The wearing apparel exports from Singapore to the US have shown considerable volatility over the years. From 2013 to 2023, there was a significant overall decline in exports, going from $261.9 million in 2013 to $163.97 million in 2023. The year-on-year variations fluctuated widely, with occasional increases but a general downward trend. The average compound annual growth rate (CAGR) over the past five years was negative, indicating a consistent decrease.
In recent years, between 2021 and 2023, the trend continued downward, with year-on-year drops of -7.95% and -8.47% respectively. Looking ahead from 2024 onwards, the forecast suggests a steep decline continuing through 2028, with a projected CAGR of -10.47%, culminating in a total drop in export value of -42.48% by the end of the period.
Future trends to watch for include:
- Global economic shifts affecting trade dynamics.
- Changes in US import policies or tariffs.
- Local Singaporean manufacturing and export capabilities.
- Trend shifts in consumer demand for apparel in the US.
