US' textiles & apparel exports down 5.5% to $19.8 bn in Jan-Oct 2023

Exports of textiles and apparel from the US fell by 5.51 per cent to $19.880 billion in the period between January and October 2023, compared with $21.039 billion during the same months in the previous year, as per data 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 10.91 per cent to $405.821 million, and to Belgium/Luxembourg, they increased by 19.16 per cent to $302.449 million in the first ten months of 2023. Exports to the United Kingdom also grew by 7.81 per cent. Additionally, the outbound shipment to China increased by 1.90 per cent during the period. 

In contrast, shipments to the Dominican Republic, Canada, Guatemala, Nicaragua, Mexico, Honduras, and Japan declined by up to 26.23 per cent. During the ten-month period, the US supplied textiles and apparel worth $5,836.518 million to Mexico, followed by $4,643.771 million to Canada and $1,102.640 million to Honduras. 

Category-wise, apparel exports saw a marginal decrease of 0.97 per cent year-on-year to $6,129.859 million. Fabric exports fell by 5.77 per cent to $7,023.865 million between January and October this year. Exports of yarn, made-up articles, and miscellaneous items also saw reductions, decreasing by 10.33 per cent to $3,503.843 million and 7.58 per cent to $3,223.113 million, respectively. 

Last year, US textile and apparel exports increased by 9.77 per cent to $24.866 billion, compared with $22.652 billion in 2021. In recent years, these exports have consistently ranged between $22 billion and $25 billion annually. Specifically, the export value was $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)