An Asian country’s garment prices are among the highest in the world, according to a report released Tuesday.
Asia has one of the world’s largest garment markets, and it accounts for roughly a third of global apparel exports, according the report by research firm Euromonitor International.
The report by Euromonitors said Asian countries account for about two-thirds of the global clothing industry’s annual revenue.
That makes Asian countries among the top 10 countries to export clothes, said the report, which was based on research by the firm and the research firm McKinsey & Co. The Asian market also accounts for about one-third of the U.S. apparel market.
The global garment market is valued at $1.9 trillion, according data from Euromoncer.
The report says Asian countries also have one of Asia’s highest disposable income and consumption rates.
It also said that while Asian countries have high incomes and consumption, they have lower growth and job growth rates than the rest of the developing world.
Asian countries are the second-largest source of global merchandise, according Euromonter, after the United States, according of the report.
China is the largest market, with sales of $6.4 trillion.
Japan is the second largest, with $5.9 billion in sales, followed by Korea and the United Arab Emirates.
The next largest Asian market is the Middle East and Africa, with total sales of about $1 trillion, Euromonters said.