European Union：
Macro: According to Eurostat data, energy and food prices in the euro area continued to soar. The inflation rate in October reached 10.7% at an annual rate, hitting a new record high. The inflation rate of Germany, the major EU economies, was 11.6%, France 7.1%, Italy 12.8% and Spain 7.3% in October.
Retail sales: In September, EU retail sales increased by 0.4% compared with August, but decreased by 0.3% compared with the same period last year. Non food retail sales in the EU fell 0.1% in September compared with the same period last year.
According to the French Echo, the French clothing industry is experiencing the worst crisis in 15 years. According to the research of Procos, a professional trade federation, the traffic volume of French clothing stores will drop by 15% in 2022 compared with 2019. In addition, the rapid increase in rent, the amazing increase in raw material prices, especially cotton (up 107% in a year) and polyester (up 38% in a year), the increase in transportation costs (from 2019 to the first quarter of 2022, the cost of shipping increased five times), and the additional costs caused by the appreciation of the U.S. dollar have all exacerbated the crisis in the French clothing industry.
Imports: In the first nine months of this year, EU clothing imports reached US $83.52 billion, up 17.6% year on year. US $25.24 billion was imported from China, up 17.6% year on year; The proportion was 30.2%, unchanged year-on-year. Imports from Bangladesh, Türkiye, India and Vietnam increased by 43.1%, 13.9%, 24.3% and 20.5% year on year respectively, accounting for 3.8, – 0.4, 0.3 and 0.1 percentage points respectively.
Japan：
Macro: The household consumption survey report for September released by the Ministry of General Affairs of Japan shows that, excluding the influence of price factors, the actual household consumption expenditure in Japan rose by 2.3% year-on-year in September, which has increased for four consecutive months, but has declined from the 5.1% growth rate in August. Although consumption has warmed up, under the continuous depreciation of the yen and inflationary pressure, Japan’s real wages fell for six consecutive months in September.
Retail: According to the data of the Ministry of Economy, Trade and Industry of Japan, the retail sales of all goods in Japan in September increased by 4.5% compared with the same period last year, growing for seven consecutive months, continuing the rebound trend since the government ended the domestic COVID-19 restrictions in March. In the first nine months, Japan’s textile and clothing retail sales totaled 6.1 trillion yen, an increase of 2.2% year on year, down 24% from the same period before the epidemic. In September, the retail sales of Japanese textiles and clothing amounted to 596 billion yen, down 2.3% year on year and 29.2% year on year.
Imports: In the first nine months of this year, Japan imported 19.99 billion dollars of clothing, up 1.1% year on year. Imports from China reached US $11.02 billion, up 0.2% year on year; Accounting for 55.1%, a year-on-year decrease of 0.5 percentage points. Imports from Vietnam, Bangladesh, Cambodia and Myanmar increased by 8.2%, 16.1%, 14.1% and 51.4% year on year, respectively, accounting for 1, 0.7, 0.5 and 1.3 percentage points.
Britain：
Macro: According to the data of the British Bureau of Statistics, due to the rising prices of natural gas, electricity and food, Britain’s CPI rose 11.1% year-on-year in October, hitting a new high in 40 years.
The Office of Budget Responsibility forecasts that the real per capita disposable income of British households will decline by 4.3% by March 2023. The Guardian believes that the standard of living of British people may go back 10 years. Other data shows that the GfK consumer confidence index in the UK rose 2 points to – 47 in October, approaching the lowest level since records began in 1974.
Retail sales: In October, UK retail sales grew 0.6% month on month, and core retail sales excluding auto fuel sales grew 0.3% month on month, down 1.5% year on year. However, due to high inflation, rapidly rising interest rates and weak consumer confidence, retail sales growth may be short-lived.
In the first 10 months of this year, the retail sales of textiles, clothing and footwear in Britain totaled 42.43 billion pounds, up 25.5% year on year and 2.2% year on year. In October, the retail sales of textiles, clothing and footwear amounted to 4.07 billion pounds, down 18.1% month on month, up 6.3% year on year and 6% year on year.
Imports: In the first nine months of this year, British clothing imports reached 18.84 billion US dollars, up 16.1% year on year. Imports from China reached US $4.94 billion, up 41.6% year on year; It accounted for 26.2%, with a year-on-year increase of 4.7 percentage points. Imports from Bangladesh, Türkiye, India and Italy increased by 51.2%, 34.8%, 41.3% and – 27% year on year respectively, accounting for 4, 1.3, 1.1 and – 2.8 percentage points respectively.
Australia：
Retail: According to the Australian Bureau of Statistics, the retail sales of all goods in September increased by 0.6% month on month, 17.9% year on year. The retail sales reached a record AUD35.1 billion, a steady growth again. Thanks to the increased expenditure on food, clothing and dining out, consumption remained resilient despite the soaring inflation rate and rising interest rates.
In the first nine months of this year, the retail sales of clothing and footwear stores reached AUD25.79 billion, up 29.4% year on year and 33.2% year on year. The monthly retail sales in September was AUD2.99 billion, up 70.4% YoY and 37.2% YoY.
The retail sales of department stores in the first nine months were AUD16.34 billion, up 17.3% year on year and 16.3% year on year. The monthly retail sales in September were AUD1.92 billion, up 53.6% year on year and 21.5% year on year.
Imports: In the first nine months of this year, Australia imported 7.25 billion dollars of clothing, up 11.2% year on year. Imports from China reached 4.48 billion US dollars, up 13.6% year on year; It accounted for 61.8%, with a year-on-year increase of 1.3 percentage points. Imports from Bangladesh, Vietnam and India increased by 12.8%, 29% and 24.7% year on year, respectively, and their proportions increased by 0.2, 0.8 and 0.4 percentage points.
Canada：
Retail sales: Statistics Canada shows that the retail sales in Canada increased by 0.7% in August, to $61.8 billion, due to a slight drop in high oil prices and an increase in e-commerce sales. However, there are signs that although Canadian consumers are still consuming, the sales data have performed poorly. It is estimated that retail sales in September will decline.
In the first eight months of this year, the retail sales of Canadian clothing stores reached 19.92 billion Canadian dollars, up 31.4% year on year and 7% year on year. The retail sales in August were 2.91 billion Canadian dollars, up 7.4% year on year and 4.3% year on year.
In the first eight months, the retail sales of furniture, household appliances and home appliance stores were $38.72 billion, up 6.4% year on year and 19.4% year on year. Among them, the retail sales in August were $5.25 billion, up 0.4% year on year and 13.2% year on year, with a sharp slowdown.
Imports: In the first nine months of this year, Canada imported 10.28 billion dollars of clothing, up 16% year on year. Imports from China totaled 3.29 billion US dollars, up 2.6% year on year; Accounting for 32%, a year-on-year decrease of 4.2 percentage points. Imports from Bangladesh, Vietnam, Cambodia and India increased by 40.2%, 43.3%, 27.4% and 58.6% year on year, respectively, accounting for 2.3, 2.5, 0.8 and 0.9 percentage points.
Post time: Nov-28-2022