U.S. apparel import growth slowed concomitantly export picked up in May

U.S. apparel imports witnessed drop in May compared to the same month last year, after surging 2.2% in April, total apparel imports (on a CIF basis) were $6.7 billion in May, a 2.4% drop from May 2013’s $6.8 billion. But in June, apparel imports are expected to have surged due to fears of an impending dockworker strike in California, so they expect to see a turnaround of this trend next month, according to data released by the U.S. Department of Commerce.

China, Vietnam, Bangladesh and Indonesia were the top sources of U.S. apparel in the month, at $1.9 billion, $603 million, $398 million, and $388 million, respectively. Imports from Vietnam grew 10.1% over May last year, while imports from the other three fell on a dollar basis in the month.
On a 12-month round basis, which corrects for volatility of data in a particular month, apparel import growth slowed to 2.3% from April’s 3.2% rate of increase.

On a 12-month round basis, apparel exports picked up by 3.9% in May. Apparel exports to Australia have grown by 12.7% to $42.8 million so far this year, while those to Germany increased by 25 percent to $41.5 million (making it one of the top 10 destinations for U.S. apparel exports). However, Canada is the biggest market for U.S. apparel exports, followed by Mexico, the U.K., Japan and Honduras. While, the apparel exports to the Netherlands saw plunge by 16 percent.