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)

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.