Trade in clothing experienced significant growth, with a 9 per cent increase in 2022 compared to the previous year, following a growth rate of 17 per cent in 2021, as per WTO’s report on Global Trade Outlook and Statistics.
Notably, global clothing trade in 2022 was 16 per cent higher than the trade volume in 2019, indicating a robust recovery to surpass pre-pandemic levels.
In terms of value, world merchandise trade saw a 12 per cent rise to reach $25.26 trillion in 2022. However, this growth rate was slower compared to the remarkable 27 per cent growth experienced in 2021 following a 5.3 per cent decline in 2020. Importantly, global merchandise trade in 2022 was 32 per cent higher than the pre-pandemic level recorded in 2019.
The WTO report has projected a 1.7 per cent growth in world merchandise trade volume for 2023, with a further pickup to 3.2 per cent in 2024. However, the forecast is not without risks, as geopolitical tensions, food insecurity, potential financial instability resulting from tightening monetary policies, and increasing levels of debt pose potential downside risks to the projected growth.
Fibre2Fashion News Desk (KUL)