US imports down 60% in May '20 in the WORST ever trade year; Asian countries feel the brunt!

The year 2020 hasn’t been good for the world trade of apparels, and the hardest hit is obviously taken by the largest importer – the USA. The country was significantly down in its imports by 12.07 per cent on Y-o-Y basis to import US $ 17.85 billion worth of apparels in the first quarter of the year – January to March ’20, which is widely considered as the pre-COVID-19 time as against US $ 20.30 billion in the Q1 ’19. In March-April-May ’20, the apparel import of the USA fell 40.43 per cent in values as compared to the same period of the previous year to clock US $ 11.25 billion, while the decline in March-May ’20 from January-March ’20 was 35.90 per cent, which is a severe fall on quarterly basis – all because of COVID-19 hitting the world after mid-March. The fall in May ’20 was a whopping 60 per cent and the USA’s apparel import value shrunk to US $ 2.65 billion as against US $ 6.66 billion in the same month of the prior year. While on M-o-M basis, the USA’s import values tumbled by 22.13 per cent in May ’20 over April ’20. For the complete analysis, click @ Apparel Resources