US Textile and Apparel Imports Decline Sharply in First Half of 2024
Consumer Price Index for Garments Rises Slightly in June
China's Goods Trade Surges, While US Textile Imports Plummet
In a significant economic shift, US textile and apparel imports experienced a dramatic decline of 35.8 percent to $493.49 billion during the first half of 2024. This notable decrease was primarily driven by a 60.4 percent drop in apparel imports, signaling a significant shift in consumer spending patterns and international trade dynamics.
Meanwhile, the Consumer Price Index (CPI) for garments in the United States rose slightly in June, reflecting inflationary pressures within the industry. However, this increase was relatively modest compared to the broader CPI, which saw a year-over-year increase of 9.1 percent in June.
In contrast to the US, China's goods trade surged by 6.2 percent during the first seven months of 2024. This significant growth was fueled by strong demand for Chinese exports, particularly in sectors such as electronics and consumer goods.
Additionally, Italy's seasonally adjusted exports increased by 0.5 percent month-over-month in June 2024 but declined by 6.1 percent year-over-year. This suggests a moderate recovery in Italian exports but also highlights the impact of global economic headwinds on trade.
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