Saturday, 12 November 2016

Fibre, Textile & Apparel Exports of USA Reach $28bn In 2015

As per the information divulged by the US International Trade Commission, the fibre, textile and apparel exports of the nation, went up to approximately $28 billion, in the financial year 2015. The major chunk of this substantial total came from fabrics which ranged to $9 billion. The rest of this came from various raw materials apparels with $6.1 billion, yarns with $4.9 billion, cotton and wool fibre with $4 billion and approximately 3.7 billion worth of made-up articles.  At $ 28 billion, USA stands as the fourth largest exporter of fibre and textile products in the world.

In a bid to inform the citizens of the USA, the recent progress that the nation made with respect to investment and innovations, the National Council of Textile Organizations (NCTO) made this declaration on 7th of October, The National Manufacturing Day. 

In addition, the textile industry of the United States currently supplies as many as 8,000 distinct textile items to the armed forces. This is evident from the fact that the US military has spent close to $2 billion on textiles, annually for the entire past decade. 

Growing capital expenditures also are a clear sign of the textile industry’s positive outlook. The textile and apparel sector spent $2 billion on capital expenditures in 2014, the latest year for which data is available.

Investment in Textile Mills and Textile Product Mills has seen especially explosive growth, climbing from $960 million in 2009 to $1.8 billion in 2014 — an increase of 87 percent. In contrast, capital investment in Apparel is down $157 million, a decrease of 39 percent.

The NCTO, in accordance with the statistics offered by the US Bureau of Labour Statistics as well as that given by the US Department of Agriculture, further informed that an estimated 579,300 people employed by the nation’s textile and apparel industry, along with its supply chain. Of these, the maximum of 184,100 people were employed for the production of cotton and wool fibres. Of the rest, 136,800 were employed with respect to manufacturing apparels while a sizeable chunk of 116,400 people was involved in making various textile products such as carpets. A smaller but significant number of 25,600 people were involved in the production of artificial as well as synthetic fibres, along with filaments. 

Wrapping up the numbers, the fundamentals for the industry are sound. That does not mean, however, that the industry is free of challenges. The sector has begun to see changes in demand as the global economy struggles to grow. Downturns in the business cycle are natural to every manufacturing sector, and specific strategies are needed for weathering difficult market conditions.

No comments:

Post a Comment