The booming textile industry

The International Textile Federation (ITMF) reports:

Suffering from the severe impact of the epidemic, global textile turnover will grow steadily in the next few years.

According to a survey report released by the International Textile Federation (ITMF) in the first quarter of this year, the global textile turnover in 2020 will decrease by 9% year-on-year, and it will be 3% higher than the survey results at the end of 2020. Although the decline is much smaller than the 33% originally surveyed (April 2020), 2020 is still one of the most difficult years for the global textile and apparel industry.

In 2020, the entire textile industry, including textile machinery, was severely impacted by COVID-19. Among them, the best performers were non-fabric and fiber manufacturers. The turnover of the two was flat and increased by 10% year-on-year, respectively, because the huge demand for masks offset the losses in other fields.

The survey shows that from 2021 to 2024, the global textile turnover is expected to grow positively. Similar to the results of previous surveys, the growth is expected to be the highest in 2021 and 2022, and the turnover is expected to recover significantly. In 2023 and 2024, the growth rate of turnover will weaken. In terms of different regions, the growth in Africa is the most prominent, which is expected to grow by 31% in 2024, while growth in other regions is between 12-21%.

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