The fact that around 48 per cent of companies surveyed by the 12th ITMF Corona Survey find their business satisfactory despite Omicron-led disruptions is an indication of a strong business recovery across segments.
Textile value chain to remain optimistic
Companies across all regions and segments reported a favorable situation with business growing at around 3 percentage points. In the next six months, the global textile value chain is expected to remain optimistic with only 14 per cent companies anticipating a decline in business by July 2022.
Growth in downstream segment to match upstream growth
Business across all regions except East Asia and Africa is expected to remain positive. The downstream segments including weavers/knitters, finishers/printers and garment producer are expected to remain on par with upstream segments including fiber producers, spinners and textile machinery producer.
Order intake to remain unchanged
Order intake is not likely to change in the next six months. Since November 2021, order intake has declined from a high level of +40pp in November 2021 to +30pp in January 2022. Since May 2021, order backlog is hovering between 2.4 and 2.9 months with the capacity utilization rate also growing slowly. This indicates the magnitude of supply chain disruptions faced by the industry.
Contributing to industry evolution
The 12th ITMF Corona Survey was conducted by the Indian Textile Manufacturers Federation (ITMF) in the latter half of January 2022. The survey questioned around 270 companies around the world in all segments along the textile value chain. For the first time since May 2021, companies were asked to rate their current business situations, their expectations for the future, current order situation, pending orders and rate of capacity utilization.
An international forum for the world’s textile industries, ITMF is dedicated to keeping its members across the world informed about the latest industry development through surveys, studies and publications. It also contributes to the industry’s evolution by organizing annual conferences and publishing expert opinions on future industry trends and international developments.
