Banner1

India's textile industry faced a significant shift in trade dynamics during the financial year 2023 (FY23) as polyester yarn imports soared by 65%, while exports plummeted by 38%, according to CareEdge Ratings. This marked a pivotal moment as India became a net importer of polyester yarn for the first time in a decade, a trend that continued into the first eight months (8M) of FY24. The surge in imports, primarily from China, inundated the domestic market, impacting the pricing power of Indian manufacturers and causing a decline in export volumes.

In a groundbreaking move towards sustainability and self-sufficiency, the Bangladesh Textile Mills Association (BTMA) is spearheading efforts to transform garment waste into recyclable materials, with the potential to cut cotton imports by a substantial 15 percent. President Mohammad Ali Khokon envisions this initiative as a pivotal step for the industry.

The Ministry of Industry in Indonesia has unveiled plans to disburse a substantial budget of IDR 52 billion for the restructuring of machinery in the textile industry in the fiscal year 2024. Kris Sasono Ngudi Wibowo, Secretary of the Directorate General of the Chemical, Pharmaceutical, and Textile Industry (IKFT) at the Ministry of Industry, shared insights into the ambitious program, highlighting its potential impact on modernizing the sector.

 

In a recent release of statistics by U.S. Customs and Border Protection (CBP), it has been revealed that since the Uyghur Forced Labor Prevention Act (UFLPA) went into effect in June 2022, U.S. authorities have detained more than 1,090 shipments related to apparel, textiles, and footwear, collectively valued at over $46 million.

  1. Bangladesh's Apparel Industry Adapts to Global Market Trends with Growing Manmade Fiber Imports
  2. Vietnamese Businesses Navigate Challenges to Secure Domestic Market Share
  3. Cambodia's Garment and Footwear Exports to the US Record a Marginal Dip of 0.89% in 2023
  4. India's apparel retail market's revenues expected to reach $105 billion in 2024