From Apr’23-Feb’24, India recorded a decline in its textile exports, as per the data by government sources. The sources attributed this decline to lack of international demand and geographical challenges like the Red Sea conflict. 

Additional factors such as order flow, inventory management, and the availability of shipping containers and vessels, also seems to have influenced India’s textile exports during the period, influencing export figures.

The value of readymade garments exports dwindled to $13.05 billion during the mentioned period, down from $14.73 billion the previous year. Similarly, yarn shipments decreased from $4.47 billion to $4.23 billion, while jute exports fell from $400 million to $310 million. However, in Feb’24, India’s textile exports grew by 12 per cent compared to the same period in 2023.

Meanwhile, textile exports had declined in Jan’24 on account of a 20 per cent increase in shipment costs and a two-week extension in turnaround time, attributed to reduced services by two private shipping lines amid the Red Sea crisis.

An inter-ministerial panel convened multiple meetings to devise strategies to address the repercussions of the ongoing conflict. The responsibility of ensuring uninterrupted credit flow to exporters was given to the Department of Financial Services (DFS), while the Ministry of Shipping was asked to closely monitor trade volumes.

From Apr’23-Feb’24, India recorded a decline in its textile exports, as per the data by government sources. The sources attributed this decline to lack of international demand and geographical challenges like the Red Sea conflict. 

Additional factors such as order flow, inventory management, and the availability of shipping containers and vessels, also seems to have influenced India’s textile exports during the period, influencing export figures.

The value of readymade garments exports dwindled to $13.05 billion during the mentioned period, down from $14.73 billion the previous year. Similarly, yarn shipments decreased from $4.47 billion to $4.23 billion, while jute exports fell from $400 million to $310 million. However, in Feb’24, India’s textile exports grew by 12 per cent compared to the same period in 2023.

Meanwhile, textile exports had declined in Jan’24 on account of a 20 per cent increase in shipment costs and a two-week extension in turnaround time, attributed to reduced services by two private shipping lines amid the Red Sea crisis.

An inter-ministerial panel convened multiple meetings to devise strategies to address the repercussions of the ongoing conflict. The responsibility of ensuring uninterrupted credit flow to exporters was given to the Department of Financial Services (DFS), while the Ministry of Shipping was asked to closely monitor trade volumes.

Attractive prices are boosting India’s cotton exports to global markets such as Bangladesh, China and Vietnam. 

Starting the 2023-24 season strong, India’s cotton exports hit 15 lakh bales in October 2023, matching the entire marketing season of 2022-23 at 15.5 lakh bales. 

This led to the Cotton Association of India (CAI) revising export projections for the current season to 22 lakh bales, with expectations of reaching 25 lakh bales.

Priced at Rs 4,000-5,000 per candy, Indian cotton is cheaper than international rates, which resulted in shipments of 10 lakh bales during Jan-Feb’24.

CAI has also revised cotton production estimates upwards by 5 per cent to 309.70 lakh bales for the current season. Cotton consumption estimates have also been revised to 317 lakh bales. Cotton stock are estimated to be restricted to 20 lakh bales by September, leading to experts predicting a limited supply in the near future..

Consolidating India's position as a key player in the global cotton market, the domestic cotton industry is booming with rising exports, competitive pricing, and adjustments in production and consumption estimates.

A new report by Wazir Advisors reveals a significant decline in apparel imports across major global markets in January 2024 compared to the same period last year. The US, EU, UK, and Japan all witnessed double-digit drops, with the US leading the decline at 16.53 per cent to $6.04 billion.

This slump in imports coincides with a complex economic picture. While US consumer confidence dipped in February, apparel store sales surged 10 per cent compared to February 2023. This suggests a market clearing out existing inventory, potentially paving the way for a rebound in imports later in the year.

Global import slump

The report highlights a widespread slowdown in apparel imports. The EU saw a 20 per cent year-on-year decline to $6.6 billion, while the UK and Japan experienced drops of 18 per cent and 14 per cent respectively, reaching $1.4 billion and $1.9 billion.

US Market: Inventory clearance or long-term shift?

The US market presents a fascinating case. Despite a decline in consumer confidence and rising inflation, apparel store sales rose in February. This could indicate a period of aggressive inventory clearance by retailers. Wazir Advisors analysts forecast a potential rebound in US apparel imports based on this trend. With lower inventory levels and sustained consumer demand, the US market could see a rise in imports in the coming months.

Other markets

The report offers limited data on other markets. The UK, for instance, saw a modest decline in apparel sales, suggesting a different dynamic at play compared to the US. Further analysis is needed to understand the specific factors influencing individual markets.

India's apparel trade

While the report focuses on global trends, it also includes a snapshot of India's apparel trade. India's apparel exports witnessed a modest 1 per cent increase in February, reaching $1.4 billion. Conversely, apparel imports into India dropped significantly by 23% to $109 million in January.

Wazir Advisors' report doesn't offer an explicit forecast, but the data points towards a potential rebound in the US apparel market. Lower import figures coupled with rising sales suggest that existing inventory is being cleared, paving the way for renewed demand and potentially higher imports in the coming months. However, factors like consumer confidence and inflation will play a crucial role in shaping the market's trajectory.

Green Theme Technologies (GTT), renowned for its Empel water-free and PFAS-free textile finishing platform, has marked another milestone in its growth trajectory through a strategic partnership with Hwasung International, a leading Korean-based global textile innovator. This collaboration sees Hwasung becoming the first Korean mill to integrate Empel technology into its offerings, catering to both global footwear giants and regional clients.

Traditionally, sustainability in textile finishes often came at the cost of performance. However, GTT's Empel platform defies this notion, as highlighted by Martin Flora, GTT's President of Global Business Development. He emphasizes that Empel not only enhances sustainability but also bolsters performance, presenting a win-win scenario for manufacturers, partner brands, and the environment.

Empel's versatility extends across various textile sectors, including outdoor gear, high fashion, footwear, automotive, and military applications. By eliminating water from the treatment process, Empel not only enhances sustainability but also aids in reducing pollution and waste in textile manufacturing.

DK Lee, President of Hwasung International, lauds Empel's compatibility with their innovative textiles, which merge sustainability with cutting-edge solutions.

With Hwasung International onboard, GTT strengthens its position in combating textile-related water pollution and eliminating harmful chemicals from global supply chains. This partnership underscores a collective commitment to sustainable practices in the textile industry, marking a significant step towards a greener future.

Green Theme Technologies, Inc. (GTT) is a US-based textile innovation company committed to enhancing performance and reducing pollution worldwide. Their Empel textile finishing platform offers water-free and PFAS-free solutions that surpass existing technologies in water repellency, stain-release, and anti-wick properties. Empel ensures exceptional durability, extending the lifespan of textiles and products it treats.

Hennes & Mauritz AB's (H&M ) nomination committee has finalized its recommendations for the upcoming annual general meeting on May 3, 2024. The committee proposes Helena Saxon as a new addition to the board of directors, alongside the re-election of current members. Notably, Karl-Johan Persson is set to retain his position as the board's chair.

Helena Saxon, a finance professional with extensive experience in tech, investments, and communications, is hailed as a valuable asset by the committee. Saxon's tenure as CFO at Investor AB since 2015, coupled with her diverse board affiliations, including SEB, Sobi, and the Stockholm School of Economics, underlines her aptitude for strategic leadership and financial acumen.

The departure of Niklas Zennström, who declines re-election, marks the end of a decade-long tenure characterized by significant contributions, particularly in guiding H&M through digital transformation. Zennström's role in fostering tech and entrepreneurial initiatives within the company has been pivotal.

The nomination committee's line-up, including stalwarts such as Karl-Johan Persson and representatives from major shareholders, reflects a commitment to robust governance. Their recommendations, covering 83 per cent of total votes, underscore a broad consensus among shareholders.

H&M's evolution towards a digital-centric strategy, coupled with strategic board appointments, signals a proactive approach to navigating the ever-changing retail landscape. As the company steers through this transformative phase, the AGM stands as a pivotal moment to reinforce its trajectory under fresh leadership and experienced guidance.

Bangladesh’s RMG exports to key European nations increased notably during the period from Jul-Feb’24. As data from the Export Promotion Bureau (EPB) shows, RMG exports to EU surged by 3.27 per cent Y-o-Y to $16.23 million. 

Exports to Spain, France, the Netherlands and Denmark surged by 8.68 per cent Y-o-Y, 4.72 per cent Y-o-Y, 14.55 per cent Y-o-Y, 21.82 per cent Y-o-Y and 32.81 per cent respectively. However, Bangladesh’s RMG exports to Italy and Germany witnessed marginal declines of 0.93 per cent and 11.63 per cent respectively. 

Bangladesh’s RMG exports to the United States also fell by 2.58 per cent to $5.46 million. Meanwhile exports to the United Kingdom and Canada, rose by 14.64 per cent to $3.85 billion and 1.81 per cent to $998.77 million, respectively.

Emerging as promising destinations, non-traditional markets witnessed a 10.83 per cent Y-o-Y rise in RMG exports totaling $6.30 million. Exports to Japan, Australia and South Korea increased by 7.12 per cent, 21.29 per cent and 17.16 per cent respectively. 

However, Bangladesh witnessed a notable decline of 22.99 per cent Y-o-Y per cent in apparel exports to India during this period. 

Sri Lanka witnessed a 0.19 per cent Y-o-Y rise to $398 million in its export earnings from the apparel sector in Feb’24.

During the month, Sri Lanka’s export earnings from the United States grew by 5.94 per cent Y-o-Y to $165 million while earnings from the United Kingdom expanded by 22,61 per cent Y-o-Y to $64 million. On the other hand, Sri Lanka’s apparel export earnings from the European Union (EU) dropped by 1.05 per cent Y-o-Y to $112 million in February while earnings from other markets dipped by 25 per cent Y-o-Y to $56 million.

Sri Lanka’s cumulative export earnings during the Jan-Feb’24 period contracted by 4.8 per cent to $756 million. Export earnings from the United States, Europe Union, and other markets contracted by 6.2 per cent, 5.2 per cent, and 10.32 per cent respectively. Meanwhile exports earnings from the United Kingdom grew by 7.31 per cent.

As announced by UK’s Digital Catapult, a major player in high street fashion, New Look has teamed up with several other initiatives to reduce carbon emissions and accelerate the adoption of hydrogen within the UK textile industry's supply chain. 

As a part of this initiative, New Look will sponsor one of the four challenges introduced by Digital Catapult's 'Made Smarter Innovation Digital Supply Chain Hub.' Each challenge will receive funds worth £100,000 to address industrial issues within textile supply chains.

A company launched in collaboration with software provider Looper, New Look also aims to develop a system to gain deeper insights into the lifecycle of its garments. The company aims to better understand the environmental impacts of its products by aggregating data from product life cycle assessments, 

Through this initiative, New Look also aims to offer customers more sustainable clothing options, aligning with the increasing demand from environmentally conscious consumers.

As a part of their announcement, Digital Catapult unveiled four textile supply chain projects including a new pricing engine by transport management firm Loadar to optimise truck journeys and reduce carbon footprints. The project is being supported by Norfolk-based sustainable clothing disposal expert ShredStation.

Additionally, tech start-up MadeBy launched a project to create a system to track material flows across textile supply chains, sponsored by consultancy QSA Partners. Through this project, green hydrogen firm Heuris Energy aims to standardise data and model in the UK's hydrogen supply chain for textile customers. This will enable the company to reduce costs and enhance efficiency.

Highlighting the significant economic contribution of the fashion and textiles industry to the UK, alongside the increasing consumer awareness of sustainable fashion, Tim Lawrence, Director, Digital Supply Chain Hub emphasised on the importance of sustainable innovation in simultaneously improving efficiency and reducing costs in these sectors.

With sustainability continuing to be a priority for stakeholders, the tools and solutions developed through these initiatives aim to meet the demands of customers and commercial partners while enhancing competitiveness within the industry.

A major event in the signage and digital printing sector in Turkiye, Sign Istanbul will hold its 25th edition from Oct 31-Nov 03, 2024. To be organised under the leadership of Informa Markets, the event will bring together over 300 companies, including leading brands from Türkiye and around the world, with over 25,000 industry professionals from nearly 100 countries.

The exhibition is set to be held across 30,000 sq m at the Tüyap Beylikdüzü. Most of Türkiye’s premier companies and global industry giants have already secured their presence at Sign Istanbul 2024, notes, Seda Bozkurt, Fair Director. 

Anticipating over 25,000 professionals from Türkiye and abroad, the exhibition will offer attendees opportunities to make new business connections, explore the latest industry trends firsthand, and discover cutting-edge technologies including digital printing, screen printing, textile printing, laser machines, LED systems, industrial advertising products, inks, 3D printing technologies, and visual communication equipment, all at competitive costs.

Bozkurt notes a significant 19 per cent rise in the presence of foreign visitors this year from 24,612 professionals from over 90 countries who attended the fair last year.  The previous edition witnessed attendance of professionals from regions spanning Asia & the Pacific, America, Central and Western Europe, Africa, the Middle East, and the Balkans, Participants from countries such as Kosovo, Bulgaria, Macedonia, Iraq, Germany, Romania, Azerbaijan, Tunisia and Georgia attended the show under the banner ‘Shine Your Sign.’