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.
According to the OTEXA report, textile imports stood at 6,377.2 MSME in June 2023, a decline of 13.2 per cent from June 2022. Apparel imports for the same month were 2,049.7 MSME, down by 25.9 per cent compared to June 2022.
Cumulatively, for the year-to-date in June 2023, textile and apparel trades totalled 44,844.8 MSME, showing a decline of 21.4 per cent from the year-to-date in June 2022. Of this, textiles accounted for 33,206.7 MSME, down 18 per cent from 2022, while apparel imports were 11,638.1 MSME, marking a 29.7 per cent decrease from January to June 2022.
ALCHEMPro News Desk (KUL)
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