According to the latest global textile industry survey conducted by the International Federation of Textile Manufacturers (ITMF) in July 2023, although the situation continues to be unfavorable, the global textile industry still shows signs of improvement. Surveys have shown that more and more companies have successfully adapted to challenging business environments, leading to improvements worldwide.

Regional analysis: Asia is still struggling and South America is rebounding

The regional analysis of the survey shows that Asia is facing the most severe difficulties, while South America has significantly returned and its business situation has returned to a positive state. Since March 2023, the expectations for global business have remained unchanged. However, optimism remains high in all regions, with the exception of concerns in East Asia.

Segmentation trend: Weaving mills, printing and dyeing departments, and dyeing and finishing departments all report negative expectations

According to the investigation, the weaving mills, printing and dyeing departments, and dyeing and finishing departments all reported negative expectations. Despite a slight increase in order volume in July 2023, the survey reported negative order volumes for all regions and regions. Although there have been significant improvements in clothing, home textiles, and technology textile manufacturers, the overall situation remains negative. It is worth noting that the number of undelivered orders has reached its lowest level since the investigation, with only South America and technical textiles showing growth.

Capacity utilization and concerns: The industry faces challenges in multiple aspects

The capacity utilization rate has dropped to its lowest level since the investigation. Since 2021, there has been a steady decline in Asia and Europe, as well as a recent decline in home textile and technology textile manufacturers. The main global concern in July 2023 is weak demand, followed by rising raw material prices caused by inflation, geopolitical issues, and rising energy prices. However, some positive signs include a decrease in logistics, energy, and raw material costs in recent months, with geopolitical issues not further highlighted.

Inventory levels and order cancellations: a glimmer of hope in the face of challenges

On a global scale, the number of cancelled orders remains relatively low due to the fact that most companies in the textile supply chain have average or low product inventory, leading to outdated cancelled orders. It is worth noting that 96% of clothing manufacturers also reported average or low inventory levels, with yarn mills, weaving mills, and fiber producers having the highest inventory levels.

The ITMF survey shows that the global textile industry is recovering, and companies have adapted to a challenging environment and made improvements. However, challenges still exist, especially in certain regions, and concerns about weak demand and other external factors continue to affect the industry's development trajectory. The ability to effectively manage these challenges and capture positive trends is crucial for maintaining the recovery of the industry.

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