According to the latest survey report released by the International Textile Manufacturers Federation (ITMF), the global textile value chain will remain active despite the disruption of the textile business caused by the Omicron strain. In the 12th Covid-19 survey conducted by ITMF, some 48% of companies said current business was satisfactory, indicating a strong recovery in business across sectors.
The textile value chain will remain optimistic
Companies in all regions and sectors reported favorable conditions, with business growth of about 3 percentage points. The global textile value chain is expected to remain optimistic over the next six months, with only 14% of companies expecting a decline in business by July 2022.
Downstream growth matches upstream growth
Business is expected to remain positive in all regions except East Asia and Africa. The downstream sector, which includes knitting/knitting, dyeing and finishing, and apparel production, is expected to be in line with the upstream sector, which includes cotton production, spinning mills, and textile machinery manufacturers.
The volume of orders received remains the same
The number of orders is unlikely to change in the next six months. Since November 2021, order intake has fallen from a high of 40 percent in November 2021 to 30 percent in January 2022. The order backlog has hovered between 2.4-2.9 months since May 2021, and capacity utilization has also grown slowly. This shows the magnitude of the supply chain disruption the industry is facing.
Promote industrial development
The ITMF's 12th Covid-19 survey was conducted by the Indian Textile Manufacturers Federation (ITMF) in the second half of January 2022. About 270 companies in the global textile value chain were surveyed. For the first time since May 2021, businesses have been asked to assess their current business conditions, their expectations for the future, current order status, pending orders and capacity utilization.
As an international forum for the world's textile industry, ITMF is committed to keeping its members around the world informed of the latest industry developments through surveys, studies and publications. It also contributes to the development of the industry by organizing annual conferences and publishing expert opinions on future industry trends and international developments.
