The top three textile producers in Australia and New Zealand are all involved in the textile industry, according to the latest data from the Australian Institute of Technology.
The ICT report, based on information from government agencies, universities and companies, looked at the global textile industry’s share of global textile production in 2017.
The top two industries in terms of textile production were wool and textiles.
The report also looked at textile production per unit of GDP, and the share of manufacturing in each industry.
Wool and textile manufacturing accounts for around 7 per cent of the global economy, according the ICT.
The industry was valued at around $16.5 billion in 2017, while textile production was valued around $1.2 trillion.
According to the IOT, the global cotton and silk textile industries accounted for $10.6 billion in the total global textile market in 2017 and $8.4 billion in Australia.
There was a significant decline in textile production from 2000-2007, but it is expected to increase substantially in the future.
The study also examined the textile industries’ market share and found that wool, cotton and textilene accounted for about a third of the total textile market by 2030.
Wool is the primary raw material for textile production, and textiliene is the intermediate fiber.
The main reasons for the decline in wool and cotton production are the high cost of cotton, and a change in the technology of processing cotton, which allows for the production of more fabric and cheaper yarn.
Textile production in Australia has grown faster than in any other major economy in recent years, the IIT said.
In the year to January 2018, textile production rose by an average of 3.6 per cent per year, but this figure has been reduced by almost half since 2017, the institute said.
The industry has been on a steady decline in recent decades, with production falling by over 10 per cent every year from the early 1990s until 2020.
As of 2020, textile output accounted for around 15 per cent, and in the year 2000 it was 17 per cent.
Despite the textile sector’s continued decline, Australia remains one of the top textile markets in the world, the report said.