Suits: men\'s or boys\', knitted or crocheted

In 2024, suits: men\'s or boys\', knitted or crocheted trade exhibited significant decline, with global flows reaching $145,414,628 and a three-year compound annual growth rate of -10.4% (five-year: -5.0%). The all-time peak of $250,662,685 was recorded in 2006; the current level is 42% below that high-water mark.

Over the 30-year observation window (1995–2024), 48% of years recorded positive growth, indicating significant cyclicality with frequent contractions. Trend momentum is decelerating (-5.7% acceleration).

The supply side is diversified (Herfindahl-Hirschman Index 0.073). The three largest exporters — China ($21.2M), Italy ($19.7M), and India ($16.5M) — collectively dominate supply flows. The leading exporter has grown at +6.2% over the last three years.

On the demand side, importer concentration is diversified (HHI 0.047). The three largest import markets are Spain ($14.8M), United States ($14.4M), and United Arab Emirates ($12.1M). The largest importing market sources from 58 different supplying countries.

Estimated substitution elasticity: -4.22. Buyers have moderate flexibility to shift sourcing, but face some switching costs.

The dominant trade corridor is India → United Arab Emirates at $9.9M, representing 82.1% of the importer's total demand.

The volatility score for suits: men\'s or boys\', knitted or crocheted is 12 out of 100, classified as low. Trade flows are relatively stable compared to other HS6 products, suggesting mature supply chains and predictable demand.

For market entrants, contracting demand signals caution before committing resources. The diversified supply landscape means many competitors but also multiple entry points and buyer relationships to target.

Data confidence is rated "High" based on reporting coverage and consistency across OECD member and partner countries.