Textile and apparel (T&A) exports by the United States witnessed a 3.17 per cent declineto $11.5 billion during H1, FY2024. Beginning in the first quarter of the year, this decline persisted throughout the following months, reflecting a broader trend of decreasing exports that had already been notable in 2023. Meanwhile, imports by the country also contracted, largely due to ongoing inflationary pressures.
The primary destinations for T&A exports from the United States remained Mexico and Canada who imported textiles and clothing worth $6.1 billion and $4.2 billion from the country respectively during this period. Exports to the European Union dropped by 11.2 per cent over the six months to $1.2 billion. Exports to China remained constant at $361 million, outpacing the Dominican Republic, the UK, and Japan in market size.
Similarly, T&A imports by the United States also declined by 3.58 per cent to $49.3 billion in H1, FY24. Inflation was one of the primary reasons of this decline, causing concerns among both consumers and brands, despite signs of a slowdown since July. China remained the largest exporter of T&A to the US, with exports worth $11.1 billion in H1, 2024.
China was followed by Vietnam with exports worth $7.2 billion to the US. India exported T&A products worth $4.7 billion to the US while exports by Bangladesh dropped by 10.6 percent.With exports worth $2.8 billion to the US, the European Union experienced a 2.9 percent decline and was the fifth largest supplier, leading Indonesia, Mexico, Cambodia, and Pakistan.
