The value of fabric imports by the US from January to April 2020 declined 11.37 per cent, revealed latest reports by OTEXA. According to the report, the country imported $1.83 billion worth of fabrics during the period. However, volume-wise decline was less than the previous year. The country imported 4,023.27 million SME of fabrics during the period. As far as major exporting destinations are concerned, China plunged significantly in both volumes and values by 23.07 per cent and 29.30 per cent, respectively.
Korea Republic, the second largest fabric exporter to the US, fell in its value-wise fabric exports but shipped more volumes of fabrics than the last year. Noting 8.22 per cent surge, Korea Republic shipped 416.67 million SME fabrics to the US worth $180 million which fell 6.16 per cent. India too fell by 4.21 per cent to ship 531.72 million SME of fabrics to the US in the review period and clocked $155.18 million revenue which is 6.78 per cent less than the same period of 2019.
In contrast, non-traditional fabric exporting countries such as Cambodia, Myanmar, Indonesia, Australia, Malaysia and Denmark registered huge growth in their volume-wise fabric exports to US. Some of these even noted growth in value-terms.