US' textiles & apparel exports down 2.5% in Jan-May 2024

Among the top ten markets, textile and apparel shipments from the US to Mexico rose by 4.16 per cent to $3,004.053 million, and shipments to China increased by 2.54 per cent to $300.075 million in January-May 2024.

In contrast, shipments to Guatemala, the Dominican Republic, Nicaragua, Canada, Honduras, the United Kingdom, the Netherlands, and Japan declined by up to 25.63 per cent. During the period under review, the US supplied textiles and apparel worth $2,176.360 million to Canada, followed by $510.503 million to Honduras and $258.445 million to the Dominican Republic.

Category-wise, apparel exports saw a marginal decrease of 3.11 per cent year-on-year to $2,911.706 million. Fabric exports fell by 3.79 per cent to $3,418.743 million in the first five months of this year. Exports of yarn also saw reductions, decreasing by 2.37 per cent to $1,718.397 million. However, the shipment of made-up articles and miscellaneous items increased by 0.82 per cent to $1,601.548 million.

In 2023, the exports of textiles and apparel from the US decreased by 5.02 per cent to $23.617 billion. The outbound shipment of these items had seen an increase of 9.77 per cent to $24.866 billion in 2022, compared to $22.652 billion in 2021. In recent years, these exports have consistently ranged between $22 billion and $25 billion annually. Specifically, the export value was $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.

Fibre2Fashion News Desk (KUL)