Textile and Garment Industry of Indonesia; More than Just Clothes, but Challenges Persist

However, Indonesia’s textile trade can be going through a number of severe challenges. Not solely has the COVID-19 disaster impacted brutally on this trade (which has led to an estimated 65 % of textile staff being despatched dwelling quickly), but there has additionally been a structural lack of new funding on this trade lately, whereas current gamers have been needing to compete with a rising quantity of imports from overseas into Indonesia (significantly from China).

Indonesia’s Textile Industry in Global Perspective

Despite ongoing challenges, Indonesia does rank among the many world’s largest textile producing international locations. Based on worldwide textile output in 2019 (which was earlier than the COVID-19 disaster disrupted the entire world financial system), Indonesia ranked sixth; an honest rating, though Indonesia finds itself far behind world primary, China, in phrases of world market share. China leads, primarily because of its rising manufacturing and gross sales of supplies akin to cotton, yarn, fiber, and different completed merchandise or apparels.

According to consulting agency Grand View Research, the worldwide textile market measurement was projected at USD $1,000.3 billion (or USD $1.00 trillion) in 2020, and is predicted to develop at a compound annual progress fee (CAGR) of 4.4 % from 2021 to 2028, with rising demand for attire from the style trade and additional enlargement of e-commerce platforms anticipated to drive the market over the forecast interval.

Prior to the COVID-19 disaster, demand for apparels was particularly pushed by progress in growing international locations akin to China, India, Mexico, and Bangladesh. To what extent the COVID-19 disaster disrupted this example in a structural method stays unclear for now.

[…]

Read the complete article by ordering the April 2021 report. This report may be ordered by sending an e mail to info@indonesia-investments.com or a message to +62.882.9875.1125 (together with WhatsApp).

Take a glance inside the report here!


https://asiannews.in/textile-and-garment-industry-of-indonesia-more-than-just-clothes-but-challenges-persist/

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