Canadian RMG imports recover by 99.86% in August ’20 as compared to August ’19!
 

Canada has continued surging in its RMG import values in August ’20 by 17.92 per cent over July ’20. August is the 3rd consecutive month since June ’20 when Canada noted growth in its apparel imports after falling drastically in March and April this year due to market uncertainties created by COVID-19.

In August ’20, Canada imported US $ 1,053 million worth of apparels as compared to US $ 893.79 million in the preceding month, while that was just marginally down by 0.14 per cent as compared to August ’19, when its import valued US $ 1,055 million.

Due to this continuous and strong M-o-M recovery, Canada has almost recovered by 99.86 per cent in its import value as compared to August ’19. Cumulatively in Jan.-Aug. ’20 period, Canada was still down by 23.74 per cent in its apparel imports, clocking US $ 5.33 billion as compared to US $ 6.99 billion in the same period of the previous year.

Though Canada has been seeing a good growth for last 3 months, the falling trend of its import value in 2019 after July may put a barrier in subsequent months after August ’20, if the negative trend continues even in 2020.

It’s worth recalling here that Canada witnessed a sharp decline in August-November period of 2019. With a COVID-19 wave returning to North America and some European countries (some of which are major shippers to Canada), the growth of Canada in its apparel imports is still uncertain for a long run in 2020.

 

 

MKMA/4220/apparelresources/121020

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