All through the pandemic and afterward, the suit was the product category that took most of the beating in the apparel markets as people were staying at home and weren’t spending much on formalwear.
However, the situation isn’t gloomy anymore for suit manufacturers as it seems in the recently released statistics by OTEXA.
The US has imported $890.86 million worth of suits from January to September ’22, noting a whopping 105.93% yearly growth.
All major suit manufacturing destinations have grown substantially; China being on top, while Bangladesh, Vietnam, Indonesia, and India clocked significant growth too.
Of total suit imports, the USA sourced $212.29 million worth of suits from China, which grew by 158.13% in its shipment on a Y-o-Y basis. This is around 24% of the total value.
Vietnam and Indonesia performed well as they shipped $119.55 million and $53.13 million worth of suits to the US market in the said period growing by around 148% and 216% respectively, on a Y-o-Y basis.
The Indian suit factories too stayed ahead in the race with $42.29 million worth of suit shipment to the US market, registering 93.90% yearly growth.
Bangladesh too was able to grab a pie as it noted 142.53% Y-o-Y growth to export $26.29 million worth of suits in the mentioned period.
It’s worth noting here that the global suit market is projected to value more than $80 billion as of 2022, of which 25% is contributed by the USA.