Global trade in socks, tights, tights, compression stockings and stockings is expected to rebound in 2021, but growth appears sluggish in 2022 and beyond
DUBLIN, 20 December 2021 / PRNewswire / – Textiles Intelligence Ltd.’s “International Markets for Hosiery, 2021” report has been added to ResearchAndMarkets.com offer.
This report provides vital data and analysis of international hosiery trade trends. The report focuses in detail on the major hosiery exporting and importing countries, including those exporting hosiery to the EU and the United States. Countries analyzed in the report include China, Italy, Pakistan, Serbia, Turkey and the United States. Among these countries, the top hosiery exporting country in the world in 2020 was China. However, its share in world hosiery exports was down from the previous year to its lowest level since 2010.
According to the latest data, global hosiery imports and exports fell in 2020. In fact, global hosiery exports fell to their lowest level since 2010, reflecting the impact of the COVID-19 pandemic. EU hosiery imports declined in value and volume in 2020, as did US hosiery imports, which fell to their lowest level since 2011.
Global hosiery trade, including socks, tights, tights, compression stockings and stockings, is expected to rebound in 2021, according to the “International Hosiery Markets” report. But growth in 2022 and beyond is expected to return to low single digits. The rebound will follow a 13.7% drop in 2020, when global hosiery exports fell to their lowest level since 2010. The drop reflected the impact of the COVID-19 pandemic, and the market recovery in the years to come is a cause for concern. as several threats loom.
The forecast for 2022 is based on the assumption that global economic uncertainties will persist, particularly in the EU and the United States, the two largest consumer markets for hosiery, as the global economy recovers from the COVID-19 pandemic.
The global economy has also been negatively affected in recent years by protectionist measures, including additional tariffs on U.S. imports from China–and these measures are likely to continue to have a negative impact on trade growth in the years to come.
In the case of hosiery, in particular, the additional tariffs on U.S. imports from China are likely to result in a shift of part of Chinese production to lower-cost countries by Asia–including Bangladesh, India, Indonesia, Pakistan and Vietnam. That said, many of these low-cost countries do not have the infrastructure in place to produce the high volumes that Chinese industry is capable of producing.
The largest hosiery exporting countries – which include Italy, Turkey and the United States–have historically been relatively high-priced suppliers. However, many of these countries’ exports have declined in recent years as new players in low-cost Asian countries have made significant gains at their expense.
In the case of hosiery imports, growth in the two largest markets, namely the United States and the EU – is likely to be minimal in the coming years as these markets are mature and the economic outlook in these markets is poor. In fact, most of the growth in import markets is expected to occur in emerging markets by Asia, reflecting the rapid expansion of the upper and middle classes in a number of countries in the region. As a result, it is expected that there will be upheavals resulting from changes in short to medium term supply trends and such upheavals could negatively affect world trade as a whole. At the same time, however, this should create opportunities for new players to enter the market.
Opportunities are also expected to arise due to the implementation and increasingly widespread use of Industry 4.0 production methods, which will enable mass customization and productivity improvements.
Main topics covered:
GENERAL TRENDS IN THE KNITTED TRADE
MAIN HOSPITALITY EXPORTING COUNTRIES
MAIN IMPORTING COUNTRIES OF HOSPITALITY
IMPORTS OF HOSPITALITY INTO THE EU
IMPORTS OF HOSPITALITY INTO THE United States
List of paintings
Table 1: Exports of hosiery by type, 2010-20
Table 2: Imports of hosiery by type, 2010-20
Table 3: Exports of hosiery by main supplier, 2010-20
Table 4: Imports of hosiery by main destination, 2010-20
Table 5: EU: hosiery imports by type of fiber, 2010-20
Table 6: EU: hosiery imports by main supplier, 2010-20
Table 7: United States: hosiery imports by type of fiber, 2010-20
Table 8: United States: hosiery imports by major supplier, 2010-20
For more information on this report, visit https://www.researchandmarkets.com/r/sbyk5m
Source: Textiles Intelligence Ltd.
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SOURCE Research and Markets