US textiles & clothing imports decline in May 2023

This significant decline in textiles and apparel imports is a concerning indicator of the country's economic health. Economic uncertainties and elevated inflation have caused consumers to reduce their spending on discretionary items, such as clothing. Retailers, in turn, have been cautious in importing clothing due to a reduced demand in retail stores. 

Breaking down the figures, textile imports stood at 6,806.1 MSME in May 2023, a decline of 13.9 per cent from May 2022. Apparel imports for the same month were 1,991.9 MSME, down by 28.1 per cent compared to May 2022. 

Cumulatively, for the year-to-date May 2023, textile and apparel trades totalled 36,421.6 MSME, showing a decline of 22.4 per cent from the year-to-date May 2022. Of this, textiles accounted for 26,832.1 MSME, down 19.1 per cent from 2022, while apparel imports were 9,589.5 MSME, marking a 30.5 per cent decrease from January-May 2022. 

ALCHEMPro News Desk (KUL)