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Friday, February 23, 2024

Q3 US clothing import unit prices from China drop again

In the first nine months of 2023, among overall US clothing imports, China’s unit price fell most significantly by 14 percent yearly, as against a 6.7 percent unit price drop in overall US apparel imports.

In comparison, the unit price of Chinese clothing fell by 3.2 percent in the current year’s second quarter, as against the overall unit price of US clothing imports rising by 4 percent.

In the third quarter of 2023, the volume and value of US clothing imports from China rose again, mainly because of the decline in unit prices, which increased China’s proportion of imports.

Data revealed that China’s share of US apparel imports grew to 40.7 percent in the third quarter of 2023, as against 39.8 percent in the previous year’s comparable period.

In the first nine months of 2023, UK garment import volume fell 6.1 percent, while value dipped 10.8 percent from a year ago.

Clothing imports from Turkey decreased higher at 29.1 percent by volume and 20.2 percent in value, while those from Cambodia grew 16.8 percent by volume and 7.5 percent by value.

Regarding market share, China has the highest market share at 27.1 percent, followed by Bangladesh at 26.3 percent and Vietnam at 5.2 percent of overall UK apparel imports.

In the reporting quarter, Turkey’s import unit price rose 11.8 percent, but imports from China increased by 9.4 percent year-on-year.

Experts opine that the per unit price drop from China may drive the recovery of China’s textile and garment industry.

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