At present, the textile industry is reeling under pressure due to issues such as higher inflation levels, declining supplies, lower profit margins, and falling orders. According to Confederation of Indian Textile Industry (CITI), exports of textile and apparel declined by 20 per cent and 23 per cent, respectively, in April this year compared to the corresponding period last year. Fluctuation in cotton prices and lower-than-expected fresh orders have affected the industry in terms of increasing production costs. With global economy slowing down and customer sentiments remaining relatively subdued, margins and revenues of Indian textile companies’ exhibited muted performance in FY2023.
Export demand was particularly weak in the US and the European markets due to high inflation. After a sequential decline over a few quarters, the world economy is showing slight improvement in FY23-24, rekindling hope of rise in global textile consumption. The consumer demand for finished textile products is also like to return as the global interest rates scenario gets softer. Though domestic demand is also weak at the moment, experts believe there will be a revival soon because of the upcoming festival season. Indian textile sector outlook remain cautiously optimistic as the performance is expected to improve in 2023-24.
Amid these challenging, uncertain times, the mega global textile event ITMA 2023 will be hosted in Milan from June 8-14 showcasing trend-setting textile and garment technologies. Considered the ‘Olympics’ of textile machinery exhibitions, ITMA has a 73-year history of displaying the latest technology for every single work process of textile and garment making. Since the last ITMA exhibition in Barcelona in 2019, the world has changed drastically due to the Covid 19 pandemic and geopolitical situation. With the pandemic showing the importance of robust supply chain, diversification and localisation of the supply chain are clearly reflected in the companies’ sourcing strategies today.
With over 1,600 exhibitors from 44 countries, the event will encompass 20 product sectors covering the entire textile and garment manufacturing value chain, including textile composites. ITMA 2023’s theme “Transforming the World of Textiles” reflects the aspirations of both textile machinery makers and textile producers to collaborate for a more sustainable future. Four trending topics – advanced materials, automation and digital future, innovative technologies and sustainability (circularity) – will be discussed extensively at various event platforms during the exhibition.
More than 175 companies from India will exhibit their latest technologies and explore new overseas markets for business opportunities. In this edition, The Indian Textile Journal (ITJ), the official Media Partner of ITMA 2023, is highlighting some of the innovative, cutting-edge technologies that will be on the display at the show. These technologies will provide solutions to tackle issues such as saving water, chemicals, raw material waste and energy. Do visit ITJ’s stall in Hall 2 (H2-B316) at ITMA 2023. Even though the current business climate has been hampered by the challenges, ITMA 2023 will present an opportunity to the global industry to meet and strategise future growth; thus giving a major boost to the entire industry