US' textiles & apparel imports drop 14.2% to $8.2 bn in January 2024

In the first month of 2024, apparel imports, which constitute the bulk of US textile imports, fell by 16.53 per cent to $6.040 billion from $7.237 billion in the same month in 2023. Non-apparel imports saw a 7.11 per cent decline to $2.160 billion, down from $2.325 billion previously, as reported by the US Department of Commerce's Major Shippers Report. Both categories experienced reductions in inbound shipments.

Notably, among the US' top ten apparel suppliers, none except Honduras reported an increase in exports. The sharp declines were from Bangladesh and Indonesia, falling by 36.50 per cent and 34.49 per cent, respectively. Other significant reductions included imports from Pakistan (23.93 per cent), Vietnam (4.76 per cent), China (2.03 per cent), Cambodia (10.65 per cent), and India (27.11 per cent). The shipment from Honduras increased 22.40 per cent in the period under review.

In the non-apparel sector, imports rose by 5.91 per cent from China and 3.66 per cent from Turkiye. Mexican imports to the US showed a year-on-year decrease of 7.44 per cent. Imports declined from other countries including Vietnam, Pakistan, and Canada. South Korean imports dropped by up to 29.53 per cent. Imports from India slipped by 21.40 per cent in January 2024.

During the period under review, the total US imports of textiles and apparel amounted to $8.201 billion. Man-made fibre products dominated with $4.247 billion, followed by cotton products at $3.398 billion, wool products at $0.251 billion, and silk and vegetable fibre products at $0.303 billion.

In 2023, the US imported textiles worth $104.959 billion, which was 20.51 per cent lower than the imports of the year 2022. Its apparel imports fell by 22.05 per cent to $77.840 billion, while non-apparel imports saw a 15.73 per cent decline to $27.119 billion in the last year. In 2022, US imports of textiles and apparel continued to rise, reaching $132.201 billion, up from $113.938 billion in 2021. This increase followed a sharp decline in 2020 when the country's inbound shipments dropped to $89.596 billion, compared with imports of $111.033 billion in 2019.

ALCHEMPro News Desk (KUL)