(Bloomberg) -- Among the marvels of American industry on display at the Chicago World’s Fair in 1893 were the original Ferris Wheel and the world’s first...
-- Among the marvels of American industry on display at the Chicago World’s Fair in 1893 were the original Ferris Wheel and the world’s first zipper. But for many of the exhibition’s tens of millions of visitors, it was the 200 cloth and fabric manufacturers, including more than 60 cotton-specific ones, that really stoked their nationalism.
Decades of competition from cheaper overseas production and the adoption of synthetic materials are behind the textile industry’s domestic decline, with more recent changes in US government policy speeding its demise. In 2016, Congress amended the 1930 Tariff Act to allow importers to ship in customers’ orders valued below $800 duty-free.
There have been a few short reprieves when the nation’s cotton industry seemed to be on the upswing. Mill use made a brief recovery in the 1990s, when programs like the Caribbean Basin Initiative and the North American Free Trade Agreement encouraged the US to export cotton yarn and fabric to be turned into clothes in other countries, before being sent back to be sold, according to the US Department of Agriculture.
US farmers are also able to rely on a vibrant export market — for now. More than three-fourths of US cotton supply this year will be exported, government data show, the highest share on record. That outsized reliance on export demand leaves farmers more susceptible to geopolitics and other disruptions, said Gary Adams, CEO of the National Cotton Council. The US cotton textile industry “was always a stable and secure demand source.
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