The Garment Sector

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.