Fabric News for the 3rd Week of October 2024

On October 14th, 2024, the China International Textile Machinery Exhibition and ITMA Asia Exhibition kicked off at the National Convention and Exhibition Center (Shanghai). This year's International Textile Machinery Exhibition covers an exhibition area of nearly 160000 square meters and gathers nearly 1700 top textile machinery manufacturers from 22 countries and regions around the world, bringing a 5-day industry event to the industry. This grand event presents a trend of high-end, intelligent, and green upgrading, providing a complete set of intelligent process and equipment solutions for industry technological progress and industrial upgrading, and empowering the sustainable development of the global textile industry.

At 2:15 pm on October 14th, at Keelung Port West 20 Pier, the Yuzhou sailing ship collided with the company's onshore bridge crane No. 206 while docking at the leased West 20 Pier, causing the bridge crane to collapse. The company is currently investigating whether any personnel have been injured

Recently, the Chinese Ministry of Industry and Information Technology issued a notice stating that the textile industry will undergo equipment updates, with an expected investment of 250 billion yuan, approximately 36 billion US dollars, to update over 250000 units of equipment. Polyester and refining facilities in the petrochemical industry will also undergo updates. The focus of this renovation is on updating old equipment and upgrading to green technology, with a particular emphasis on updating new spinning, weaving, and weaving knitting equipment, accelerating the application of automation, continuity, and green energy-saving equipment, and further enhancing the intelligence level of the chemical fiber industry.

Since the National Day holiday in China, the market for autumn and winter polyester ammonia elastic fabrics covered with polyester filament and spandex has been fluctuating and rising. Recently, the market for mass polyester ammonia elastic fabrics for autumn and winter women's clothing has gradually increased in spot sales, with multiple varieties of spray woven, woven, yarn dyed, and knitted fabrics interacting. Some textile companies have accelerated their trading turnover, and spot transactions are in small and medium-sized quantities.

According to a recent report by German television, the German Fashion Association is accelerating the transfer of its clothing production chain from parts of Asia to North Africa in search of new supply chain layouts. Behind this strategic adjustment is the over 30 year history of clothing production cooperation between Germany and Egypt, which has significantly strengthened since 2021. The latest data shows that the amount of clothing imported by Germany from Egypt in 2024has increased by 11% compared to previous years.

Nearly 50000 people go on strike at the largest container port in the East Coast of the United States! The International Longshore Association (ILA), the largest maritime workers' union in the United States, has threatened the United States Marine Federation (USMX) that tens of thousands of union members will go on strike if a new salary agreement cannot be reached before the contract expires. According to the latest statement, there are still significant differences in negotiation intentions between the two sides, and the risk of a major strike continues to escalate. Analysts warn that a strike could affect dozens of ports from Maine to Texas and could lead to severe disruptions in US freight. According to the latest report from Oxford Economics, the strike could involve up to 45000 port workers and affect approximately 60% of the total shipping volume in the United States. According to Bloomberg citing experts' expectations, if the strike lasts for a week, it could cause up to $7.5 billion in losses to the US economy.

In recent years, Vietnam's textile and clothing industry has welcomed many foreign direct investment projects. With the commissioning of many modern factories built by large companies and projects, the level of Vietnam's textile and clothing industry is expected to improve. At present, there are about 3500 foreign direct investment projects in Vietnam's textile industry, with a total investment of 37 billion US dollars.

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