The ITMF Global Textile Industry Survey started in the year 2021. The survey has shown many problems such as rising interest rate is the main problem of the global economy and for the textile supply chain as well.
In 2023, there are high inventories at the retailers level. There is an opening economies which are opening around the world since the COVID crisis days (in 2020 and in the first half of 2021). The demand has been rising since then and the brands and the retailers increased the orders to keep a meet with the pent-up demand. As the inflation rises (The Russia-Ukraine can be a reason), the demand for the goods have risen due to the same.
What are the results?
The survey also gave a result that there is continuous decrease in the intake capacity since November 2021. By January 2023, there was a negative mark in the segments expect for North & Central America and the fiber producers. There was also a rise of certain goods after several months. There is a dampening effects of the supply chain which caused disruption to help reduce the backlogs by improving global trade flows and also there is a slight rise of capacity utlisation rate across the globe . This is mostly driven by the fiber producers and the spinners.
There are many expectations from the past 6 months which are expected to give some positive replies since Jan 2023. The textile manufacturers are expecting a better situation in a day or two. This will include the important factors in Europe and Asia. There has been a drop of gas due to the Russia’s invasion of Ukraine and the Zero- COVID policy of China for tourists and import-export of goods. A higher growth in the economy is expected.
