Home / Knowledge / News / Textiles / US textile & apparel industry reflects weak demand
US textile & apparel industry reflects weak demand
08
Sep '08
United States which stands as the major market for Chinese textile and garment exports, accounting for 15 percent of the country's overall export market, has become gloomy under the expanding impact of sub-prime credit crisis which has brought about a down trend in its economy. As such demand from the region has also reduced considerably.

In the first half of this year, imports of Chinese textile and garments by the US plunged by 2.43 percent and totaled to $13.834 billion. Similarly, even global imports of textile and apparels by the US dipped by 3.29 percent over last year to reach $43.809 billion. These figures only give expression to the fact that US consumer demand has dampened due to sluggish economic growth.

So widespread is the impact of US slowdown that demand for textile and apparel from NAFTA countries has taken a downtrend. Chinese customs statistics revealed that in the first half of this year, textile and apparel exports from China to Canada fetched $1.301 billion, a year on year decline of 28.71 percent while exports to Mexico registered at $223 million, a year on year drop of 61.07 percent.

To make matters worse, a recently conducted survey on the market by the US Federal Reserve Board showed that the sub-prime credit crisis has not yet eased, on the contrary, the situation is likely to deteriorate.

Credit problem shows a trend of developing from the initial outbreak of a subprime crisis to a greater scale of quality loans with higher degree of credibility.

So, it will be a long process for the U.S. market to get out of the weakness and since demand is determined by market forces, unless consumer markets in Europe and US are not optimistic, global economic slowdown will continue, leading to a decline in textile and clothing exports even in the second half.

Fibre2fashion News Desk - China


Must ReadView All

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Casper raises total funding of $240 million

Casper, the global sleep company launched three years ago has...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search