Apparel exports strike second half-a-billion haul

Monday, 22 August 2022 03:07 - - {{hitsCtrl.values.hits}}

July shipments valued at $ 522 m, up 22.6% YoY and come hot on the heels of record $ 537 m achieved in June
First seven months’ exports cross $ 3 b mark up 20% YoY

The apparel industry has achieved its second back-to-back half-a-billion export haul in July propelling the first seven months’ performance to cross the $ 3 billion mark.

As per provisional data from the Joint Apparel Association Forum (JAAF), exports in July amounted to $ 522.14 million, up 22.64% from a year ago. Cumulative exports between January and July amounted to $ 3.3 billion, up 20.4% from the corresponding period of last year and $ 3.07 billion in pre-COVID 2019.

The robust performance comes hot on the heels of the highest ever export of $ 537 million in June. The previous highest for any month was $ 504 million achieved in March 2019.

In July apparel exports to the US grew by 17% to $ 213.6 million, but lower in comparison to 67.6% YoY gain in June to $ 231.3 million. Exports to the EU grew by 32.3% to $ 154.29 million and to the UK by 29.3% to $ 75 million. In June exports to the UK grew by 16% to $ 69.5 million only. Exports to other markets were up 16% to $ 79 million.

In the first seven months of 2022, exports to the US grew by 27% to $ 1.4 billion, to the EU by 14.5% to $ 963 million and to the UK by 18% to $ 455.4 million. Exports to other markets were up 16.6% to $ 484.50 million.

Despite resilient performance so far in 2022, industry sources feared prospects for the remainder of the year were challenging. This is due to rising inflation in the EU and the US and existing inventory in the latter. Energy crisis ahead of the upcoming winter is also a factor that points to depressed market sentiments.

Last year apparel exports grew by 23% to $ 5.4 billion whilst in 2019 earnings amounted to $ 5.6 billion.