In the last quarter of 2022, the European textile industry contracted slightly compared to the previous quarter, while the clothing industry recovered. This is the result of figures from the European Apparel and Textile Federation industry association.
According to Euratex, the textile and clothing industry showed a mixed picture at the end of 2022, as companies in the upstream sectors continued to struggle with difficult market conditions and insufficient demand.
The labor market situation deteriorated in the fourth quarter in both the textile and clothing industries. The trade balances of 27 European countries including Turkey recovered as textile and clothing exports appreciated while imports fell. Turkey and Switzerland in particular were able to score points in terms of exports.
For the first quarter of 2023, Euratex expects economic activity in the textile and clothing sector to slow down, as business confidence in both the textile and clothing sectors deteriorated in March.
According to Euratex, business confidence in the textile industry has fallen for the coming months. This is mainly due to the fact that production expectations and the level of finished goods inventories were assessed more pessimistically. The business climate also deteriorated slightly in the clothing sector, where order backlogs and inventories are also assessed more negatively.
This translated post previously appeared on FashionUnited.nl.