Global apparel trade may grow slightly by 0.8% to 1.5% next year

In an environment of rising inflation, high energy costs and tightening global supply chains, major international economic institutions such as the World Bank and the International Monetary Fund (IMF) have unanimously predicted that global economic growth will continue to slow down in the new year. . The World Trade Organization (WTO) predicts that world merchandise trade will grow by about 1% in 2023, much lower than the 3.5% growth in 2022. It is estimated that global apparel trade may grow slightly by 0.8% to 1.5% in the new year. On the other hand, falling demand may help alleviate problems such as rising procurement cost pressures faced by companies in the new year. </p