In the first seven months of 2024, the US textile and apparel sector has experienced divergent trends in imports and exports.
According to recent trade data, imports have increased significantly, while exports have shown a decline.
Import Trends:
US textile and apparel imports surged by 8.5% from January to July 2024, reaching a total value of .
2 billion. This rise reflects a strong domestic demand for textile products and apparel, driven by consumer preferences and replenishment needs across various retail segments.
Key importing countries include China, Vietnam, and Bangladesh, which have continued to supply a significant portion of these goods. The increase in imports highlights the ongoing reliance of the US market on international sources for its textile and apparel needs.
Export Trends:
In contrast, US textile and apparel exports have decreased by 4.2% during the same period, totaling $14.8 billion. This decline in exports is attributed to several factors, including fluctuating global demand and competitive pressures from other textile-producing countries.
Major export markets, including Canada, Mexico, and the European Union, have shown reduced demand for US-made textile and apparel products, impacting overall export figures.
