As of May, the United States continues to experience a sluggish market for textile and apparel imports, witnessing a cumulative year-on-year decline of 22.2% in the first five months. The situation remains challenging, with imports from China dropping by 27.2% compared to the same period last year, and no clear turning point in sight.
Several factors contribute to the weakened demand for textile and apparel imports in the US.
Firstly, wholesalers and retailers still hold high inventory levels and have not completed destocking, leading to reduced motivation for restocking. Secondly, inflation and interest rate hikes in the country have diminished domestic consumption capacity for textile and apparel.
Interestingly, a shift in import performances between cotton and chemical fiber categories can be observed. Over the years, the growth of chemical fiber products has outpaced cotton, particularly during 2021-2022, resulting in a gradual decline in cotton's market share in the US import market.
As of May this year, chemical fiber products accounted for 80% of textile and apparel imports, while cotton's share was only 17.4%, down from 40% in 2010. When considering the main sources of these imports, for cotton textile and apparel, the US relies heavily on China, ASEAN countries, Pakistan, India, and Bangladesh, accounting for over 80% of total imports.
China's market share has declined since 2010, with ASEAN countries and Bangladesh showing an increasing share, though they depend on raw material imports, promoting China's textile exports indirectly. For chemical fiber products, the major import sources include China, ASEAN countries, Mexico, EU27, Egypt, India, and Turkey, which make up 85% of total imports.
China's dominance has decreased significantly, while other markets like Egypt have experienced substantial growth. In conclusion, the subdued demand for textile and apparel imports in the United States has led to a shift in market shares between cotton and chemical fiber categories, presenting both challenges and opportunities for various exporting countries, including China.
By Fashionating World
https://www.fashionatingworld.com/new1-2/sluggish-us-textile-imports-persist