According to a survey report released by the International Textile Federation (ITMF) in the first quarter of this year, global textile turnover decreased by 9% year-on-year in 2020, an increase of 3 percentage points from the survey results at the end of 2020. Although the decline is much smaller than the 33% in the initial survey (April 2020), 2020 is still one of the most difficult years for the global textile and apparel industry.
In 2020, the entire textile industry chain, including textile machinery, has been severely affected by the COVID-19 epidemic. Among them, the best performers are non-textile and fiber manufacturers. The two’s turnover was flat and increased by 10% year-on-year respectively, as the huge demand for masks offset losses in other areas.
The survey shows that global textile turnover is expected to grow positively from 2021 to 2024, which is similar to the results of previous surveys. The growth expectations in 2021 and 2022 are the highest, and turnover A significant recovery is expected. In 2023 and 2024, revenue growth will weaken. In terms of regions, the growth in Africa is the most prominent, with an expected growth of 31% in 2024, while the growth in other regions is between 12-21%.
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