US' textiles & apparel imports drop 6.1% to $16.4 bn in Jan-Feb 2024

In the first two months of 2024, apparel imports, which constitute the bulk of US textile imports, fell by 7.78 per cent to $12.186 billion from $13.213 billion in the same months in 2023. Non-apparel imports saw a 1.10 per cent decline to $4.280 billion, down from $4.328 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, the imports from Cambodia, Honduras, China, and Vietnam increased up to 15.34 per cent, but the inbound shipments from other countries among the top ten decreased by up to 19.24 per cent. The imports from Cambodia jumped by 15.34 per cent over the shipment in the same period of the last year. The shipment from Honduras increased by 2.86 per cent in the period under review. The sharp declines were from Bangladesh and Indonesia, falling by 19.24 per cent and 17.25 per cent, respectively. Other significant reductions included imports from Mexico (11.71 per cent), Nicaragua (6.66 per cent), and India (27.11 per cent).

In the non-apparel sector, imports gained by 9.17 per cent from China and 5.07 per cent from Turkiye, 9.71 per cent from Cambodia, and 9.48 per cent from Vietnam. Mexican shipments to the US showed a year-on-year decrease of 5.46 per cent. Imports declined from other countries, including Vietnam, Pakistan, and Canada. The imports from Pakistan dropped by 18.42 per cent. Imports from India slipped by 10.76 per cent in January-February 2024.

During the period under review, the total US imports of textiles and apparel amounted to $16.466 billion. Man-made fibre products dominated with $8.436 billion, followed by cotton products at $6.868 billion, wool products at $0.490 billion, and silk and vegetable fibre products at $0.671 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)