Global exports of industrial textiles grows marginally
The global export of industrial textiles slightly increased 0.24 per cent from $25,840.16 million in the year 2017 to $25,902.05 million in 2019. Total exports declined 5.26 per cent in 2019 over the previous year, according to data from TexPro. However, exports is expected to move up to $26,548.38 million in 2022 with a rate of 2.50 per cent from 2019.
The global import value of industrial textiles was $22,348.78 million in 2017, which grew marginally 0.44 per cent to $22,447.00 million in 2019. While, the total imports plunged 4.82 per cent in 2019 over the previous year and is expected to increase to $23,286.52 million in 2022 with a rate of 3.74 per cent from 2019, according to Fibre2Fashion's market analysis tool TexPro.
China ($8,054.26 million), Germany ($2,520.19 million) and US ($2,150.13 million) were the key exporters of industrial textiles across the globe in 2019, together comprising 49.13 per cent of total export. These were followed by South Korea ($1,282.67 million), Italy ($1,269.53 million) and Taiwan ($1,012.86 million).
From 2016 to 2019, the most notable rate of growth in terms of export value, amongst the main exporting countries, was attained by China (12.94 per cent) and Germany (12.66 per cent).
US ($2,664.68 million), Vietnam ($1,863.86 million), China ($1,689.71 million) and Germany ($1,176.54 million) were the key importers of industrial textiles in the globe in 2019, together comprising 32.94 per cent of total import. These were followed by India ($795.04 million), Mexico ($784.06 million) and Indonesia ($724.44 million).
From 2016 to 2019, the most notable rate of growth in terms of import value, amongst the main importing countries, was attained by Vietnam (36.22 per cent), US (10.32 per cent) and Germany (3.57 per cent).