BRIEF OVERVIEW OF THE GARMENT INDUSTRY IN THE WORLD

The garment industry, commonly known as the clothing or textile market is one of the major industries in the world as every country deal in this market and trades the most in this industry only. The textile market is considered the major contributor to any country’s economy. On the basis of Global Trade Data for the year 2021, the global market size of the textile industry was USD 993.65 Billion. The growth of this industry is forecasted to happen at a steady rate of 4% till the year 2030.

In the garment industry, fast fashion is a term that is gaining popularity nowadays as it has become the major source of income for the nations. Under this technique, rather than producing their own stock, retailers purchase costumes and dresses from wholesalers and manufacturers as and when they feel the demand is rising. This helps in making the product a lot more cheaper and affordable. Some prominent fashion companies who are into fast selling are – forever21, Zara, Gap, and Old Navy.

THE PHILIPPINES GARMENT INDUSTRY IS FUELLED UP AND READY TO TAKE OFF!

Based on the Philippines Import Data of previous years and other reports, we get to know that the garment industry can be considered as the strength of the Philippines as it contributes a considerable of revenue to the nation. According to the current scenario, experts have forecasted that the exports of textiles from the Philippines to the world would touch a mark of USD 1.5 billion.

The president of the Foreign Buyers Association of the Philippines, Robert Young announced that although they are not having the complete details yet of the total exports of garments from the Philippines In the complete year 2022, he is optimistic that whatever the value comes to be, in 2023, the exports of garments would surely rise by at least USD 500,000.

Robert Young is 100% confident on his statement due to the following factors and ongoing happenings going in the world.

·        Due to the entry of numerous unorganized producers in the market, the fight for competitive pricing is getting worse. The Philippines is now being considered as “suitcase exporters” which discourages legitimate buyers to enter the nation.

·        Another factor that can give a push to the Philippines Export Data for garments would be the campaign of the US that is in progress. The campaign is named “anything but China” where the US has stopped trading with China and shifted its interest towards ASEAN nations. Being a part of this group, the Philippines would be benefitted from this campaign and will get a chance to create its consumer base in the United States.

·        Last but most important factor is the political tension going on in Myanmar. Due to this tension, all the apparel orders received by Myanmar are getting outsourced to other nations and the Philippines is one of those countries.

So, these three factors are the main key driving factors of the garment industry of the Philippines. These factors make Robert Young confident that a growth of at least USD 500,000 is going to happen in the year 2023. This will give a significant boost to the Philippines Trade data and Philippines Export Data as a whole and will help the nation to narrow its trade deficit.

EARTHQUAKE PUNCTURED THE ECONOMY OF TURKEY – A SETBACK FOR THE TEXTILE INDUSTRY OF TURKEY

 As we all are aware about the deadliest earthquake that shook Turkey a few weeks back and left millions of people homeless and striving. The loss of life and property was incredibly huge and sad. Not only this but the earthquake also had a negative effect on the country’s economy.

Like we discussed earlier that the textile industry is the heart of every country’s economy and trade, the same is the case with Turkey. The textile industry contributed close to 7% of the nation’s GDP and 16% of total exports until the quake shook the country and this industry got affected the most.

When everything was all right, Turkey was considered the world’s largest textile production and exporting destination as mentioned in Turkey Trade Data of those years mainly to the EU countries. According to Turkey Export Data for the year 2022, total exports of textiles from Turkey to the world were valued at USD 35.28 billion. Turkey had a share of 3.7% of the total world textile supply.

Based on some latest reports and forecasts of industrialists, the downfall of Turkey’s economy is going to happen for some more time and the most hit, the garment/textile industry of the country will take a back seat.

This is because the manufacturing of garments is highly affected due to the earthquake as it caused major damage to the supply chain and port of Iskenderun. The port would remain non-functional for a few months till the time the repairs are going to be done. Transportation is also affected as the roads are also damaged due to which the trucks and heavy vehicles can’t access those routes.

Nonetheless, as the people are homeless and striving for food, the domestic demand for clothes and garments would also get reduced by a considerable amount for some time till the time the citizens of Turkey find shelter for themselves. The economy of Turkey is completely shattered we must say.

CONCLUSION

In the end, we just want to say that the garment industry is a vast market and globally recognized industry. This is so because every person demands clothes and wants to look his or her best. As per the numbers also, the market for textiles is increasing every year at a rapid pace of 4% CAGR. In this article, we explained to you the future prospects of the two nations with regard to the textile industry. The Philippines is the first country that is aiming to boost its trade to as much as possible by focusing on the current market scenarios, whereas another country is Turkey which was one of the major textile markets in the world but now is completely devasted and suffering acute pain. We hope that Turkey starts working as it was before soon so as to keep up with the forecasts for textile industry growth rates.

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