During the same period, apparel imports decreased by 7.57 per cent to 1,999.10 million SME, down from 2,155.18 million SME in January 2023. Textile (non-apparel) imports stood at 4,725.53 million SME in January 2024, marking a 1.50 per cent increase from 4,655.47 million SME in the same month of the previous year, according to the OTEXA report.
During the period under review, the import volume of cotton products decreased by 6.84 per cent to 1,294.552 million SME, compared with 1,389.622 million SME in the previous year. The import of man-made fibre products was 5,214.624 million SME in January 2024, down from 5,250.82 million SME in January 2023.
The exports of textiles and apparel made from all types of fibres from the US fell by 5.63 per cent to 165.436 million units in January 2024, compared with 175.438 million units in the same month of the previous year. Apparel exports decreased by 10.36 per cent to 48.30 million units. Yarn exports stood at 67.72 million units during the period under review, a 4.83 per cent decline from January 2023. Meanwhile, fabric exports decreased by 2.15 per cent to 55.14 million units in January 2024, as per OTEXA.
The foreign trade of textile products experienced a slight drop in the first month of 2024 due to a lower base in the same month of the previous year, when trade had witnessed a steep fall. Higher demand from retailers to replenish their inventory was another reason for the limited decline in trade. The global textile industry has been facing headwinds since the second half of 2022 due to economic uncertainties and elevated inflation.
During 2023, the US noted a 12.28 per cent decline in the volume of imports for textiles and apparel made from all types of fibres. These imports amounted to 92,783.4 million SME.
ALCHEMPro News Desk (KUL)
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