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The first half of 2020 has passed, and the statistics on US apparel imports are out! It is estimated that the country's apparel imports experienced a 30.37% decrease from January to June 2020, valued at $27.88 billion, compared to $40 billion in the same period last year.
The US noticed a decline in both quarters of 2020. The first quarter of 2020 (pre-COVID-19 quarter) saw a year-on-year decrease of 12.07%, importing apparel worth $917.85 billion, while imports in Q2 2020 (COVID-19 lockdown) were valued at $1 billion, almost half the value of the second quarter of 2019 (49.20%.
Apparel imports in Q2 2020 decreased by 43.79% compared to Q1 2020. However, the monthly data for June 2020 indicates that the US apparel market has begun to gradually rebound as the pandemic gradually subsides. The US saw a 49.35% increase in May 2020 and June 2020, shipping apparel worth $3.97 billion. Despite the surge, the country's imports in June were significantly lower than June 2019, and decreased by 42.82% on an m-o-m basis.
During January-June 2020, all top apparel shippers to the US saw a decrease in their respective exports to the US. However, with the recovery of the US apparel market, the top five apparel exporters saw monthly growth in June compared to May 2020 - a
positive sign!
This is a first half-year analysis of US apparel imports and the performance of major shippers during January-June 2020. China regained its position as the top exporter to the US in Q2 2020, after losing the top spot to Vietnam in Q1 2020.
In the first half of the year, China shipped goods worth $5.77 billion to the US, a decrease of 49.10% compared to the same period in 2019. China shipped $3.27 billion worth of apparel to the US during January-March 2020, a decrease of 43.12%, while in the subsequent quarter, April-June 2020, these shipments were valued at $2.50 billion, an increase of 55.25% year-on-year.
Q1 2020. China lost its top position to Vietnam in Q1 2020. However, the month-on-month growth in May 2020 and June 2020 helped China regain its top position in apparel exports to the US, closing Q2 2020.
China's share of the value exceeding US ports in Q1 2020 was only 18.31%, while it rose to 24.91% in Q2 2020.
In terms of June, China was down 49% compared to June 2019, to $1.15 billion. However, compared to May 2020, China saw a significant rebound in shipments to the US in June, up 59.60%.
Despite the fall. Vietnam increased its share of shipments to the US in Q2 2020.
Vietnam's shipments to the US in the first half of 2020 were valued at $5.65 billion, $1.10 billion less than China in Q1 2020. Vietnam grew by 4.50% year-on-year and managed to ship apparel worth $3.38 billion to the US. It then saw a significant drop of 27.26% in Q2, reaching $2.37 billion. Vietnam's apparel shipments in Q2 decreased by 32.65% compared to Q1. Vietnam accounted for 18.93% of the total import value in the US in Q1. Compared to a share of 15.93% in the same period of 2019, its share increased by 20% to 22.68% in Q2, all due to the sharp decline in US import value. June was also positive for Vietnam, as the country's apparel exports to the US reached $848.87 million in this month, and monthly growth since May 2020 was 35.92%, while it was down 20% from June 2019.
Bangladesh's apparel shipments in Q2 2020 were valued at only $796 million, the worst quarter in recent years! In the first half of 2020, Bangladesh exported apparel worth $2.47 billion to the US, a year-on-year decrease of 19.73%. Q1 2020. The country's exports to the US were $1.67 billion, an increase of 6.73% on a Y-Y basis; while Q2 2020 may have only brought in $796.4 million, a decrease of 47.23% compared to the same period last year. Q2 2020 decreased by 52.44% compared to Q1 2020. Due to nationwide lockdowns and cancellations of orders from US buyers, shipments in April 2020 and May 2020 decreased significantly. The value of apparel shipped to the US was only $168.45 million in May 2020. Bangladesh saw a monthly surge of 36.62% in June, clocking in at $230.15 million. However, June 2020 was down 56% from June 2019. Bangladesh's share in the total import value of the US was 9.38% in Q1 2020, and this figure fell to 7.93% in Q2 2020 due to the significant drop registered in May.
India followed this trend, seeing a sharp increase in June, exceeding May 2020. India shipped apparel worth $1.54 billion to the US in June, indicating a year-on-year decrease of 32.10% before the COVID-19 hit India's businesses. The country's exports had already decreased by 1.50% to $1.14 billion in Q1 2020. The situation was worse in Q2 2020, as shipments from India were only $620 million, falling 64% compared to the same period in 2019, and 65.24% compared to Q1 2020.
The country's share in the overall import value of the US was 6.39% in Q1 2020, and sharply decreased to only 3.95% in Q2 2020 and June 2020 as the US market began to rebound. India saw a monthly increase of 80.13% in May 2020, shipping $134.5 million worth of apparel to its largest export destination.
However, India was down 63% in June 2020 compared to June 2019.