Next year, Indonesia will face a perfect storm in the form of a global economic slowdown, high inflation and geopolitical tensions. [Bank Indonesia strategy for perfect storm 2023 - The Jakarta Post]. According to the president of the Indonesian Footwear Association (Aprisindo), Eddy Widjanarko, the current economic conditions will impact the footwear industry . [Ketua CIFA Eddy Widjanarko Ungkap Tantangan Bisnis Persepatuan- iNews.id]
China's leather industry is stable in the January-October period. Footwear exports from Vietnam increased by 39.9% in 11 months. China's industrial production and export are slowing. The buying PMI fell to 48 in November from 49.2 in October. Vietnam's industrial production grew by 8.6% in 11 months, but slowed down due to decreasing demand, rising input costs and a shortage of material supply.. The buying PMI fell to 48 in November from 49.2 in October. Vietnam's industrial production grew by 8.6% in 11 months, but slowed down due to decreasing demand, rising input costs and a shortage of material supply. [Source: Xinhua]
Nearly 200 exhibitors from 10 countries took part in the three-day exhibitionto showcase their modern machinery, raw materials, chemicals and other services. The demand for machinery of non-leather footwear has increased sharply among local companies as the demand for synthetic products is rising among the young generation. [Non-leather footwear machinery becomes the focus at Leathertech - The Business Post - The Business Post]
The UK clothing and footwear market is expected to contract by 3.9% next year, with volumes down by more than 10.0%, according to new research. [Clothing and footwear market set to shrink in 2023 - Drapers]
The Russian Embassy in North Korea has said that Russia is interested in importing clothing and shoes from the DPRK. (Source: Ekonomichna Pravda, referring to the Russian media outlet Kommersant, quoting the embassy)
The U.S. yield curve is its most inverted in more than 40 years, indicating investors are raising their bets of a coming recession, the Financial Times reports. [Bond market points to Fed standing firm in battle against inflation- FT]
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