Day: February 8, 2021

Key points:

• Key themes in 2021: COVID-19+ trade policy
• U.S. apparel imports continue to rebound, but uncertainty remains
• Asia will remain the dominant apparel sourcing base
• U.S. fashion companies are NOT giving up China as one of their essential apparel-sourcing bases, although companies continue to reduce their “China exposure” overall. Meanwhile, do NOT underestimate the impact of non-economic factors on sourcing.
• No clear evidence suggests near sourcing from the Western Hemisphere is happening in a large scale
• Watch Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These two mega-free trade agreements could shape new textile and apparel supply chains in the Asia-Pacific region.