The fashion trade grew 16% in value in 2022 compared to 2019, leaving behind the disruptions caused by the pandemic.
In comparison to 2021, the clothing trade slowed its growth rate, registering a 9% increase in value, compared to 17% in 2021, when the sector was recovering from a year of pandemic.
These results are included in the latest report from the World Trade Organization (WTO), which states that merchandise trade will experience a year of mediocre growth in 2023, with a slight increase of 1,7% in volume, after already growing by a modest 2,7% in 2022.
Last year, world trade grew 12% in value, driven by energy and fuels, compared to 27% the previous year. Manufacturing lagged behind, with a year-on-year recovery of 7%, 15 percentage points less than the previous year.
Textile trade
Among the sectors analyzed by the WTO, textile trade is the only one that decreased in value last year, although less than in 2021. The total value of textile products traded in 2022 was 1% lower than the previous year, despite already having decreased by 2% in 2021, compared to the extraordinary value for 2020, marked by the demand for face masks.
Despite the decline of the last two years, the value of textile trade is currently higher than pre-pandemic figures: 14% more than in 2019.
In addition to these moderate increases in the value of goods, there is also the effect of inflation. Last year saw the highest inflation rates since the 80s, and the strengthening of the dollar, which surpassed the euro, is something the WTO points to as a factor capable of destabilizing the statistics.
For this year, the organization already predicts another slowdown in activity, and the risks have not disappeared, although the WTO considers them to be of low intensity. Geopolitical tensions, food insecurity, unstable and tight financial conditions, and rising debt are the main threats to world trade.
