PRODUCT CLASSIFICATION
Textiles are materials made from natural or synthetic fibers, for example fabrics like cotton, wool, polyester and silk, known for their versatility, durability, adaptability, innovation in materials, production methods and cultural significance.
They play a fundamental role in everyday life and serve both functional and aesthetic purposes, from the protection and comfort defined by any kind of clothing pieces to fashion and design typical of home furnishings and industrial applications.
Textiles are a wide section that includes many related by-products like Non-knitted clothing accessories, Knitted clothing accessories, Cotton, Used clothes & textile articles, and Man-made filaments, among other products.
They also have a Product Complexity Index of -0.52, ranking 14th out of 21 products in 2023.
This post will not consider a specific country’s market, but it will be focused on the Textiles trade in general.
OVERVIEW
In 2023, global trade of Textiles reached an amount of $807B, reflecting a decreased percentage of 10.3 from 2022, when it totaled $899B and, over the past five years, it has grown at an annualized rate of 0.36%.
In addition, during the same year, Textiles ranked 8 out of 21 products, accounting for 3.57% of world trade.
EXPORT
In 2023 it was estimated that the main characters in the exportation scenario of Textiles were
- China - $261B;
- Bangladesh - $48.9B;
- Vietnam - $42.1B.
Also, during the same year, the countries that registered the highest share of this category in their export portfolios were
- Bangladesh - 89.9%;
- Haiti - 84.4%;
- Pakistan - 51.3%.
IMPORT
In 2023 it was revealed that the leading importers of the Textiles section in global trade were
- United States - $122B;
- Germany - $54B;
- France - $33.4B.
CONCLUSIONS
In 2023 the Textiles trade experienced a slight decline compared to 2022, largely due to inflationary pressures, shifting consumer priorities and ongoing supply chain disruption, but it was mitigated by a steady growth over the past five years, supported by the rising demand in emerging economies, the several discoveries made during the creation of new, sustainable materials and the integration of digital technologies for the production system.
To summarize, despite every short-term challenge, this section is still evolving while balancing tradition with innovation, and its resilience and adaptability suggests that Textiles will still remain a main character in both global trade and everyday life.
Source: https://oec.world/en
