U.S.: Knit Fabric Market 2024

Knit Fabric Market Size in the U.S.

In 2023, the U.S. knit fabric market decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then dropped notably in the following year.

Knit Fabric Production in the U.S.

In value terms, knit fabric production amounted to $X in 2023. Overall, production, however, recorded a mild setback. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Knit fabric production peaked at $X in 2014; however, from 2015 to 2023, production stood at a somewhat lower figure.

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Knit Fabric Exports

Exports from the U.S.

In 2023, after two years of growth, there was significant decline in overseas shipments of knit fabrics, when their volume decreased by X% to X tons. In general, exports recorded a abrupt descent. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

In value terms, knit fabric exports reduced remarkably to $X in 2023. Overall, exports continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2021 with an increase of X%. The exports peaked at $X in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

Exports by Country

Mexico (X tons) was the main destination for knit fabric exports from the United States, accounting for a X% share of total exports. Moreover, knit fabric exports to Mexico exceeded the volume sent to the second major destination, Guatemala (X tons), fourfold. The third position in this ranking was taken by Honduras (X tons), with a X% share.

From 2013 to 2023, the average annual rate of growth in terms of volume to Mexico totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (X% per year) and Honduras (X% per year).

In value terms, Mexico ($X) remains the key foreign market for knit fabrics exports from the United States, comprising X% of total exports. The second position in the ranking was held by Guatemala ($X), with an X% share of total exports. It was followed by Nicaragua, with a X% share.

From 2013 to 2023, the average annual growth rate of value to Mexico stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (X% per year) and Nicaragua (X% per year).

Export Prices by Country

In 2023, the average knit fabric export price amounted to $X per ton, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton; afterwards, it flattened through to 2023.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (X%), while the prices for the other major destinations experienced more modest paces of growth.

Knit Fabric Imports

Imports into the U.S.

In 2023, overseas purchases of knit fabrics decreased by X% to X tons, falling for the second year in a row after two years of growth. Overall, imports recorded a noticeable shrinkage. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2023, imports remained at a lower figure.

In value terms, knit fabric imports reduced remarkably to $X in 2023. Over the period under review, imports continue to indicate a mild reduction. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2022, and then fell notably in the following year.

Imports by Country

In 2023, China (X tons) constituted the largest knit fabric supplier to the United States, accounting for a X% share of total imports. Moreover, knit fabric imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), twofold. Israel (X tons) ranked third in terms of total imports with an X% share.

From 2013 to 2023, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Israel (X% per year).

In value terms, the largest knit fabric suppliers to the United States were China ($X), South Korea ($X) and Israel ($X), with a combined X% share of total imports. India, Canada, Mexico, Italy, Taiwan (Chinese), Turkey and Portugal lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, India, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average knit fabric import price amounted to $X per ton, remaining stable against the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2022 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure in 2023 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform