US' textiles & apparel imports drop 21.4% to $90 bn in Jan-Oct 2023

US textile and apparel imports decreased by 21.46 per cent to $90.048 billion in the first ten months of 2023, compared with $114.657 billion during the corresponding period in 2022. China remains the US’ largest supplier of textiles and clothing, commanding a 23.70 per cent market share, followed by Vietnam at 14.50 per cent. 

From January to October 2023, apparel imports, which constitute the bulk of US textile imports, fell by 22.71 per cent to $67.262 billion from $87.030 billion in the same period in 2022. Non-apparel imports saw a 17.52 per cent decline to $22.786 billion, down from $27.626 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 sharpest declines were from China and Cambodia, falling by 26.71 per cent and 25.90 per cent, respectively. Other significant reductions included imports from Pakistan (27.59 per cent), Vietnam (23.80 per cent), Indonesia (25.62 per cent), Honduras (22.89 per cent), Bangladesh (24.75 per cent), Nicaragua (29.49 per cent), and India (21.32 per cent). 

In the non-apparel sector, only Mexican imports to the US showed a year-on-year increase of 3.52 per cent. China's exports to the US decreased by 21.50 per cent, along with declines from other countries including Vietnam, Turkiye, Pakistan, and Canada. South Korean imports dropped by 21.79 per cent, with India's falling by 19.03 per cent. 

During the period under review, the total US imports of textiles and apparel amounted to $90.048 billion. Man-made fibres dominated with $47.059 billion, followed by cotton products at $37.146 billion, wool products at $3.524 billion, and silk and vegetable fibre products at $2.318 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)