US' textiles & apparel exports down 5.5% to $17.8 bn in Jan-Sept 2023

Exports of textiles and apparel from the US fell by 5.51 per cent to $17.856 billion in the period between January and September 2023, compared to $18.898 billion during the same months last year. The data was released by the Office of Textiles and Apparel (OTEXA), a division of the US department of commerce.

Among the top ten markets, textiles and apparel shipments from the US to the Netherlands rose by 14.59 per cent to $370.398 million, and to Belgium/Luxembourg they increased by 26.87 per cent to $278.037 million in the first nine months of 2023. Exports to the United Kingdom also grew by 7.81 per cent. The outbound shipment to China also increased 0.30 per cent in the period.

In contrast, shipments to the Dominican Republic, Canada, Guatemala, Nicaragua, Mexico, Honduras, and Japan declined by up to 25.56 per cent. During the nine-month period, the US supplied textiles and apparel worth $5,012.681 million to Mexico, followed by $4,159.231 million to Canada and $991.901 million to Honduras.

Category-wise, apparel exports saw a marginal decrease of 0.09 per cent year-on-year to $5,500.559 million. Fabric exports fell by 6.11 per cent to $6,300.655 million between January and September this year. Exports of yarn, made-up articles, and miscellaneous items also saw reductions, decreasing by 10.31 per cent to $3,161.773 million and 8.38 per cent to $2,893.165 million, respectively.

Last year, US textile and apparel exports increased by 9.77 per cent to $24.866 billion, compared to $22.652 billion in 2021. In recent years, these exports have consistently ranged between $22 and $25 billion annually. Specifically, the export value stood at $24.418 billion in 2014, $23.622 billion in 2015, $22.124 billion in 2016, $22.671 billion in 2017, $23.467 billion in 2018, and $22.905 billion in 2019. The figure plummeted to $19.330 billion in 2020, largely due to the pandemic.

ALCHEMPro News Desk (KUL)