US textile and apparel imports decreased by 20.98 per cent to $97.427 billion in the first eleven months of 2023, compared with $123.300 billion during the corresponding period in 2022. China remains the US' largest supplier of textiles and clothing, commanding a 23.87 per cent market share, followed by Vietnam at 14.61 per cent.
From January to November 2023, apparel imports, which constitute the bulk of US textile imports, fell by 22.40 per cent to $72.406 billion from $93.311 billion in the same period in 2022. Non-apparel imports saw a 16.57 per cent decline to $25.020 billion, down from $29.989 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 reported an increase in exports. The sharp declines were from China and Cambodia, falling by 25.85 per cent and 24.69 per cent, respectively. Other significant reductions included imports from Pakistan (28.06 per cent), Vietnam (22.68 per cent), Indonesia (25.72 per cent), Honduras (24.14 per cent), Bangladesh (24.91 per cent), Nicaragua (31.07 per cent), and India (21.53 per cent).
In the non-apparel sector, only Mexican imports to the US showed a year-on-year increase of 2.59 per cent. China's exports to the US decreased by 19.70 per cent, along with declines from other countries including Vietnam, Turkiye, Pakistan, and Canada. South Korean imports dropped by 22.43 per cent, with India's falling by 17.34 per cent.
During the period under review, the total US imports of textiles and apparel amounted to $97.427 billion. Man-made fibre products dominated with $50.964 billion, followed by cotton products at $40.159 billion, wool products at $3.830 billion, and silk and vegetable fibre products at $2.472 billion.
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)
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