During the same period, apparel imports decreased by 21.67 per cent to 24,336.07 MSME. Textile (non-apparel) imports stood at 68,447.37 MSME in 2023, a decline of 8.38 per cent from 2022, according to the OTEXA report.
The exports of textile and apparel made from all types of fibres from the US fell by 10.31 per cent to 2,196.92 MSME in 2023. The apparel exports decreased by 6.09 per cent to 692.20 MSME. Yarn exports stood at 868.67 MSME in the period under review, a decline of 14.39 per cent from 2022. Meanwhile, fabric exports slipped by 6.75 per cent to 716.71 MSME in 2023, as per OTEXA.
This significant decline in textiles and apparel imports is a concerning indicator of the country's economic health. Economic uncertainties and elevated inflation have led consumers to reduce their spending on discretionary items, such as clothing. Retailers, in turn, have been cautious about importing clothing due to reduced demand in retail stores.
ALCHEMPro News Desk (KUL)
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