Global textile trade surges 14% in 2022, surpasses pre-COVID levels

10 May '23

2 min read

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Global textile trade surged by 14 per cent in 2022 compared to pre-COVID levels, supported by increased demand for medical face coverings during the pandemic, according to WTO.
The value of textile trade declined in 2022 and 2021, but clothing trade saw significant growth, with a 9 per cent increase in 2022 and a 16 per cent increase compared to 2019.

The World Trade Organization (WTO) has highlighted that the global textile industry was partially supported during the challenging year of 2020 by the increased demand for medical face coverings, compensating for the decline in apparel demand. The WTO revealed that global trade in textiles surged by 14 per cent in 2022 compared to the pre-COVID year of 2019, despite a 1 per cent and 2 per cent decline in the value of textiles trade in 2022 and 2021, respectively, as per a recent report.

Trade in clothing experienced significant growth, with a 9 per cent increase in 2022 compared to the previous year, following a growth rate of 17 per cent in 2021, as per WTO’s report on Global Trade Outlook and Statistics.

Notably, global clothing trade in 2022 was 16 per cent higher than the trade volume in 2019, indicating a robust recovery to surpass pre-pandemic levels.

In terms of value, world merchandise trade saw a 12 per cent rise to reach $25.26 trillion in 2022. However, this growth rate was slower compared to the remarkable 27 per cent growth experienced in 2021 following a 5.3 per cent decline in 2020. Importantly, global merchandise trade in 2022 was 32 per cent higher than the pre-pandemic level recorded in 2019.

The WTO report has projected a 1.7 per cent growth in world merchandise trade volume for 2023, with a further pickup to 3.2 per cent in 2024. However, the forecast is not without risks, as geopolitical tensions, food insecurity, potential financial instability resulting from tightening monetary policies, and increasing levels of debt pose potential downside risks to the projected growth.

Fibre2Fashion News Desk (KUL)

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