Why we bought the world’s best textiles in 2018
The global textile industry is thriving, but it has also faced a steep price drop.
The average price for a kilogram of cotton in 2017 was $10,500, down almost 50% from the year before.
The global average price of yarn, yarn and thread was $12,400 in 2017, down nearly 40% from 2016.
But that was still the cheapest in 10 years, according to the International Textile Federation.
That’s despite the fact that the number of global textile workers fell by more than 6 million between 2016 and 2017, according the International Labour Organization.
That means the number working in the industry is shrinking.
So why do we pay so much for our garments?
There are three reasons, according.
First, it’s a very efficient industry.
The textile industry in the U.S. employs more people than any other sector of the economy, according a report from the Economic Policy Institute.
Second, it relies on local and regional suppliers.
Third, it has a low cost of production.
The world’s highest cost of textile production, according TOF data, is in China, which has the world third-largest textile industry.
The number of textile factories in China is currently more than 500,000, according ToF.
But the textile industry accounts for only 5% of its total workforce.
That number could rise to 10% or more in the coming years, because it relies more on local production.
That means there is less demand for imported clothing.
That in turn means there are fewer workers in factories that have been closed down.
And those workers, who make a living by selling their clothes to others, are less likely to want to stay in China.