A Review Of The Slow Recovery Of The Global Textile And Garment Market

In view of the uncertainty of the global economy and the debt crisis of the eurozone, it continued to crack down on business and consumer confidence, and the global textile industry in 2012.

The market may continue to be weak.

The EU economy began to recover in 2010, but the recovery is expected to be strangled in 2012.

Forecasts show that the EU economy will bottom out in 2012, and the real GDP will fall by 0.5%.

2013 is expected to partially recover, but GDP is expected to grow by only 0.8%.

Feedback from European textile manufacturers on this market outlook shows that their market has markedly recovered in 2011, but the recovery has slowed markedly in the last quarter. Now they believe that the European economic turmoil will continue to adversely affect the trade for the rest of 2012, and it will take longer.

In fact, in the first quarter of 2012, the number of clothing imports in the EU dropped by 12%.

The outlook for the United States is not too pessimistic.

GDP growth in 2012 is expected to increase from 1.7% in 2011 to 2.2% in 2013 and slightly down to 2.1% in 2013.

However, the number of imported garments continued to be affected, and the number of imports decreased by 3.9% in the first quarter of 2012.

In the market downturn, a small number of Asian countries in 2012 exports to Europe and the United States were affected, while the year 2011 export growth is strong.

For example, Indonesia's textile and clothing exports increased by 18.2% in 20111 years, but in the first quarter of 2012, it dropped by 15.3%.

In the first quarter of 2012, the export volume of clothing in Philippines only decreased by 1.1%, compared with 11.4% in 2011.

Export growth in a few other countries slowed down.

Meanwhile, the amount of clothing exports in India dropped by 11.9% in the 2011/12 fiscal year (ended in March 2012), up 4.7% last year.

2010/11 textile exports grew by 34.7% in the fiscal year.

This reflects the weak export prospects of India and the downward revision of India's GDP growth forecast in 2012.

In September 2011, India GDP is expected to grow by 7.5% in 2012, but in April 2012 the GDP growth rate is expected to drop to 6.9%.

In addition, India's GDP grew by only 5.3% in the first quarter of 2012, the smallest quarterly growth in India in nine years.

China has always been the engine of world economic growth, but the forecast of China's future is similar to that of India. The GDP growth rate is expected to drop from 9% to 8.2%.

Therefore, the global GDP is expected to grow by only 2.1% in 2012, compared with 2.5% in 2011 and 4.1% in 2010.

Nevertheless, emerging markets, especially the so-called BRICs countries - Brazil, Russia, India and China - will continue to be key to maintaining global trade growth in the coming years.

For example, in India, the domestic market value of textiles and clothing will grow by 169% over the past 2010-2020 years and 10 years, extending from about $520 to 140 billion.