The global textile industry has grown rapidly over the past few years, and is expected to continue its upward trajectory through the forecast period. The industry is driven by rapid industrialization and advances in technology. New installations are able to produce more fabric at a faster rate, increasing its revenue. In the coming years, these developments will only continue to help the industry grow. According to global textile industry statistics, the industry is projected to reach a value of USD 1,230 billion by 2024.
The global textile and apparel industry is experiencing major structural changes, and is largely dependent on economic growth in certain regions. Although developed countries are slowing down, growth in India and China is booming. This trend can help other countries increase their share of the global textile market. Meanwhile, FTAs with major markets will be important. The textile industry statistics highlight the key drivers and challenges that lie ahead for the industry. And with the FDI opportunities on the rise, there is an even better time to invest in this industry than now duysnews .
In 1990, Germany was the leading exporter of apparel, followed by Italy. In 2019, China produced 39.2 percent of the world’s textile exports, and its market share in apparel exports dropped to a record low. China is a major apparel supplier, and its role as a major supplier for other countries in Asia is becoming increasingly critical. In short, a global textile industry statistics can help you to assess how much demand there is for your products.