LONDON--(BUSINESS WIRE)--After years of significant decline, the US textiles and apparel industry is gradually bouncing back as both its shipments and exports increased in 2016. Details on the recovery of the US textiles and apparel industry, as well as how free trade agreements are affecting the sector are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
Shipments and Exports of US Textiles and Apparel Industry Continue to Grow
In 2016, the total value of textiles and apparel shipments in the US reached USD 74.4 billion, increasing by 11% from 2009, while total US exports of fiber, yarns, fabrics, made-ups, and apparel recorded USD 26.3 billion, according to the latest statistics from National Council of Textile Organization (NCTO).
As the US continues to be one of the world’s largest net textile exporters and net apparel importers, the US trade surplus in textiles significantly dropped to USD 68 million in 2016 from USD 347 million in 2015. However, the US trade deficit in apparel products reached USD 81,754 million in 2016, which was slightly lower than 2015’s USD 86,311 million.
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The US Government is Increasing its Support to Textile Industry
To further boost the recovery of the US textiles and apparel industry, the US government announced the establishment of a new fibres and textiles manufacturing innovation hub in Massachusetts, and more than USD 2 billion in manufacturing research and development investments.
Other initiatives have also been taken to create more textiles jobs, and promote domestic textiles printing, and textiles manufacturers in the US.
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The Impact of Free Trade on US Textiles and Apparel Trade
US Free Trade Agreements (FTAs), such as the North American Free Trade Agreement (NAFTA) and the Dominican Republic Central America Free Trade Agreement (CAFTA-DR), play an important yet controversial role in the country’s textile and apparel sector.
Among all the USD 26.3 billion in US textiles and apparel exports in 2016, shipments to NAFTA and CAFTA-DR countries accounted for 56% of the total exports. The largest exports markets for the US textiles and apparel products by region are: NAFTA (USD 11.5bn), Asia (USD 7.0bn), CAFTA-DR (USD 3.2bn), Europe (USD 2.8bn) and the rest of the world (USD 1.8bn).
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