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Global textile industry needs to innovate to emerge from its current fragile state

"The global economy is currently in such a fragile state that it is poised delicately between a slow recovery and a second slide. At this stage, it is important to sit collectively, analyse the current scenario, and jointly consider various future strategies. Continuous global crisis, high oil prices and turmoil and political instability are huge concerns to all businesses particularly textiles as people in crisis tend to reduce expenditure on textiles in crises as even in utter crises they always have clothes to wear."

 

Global textile industry needs to innovate to emerge from its current fragile state 002The global economy is currently in such a fragile state that it is poised delicately between a slow recovery and a second slide. At this stage, it is important to sit collectively, analyse the current scenario, and jointly consider various future strategies. Continuous global crisis, high oil prices and turmoil and political instability are huge concerns to all businesses particularly textiles as people in crisis tend to reduce expenditure on textiles in crises as even in utter crises they always have clothes to wear.

China’s textile and clothing exports have risen more than fourfold since 2000, compared to stagnant exports from other top exporting countries. The country’s capacity development is also peaking as more than 40 per cent of the world’s production of clothing and textiles is done in China and India.

Chinese middle class critical of government policies

Over the past few months, China’s middle class has been noticeably critical of the government’s economic and sociopolitical policies, including the way theGlobal textile industry needs to innovate to emerge from its current fragile state 001 leadership has handled relations with the US. Some suggest this middle-class discontent threatens President Xi Jinping’s broader position and economic vision and indicates that the US holds the advantage in the trade dispute with China. But the middle class’ views which are the foundation of Chinese public opinion might be poised to turn in the Communist Party’s favor.

The interdependency between emerging economies and developed economies could thwart latent demand in major manufacturing centers, specifically in Southeast Asia.

India to maintain its position as production hub

India will continue to be a major textile production center catering to a huge domestic market. But imports from China, Bangladesh are causing disturbance in supply chain however, government is taking corrective steps and a lot of favorable initiatives are being taken by textiles ministry to improve production synergies and textile business model.

Middle East saga

Middle East continuous to be a big consumer of textiles based on imports, major exporting countries to Middle East include China, South Korea, Indonesia, Turkey, India, Pakistan etc. As the Middle East economy is affected, its textile business is also affected. Though the improving oil prices are offering lot of relief, it will some take time as economy has been adversely affected for last few years.

Need for constant innovation and research

However, textile industry has to constantly innovate and research. It needs to constantly invest in quality control and new opportunities such as defense textile, huge requirement of camouflage fabrics as size of armed forces is increasing all over the world. Similarly coated fabrics, industry textiles have become huge markets now. The textile and apparel industry is buyer-driven and dominated by retailers, brands and sourcing companies. Retailers demand full-package service from their suppliers, but they are reluctant to pay for additional services. It is important in today‘s business environment to select customers who see you as partners.

E-Commerce platforms are turning out to be a big blessing as online sale is improving eliminating middle man. Amazon, Flipkart, Snapdeal, Shopclues and many other small platforms are helping small manufacturers to produce high quality stuff. Current times are tough but textile manufacturers have seen much harder times in the past.

 
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