The price of women's hosiery in the United States decreased by 1.5% in June 2023 to $488 per thousand pairs (CIF, US). This was the third consecutive month of decline, and the lowest price since October 2022.

The decline in prices was driven by a number of factors, including strengthening of the U.S. dollar against other currencies, which made imported hosiery more expensive, increased competition from domestic manufacturers and a decline in demand for hosiery, as more women opt for pants and other legwear.

Despite the decline in prices, imports of women's hosiery to the United States increased by 9.5% in June 2023 to 384 million pairs. This was the seventh consecutive month of growth, and the highest level since July 2022.

China remained the largest supplier of women's hosiery to the United States, accounting for 67% of imports by volume. Pakistan was the second-largest supplier, with a 12% share, followed by El Salvador with 7.4%.

In terms of value, China also remained the largest supplier, accounting for 57% of imports. Pakistan was the second-largest supplier, with a 11% share, followed by El Salvador with 8.2%.

The average monthly growth rate of women's hosiery imports from China was -1.2% in the six months leading up to June 2023. The average monthly growth rates for Pakistan and El Salvador were +5.8% and +2.1%, respectively.

Overall, the U.S. women's hosiery market is expected to remain relatively flat in the coming months. The decline in prices is likely to continue, but imports are expected to remain stable.

Gokaldas Exports Ltd., a Bangalore-based garment manufacturer and exporter, has projected a sluggish demand for apparel in the first half of FY24 due to the persistently weak global economy.

The company's management observed in the market analysis that the initial quarter of FY24 witnessed a sluggish global retail market, leading to a substantial drop in imports across major consumer markets such as the U.S., U.K., and the EU. This decline was primarily attributed to an excess inventory situation with customers.

According to apparel import data, there was a noticeable year-over-year decrease of 26% for the U.S. and 20% for the U.K. and Europe in April and May 2023. Sivaramakrishnan/The exporter explained that weak retail demand during the autumn-winter season of '22, influenced by inflationary pressures, elevated interest rates, and a mild winter, led to an accumulation of surplus inventory, which subsequently impacted the uptake for the current year.

Despite the weak demand in the first half of FY24, company expressed optimism about the company's prospects in the second half of the year and the long term as the company is well-positioned to capitalize on opportunities created by favorable developments, such as India's negotiations for a Free Trade Agreement (FTA) with Canada and the EU.

India's textile and apparel exports have continued their downward trend in July 2023, reflecting a worrisome decline in the sector. Between April and July 2023, the shipment of textiles and apparel plummeted by 13.55%, resulting in a reduced value of $10,154.83 million compared to $11,746.57 million in the previous fiscal period.

Category-specific export decreases

Data disclosed by the ministry of commerce and industry indicated specific categories that faced export challenges. Cotton yarn, fabric, made-ups, and handloom products experienced an 8.34% reduction, falling to $3,767.83 million from $4,110.67 million. Similarly, man-made yarn, fabric, and made-ups encountered a 12.07% decline, reaching $1,551.12 million from $1,764.10 million. The export of apparel witnessed a significant drop of 17.64%, dwindling to $4,835.88 million in April-July 2023 compared to $5,871.80 million in the previous year.

July 2023: mixed performance

In July 2023, certain categories exhibited mixed performance. The export of cotton yarn, fabric, made-ups, and handloom products managed a slight increase of 6.62% to $1,009.10 million. Conversely, the export of man-made yarn, fabric, and made-ups endured a 10.45% decline, amounting to $390.25 million. Apparel exports faced a notable setback, plummeting by 17.37% to $1,141.17 million.

Overall export trends

The overall exports from April to June 2023 recorded a 5.97% decline, decreasing to $244.15 billion compared to $259.67 billion in the same period the previous year. Moreover, the value of merchandise exports observed a substantial decrease of 14.49%, declining from $159.32 billion to $136.22 billion.

July 2023 export performance

India's overall exports for July 2023 demonstrated a 5.04% decrease, reaching $59.43 billion compared to $62.59 billion in the corresponding period of the previous year. The value of merchandise exports endured a more significant drop of 15.88%, falling from $38.34 billion to $32.25 billion in the same period.

The ongoing decline in textile and apparel exports presents a considerable challenge for India's economy, warranting attention and strategic interventions to revitalize the sector's performance.

The ITMA 2023 textile machinery show in Milan (June 8-14) proved highly successful for the Swedish Textile Machinery Association (TMAS), with major orders secured and innovative initiatives unveiled.

Sustainable momentum

TMAS Secretary General Therese Premler-Andersson highlighted the European Parliament's endorsement of the EU Strategy for Sustainable and Circular Textiles before the event. The strategy spurred industry collaborations, sparking interest in TMAS members' sustainable automated concepts.

Enthusiastic atmosphere

Rick Stanford, VP of Global Business Development at Baldwin, echoed the show's vibrancy. The TexCoat G4, Baldwin's non-contact spray technology for textile finishing, gained attention. Stanford noted that sustainability discussions drew crowds, and their booth saw remarkable engagement.

Eco-friendly innovation

Baldwin's TexCoat G4 significantly reduces water, chemical, and energy usage, while accommodating diverse finishing requirements. The technology can cut water consumption by up to 50% compared to conventional methods. Key installations include sites in the USA and the UK.

Plan Zero: Cross-industry collaboration

TMAS member imogo, along with Revozona and Pluvia, introduced Plan Zero. This collaborative cluster offers comprehensive lines featuring imogo's spray dyeing technology coupled with ozone gas pre-treatment and efficient after-treatment, aligning with the textile industry's net-zero targets.

Revolution in embroidery

Coloreel reached its 100th patent and unveiled a multi-thread software update for its instant embroidery thread coloration system. The innovation allows special effect threads like frosted, metallic, or neon colors, broadening design possibilities.

Robotic advancements

ACG Kinna and ACG Nowo exhibited their robotic pillow filling process, impressing with the ability to complete 3,840 pillows in an eight-hour shift. Automatex displayed an automated sewing and assembly unit for consumer bags, revolutionizing production.

Building relationships and progress

The show also featured automated concepts by Eltex of Sweden, Eton Systems, and Svegea. TMAS held a vibrant reception, graced by Swedish Ambassador Jan Björklund. TMAS members left the event with strengthened customer relationships and new connections, indicating a bright future for the textile industry.

Sri Lanka's prominent textile manufacturer, Teejay Lanka PLC, has unveiled its state-of-the-art water and chemical testing laboratory, 'Iera', as a part of its process optimization drive and sustainability roadmap, 'Abhivarah 2030'. The laboratory, situated within the Seethawaka Export Processing Zone, is designed to rigorously assess physical, chemical, and biological water quality attributes, adhering to industry benchmarks.

Enhancing quality and efficiency

The 'Iera' laboratory is set to enhance Teejay Lanka's manufacturing operations by ensuring stringent quality control in process water and effluent treatment. This in-house facility aims to eliminate reliance on external laboratories, thus streamlining the quality maintenance process.

Paving the path to sustainable manufacturing

Teejay Lanka, a prominent textile powerhouse and a substantial water consumer, intends to bolster its sustainability stance through 'Abhivarah 2030'. This strategy aligns with the laboratory's goals, supporting responsible discharge and responsible resource consumption, integral to Teejay's commitment to ethical business practices.

Value addition and global competitiveness

The laboratory's establishment reinforces Teejay's appeal to premium global brands, augmenting its value proposition. It empowers the company's compliance efforts, marking a competitive edge in the industry.

Future prospects and collaboration

Although initially exclusive to Teejay's requirements, the laboratory's services might extend to other manufacturers or entities, seeking outsourced water and chemical testing. This indicates a potential avenue for collaboration and broader impact.

Dedication to sustainability

Edga Melan, Teejay Lanka's General Manager for Engineering & Sustainability, emphasized that the 'Iera' laboratory signifies a significant stride toward a sustainable future. It underscores Teejay's continuous commitment to ethical practices and stakeholder value creation within a dynamic market.

Exemplary recognition and ownership structure

Teejay Lanka's impressive standing in corporate transparency was affirmed through its ranking as the leading corporate entity for Transparency in Corporate Reporting by Transparency International Sri Lanka (TISL). The company's ownership includes public shares (40%), the support of apparel giant Brandix Lanka (32%), and Pacific Textiles of Hong Kong (27%).

Teejay Lanka's 'Iera' laboratory stands as a symbol of progress, harmonizing industry leadership, sustainable practices, and quality assurance.

The global home textile market is expected to grow significantly between 2023 and 2030. The market is currently valued at $158 billion and is projected to reach $195 billion by 2027, with a CAGR of 3%.

The home textile market is segmented by region, application, and product type. By region, Asia Pacific is the largest market, followed by Europe and North America. China is the largest market in Asia Pacific, followed by India and Indonesia.

By application, the home textile market is segmented into family use and commercial use. Family use is the largest segment, accounting for over 70% of the market. Commercial use is the fastest-growing segment, with a CAGR of 4%.

By product type, the home textile market is segmented into bedding, curtains and blinds, carpet, towels, kitchen linen, and blankets. Bedding is the largest segment, accounting for over 40% of the market.

The growth of the home textile market is driven by a number of factors, including:

• Increasing disposable income of consumers

• Growing demand for comfortable and stylish home furnishings

• Rising urbanization

• Increasing awareness about the benefits of using natural fibers

The home textile market is facing some challenges, such as:

• Competition from low-cost imports

• Rising raw material prices

• Fluctuations in exchange rates

Despite these challenges, the home textile market is expected to continue to grow in the coming years. The growth will be driven by the factors mentioned above, as well as the increasing popularity of online shopping.

British retailer Marks & Spencer (M&S) has revised its profit outlook upward, citing increased demand in its stores as a key driver in attracting new customers to its clothing, home, and food segments.

The company, established 139 years ago, has experienced a remarkable 66% surge in its shares this year. This positive momentum has led M&S to anticipate profit growth for the entire 2023-24 fiscal year, a departure from its earlier projection of a slight decline. This announcement prompted an 8% surge in its share value.

M&S's unexpected statement promises a "significant improvement" compared to previous expectations, boosting not only its own share prices but also those of fellow retailers such as Next and Primark's owner. The company reported robust growth in like-for-like food sales and clothing & home sales for the first 19 weeks of the year, accompanied by a solid group operating margin.

However, M&S remains cautious due to ongoing economic uncertainties, acknowledging the potential for a tighter consumer market as the year unfolds. The company is actively working to fortify its business by emphasizing the quality and value of its products, investing in technology and e-commerce, and implementing an extensive overhaul of its store network.

Despite historical challenges in attracting younger, fashion-forward customers while retaining its reputation for high-quality essentials, recent improvements in fashion range delivery speed and pricing adjustments for certain food items have garnered positive feedback. Market sentiment around M&S is gradually improving, reflecting the company's dedicated efforts to enhance profitability and customer appeal.

Pakistani exports to the European Union (EU) declined by more than 4.41% in the fiscal year FY23. The decline was attributed to decreased demand for Pakistani goods in key markets such as Germany and the Netherlands.

Despite the implementation of the Generalised System of Preferences Plus (GSP+) scheme, which provides preferential market access for Pakistani exports to the EU, the decline in exports persisted.

Some product categories, such as garments and hosiery, saw growth in exports, while others faced challenges.The United Kingdom was previously Pakistan's primary export destination, but after Brexit, exports to the UK dropped by 10.63%.

Germany took the lead as the top export destination for Pakistani goods in FY23, followed by the Netherlands, Spain, Italy, Belgium, France, Poland, Denmark, Sweden, and Ireland.

The decline in exports to the EU was a complex issue with multiple causes, and it is likely that the situation will continue to fluctuate in the coming years.

As India forges ahead towards becoming the world’s fifth largest economy it is ambitious about making it’s the rupee a global trading currency.  With the aim to decrease US dollar dependency, so far 18 countries have been allowed by the Reserve Bank of India to trade in Indian rupees and Bangladesh has joined the group in July 2023. 

India obviously gains with the Bangladesh joining as it marches ahead but many experts are not sure how exactly Bangladesh hopes to gain from this. The formal operations for this initiative commenced on July 11, with the virtual inauguration by the Governor of Bangladesh Bank, Abdur Rouf Talukder, and the Governor of the Reserve Bank of India, Shaktikanta Das. The State Bank of India handles the India trade side while Sonali Bank does the same for Bangladeshi. 

After China, India is Bangladesh’s second-largest trading partner. Bangladesh exports products worth $2 billion annually, it imports products worth almost $14 billion per year an obvious large trade deficit. 

Bangladeshi importers of Indian products gain

Businesses have their own take on rupee trade. Mohammad Hatem, owner of MB Knit Fashion, one of the largest garment factories in Bangladesh, believes they will be able to save at least 6 per cent of their costs because of direct transactions in Rupees. As his businesses largely imports raw material from India, he no longer is required to lose exchange fees to convert the Bangladeshi taka to dollars and then rupee. The governments of India and Bangladesh agree this deal circumvents loss through expensive foreign exchange and it also helps both nations in being less dependent on the US dollar. 

Currently Bangladesh has been facing challenges with the dollar as the taka got devalued against the dollar by as much as 25 per cent and its dollar reserves are depleting fast. As CII National Committee on Exports and Imports Chairman Sanjay Budhia says, since all exports and imports and settlement of trade transactions under this arrangement may be denominated and invoiced in rupees, this would reduce dependence on the dollar and address situations like scarcity of forex reserves apart from strengthening regional currency and trade. 

Skeptical about gains

One of the main concerns about the pact is the vision of being a global currency is India’s ambition and not Bangladesh’s. As the rupee has the tendency to fluctuate against the dollar, any loss due to the devaluation of the rupee against the dollar will be absorbed by Bangladeshi banks which may not be sustainable in the long run. 

The former head of World Bank’s Dhaka office Zahid Hussain thinks the deal does not provide a reprieve for Bangladesh as it has to settle its trade deficit of $12 billion with India in dollars. Unless Indian exporters accept the taka as a form of payment, Bangladesh does not stand to gain. Hussain also explains there is no “loss” associated with this deal for Bangladesh, a friendly neighbour of India that wants to help India to push its rupee forward on international platforms.  This deal does not cushion Bangladesh’s dollar reserves. The IMF has calculated Bangladesh’s global debt at $23.56 billion, down from $42 billion in 2022. The current debt is equal to Bangladesh’s four month import bills.

The textile industry's environmental impact is gaining recognition, but its full extent remains unclear. A lack of a unified approach to measuring fashion's sustainability means consumers are unaware of their clothing's planet-harming effects.

To address this, Northumbria University is leading a £2 million project involving academics, manufacturers, major brands, and consumers. The initiative, funded by AHRC, NERC, and Innovate UK, seeks to transform the circular fashion sector.

The project spans Northumbria, King's College London, and Loughborough University, covering areas like pollution, design, and big data. Participants include global brands, sustainable companies, campaign groups, and local organizations.

Over two years, the collaborative effort aims to comprehensively assess fashion's environmental impact, going beyond carbon footprint to explore issues like microfiber shedding. 

The project, titled "IMPACT+: Environmental Index Measures Promoting Assessment and Circular Transparency in Fashion," is part of UKRI's circular fashion and textile initiative. This aligns with UKRI's decadal vision for sector transformation, targeting net-zero goals by 2050.

The interdisciplinary collaboration underscores Northumbria University's commitment to effecting meaningful change in the fashion industry's sustainability.

It may be noted that the fashion industry is worth £21 billion to the UK economy, but globally contributes 8% of greenhouse gas emissions, 20% of wastewater, and more energy than aviation and shipping combined.

The project will use a variety of methods to assess fashion's environmental impact, including life cycle assessment, material testing, and consumer surveys. The findings of the project will be used to develop new tools and resources to help fashion businesses reduce their environmental impact.