Cumulative imports for January–September **** under Chapters ** and **—covering knitted/crocheted and woven apparel, respectively—were higher than the NZ$*,***.** million imported during the same period of ****. Within this total, imports under Chapter ** grew *.* per cent to NZ$***.** million (~$*** million), while Chapter ** rose *.* per cent to NZ$***.** million (~$*** million). The stronger growth in knitted apparel reflects the shift towards comfortable, casual, and athleisure wear, which continues to dominate consumer spending patterns post-pandemic.

Imports of textile fabrics (Chapter **) continued to expand at a faster pace, climbing *.* per cent to NZ$**.** million, compared with NZ$**.** million in ****. The category’s steady growth underscores ongoing demand for knitted and woven fabrics used in domestic apparel manufacturing and retail supply chains. Local garment makers have been increasingly sourcing specialty and performance fabrics to meet evolving fashion trends and sustainability expectations.

This is the second rate cut in a row, aimed at safeguarding against rising uncertainties in the job market amid evident disagreements within the committee.

The US Fed’s Federal Open Market Committee (FOMC) has cut the key benchmark rate by 25 basis points to the 3.75- 4-per cent range—the second rate cut in a row, aimed at safeguarding against rising uncertainties in the job market.
“Uncertainty about the economic outlook remains elevated,” FOMC said.
Indicators suggest economic activity has been moderately expanding, Fed chairman Jerome Powell noted.

“Uncertainty about the economic outlook remains elevated,” the FOMC statement said.

“Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up but remained low through August; more recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated,” it observed.

“In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee decided to conclude the reduction of its aggregate securities holdings on December 1,” it said.

“The Committee is strongly committed to supporting maximum employment and returning inflation to its 2-per cent objective,” the statement added.

Committee members voted 10-2 to reduce the central bank’s primary lending rate. Fed governor Stephen Miran dissented, advocating for a larger 0.5-percentage point reduction, whilst Kansas City Fed president Jeff Schmid “preferred no change to the target range for the federal funds rate at this meeting,” according to the Fed statement.

Fed chairman Jerome Powell said though some key federal government data have been delayed due to the government shutdown, available public and private sector data suggest the outlook for employment and inflation has not changed much since the Fed meeting in September.

Available indicators suggest economic activity has been expanding at a moderate pace. GDP rose at 1.6 per cent in the first half this year, down from 2.4 per cent last year. Tariffs are pushing up prices in some categories of goods resulting in higher overall inflation. A further reduction in the policy rate at the December meeting is not a foregone conclusion, Powell added.

While the Fed has indicated potential additional rate reductions in December, the current lack of economic data creates additional uncertainty regarding their forthcoming decisions.

Fibre2Fashion News Desk (DS)