Page 72 - TEXtalks July-August 2021

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The global textile industry is a vast market, and it is China exported textile goods worth $266.41 billion,
flourishing at high speed. According to the Global consisting of fibers, garments, and textile machinery.
Textile Market 2021-2025 Report, published by Germany exported textile goods with a value of increased +22.20% ($ 3471.150 million) than the to a 21-year low to 6.5 million bales, whereas the
Research and Markets Ltd., Dublin/Ireland, the textile $38.99 billion, focusing on synthetic yarns, previous year. However, with a share of 28.19%, textile sector's requirement is 15-16 million bales. It
market's forecast is optimistic, indicating that the machinery, and apparel. Bangladesh's economy is China was the top textile exporter to the U.S. has left the textile sector with no option but to import
global textile market is poised to grow by $ 549.87 bn based on textile exports, and the country has done raw cotton from the U.S., Brazil, and Egypt. The
during 2021-2025 CAGR of over 5% during the exceptionally well in 2020 and exported garments The exports of blue denim to the U.S were one of the import could increase the cost and lower the profit
forecast period. The market is expected to recover worth $38.73 billion. Bangladesh's textile sector aims significant categories. In 2020, the U.S imported blue margins. Therefore, long-term actions are required to
from the COVID-19 pandemic effects and grow at a to achieve 50 billion export value in 2021 to increase denim fabric worth $ 25.323 million. On the other boost the exports further and strengthen the country's
CAGR of 7% from 2021 and reach $795.4 billion in the country's GDP. hand, within the first five months of 2021, blue denim economy. Advisor to Prime Minister on Commerce,
2023. The global textile market is expected to decline imports in the U.S reached $ 24.356 million. Mexico Textile, Industries, Production, and Investment, Mr.
from $673.9 billion in 2019 to $655.2 billion in 2020 at INDIA, known as the 2nd largest producer of cotton in took the highest share of 36.62% of the denim Abdul Razak Dawood, has said the need for a
a compound annual growth rate (CAGR) of -2.8%. the world, has earned $37.11 Billion from textile-based category, followed by Italy with a 15.44 % share. long-term policy for the substantial growth of the
The decline is mainly due to economic slowdown exports. In 2021, the Indian textile industry recovered Indian denim industry took 5.44% share. However, economy and exports is inevitable. He said that
across countries due to the COVID-19 outbreak and from the last year's crisis and increased its exports. The Pakistan was not on the list, which is a point to exporters must be acknowledged for their contribu-
its measures. The market is then expected to recover Office of Textiles and Apparel (OTEXA) reported that ponder as Pakistan being a cotton-rich country, has tion to stabilizing the national economy. However, he
and grow at a CAGR of 7% from 2021 and reach total exports of textiles from India to the U.S. jumped exporter of textile commodities in Asia. The textile as compared to $ 1,810 million in March 2020. In cotton quality suitable for denim fabrics. There are a was surprised that the number of exporters had
$795.4 billion in 2023. 46.4% within a year. India's market share rose to 9.1% sector contributes 8.5% to the GDP of Pakistan. In June 2020, Pakistan's exports were $ 2,692 million. few industries in Pakistan that are installing denim declined whereas exports were growing substantially.
from 7% a year earlier. The Nation's contribution addition, the sector employs about 45% of the total Pakistan's textile exports to the U.S increased in the units. The area could be explored as it has the He said that there were three main factors for setting
The exports of different items are the main pillars of (share) to the U.S. exports remained before the labor force in the country (and 38% of the manufac- first five months of 2021, with a share of 3.53% of the potential, and government should support these up a new industry: acquiring land and connecting
the economic growth of a country. The countries with pandemic hovered around 8.17%. However, China's turing workers). Pakistan is also having a good time total U.S textile imports. Overall, exports of home industrialists. electricity and gas. The Nation is hopeful that the
higher exports normally have higher GDP. The top 10 share declined from 35% to the U.S. in the first five with a tremendous increase in exports. According to textile products were up by 27% to US$ 3.642 billion increasing textile orders from the world could further
countries concerning textile exports based on the months of 2020 to 28% in 2021. the Pakistan Bureau of Statistics (PBS), the exports in in July-May against US$ 2.879 billion over the last The rising energy crisis and shortage of cotton are lift the textile industry known to have the potential and
market value in 2020 are in the following order: China March 2021 were $ 2,365 million (provisional) as year, followed by a 16 percent increase in men's the problems that Pakistani industries are facing. capabilities to deliver quality products.
> Germany, Bangladesh > Vietnam > India > Italy The textile industry is the largest manufacturing compared to $ 2,068 million (provisional) in February garments to US$ 3.505 billion against US$ 3.019 Cotton outputs in Pakistan in 2020-21 have plunged
> Turkey > Hong Kong > Spain. Based on 2020, industry in Pakistan. Pakistan is the 8th largest 2021, showing an increase of 14.36% and by 30.66% billion last year. For %, the exports to the U.S
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