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Strategic Decision Making: Leverage Global Garments Trade Data

Garments Trade Data

As we know, businesses operate in an environment that is constantly evolving. To prosper in such a changing environment, strategic decision-making is essential. Strategic decision-making is more important than ever, and one of the primary tools available to industry players is the analysis of garment trade data. In this blog, we will discuss how garment export import data benefits traders in the international market. We also give insights into market trends, identify attainable business opportunities, and help you make informed decisions for long-term growth.

How is strategic management important in the garment industry?

The garment industry is a fast-paced, competitive environment, and strategic management is critical to a company's success. However, strategic analysis assists businesses in anticipating changing consumer preferences, allowing them to adjust their offers and stay ahead of the curve. Strategic positioning, used by global companies and specialized brands, identifies essential assets and differentiators to carve out a distinct marketplace.

It is a challenge, a skill, and a virtue to achieve effective business operations with high-quality products in the midst of fierce competition and the global economic crisis. As a result, it is vital to comprehend and plan garment production strategies, as well as analyse and respond to market and business trends.

Finally, strategic management is critical for success in the clothing sector. Companies can manage market challenges, optimize performance, and construct a sustainable future by planning, analyzing, and responding ahead of time.

How big is the global apparel market?

While estimating the exact size of the global apparel industry in 2023 was difficult, the available data paints a compelling picture of its growth trend. According to Garment Trade Data, the estimated range is from $652 billion to more than $1.7 trillion, demonstrating the market's size and potential for growth. Though there are some anomalies due to changes in scope, calculation methodologies, and currency valuations, the overall trend indicates that the market will approach $1.7 trillion in 2023, representing a positive year-over-year gain.

If you want to delve deeper into certain segments or regions within this dynamic market, please ask, and we can gladly assist you in navigating the biggest importer of garments with thorough reports that shed light on your area of interest.

Understanding Garment Trade Data: 2023-24

As per Garment Trade Data, the domestic garments and textile sector in India contributes about 2.3% of the country's GDP, 13% of industrial production, and 12% of exports. India accounts for 4% of the worldwide textile and clothing trade.

Despite regional variations, the global garment trade is expected to continue growing at a moderate rate of roughly 4% between 2023 and 2024. It comes after a period of slow development the previous year due to pandemic disruptions and economic uncertainty.

In terms of export

According to Garment Export Data, in the first quarter (July–September), or three months of the current fiscal year 2023–24, goods worth $13.69 billion were exported. This export is 9.51 percent greater than the same time last year (July to September). During this period, garment exports totaled $11.62 billion, 13% higher than the same period last year.

As per Garment Exporters Data, the total export earnings for the July–September quarter of last year were $12.50 billion. However, in the first month (July) of the current fiscal year, export income increased by 15.26 percent.

Overall merchandise exports have been on a favorable trajectory so far this fiscal year, owing to the continued rise in readymade garment exports. Based on garment export statistics, the apparel sector accounted for 85 percent of total export earnings, or $11.62 billion.

In terms of import

While the global clothing trade grew by a moderate 4% in 2023, the winds of change undoubtedly agitated the industry. This expansion obscured significant regional tendencies, with established powerhouses like China seeing slower development and up-and-comers like Vietnam and Bangladesh grabbing the opportunity. 

As per garment import data, the world's largest importer is the United States. Also, the USA had a 5% decrease in garment imports due to economic concerns and evolving consumer preferences. Europe followed suit, with a 2% drop indicating its economic slowdown. 

In contrast, Vietnam and Bangladesh defied the trend with their competitive cost structures and specialization in certain categories, such as knitwear.

What country imports the most garments?

According to garment importers data, the top five countries importing the most clothing are the United States, Germany, the United Kingdom, Japan, and France. The United States is by far the world's largest clothing importer, accounting for almost 20% of total imports.

Other countries that import a lot of clothing are Canada, Spain, Italy, the Netherlands, and Belgium. These countries are all members of the European Union (EU), the world's largest economic union and a major market for garments. 

Also read: Top Garment Exporting Countries in the world

Garments HS Code: All you need to know

To delve deeper into garment trade data, understanding the Harmonized System (HS) Code is essential. The HS Code is an internationally standardized system for classifying products in trade. 

For garments, specific HS Codes are assigned based on factors such as material, design, and purpose. The ability to accurately search HS Codes streamlines the process of gathering relevant trade data and facilitates seamless communication between trading partners.

The Harmonized System Code for garment products is  6210: 

Note : Garments are made up of fabrics from headings 5602, 5603, 5903, 5906 OR 5907

So, these are the harmonized system code lists for garment products. Also, if you need the HSN codes for specific products, you can search for hs codes on the Seair Exim Solutions platform. Here at our dashboard, you can get statistics for the biggest exporter of garments and much more. 

How can I biggest importer of garments?

Seair Exim Solutions is the ideal platform for analyzing market trends and staying current on garment trade data. We offer genuine and relevant garment export data, garment import data, and HS codes. If you need statistics for top garment importing countriesour data professionals will always provide valuable and authentic trade data to help you expand your business abroad. 

In conclusion, leveraging the power of global garment trade data is not just advantageous but imperative. Businesses that integrate these insights into their strategies are better equipped to navigate the complexities of the international garment market, identify lucrative opportunities, and stay ahead of the competition. However, if you have any related queries, please connect with our dedicated experts and book a free live demo today!

 

Frequently Asked Questions (FAQ's)

 

Q1. Who is the largest exporter of garments?

China has long been the world's leading garment exporter. Its extensive production capabilities, experienced labour force, and efficient supply networks position it as a global industry leader. 

Q2. Who is the biggest importer of garments?

According to clothes import data, the top five countries that import the most clothes are the United States, Germany, the United Kingdom, Japan, and France. The US is by far the largest importer of clothes.

Q3. Which garment is most exported from India?

Here are some of the most popular clothing types exported from India: Cotton. Cotton textiles account for the majority of India's clothing and garment exports. India's apparel exports include readymade garments made from handloom, silk, wool, jute, and man-made materials.

Q4. What is the export data for readymade garments from India?

As per garment export data, India exported ready-made garments worth over 1.3 trillion Indian rupees In fiscal year 2023, an increase over the previous year's exports of around 1.1 billion.

Q5. Which country import garments from India?

The United States is one of the top countries that import garments from India. Also, the top export destinations for Indian garments are the United States, the European Union, and the United Kingdom, as per global trade data.

Q6. Which country is famous for garments?

Exporting textiles and garments is a significant source of foreign exchange profits. China's garment industry is as popular as that of the world's biggest textile maker and exporter.

 

  • Seair Exim
  • 19-Jan-2024

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