29 August 2023, Mumbai
In Brief
The global apparel market is facing a number of challenges, including a decrease in clothing exports, China's loss of market share, and the rise of regional trade models.
The economic slowdown and high inflation in leading apparel import markets have led to a decrease in clothing exports in 2022.
China, the world's largest apparel exporter, has also lost market share to other low-cost Asian apparel exporters. In addition, the focus on near-shoring has led to the regionalization of the textile and apparel trade. These challenges are forcing the apparel industry to adapt and change.
