Textiles Intelligence released a report that predicted world hosiery trade to rebound in 2021 but return to low growth 2022.
Exports fell to their lowest level since 2010, following a 13.7 percent drop in growth in 2020. Due to the widespread effects of the Covid-19 pandemic, all industries experienced a drop in growth in 2020. Exports were at their lowest level since 2010.
A second possibility is that 2022 could see poor growth in the main hosiery consumer industries, Europe and America, due to the industry’s maturity and economic outlook.
China’s additional tariffs will likely result in more production in low-cost countries like Bangladesh, India and Pakistan, as well as a shift from Chinese production. These countries might not have the infrastructure necessary to produce the same volume of China’s products.
Exports from traditional hosiery-producing countries like Turkey, Italy, and the USA have declined. Their high-price suppliers have been replaced by lower-cost suppliers in Asian countries.
Textile Intelligences reports that the majority of the increase in import markets will be in Asia. This is due to the continued expansion of the middle and upper classes in Asia. This could lead to a disruption in the industry due to changes in sourcing trends.
This will create new market players and opportunities. Industry 4.0 production methods are being increasingly used to create new opportunities. They allow mass customization and productivity improvements.