Textiles Intelligence has released a report predicting world trade in hosiery to rebound in 2021, but return to low growth in 2022.
Following a fall in growth in 2020 of 13.7 percent, exports were at their lowest levels since 2010. With the effects of the Covid-19 pandemic widely felt by every industry, further growth in hosiery will potentially be hampered in 2022 by additional tariffs on US imports from China.
Another possibility for 2022 is that the two main consumer industries for hosiery, Europe and the US, are looking at poor growth due to its maturity and economic outlook.
The additional tariffs from China are also likely to create more production in lower cost countries such as Bangladesh, India, Indonesia, Pakistan and Vietnam, shifting from Chinese production. However, it should also be noted that these countries may not have strong enough infrastructure to produce the same amount of volume as China.
Traditional hosiery producing countries, such as Italy, Turkey and the USA have seen their exports decline, with their high price suppliers declined in favour of lower cost suppliers in Asian countries.
Textile Intelligences also reports that most of the growth in import markets is expected in markets in Asia, reflecting the continuous expansion of the upper and middle classes in that area. This could also, in turn, create an upheaval due to shifts in sourcing trends, negatively impacting the industry as a whole.
It will also create new opportunities and players in the market. The increasing use of Industry 4.0 production methods will also play a part in that creation of opportunities, and allow for mass customisation and improvements in productivity.