Europe and Central Asia’s (ECA) gross domestic product (GDP) is estimated to remain virtually flat in 2023, with growth of only 0.1 per cent, according to the ‘Global Economic Prospects’ report by World Bank. The worsening of the near-term outlook mainly reflects the impact from Russia’s cut-off of energy supplies to the European Union (EU) and additional monetary policy tightening in the euro area.Although much of the projected weakness in regional growth this year emanates from a further outpu

Exports of textiles and apparel from the United States went up by 11.15 per cent year-on-year in the first eleven months of this year. The value of exports stood at $23.036 billion during the period under review compared to $20.725 billion in the same period of 2021, according to data from the Office of Textiles and Apparel, US department of commerce.Category-wise, apparel exports increased by 22.72 per cent year-on-year to $6.809 billion, while the exports of yarn ($4.259 billion) and fabric ($

With a pandemic-driven surge finally over, monthly import cargo volume at the US’ major container ports has fallen below the 2 million twenty-foot equivalent units (TEU) mark and should remain there through most of this spring, as per the National Retail Federation (NRF) and Hackett Associates. US ports handled 1.78 million TEUs this November, the latest month for which final numbers are available.US’ imports were down 11.3 per cent from October and down 15.8 per cent from November 2021. It was

Switzerland-based OEKO-TEX Association is once again publishing updates to the applicable test criteria, limit values, and guidelines for its certifications in order to reinforce its credibility within the textile and leather industry and in the eyes of its customers. The new regulations have come into force in the first quarter (Q1) of 2023, after a transition period.Other introductions include integration of the BHive app from GoBlu into STeP, which will enable certified production companies t

In November 2022, the calendar adjusted retail sales index decreased by 2.8 per cent year-on-year (YoY) in the euro area and by 2.4 per cent YoY in the European Union (EU), as per Eurostat’s estimates. The seasonally adjusted volume of retail trade increased by 0.8 per cent month-on-month (MoM) in the euro area and by 0.9 per cent MoM in the EU.In October 2022, retail trade volume decreased by 1.5 per cent in the euro area and by 1.4 per cent in the EU, according to a report by Eurostat, the sta

It was a roller-coaster ride for the global denim industry in the last two- and-a-half years as lockdown practices during the COVID-19 pandemic impelled people to stay at their home and work from homes practices were attributable to decrease the denim jeans market growth in 2020. Furthermore, closures of retail stores and production facilities and disordered export and import activities were some of the reasons for reduction in sales of the denim jeans in 2020.Figure 1: Coming Christmas will see

Cotton represents Brazil’s seventh-largest export product in terms of value and in the marketing year 2021-22, 1,680 tonnes were exported, generating more than $3.2 billion, according to the country’s cotton producers’ association ABRAPA. Cotton exports were worth $3.4 million between January and November 2022, up by 15 per cent year-on-year.Brazil provides a fifth of the world’s cotton supply, making it the second largest cotton exporter in the world.ABRAPA said Asia imports 99 per cent of the

North India’s cotton yarn market noticed better demand after the recent rise in cotton prices. Buyers were anticipating that yarn prices will rise due to costlier cotton. This encouraged buyers for fresh deal as they wanted to book yarn early. Cotton yarn gained ₹5-10 per kg in Ludhiana due to better buying, but the prices were stable in Delhi and Panipat.Ludhiana market witnessed higher prices of cotton yarn. Demand was better from both exports and domestic consumption. A trader from Ludhiana m

South Korea’s apparel imports from Vietnam in 2022 are likely to cross the pre-COVID level. The country has imported apparel worth $3.492 billion in first eleven months of last year, while its inbound shipment in pre-COVID year of 2019 was $3.572 billion. The country had imported apparel worth $3.502 billion in 2018 and $2.827 billion in 2017.In 2020, South Korea’s apparel imports from Vietnam had decline by around 15 per cent to $3.065 billion as normal life and economic activities were badly h

Buyers in the south Indian cotton yarn market have become price sensitive. Mumbai market noticed a decline in cotton yarn prices today after the demand weakened due to higher prices. Buyers were discouraged as mills increased the prices of yarn. Tiruppur noted a steady trend in cotton yarn prices. Demand was slightly better even as buyers were cautious.Mumbai witnessed a downward trend as cotton yarn prices eased by ₹7-12 per kg. “Spinning mills had increased the prices of yarn which discouraged