US' textiles & apparel exports down 5% to $23.6 bn in 2023

Among the top ten markets, textiles and apparel shipments from the US to the Netherlands rose by 8.18 per cent to $482.888 million, and to Belgium/Luxembourg increased by 13.33 per cent to $354.799 million in 2023. Exports to the United Kingdom also grew by 0.02 per cent. Additionally, outbound shipments to China increased by 6.60 per cent and Mexico by 0.93 per cent during the period.

In contrast, shipments to the Dominican Republic, Canada, Guatemala, Honduras, and Japan declined by up to 26.26 per cent. During the last year, the US supplied textiles and apparel worth $6,899.648 million to Mexico, followed by $5,521.467 million to Canada, and $1,276.350 million to Honduras.

Category-wise, apparel exports saw a marginal decrease of 0.19 per cent year-on-year to $7,363.256 million. Fabric exports fell by 5.59 per cent to $8,287.323 million in the last year. Exports of yarn, made-up articles, and miscellaneous items also saw reductions, decreasing by 10.30 per cent to $4,105.511 million and 6.60 per cent to $3,861.695 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)