The global textile industry is facing high production costs and low demand from June 2022. However, according to the 19th ITMF GTIS, the expectations of companies regarding the business environment in the six months from November 2022 are improving. Nevertheless, weak demand and inflation remain major concerns in the industry.
bad situation
Global trade conditions in the textile industry have been negative since June 2022 and are still getting worse. Companies across all segments across the world are facing a 'perfect storm' scenario with high production costs and relatively low demand. At the same time, according to the International Textile Manufacturers Federation (ITMF), companies' expectations for the business environment in six months from November 2022 are improving.
'Weak demand' a major concern
There has also been a steady decline in order numbers since November 2021, mostly in line with the business situation trend. The rate of decline has however slowed down in March 2023 due to weak demand. 'Weak demand' in the global textile value chain from July 2022 has indeed been rated as a major concern and has grown in importance in the last survey. Inflation remains another major concern around the world.
No orders canceled since 4 months
Thirty-three percent of 19th GTIS respondents did not cancel an order during the previous four months (down from 58 percent last January). The phenomenon is stronger in South America and affects spinners and weavers relatively more. Sixty-eight percent of respondents also rated inventory levels as average. The number of companies reporting high inventory levels is higher in Asia and Europe. Among segments, it is the highest for home textile producers.
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