US textiles exports dip 2.6% in Jan-Aug as key markets see decline

Among the top ten markets, exports to Mexico rose by 3.42 per cent, reaching $4.794 billion between January and August 2024.

Conversely, exports to Guatemala, the Dominican Republic, China, Nicaragua, Canada, Honduras, the United Kingdom, the Netherlands, and Japan fell by up to 21.17 per cent. During this period, the US exported $3.683 billion worth of textiles and apparel to Canada, $810.013 million to Honduras, $477.591 million to China, and $418.959 million to the Dominican Republic.

By category, apparel exports saw a slight decrease of 3.17 per cent year-on-year, totalling $4.709 billion. Fabric exports declined by 3.15 per cent to $5.449 billion, while yarn exports dropped by 2.94 per cent to $2.739 billion. Exports of made-up articles and miscellaneous items experienced a marginal decrease of 0.25 per cent, amounting to $2.563 billion.

In 2023, US textile and apparel exports fell by 5.02 per cent to $23.617 billion, following a 9.77 per cent rise in 2022 to $24.866 billion, compared to $22.652 billion in 2021. In recent years, these exports have consistently ranged between $22 billion and $25 billion annually, with notable figures including $24.418 billion in 2014, $23.622 billion in 2015, $22.124 billion in 2016, $22.671 billion in 2017, $23.467 billion in 2018, $22.905 billion in 2019, and $19.330 billion in 2020.

ALCHEMPro News Desk (KUL)