The World’s global economy has been moving at a slow pace and its reflection clearly observes on the world garment market. This slow pace is not only affecting the import/export oriented groups but you can also experience it in your traditional local markets. In actual, the overall apparel industry is dangling on various factors. Sometime, it’s pace disturbed by the country’s economic growth which directly hurt the purchase power of the end users. And sometime it hurt from the internal situations or policies of the manufacturing country’s Government.
Apparel Industry Analysis:
If we analyze on the current apparel industry (manufacturing countries) situation then we can say that only the few countries from the Asian apparel countries (like Bangladesh, Cambodia, and Vietnam) remain satisfactory for last two years. But the overall growth of the clothing manufacturing concern has been relatively weaker about 08% to 10% during year 2016-17. In reverse, the revenues of clothing exporters and the local market focused players grew about CAGR of 13%-14% during 2011-15.
UK Apparel Industry Analysis:
Let’s have a look on apparel business situation of year 2016 in UK which was consider as heaviest year of decline. But despite of heavy decline, the new opening percentage was also encouraging in the said year. Across 2,700 UK locations there were 45,986 new beginnings and 47,636 endings. There are certain factors which directly affect the British high street business. It include online shopping trend increasing, increase in minimum wage rate, slump after Brexit, the store closures numbers increased are the main factors which force the retailers to close their businesses. And some big groups like BHS and Jaeger have also found themselves in administration.
US Apparel Industry Analysis:
Same is the case of US apparel market, the US imports from all sources was down around 13.6% month on month in February to 2.09bn (SME). Since China is the biggest suppling country of US, its export also fell down around 16.8% year on year to 785m (SME). Whereas the second big supplying country named Vietnam faced a decline of 8.9%. And the same declining phase Bangladesh and Cambodian market faced during the said period.
The total US apparel imports of February/17 was 14% down which is approximately -0.77bn down from previous month. As per the recent figures of about March, it also proved another tough month for the US apparel retailers. As they were still reporting the lower foot traffic (despite of Easter).
In The Nutshell:
Based on current global situation, there must be a healthy collaboration of apparel selected groups (from all over the world). These groups/clusters should organize discussion events frequently along with that create platforms for sharing ideas and policies with each other. As these brainstorming activities will definitely be make the industry’s standards more favorable, productive and result oriented. These representatives should also have close collaboration with their government policy makers. So that the new or current Govt.’s policies could effectively support the industry’s business. And last but most important thing is that every member should convince his/her own country’s officials to implement the real practice of compliance practices BCI, ZDHC, BSR and other supporting social and environmental practices. So that the transparency of each and every manufacturing activity is really necessary to save our environment.