US exports as of June 2021: What does it mean for global apparel?
19-8-2021
US EXPORTS AS OF JUNE 2021: WHAT DOES IT MEAN FOR GLOBAL APPAREL?
Earlier this month the US Government Office of Textiles and Apparel (OTEXA) published apparel export data as of June 2021. David Birnbaum explains what it means for the global apparel industry.
The US exports data as of June 2021 is extremely important for the global apparel industry because the US is the world’s second largest garment importer (after the EU). OTEXA data is very accurate and timely compared with data from other importers (EU data to date covers only January to March) and garment imports to the US account for approximately 95% of total garment retail sales. Import data provides meaningful information of retailers’ sale projections.
As with all data, the real question is interpretation. In this case many garment professionals conclude that the effects of the Covid-19 meltdown are over. They see that while imports for 2020 declined by 23% compared with 2019, the latest data for year-to-date June 2021 shows an increase of 27% compared with the same period in 2020.
Problem over!
This is just bad arithmetic. If you take glass of water, spill 50% of the amount into the sink, then add 50%, the glass will be only 75% full.
2020 was down by 23%, by far the worst year since OTEXA started publishing.
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