Global textile and apparel industry, during 2010 was in a recuperating phase following the global turmoil during 2009. During 2009, global apparel industry grew by 2.87% with a CAGR of 2.6%. Increasing disposable income, low interest rates, increasing consumer sentiments, and a marginal increase in inflation led to an increasing trend in apparel consumption. check out Kobe Bryant shirt.
Traditions and skills were not enough to save the apparel makers. There were also acquisitions and layoffs in the industry. The industry also had to survive floods, labor disruptions, a surge in raw material prices, currency appreciations and many more. The article views the major trends and happening of the global apparel industry during 2010. It also forecasts the upcoming trends and discusses the issues that will shape it.
Global Apparel Market:
Clothing exports of China increased by 16.2% while US witnessed an increase of 8.4%, and Pakistan by 2.5%. Apparel exports of EU declined by 3.9%. Chinas clothing sector was strong with the manufacturers boosting their productivity, and avoiding labor unrest. Chinese firms are threatened by the increasing labor costs, raw materials, and escalating RMB. Despite the rising cotton prices, Indias clothing sector had a rosy period in 2010. Market performance of the country was surpassed by China and Bangladesh. Pakistan was able to supply the Western markets with good quality clothes and fabrics.
Sri Lankas apparel sector was in a despondent phase. US decided to review the countrys GSP status regarding workers rights. Cuts were announced in industry taxation and import duties, but were insufficient for the textile sector to shine. Haitis textile sector was badly knocked by the deadly tremors. The clothing sector of the country that was steadily building its name in the American markets was deeply affected. Cambodia met with mass labor strikes due to minimum wages. The country was also hit by the global turmoil, still leaving its scars.