The United States is the world’s largest importer of cotton products. Its import demand is an important factor in the amount of yarn spun from cotton, and is therefore a harbinger of global cotton consumption. In 2021, U.S. cotton product imports hit the highest level since 2010, further supporting cotton consumption in 2021/22.
According to statistics from the U.S. Department of Commerce’s Office of Textiles and Apparel, the U.S. imported $49 billion in cotton products in 2021, equivalent to more than 21 billion square meters. Strong consumer demand for cotton clothing and home textile products is the main driving force. In 2021, American consumers will spend more on goods than on services.
As people work from home for extended periods of time, consumer demand for comfortable and soft knitwear has boosted sales of cotton apparel, home products and improved home textiles. Moreover, the concentrated release of demand accumulated in previous years and the increase in disposable income have also stimulated the import of US cotton products.
In 2021, China became the largest source of U.S. cotton product imports for the 19th consecutive year, and this occurred even as the U.S. imposed additional tariffs on Chinese products and banned the import of Xinjiang cotton products. However, U.S. imports of Chinese cotton apparel have dropped from 8 billion square meters in 2010 to 5.1 billion square meters in 2021, while imports from other countries have increased significantly, such as India, Vietnam and Bangladesh, with import volumes reaching record highs .
U.S. cotton product imports and global cotton consumption trends are very close. In the first five months of 2021/22 (August-December 2021), U.S. cotton product imports were strong, and December 2021 set a record for single-month imports. Although consumers are worried about rising inflation, the increase in disposable income of U.S. consumers and the good performance of imports will continue to support global cotton consumption in 2021/22.
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