The Global Textile Industry Survey (GTIS) by ITMF, conducted in September 2023, reveals a cautious sentiment prevailing in the global textile sector. The key news angle is the persistent struggle of companies across the textile value chain, grappling with mounting costs and sluggish demand. 

The business situation indicator paints a grim picture, standing at -27 percentage points, while business expectations have stagnated at around +20 pp since July, defying hopes of a boost from the Chinese economy.

Despite concerns about weakening demand, a global economic hard landing remains unlikely. Order intake briefly improved in May 2023 but plummeted in July and hit a new low in September (-28 pp), with the entire value chain operating on minimal orders. 

The report does offer a glimmer of hope as order backlog slightly increased to 2.2 months in September, but the overall capacity utilization rate remains low at 69%, with manufacturers expecting this trend to persist.

One persistent concern is the impact of high inflation rates driven by soaring energy and raw material prices. However, the survey indicates that order cancellations are not a significant issue, and inventory levels remain steady along the textile value chain.

By Just Style
https://www.fashionatingworld.com/new1-2/itmf-survey-global-textile-industry-struggles-amidst-rising-costs-and-weak-demand