Courtesy of Mish.
Unlike gasoline, housing, food, and auto loans, apparel is a discretionary purchase.
What are consumers and importers doing?
Here are some numbers from OTEXA, the Office of Textiles and Apparel. Glance at the chart (click on it for a sharper image), then follow the discussion below to understand what is happening.
US Apparel Imports by Country
Chart from reader Tim Wallace. It represents about 86% of US apparel imports. Tim writes …
I get data straight from OTEXA, looking at the apparel consolidation line under SME – Square Meter Equivalents – which is volume, not dollars.
Mish note: Dollar amounts are likely a better way of looking at things. From that perspective, global imports look much worse than the above chart implies.
The following synopsis will help clarify things.
