Market Trends of North America Textile Industry
Increasing demand for North America's apparels driving the market
North America continued to dominate the cloud hiring market among businesses in the garment sector. As per U.S. statistics, North American roles comprised 69.9% of all cloud employment, an increase from 59.5% in the same period the previous year. Europe came next, with a 3.6 percentage point change in cloud roles year over year.
The cotton harvest is ongoing and going well due to ideal weather and adequate water supply in practically all producing states. Increased production typically results from favorable international fiber prices and high domestic and global demand. Still, producers haven't been able to take full advantage of opportunities because they can't access high-quality genetically modified seeds and other inputs like agrochemicals and non-chemical fertilizers. Given that Mexico's textile sector relies on American cotton of the highest quality to meet demand, cotton imports from the United States are strong and are expected to rise.
Revenue in the Apparel segment of North America is projected to reach USD 133.10 billion in the current year. Apparel revenue is expected to register a CAGR of 9.71% during the forecast period, resulting in a projected market volume of USD 192.80 billion in five years in North America. These stats show the positive outlook of the textile market in North America.
Expansion of United States Textile Industry
In the first half of 2022, the United States exports of textiles and clothing increased by 13.10% from the previous year. Compared to the same period in 2021, exports rose to USD 12.44 billion from January through June 2022 from USD 10.99 billion, according to data from the Office of Textiles and Apparel, a U.S. Department of Commerce division.
In terms of categories, during the first half of 2022, garments exports rose by 24.97% yearly to USD 3.489 billion, while exports of products from textile mills increased by 6.07% to USD 8.945 billion. While fabric exports rose 3.58% to USD 4.460 billion and made-up and other article exports jumped 9.15% to USD 2.18 billion, yarn exports increased by 21.34% yearly to USD 2.313 billion.
Mexico and Canada represented more than half of all U.S. textile and apparel exports during the period under consideration. During the past six months, the U.S. has given Mexico USD 3.47 billion in textile and apparel exports, followed by USD 3.0 billion to Canada and USD 0.86 billion to Honduras.
