Textile and Clothing Imports in the US
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Paula Diaz
College:
College of Business and Public Management
Major:
Economics
Faculty Research Advisor(s):
Nazif Durmaz
Abstract:
This study examines the dynamics between Textile and Clothing Imports, Import Price, and GDP per capita over a period spanning more than three decades from 1980 to 2021. Utilizing time series regression analysis, the study investigates the interrelationships among these variables and their implications for economic policy.
The findings reveal a strong positive relationship between Textile and Clothing Imports and GDP per capita, indicating that as GDP per capita increases, so does the demand for textile and clothing imports. Import Price also plays a significant role, with higher import prices associated with lower import volumes, reflecting the sensitivity of consumer demand to price changes.
Moreover, the study identifies notable fluctuations in the variables over the years, highlighting the impact of economic cycles, trade policies, and global market conditions on import dynamics and economic growth.
Based on the results, the study suggests that policymakers should consider fostering economic growth to stimulate demand for textile and clothing imports while carefully monitoring import prices to ensure competitiveness in the global market. Additionally, maintaining a stable economic environment and implementing targeted trade policies could further support the growth of the textile and clothing industry.