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- the world textile industry has become a smaller place owing to globalization outsourcing and trade has become an integral part .
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Trade practices in the global textile industry
By: Fibre2Fashion
Globalization is spreading its wings and is affecting all the industries of the world. The global textile industry could certainly have not been left behind! The world textile industry has become a smaller place owing to globalization. Outsourcing and trade has become an integral part of the textile industry. Clothing and apparel constitute around 5.7 percent of the total exports in the world at present. The trade of clothing and apparel is expected to increase to US$ 1 trillion by 2020. The world is becoming a smaller place when it comes to textile trade. It is easy to find clothes and textiles specific to a particular region all over the world in modern times.
In the current textile trading scene, it has been observed that advanced economies like USA, Europe, Australia, and Japan are mostly importers of textiles. They find it cheaper to import textiles as compared to producing them, locally. The global textile trade is directed towards supplying these advanced economies with finished textile products and raw materials. They also indulge in exporting textiles, but it is limited to a certain extent. As per the reports of US Department of Commerce's Office of Textiles and Apparel (OTEXA), US import of textiles increased to reach 30.4 billion square meter equivalents (SME) in 2012.