U.S.: Men Knitwear Market 2024

Men Knitwear Market Size in the U.S.

The U.S. men knitwear market reached $X in 2022, surging by 14% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +76.0% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Men Knitwear Exports

Exports from the U.S.

In 2022, men knitwear exports from the United States surged to X units, with an increase of 35% compared with 2021. In general, exports showed buoyant growth. The pace of growth appeared the most rapid in 2021 when exports increased by 36% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, men knitwear exports surged to $X in 2022. Overall, exports posted a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Canada (X units), Mexico (X units) and China (X units) were the main destinations of men knitwear exports from the United States, together comprising 58% of total exports. The UK, Japan, South Korea, Australia, Guatemala, Costa Rica, Belgium, Poland, Israel and El Salvador lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of +55.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for men knitwear exported from the United States were Canada ($X), Mexico ($X) and China ($X), together comprising 66% of total exports. South Korea, the UK, Japan, Israel, Australia, Belgium, Costa Rica, Guatemala, Poland and El Salvador lagged somewhat behind, together comprising a further 17%.

Poland, with a CAGR of +34.5%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average men knitwear export price amounted to $X per unit, remaining relatively unchanged against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 18% against the previous year. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to El Salvador ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Men Knitwear Imports

Imports into the U.S.

In 2022, imports of men's or boys' clothing (knitted or crocheted) into the United States totaled X units, leveling off at 2021. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +53.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 53%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, men knitwear imports soared to $X in 2022. In general, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +79.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 54% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Vietnam (X units), China (X units) and Bangladesh (X units) were the main suppliers of men knitwear imports to the United States, with a combined 46% share of total imports. Cambodia, Egypt, Pakistan, Honduras, Jordan, Indonesia, India, El Salvador and Thailand lagged somewhat behind, together accounting for a further 45%.

From 2012 to 2022, the biggest increases were recorded for Jordan (with a CAGR of +24.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest men knitwear suppliers to the United States were Vietnam ($X), China ($X) and Cambodia ($X), together comprising 44% of total imports. Bangladesh, Jordan, Honduras, Indonesia, Pakistan, Egypt, El Salvador, India and Thailand lagged somewhat behind, together comprising a further 44%.

Jordan, with a CAGR of +22.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average men knitwear import price stood at $X per unit in 2022, surging by 17% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Jordan ($X per unit), while the price for Egypt ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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