US' textiles & apparel exports down 5.9% to $1.8 bn in January 2024

Among the top ten markets, textile and apparel shipments from the US to Guatemala rose by 10.22 per cent to $31.210 million, and to China increased by 28.08 per cent to $59.762 million in January 2024. Exports to Nicaragua also grew by 17.21 per cent.

In contrast, shipments to the Dominican Republic, Mexico, Canada, Honduras, United Kingdom, the Netherlands, and Japan declined by up to 38.78 per cent. During January 2024, the US supplied textiles and apparel worth $580.672 million to Mexico, followed by $399.472 million to Canada, and $92.790 million to Honduras.

Category-wise, apparel exports saw a marginal decrease of 6.90 per cent year-on-year to $535.756 million. Fabric exports fell by 6.44 per cent to $639.239 million in the first month of this year. Exports of yarn also saw reductions decreasing by 4.23 per cent to $325.866 million. But the shipment of made-up articles and miscellaneous items increased by 1.24 per cent to $300.169 million.

In 2023, the exports of textiles and apparel from the US had decreased by 5.02 per cent to $23.617 billion. The outbound shipment of these items had seen an increase of 9.77 per cent to $24.866 billion in 2022, compared to $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, $22.905 billion in 2019 and $19.330 billion in 2020.

ALCHEMPro News Desk (KUL)