Import Competition Is Smothering Domestic U.S. Hosiery and Sock Manufacturing

Knitted and Crocheted Apparel May 23, 2016
Author: Irina Andreeva
Market Analyst

The U.S. dominates in global imports of hosiery and socks, accounting for a 23% share (based on USD). It was followed by the UK and Germany (9% each). In 2015, U.S. hosiery and sock imports totaled 4.49 billion USD, which was 239 million USD (6%) more than the year before.

From 2007 to 2015, the U.S. hosiery and sock imports showed positive dynamics (except for 2009 and 2012). There was an annual increase of +3.3% throughout the analysed period.

Competition from imports has been detrimental to some domestic manufacturers. This has motivated many of them to relocate abroad over the period. Foreign competition, particularly from emerging Asian markets, is expected to persist. As a result, the U.S. remains one of the most attractive destinations for overseas suppliers.

China was the main supplier of hosiery and socks into the U.S., increasing its share of total U.S. imports from 48% in 2007 to 54% in 2015. It was followed by El Salvador, Cambodia, Honduras, Vietnam, India, and Pakistan.

The U.S. was a net importer of hosiery and socks from 2007 to 2015. On average, imports grew faster than exports over the period under review.

Net U.S. imports of hosiery and socks showed a downward trend over the period under review. In 2015, this industry ran a significant trade deficit of 4.2 billion USD, which amounted to approximately 94% of gross imports.

Source: U.S. Hosiery And Sock Market. Analysis And Forecast to 2020