U.S. Cotton Product Trade Slightly Lower in First Half of 2024.

 Total U.S. cotton textile and apparel trade declined during the first half of 2024, compared with the corresponding 2023 period. U.S. cotton product imports totaled the equivalent of 7.2 million 480-pound bales of raw cotton during January–June 2024 compared with 7.4 million bales during the first 6 months of 2023, a 3-percent decline. Cotton product exports decreased 5 percent to approximately 1.2 million bale-equivalents. As a result, the cotton textile and apparel trade deficit fell about 2.5 percent during the first half of 2024, reaching 6.1 million bale equivalents. U.S. cotton product imports are sourced from many countries, although most products are imported from a handful of suppliers. During the first half of 2024, the top five countries contributed 68 percent of total U.S. cotton product imports, slightly above the corresponding period in 2023. Although the total share is similar, changes are notable for a couple of countries, indicating the vitality of each country’s spinning industry relative to the rest of the world (figure 5). While China remains the leading cotton product supplier to the United States with a market share remaining near 22 percent in 2024, other countries experienced notable shifts. India’s share of cotton products imported by the United States continues to grow and surpassed 16 percent during the first 6 months of 2024, up from about 14.5 percent in 2023 and 13.5 percent in 2022. Textile and apparel export opportunities also increased slightly for Pakistan in 2024 while lower shares are likely for Bangladesh, where recent turmoil disrupted factory operations and port activities that could affect U.S. product sourcing further in the second half of 2024. Vietnam is also likely to see a lower share in 2024 than in recent years.