Mixed bag for export apparel sector

Monday, 30 December 2024 02:44 - - {{hitsCtrl.values.hits}}

Exports in November slump to seven-month low, up 5% in first nine months YoY
On both analyses, exports to major traditional markets down sharply in comparison to performance in 2019
New markets fare better

Exports in November grew by only 1% year-on-year (YoY) to $ 375 million. It was the lowest figure since

$ 293 million achieved in April this year and lower than $ 397 million in October.

Exports to the USA have indicated an increase of 2.05% to $ 144 million, while exports to the EU (excluding exports to UK) have reported a reduction of 8.6% to $ 115.7 million in November 2024. At the same time, Joint Apparel Association Forum (JAAF) statistics indicate that exports to the UK have increased by 4.74% to $ 60.6 million, while exports to other countries have also recorded an increase of 17.31% to $ 64.6 million compared to apparel exports in November 2023.

According to the JAAF, November 2024 performance reflects a sharper dip in comparison to the crisis-free and effectively best year for the industry in 2019. In that analysis, exports to all markets were down by 18% and to the US by 31%, to the EU by 9.4%, and UK by 19%. Exports to other markets, however, were up by 6% as against 2019 performance, reflecting diversification to new markets.

Despite setbacks in November, and thanks to relatively better performance in earlier months, cumulative exports value in the first nine months were higher by 5.27% at $ 4.33 billion.

All major markets have shown YoY growth, though lagging from the 2019 achievements, except other markets.

Overall exports to the USA were up 6.25% to $ 1.73 billion, EU (excluding UK) up marginally by 0.04% to $ 1.27 billion, to the UK by 937% to $ 626 million. Overall exports to other countries grew by 9.4% to $ 702.5 million.

In comparison to 2019, total exports in the first nine months of 2024 were down by 10.5%, the US down by 19%, EU by 2.6%, and UK by 14%. To other markets, exports were up 5.5%.

Last year, apparel exports declined by 19% to $ 4.44 billion from $ 5.48 billion in 2022.

In 2019, apparel exports amounted to $ 5.2 billion, up by 5% from the previous year, whilst overall textiles and garments exports grew by 5.2% to $ 5.59 billion.