Apparel sector agony continues unabated as July exports sink to new low

Thursday, 24 August 2023 00:35 - - {{hitsCtrl.values.hits}}

The apparel industry’s agony over dwindling fortunes continued in July with exports declining to a new month-low of $ 401 million.

The previous lowest in a five-year span was in 2021 at $ 425.75 million. In comparison to July last year, 2023 exports were down by 23%. In June this year, exports amounted to $ 401 million.

Total exports during the seven-month period from January to July 2023 declined 19% to $ 2.68 billion over the corresponding period in 2022.

In July 2023, exports to the USA were down 18.70% year on year to $ 173.7 million; exports to the EU (excluding exports to UK) were down 24% to $ 117 million and shipments to the UK were down 31% to $ 51.5 million. Exports to other markets were down by 26% to $ 59 million.

First seven months exports to the US were down $ 1 billion; to the EU (excluding exports to UK) by 16% to $ 807 million and to the UK by 18% to $ 373.24 million.

Exports to other markets were down by 11% to $ 431.7 million.

The continuous decline reinforces apparel industry concerns on both external and internal challenges. Externally, high inventory and recession in major markets have posed challenges whilst locally high cost and other issues haven’t been helpful to tide over the difficulties.