Japan sees 1.7% decline in clothing & textile imports in FY24

The country had witnessed a decline in clothing imports over several months until January 2024. The notable growth in imports during February 2024 suggests an improvement in retail demand. However, total imports were slightly lower than in fiscal 2022-23.

Additionally, Japan saw a 10.4 per cent year-on-year decrease in its textile yarn and fabric imports last fiscal, totalling 1,143,805 million yen, accounting for 1.1 per cent of total imports.

Japan's exports of textile yarn and fabric increased by 3.2 per cent compared to the same period, reaching 802,178 million yen, and exports of textile machinery gained 4.6 per cent in the last fiscal, amounting to 320,947 million yen and contributing 0.3 per cent to total exports.

During fiscal 2022-23 (April to March), Japan's imports of clothing and accessories were 3,619,550 million yen (approximately $25.05 billion), marking a growth of 26.1 per cent. Imports of textile yarn and fabric had risen by 23.2 per cent to 1,275,608 million yen. During the same fiscal, Japan exported textile yarn and fabric valued at 776,999 million yen, while textile machinery exports amounted to 306,781 million yen.

ALCHEMPro News Desk (KUL)