrease. However, it will take time to find a replacement market, and the domestic economy is also constantly turning worse in the future. Therefore, growth rate of US textile and apparel import will slip.
[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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