INSIGHTS The global textile industry is seeing a transformation, with a focus on sustainability goals and commercial aspects, according to Smartex. As the supply chain makes up four-fifths of the industry's environmental impact, the modern textile factory is needed to prepare it for a change in primary data reporting and investment in more sustainable technology. The global textile industry is now witnessing a transformative shift, with a growing focus on sustainability goals and commercial a

INSIGHTS Global air cargo demand rose by 3.8 per cent year on year (YoY) in October. For international operations, the demand lagged slightly at 3.5 per cent YoY, according to the International Air Transport Association. Capacity was up by 13.1 per cent YoY in the month. Middle Eastern carriers performed the strongest, with a 10.9 per cent YoY rise in cargo volumes. Global air cargo demand, measured in cargo tonne-kilometres (CTKs), increased by 3.8 per cent year on year (YoY) in October this

INSIGHTS Though the global air freight market has been on a rollercoaster ride of late, 2024 could see a return of 'classic seasonality', according to Xeneta, whose Air Freight Outlook 2024 highlights muted consumer spending as a key factor in 2024. Demand for air freight is predicted to grow by 1-2 per cent next year and supply is expected to grow by 2-4 per cent. Though the global air freight market has been on a rollercoaster ride of late, next year could see a return of ‘classic sea

INSIGHTSThe EU continues to be resilient amidst the multiple shocks endured in recent years, but has lost growth momentum in 2023 amid high inflation and tighter financing conditions, with only a moderate uptick expected in 2024, the European Commission has said.Challenges include low productivity growth, green and digital transitions, ageing and social inclusion.The European Union (EU) economy continues to be resilient in the face of the multiple shocks endured in recent years, but has lost gro

INSIGHTSInternational trade in goods and services in China was worth 4.09 trillion yuan ($569.9 billion) in October this year, according to official data.Exports of goods were worth 1.96 trillion yuan and imports worth 1.63 trillion yuan, leading to a goods trade surplus of 326.6 billion yuan, the State Administration of Foreign Exchange reported.China’s exports of goods were worth 1.96 trillion yuan and imports worth 1.63 trillion yuan in October 2023, leading to a goods trade surplus of 326.6

INSIGHTSThough uneven, growth in the Asia-Pacific Economic Cooperation (APEC) region is improving, with an expected growth of 3.3 per cent this year compared to 2.6 per cent last year, an APEC report said.Inflation in the region fell to 3.4 per cent in September compared to 6.6 per cent in the same month last year. The region's trade contracted in 2023 first half.Economic growth in the Asia-Pacific Economic Cooperation (APEC) region is showing signs of improvement, with an expected growth of

INSIGHTS South Asia's manufacturing export potential to China is worth $4.8 billion, 1 per cent of the sub-region's total, an International Trade Centre report noted. Forty-six per cent of it is realised; the unrealised potential of the sub-region to China comprises $1 billion attributed to existing frictions and $1.6 billion linked to growth projections for future. South Asia’s manufacturing export potential to China is worth $4.8 billion, 1 per cent of the sub-region’s total, ac

INSIGHTSOctober 2023 saw global ocean freight rates decline by 2.6 per cent, with the Xeneta Shipping Index at 165.3 points, erasing hopes of recovery after a brief 0.2 per cent increase in September 2023.Market volatility was marked, especially in Far East trades, while Europe and the US showed mixed results and general declines in October 2023.Global ocean freight rates saw a 2.6 per cent drop in October, with the Xeneta Shipping Index (XSI) at 165.3 points, according to Xeneta, a leading prov

The used clothing market is growing at a faster rate than the trendy new clothing market. It is assumed that the used clothing will take over the global fashion market for new clothing. Currently, the global market for such clothing is worth $175 billion dollars. It will double by the year 2027. The world market for old clothes can become $350 billion. Figure 1: the global market for used clothing may reach $350 billion by 2027. Infographics byTexSpace TodayThese facts have been hi

INSIGHTSAround 70 per cent of US consumers shop for themselves during holiday sales like Black Friday and Cyber Monday, and 67 per cent shop for immediate family.Despite concerns about inflation affecting 54 per cent of respondents, 87 per cent plan to participate in holiday sales this year.Those who opt out cite reasons including recession fears.Around 70 per cent of consumers in the US admit to shopping for themselves during holiday sales such as Black Friday and Cyber Monday, as per a survey.