Page 5 - TEXtalks. January-February 2023

05

On the contrary global textile industries
amid a crunch of high inflation and

Editor-in-Chief economic crisis; Heimtextil turns out to be
Yousaf Fareed
a successful business encounter
Editor
Hassan Saeed Heimtextil made a powerful return growth in the textile industry. The
to January and set all the signs for government needs to take serious
Sub-Editor success as a barometer for the action before all of these factors
Arooj Sajid trade fair business year - with an pile together and cause drastic
Dr Sharjeel Abid outstanding degree of effects. In January 2023, Pakistan's
Kiran Malik internationalization of 129 export stood at USD 1.3 billion,
participating nations. The leading which was less as compared to
Advisory Board: trade fair for home and contract January 2021's USD 1.5 million. On
Dr. Tanveer Hussain textiles achieved an increase in the a month-over-month (MoM) basis,
Dr. Muhammad Tausif degree of internationalization - in the country reported a decline of
terms of exhibitors to 94 percent 2.5%.
Marketing Manager and in terms of visitors to 82
Memona Karim percent. There was growth on the The business situation is at a new
Qudsia Rahim exhibitor side compared to the low point since ITMF started the
pre-pandemic edition from Turkey Global Textile Industry Survey. High
Layouts and Pakistan. In 2023, there were inflation and rising interest rates
Faizan Khan also more buyers from Italy, Turkey, are the main current drivers of the
Spain, and especially Greece. global economy, but the core
Marketing Incharge problem of the textile supply chain
Anusha Abid However, the grass hasn’t spread in 2023 is high inventories at the
its greenery everywhere and the brand and retail levels. In January
Circulation economic crisis still hangs over the 2023, the indicator was negative in
Muhammad Malik textile industry. As Pakistan is all regions and segments except
struggling with its worst economic for North & Central America and
Address crisis in decades, the country's fiber producers. The latter saw
C-302, City Towers industry is bracing itself for cuts in orders rise for the first time since
Main Boulevard, Gulberg II production and workforce, last summer. The previously high
Lahore-Pakistan especially in the textile sector after global order backlogs also steadily
it witnessed at least a 14.8% decreased from 3.1 months in
Phone: + 92 42 35 788 700 decline in textile exports, according March 2022 to 2.4 months in
Fax: + 92 42 35 788 700 to the data released by the January 2023, mainly due to brand
Pakistan Bureau of Statistics. With and retailers’ restraint to place
Email: info@textalks.com unemployment rising rapidly due to orders. The dampening effects of
Skype: textalks workers being laid off, the the earlier supply chain disruption
economic situation is worsening. further helped reduce order
www.textalks.com The depreciation of the Pakistani backlogs by improving global trade
rupee significantly raised the cost flows which led to a slight rise in
of imported inputs, and the high the capacity utilization rate
inflation rate and high cost of worldwide (mostly driven by fiber
financing have a serious impact on producers and spinners).

January/February 2023