Definition
Fashion is one of the past decade's rare economic success
stories. Over that period, the industry has grown at 5.5 percent
annually, according to the McKinsey Global Fashion Index,(2017) to now
be worth an estimated $2.4 trillion.
The global garment and textile industries
employ 60 million to 75 million people worldwide.
Clothing industry or garment industry summarizes the types
of trade and industry along the production and life chain of clothing and
garments, starting with the textile industry via fashion industry to fashion
retailers up to trade with second-hand clothes etc. 1.
The apparel manufacturing industry functions by
transforming fabrics produced by textile manufacturers into clothing and
accessories. The apparel industry traditionally has consisted mostly
of production workers who performed the cutting and sewing functions in an
assembly line.
There are considerable overlaps between the terms
clothing-/garment-, textile- and fashion industry. The clothing
sector is concerned with all types of clothes,
from fashion to uniforms, e-textiles and workwear.
Textile industry is less concerned with the fashion aspect but produces
the fabrics and fibres that are required for tailoring. The
fashion industry closely follows - and sets - fashion trends to
always supply the latest in non-functional clothing.
Development
The garment industry is a major contributor to the economies
of many countries.
In 2016, the largest apparel exporting nations were
China.
($161 billion)
Bangladesh
($28 billion)
Vietnam
($25 billion)
India.
($18 billion),
Hong Kong.
($16 billion),
Turkey
($15 billion)
Indonesia
($7 billion)
[5]
By 2025, it is projected that the United States market will
be worth $385 billion.[2] It is also projected that the e-commerce revenue
will be worth 123 million in the United States by 2022. [3]
This Sector usually has a major impact on the economies of
nations who play in it. Let's use Bangladesh as an example : They have reduced
poverty and improved GDP. The textile
industry provided a single source of growth in their rapidly growing economy.
In 2014 there was an increase in the GDP of the economy with exportation
contributing about $32.2 billion of which the exportation of Ready Made Goods
accounted for 82% of the value.
My question then is what role does Africa play in this industry? Bringing it home what is Nigeria's role? Is
there a garment industry in Nigeria?(Watch out for our next topic)
References
1. Wikipedia
[2] "Global apparel market size 2012-2025 |
Statista". Statista. Retrieved 2018-02-19
3] "U.S. online apparel and fashion revenue 2022 |
Statistic". Statista. Retrieved 2018-02-19.
[5] exporters hardly grab orders diverted from
China". thedailystar.net. 11 August 2017. Retrieved 30
April 2018.
