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According to the latest survey by the International Textile Federation (ITMF), the commercial situation in the global textile industry has been negative since June 2022 and is still deteriorating. Companies around the world and in all fields are facing a 'perfect storm' - high production costs and relatively low demand. Meanwhile, since November 2022, companies' expectations for the business environment within the next six months have been improving. It is currently unclear whether this growing optimism about the medium-term outlook is due to people's belief that the situation will not get worse, or to expectations of well-founded economic normalization.
Since November 2021, the number of orders received has also steadily decreased, which is basically in line with the trend of the business situation. However, the decline rate slowed down in March 2023. Since July 2022, "weak demand" has been the main concern of the global textile industry, and its importance even increased in the last survey. Inflation remains the second major global problem.
The factors supporting the expected improvement in the second half of 2023 include relatively low levels of order cancellations and stable inventory. According to the 19th ITMF Global Textile Survey, 53% of respondents stated that there have been no cancellations of orders in the past four months, down from 58% in January. This phenomenon is more pronounced in South America, especially in yarn and fabric mills. 58% of respondents believe that inventory levels are normal, and there are more companies with high inventory levels in Asia and Europe. In the segmented market, home textile manufacturers have the highest inventory.
Looking ahead to the second half of 2023, these positive signs are expected to continue and bring a brighter future. However, enterprises must remain vigilant and actively respond to the challenges they are currently facing.
China Cotton (15180, 325.00, 2.19%) Network
China Cotton (15180, 325.00, 2.19%) Network
