US TEXTILE AND APPAREL TRADE SLOWS IN FIRST QUARTER OF 2024
27-6-2024
US TEXTILE AND APPAREL TRADE SLOWS IN FIRST QUARTER OF 2024
Imports and exports of textiles and apparel in the US dipped in the first quarter of 2024, reveals Department of Commerce US Department of Commerce statistics. This follows a year of significant decline in clothing imports, which plunged by 22 per cent in 2023 to €77.8 billion. Notably, European luxury goods were the only category to escape this downward trend.
Import slump continues
US data shows the first quarter of 2024 saw a continuation of the import slowdown. Total textile and clothing imports fell by 4.7 per cent to $24.6 billion compared to the same period in 2023. China remained the top supplier to the US, with textile and apparel imports reaching $5.5 billion, a 3.6 per cent increase. Vietnam ($3.7 billion) and India ($2.3 billion) maintained relatively stable positions, though India did experience a slight decline of 4.37 per cent. The most substantial drop came from Bangladesh, with a decrease of 17.3 per cent to $1.8 billion. The European Union experienced a 4.1 per cent decrease in exports to $1.4 billion. Mexico also saw a notable decline of 11.9 per cent to $989 million.
EU and neighboring countries see export slowdown
The slowdown impacted exports as well, with a decrease of 4.46 per cent to $5.7 billion compared to Q1 2023. The European Union witnessed a 4.1 per cent decline in exports to $1.4 billion. Mexico, the US's largest export customer, also saw a 4.9 per cent fall to $1.7 billion. Other notable drops were seen in Indonesia (13.3 per cent), Canada (5.40 per cent), and Honduras (11.6 per cent). Interestingly, China saw a significant rise in imports from the US (14.5 per cent increase to €185 million). The Dominican Republic, Japan, and the UK also experienced modest growth in US exports.
Comparison with previous year
The import slowdown follows a year of a much sharper decline (21 per cent) in 2023, which reached $104.9 billion. US exports in 2023 remained relatively stable at $23.6 billion compared to $24.8 billion in 2022.
Table: Import-export of textiles and apparel (January-March)
Country/Region | US imports (in bn) | Change (%) | US exports (in bn) | Change (%) |
China | 5.5 | +3.6 | N/A | N/A |
Vietnam | 3.7 | +1.8 | N/A | N/A |
India | 2.3 | -4.37 | N/A | N/A |
Bangladesh | 1.8 | -17.3 | N/A | N/A |
European Union | 1.4 | -4.1 | 0.643 | -10.8 |
Mexico | N/A | N/A | 1.7 | -4.9 |
Canada | N/A | N/A | 1.8 | -5.4 |
The slowdown in US textile and apparel trade in Q1 2024 reflects a broader trend in the global market. Industry experts remain cautious about the future, with factors like inflation and geopolitical tensions potentially impacting trade flows in the coming quarters.
By Fashionating World
https://www.fashionatingworld.com/new1-2/us-textile-and-apparel-trade-slows-in-first-quarter-of-2024
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