The global textile industry, including textile machinery and garment manufacturing, continues to be concerned about “weak demand” in the market, according to a recent survey.
The latest results of the International Textile Manufacturers Federation (ITMF) Global Textile Industry Survey (GTIS), which was conducted in the second half of May, show that most companies pointed to weak demand as the main concern since the end of 2022. Inflation, high raw material prices, energy costs, logistics costs, and geopolitics are some of the other concerns .
“These factors are weighing on consumer and business confidence and are holding back demand to a certain extent,” said K.V. Srinivasan, president of the ITMF.
The survey also revealed that the global textile value chain finds itself still in a relatively poor state. However, since the beginning of 2023, companies across the board are anticipating an improvement in the business environment in the coming months.
The regions with the best business situation in May were Africa and South-East Asia, and except East Asia, other regions expect a better business situation in the next six months.
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