Throughout 2022, the textile and textile product industry will be like a roller coaster. After experiencing very impressive industrial growth in Q1 and Q2 of 13% and 8% respectively, growth in Q3 and Q4 turned negative Q to Q. Even though exports were constrained by freight costs and a shortage of containers in Q1 and Q2, the domestic market became the focus without interruption of imported products. However, in Q3 and Q4, imported goods began to flood the market causing domestic products to come under pressure. Coupled with the slowdown in the export market in Europe, the United States and other markets, this has put greater pressure on domestic producers from upstream to downstream. This condition has forced many companies to reduce their production capacity due to high stock levels and forced to lay off some of their employees.
We all hope that in 2023 conditions will improve so that industry performance can return to normal.