Challenges for the Textile Industry in 2023

By Pulau Intan Lestari

Febuary 6, 2023

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From a Bloomberg article about the economy, there is research that says 2023 it’s likely the world economy will face recession. Recession is something bad for industry, no matter if it is a small or large industry. Every industry should prepare for the worst possibility, and find the best way to recover quickly. Textile industry as you know recently woke up after the pandemic, but in 2022 shaken back as the impact of Russian invasion on Ukraine. Below we have listed challenges for the textile industry in 2023.

1. Energy Supplies

Electricity and gas are the main energy that is needed for textiles, it causes problems for the European textile industry that is still in an energy crisis. Besides, they also have problems with raw-material shortages and rising costs of oil. Indonesia has no problem with the energy crisis, but the energy prices are influenced by the dollar rate, crude oil price, and inflation. It makes Indonesia have to be careful about the global conditions.

2. Variety of Raw Material and Prices

Textile industry comes with a variety of raw materials as the invention of fiber technology. Natural fiber like cotton is still the most favorite material in the global market, followed by semi-synthetic fiber like viscose and lyocell, and in the third position they are synthetic fiber like polyester. In the topic of sustainable industry; textile eco-friendly products are mostly expensive. So the challenge is to produce products that not only behave in the market, but are eco-friendly and have competitive prices.

3. Inflation

Inflation makes prices rise, in the industrial sector it will make the cost of production like raw material and operational increase. At the same time, the purchasing power of customers will be lower. In fact, the textile industry is one of largest employment generating sectors. We hope the government with their regulation can keep inflation within an optimal range that promotes economic growth without dramatically reducing the purchasing power of the currency.

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