Under FTAs, the United States imports garments valued US$11.16 billion
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04 January 2022, Mumbai:
FTAs have been a crucial catalyst in growing exports of LDCs or the buying country's preferred trade partners, particularly in the case of the United States, which is the country's top garment buyer.
According to OTEXA data, the country's garment imports were US $ 69.85 billion from January to October of this year, up from US $ 69.85 billion in 2020.
Around 16 percent of total import value was supplied by nations with FTAs with the United States, with import value under various FTAs totaling US $ 11.16 billion, representing a 28.30 percent annual rise.
In the first half of this year, the Dominican Republic and Central America accounted for roughly US $ 5.37 billion in US import values under the CAFTA-DR agreement, compared to US $ 4.03 billion the previous year. Under the USMCA, Canada and Mexico share FTA privileges with the United States, and both nations appear to have benefited this year.
Canada's garment exports to the United States under the FTA totaled US $ 381.88 million, while Mexico's portion remained at US $ 2.30 billion.
Under the FTA, Peru sold garments worth US $ 573 million to the United States, while Colombia and Chile shipped US $ 198.77 million and US $ 4.73 million, respectively.
According to OTEXA, other prominent destinations with FTAs with the United States are Israel, Jordan, and South Korea, with a combined value of US $ 1.32 billion in imports from these countries.
In the United States, fashion categories have witnessed a resurgence this year, at least until October, as customers passionately but cautiously spend on clothes goods. It will also be interesting to monitor how FTAs affect US purchasing in the following months.
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