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 textile business caused by the Omicron strain. In the 12th COVID-19 survey conducted by ITMF, about 48% of companies said that their current business is satisfactory, indicating that business in various sectors is recovering strongly.
Graph1: How to describe current business situation
Enterprise description of business situation
Graph2: Business expectations in 6 months
The company’s six-month business expectations
Textile value chain to remain optimistic
Companies in all regions and sectors reported favorable conditions, with business growth of approximately 3 percentage points. In the next six months, the global textile value chain is expected to remain optimistic, 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 segment includes knitting/weaving, dyeing and finishing and garment production and is expected to be in line with the upstream segment including cotton production, spinning mills and textile machinery manufacturers.
Order intake remains unchanged
Order volumes are unlikely to change over the next six months. Since November 2021, order intake has fallen from a high of 40 percentage points in November 2021 to a low of 30 percentage points in January 2022. Since May 2021, the order backlog has hovered between 2.4-2.9 months, and capacity utilization has also grown slowly. This demonstrates the extent of the supply chain disruptions facing the industry.
Promote industrial development
ITMF’s 12th COVID-19 survey was conducted by the Indian Textile Manufacturers Federation (ITMF) in the second half of January 2022. This survey surveyed approximately 270 companies in the global textile value chain. For the first time since May 2021, companies are being asked to assess their current business conditions, their expectations for the future, current order positions, 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, research 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.
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