LONDON--(EON: Enhanced Online News)--The textile and apparel markets in developed countries have been experiencing steady growth. Although the growth rates might not be as high as those in emerging markets, these developed markets, namely the US, the EU and the UK, still hold their positions as some of the world’s largest textile and apparel importers or fashion retail markets. Facts and figures in the fashion markets in the US, the EU, and the UK are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to connect with over seven million companies around the globe.
The textile and apparel industry in the US remains the largest in the world
The value of US textile and apparel shipments totalled an estimated USD 76 billion in 2015, while the exports of the US textile products increased 38%, reaching almost USD 27.8 billion in the same year, making it one the world’s leading manufacturers and the world’s 4th largest exporter for textile and apparel products.
Figures also show that although US apparel production is increasing, nearly 98% of apparel purchased in the US are imported. China remains the biggest apparel supplier to the US, accounting for almost half of the US apparel imports in terms of quantity and 39.1% in terms of value.
The competitiveness of EU’s textile and appeal industry improves
The textile and apparel industry in the EU is such a massive diverse sector that comprises over 185,000 companies, employing more than 1.7 million workers and contributing a total revenue of around EUR 170 billion (USD 183.4 billion) a year, according to the data from European Commission.
Recently, the textile and apparel industries in EU member countries have been transforming from the mass production of simple products, to a wider variety of high value-added products. In result, figures of turnovers, export values, and market shares have all been seen increasing in the sector.
UK’s fashion industry is one of the largest contributors to the economy
As one the world’s most influential players in fashion designing, manufacturing, retailing and fashion education, UK’s fashion industry directly contributed a significant £28 billion (USD 35.2 billion) to the nation’s economy in 2015, with over 880,000 people employed by the industry in roles varying from manufacturing to retail.
Industrial figures also show that the menswear market is currently the fastest growing segment in the UK’s fashion industry, while online shopping also scooped a massive £12.4 billion sales in 2015.
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