In March 2023, US textile and apparel imports fell sharply, down 23.6% from a year earlier, but up a remarkable 23.4% from the previous month to reach the highest level in the past five months. The value of imports was US$8.32 billion, down 31.7% year-on-year and up 4.1% sequentially.
During the month, the volume of US apparel imports was 1.86 billion square metres, down 40.2% year-on-year. However, compared to the previous month, it increased by 2.6%. The value of apparel imports was US$6.25 billion, down 33 per cent year-on-year but up 5 per cent sequentially.
In March this year, the US imported 1.7 billion square metres of textiles and apparel from China, down a significant 40.3% year-on-year; imports were US$1.46 billion, down 45% from the same month the previous year. Specifically, US apparel imports to China amounted to 500 million square metres, down 45% year-on-year, and US$940 million, down 45.7% year-on-year.
These figures show that China’s market share in the US textile and apparel import market continues to decline. Since May 2022, China’s market share has fallen below 30%, reaching 23.8% in March 2023. Similarly, China’s share of US apparel imports hit a new low of 26.6% in March, the lowest level since April 2020.
The decline in total US textile and apparel imports indicates a shift in the direction of US textile sourcing, with other countries taking an increasingly prominent share.
Post time: Jun-03-2023