In January 2024, there was a decline in global apparel trade. Wazir Advisors said in its March 2024 apparel trade report for major global markets and India that apparel consumption and imports in the United States, the European Union, the United Kingdom and Japan have declined. However, India's picture is mixed, with imports declining in spite of a slight increase in clothing exports in February 2024 compared to February 2023.

Apparel imports declined in all major markets

According to Wazir's research, U.S. apparel imports were $6.1 billion in January 2024, down nearly 16 percent from January 2023. In addition, China and Vietnam have increased their market share in the US apparel market by 2% and 1% respectively since 2022. The market share of India and Bangladesh has remained unchanged since 2022.

In January 2024, the EU's clothing imports were $6.6 billion, down 20% year-on-year. In the EU apparel market, China's market share has fallen by 2% since 2022, while Turkey's market share has increased by 2%. Bangladesh's market share has been declining since 2022, and India's market share has also declined since 2023.

In January 2024, UK clothing imports were $1.4 billion, down 18% year-on-year. Meanwhile, in the UK apparel market, China's market share has fallen by 2% since 2022, while Italy's market share has increased by 3%. India's market share has remained more or less unchanged since 2022.

Another major market, Japan, imported $1.9 billion in January 2024, down 14% year-on-year. In the Japanese apparel market, China's market share has decreased by 3% since 2022, while Vietnam's market share has increased by 1%. Bangladesh, Cambodia and other countries have not changed.

Retail: US up UK down

In February 2024, the US consumer confidence index fell to 106.7 from 114.8 in the previous month. Inflation in the United States rose from 3.1 per cent to 3.2 per cent over the same period. In this study, clothing store sales in different regions were mixed. In February 2024, the monthly sales of clothing stores in the United States were about $15.8 billion, up 10% year-over-year. Cumulative sales in 2024 increased 6% YoY. In February 2024, U.S. home furnishing stores had monthly sales of $4.2 billion, down 22% year-over-year. Cumulative sales in 2024 increased by 25% YoY. In the fourth quarter of 2023, online sales of apparel and accessories in the United States increased by 7% compared to the fourth quarter of 2022.

In the UK, monthly sales in clothing stores were £ 3 billion in February 2024, down 3% year-on-year. Cumulative sales in 2024 decreased by 3% YoY. In the fourth quarter of 2023, online clothing sales in the UK increased by almost 20% compared to the fourth quarter of 2023. Overall, sales in 2023 are 16% higher than in 2022.

Clothing Trade in India

In February 2024, Indian garment exports were estimated at around US $1.4 billion, up only 1% year-on-year. Cumulative exports in 2024 fell 3% year-on-year. Since 2022, the market share of Indian garment exports in the United States and the United Arab Emirates has declined by 4% and 1% respectively. In January 2024, India's clothing imports were $0.109 billion, down 23% year-on-year. Since 2022, China's market share in Indian garment imports has fallen by 4%, while Italy's market share has increased by 3%.