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Apparel exports are showing signs of rebound with March netting the highest ever performance in the past 15 months.
As per provisional data of Joint Apparel Association Forum (JAAF), exports in March amounted to $ 418.3 million, up from 7.7% from a year ago. More importantly, the March performance is the highest monthly exports since $ 442.6 million achieved in December 2022. It is also the highest so far for 2024.
Impressive rebound in March has helped apparel exports to cross the $ 1 billion mark in the first quarter to $ 1.17 billion, marginally down by 0.7% from the corresponding period of last year. In the entirety of 2023, apparel exports were down by 19% to $ 4.5 billion, thereby suffering its first dip in three years or since 2020. The industry achieved its highest ever export of $ 6 billion in 2022.
Industry analysts attributed the rebounding exports scenario to improved market conditions.
In March, apparel exports to all major markets gained except the US, the industry’s biggest. This was despite a 6% increase to $ 65.4 million in February.
Exports to the USA declined by 2.81% to $ 147.75 million while exports to the EU (excluding exports to UK) have indicated an increase by 5.62% to $ 124 million. Exports to the UK increased by 11.93% to $ 66 million while exports to other countries recorded a 34% increase to $ 80.72 million. In the 1Q of 2024, overall exports to the US decreased by 5.11% to $ 446 million. Exports to the EU (excluding exports to the UK) was down by 1.5% to $ 339 million.
Overall exports to the UK however rose by 9% to $ 183 million and exports to other countries also have indicated an increase by 3% to $ 207 million in comparison to the 1Q of last year.
