The healthy growth in Australian apparel imports reflects robust economic conditions in the country. However, trade softened during fiscal 2023-24 compared to the previous fiscal 2022-23.
Inbound shipments in July 2024 jumped 30.75 per cent compared to June 2024, when trade was valued at $0.878 billion. Imports of textile yarn, fabrics, made-up articles, and related products amounted to $396 million in July 2024, 16.81 per cent higher than the $339 million imported in the same period of the previous fiscal. Month-on-month, trade rose by 20.36 per cent, with the country importing textile yarn and fabrics worth $329 million in June 2024.
In the last fiscal 2023-24, Australia's apparel imports were recorded at $12.231 billion, 5.2 per cent lower than the $12.903 billion imported in fiscal 2022-23. Similarly, inbound shipments of textile yarn and fabrics eased by 9.40 per cent, declining to $4.371 billion in 2023-24 from $4.825 billion in 2022-23.
Meanwhile, Australia's exports of textile fibres were valued at $795 million in July 2024, which was 10.67 per cent lower than the $890 million exported in the corresponding month of the previous year. However, the shipment of textile fibres was 18.12 per cent higher than the $672 million exported in June 2024. The country exported textile fibres worth $7.053 billion in fiscal 2023-24, down 13.97 per cent from $8.199 billion in 2022-23.
ALCHEMPro News Desk (KUL)
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