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Tuesday, May 28, 2024

ITMF survey sees modest growth in textile orders

The 25th Global Textile Industry Survey (GTIS) conducted by the International Textile Manufacturers Federation (ITMF), Zurich/Switzerland, revealed a cautiously optimistic textile business climate amidst continued difficulties.

The survey states that though conditions have improved modestly from November 2023 to January 2024 but going forward the conditions were still tough overall during March 2024, underscoring the enduring struggles corporations encounter throughout the textile value chain. Weak demand remains the primary concern, despite slight upturns in order intake and capacity utilization rates.

The March 2024 order uptake revealed a minor progression, particularly within the Southeast and South Asia regions. Fiber producers and weavers/knitters saw the most substantial growth. The worldwide average order backlog slightly declined, while capacity utilization rates mildly rose to 70 percent in March, indicating slow adjustments to the current economic climate. The industry’s resilience is also suggested by the relatively low rate of order cancellations, indicating some stability even in the face of weak demand. Inventory levels are seen as average by most respondents, except in the US, where brand and retailer inventories remain high. Wholesalers, however, have effectively managed to bring inventories nearly down to pre-pandemic levels.

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