International Textile Manufacturers Federation's latest survey: Global textile industry demand remains weak

In March 2024, the International Textile Manufacturers Federation (ITMF) conducted a comprehensive survey of the global textile industry, providing an in-depth analysis of the business climate. The results showed that although the business climate indicator improved slightly from -46 percentage points in November 2023 to -29 percentage points in January 2024, indicating a weak recovery, the overall situation remained severe in March 2024, highlighting the persistent challenges faced by businesses across the textile value chain. Weak demand remains the main problem plaguing the industry, and even slight improvements in order volumes and capacity utilization cannot mask this core challenge.
Since November 2023, business expectations have fluctuated between +25 and +30 percentage points, indicating a cautiously optimistic outlook. Despite this, weak demand remains a major concern for survey respondents. In March 2024, optimism in the weaving/knitting sector increased significantly. Whether this signals an improvement in other parts of the value chain remains to be seen.
In March 2024, global textile order volumes improved slightly, particularly in Southeast Asia and South Asia. Among the sub-segments, fiber producers and weaving/knitting mills experienced the strongest order growth. Since July 2023, the average order backlog across the global textile value chain has remained at approximately 2.0 months. In March 2024, this figure decreased slightly to 1.9 months. Order backlogs in Asia and Europe showed a downward trend. Textile machinery manufacturers and garment producers had relatively higher order backlogs.
Average capacity utilization increased from 67% in January 2024 to 70% in March. It is predicted that this rate will remain stable over the next six months and will not change significantly. Specifically, capacity utilization increased in the three main regions of Asia, Africa, and North America, but decreased in South America and Europe. This reflects the textile industry slowly adapting to the current economic situation.
In March 2024, the main concern among survey participants remained "weak demand," a key factor contributing to the poor overall business climate and low order volumes. Companies across the supply chain also face challenges from rising input prices driven by geopolitical factors. Compared to the past, the importance of inflation is gradually diminishing.
Over the past 12 to 18 months, while the textile industry has faced numerous challenges, it is reassuring that order cancellations have not been as frequent as at the beginning of the pandemic. Although order delays have occasionally occurred, the number of order cancellations has not increased during this period of weak demand. This is a positive sign for stabilizing market sentiment and maintaining business continuity, and reflects the resilience of the industry to some extent.
Furthermore, most respondents (57%) considered their inventory levels to be average. However, in the US market, inventories of brands and retailers remain high, while wholesalers have successfully adjusted their inventories to levels close to those before the pandemic.

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Clothing exports in March 2023 decreased year-on-year but increased month-on-month.

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The decline in China's output of clothing above designated size narrowed in January and February 2024.

Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance

Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance

On March 3, Wang Yongqing, Vice President of Xiamen CNOOC Group, visited Tongzhou Group for investigation and guidance. Wei Gangmin, Chairman of our company; Huang Hongyu, President; Li Tao, Vice President; and Zhang Zhiyan, Director of the General Office, met with and participated in a symposium.

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Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance
Tongzhou Cotton Market Brief, Week 1 of March 2025

Tongzhou Cotton Market Brief, Week 1 of March 2025

1) This week's National People's Congress and the Chinese People's Political Consultative Conference (NPC & CPPCC) in China boosted market expectations for steady growth. In February, the Purchasing Managers' Index (PMI) for manufacturing stood at 50.2%, up 1.1 percentage points from the previous month, indicating a significant improvement in the manufacturing sector.

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Tongzhou Cotton Market Brief, Week 1 of March 2025
In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.

In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.

In 2024, China's dyeing industry saw rapid export growth to ASEAN and RCEP member countries, exceeding the overall export growth rate. However, this growth was accompanied by a decline in prices. From January to December, China's exports of eight major dyeing products to ASEAN totaled 7.908 billion meters, a year-on-year increase of 12.14%, 4.61 percentage points higher than the overall export growth rate, accounting for 23.58% of total exports. The average export price was US\$1.19 per meter, a year-on-year decrease of 2.75%, 0.64 percentage points lower than the overall decline. Exports to RCEP member countries totaled 8.431 billion meters, a year-on-year increase of 11.35%, 3.82 percentage points higher than the overall export growth rate. The average export price was US\$1.17 per meter, a year-on-year decrease of 2.79%, 0.60 percentage points lower than the overall decline.

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In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.
President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

On February 28, Mr. Huang Hongyu, President of our company, was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference and, as a guest speaker at the "Xiangshan Roundtable," shared his views on the cotton market and trading opportunities.

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President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

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