Latin America textile market in 2023

Latin America textile market in 2023

The Latin America Textile Market size is estimated at USD 33.60 billion in 2023.

1-Reginal situation

  Latin America and the Caribbean are emerging as potential growth textile markets, driven by the increasing domestic demand, economic growth, and purchasing power. Investment possibilities in Latin American countries, such as Brazil, Mexico, Argentina, Colombia, Venezuela, Chile, Peru, Ecuador, the Dominican Republic, and Uruguay, are abundant. The popularity of the American lifestyle and the strong influence of the United States on the culture and consumption patterns in Latin America wooed fashion brands to launch their retail store in Mexico and Brazil. Spanish fashion verticals changed the way people in Latin America shopped, pushing the domestic fashion retailers to focus on product quality and offerings. 

2-International situation

  After playing a key role in promoting global tariff reductions for over half a century, US trade policy took an unexpected and decisive turn in 2018 with the aim of reducing US reliance on China, which had emerged as the world’s most significant manufacturing hub.16 This shift led to discussions in the business press regarding the potential for “nearshoring" , “friendshoring" , and Mexico's opportunities as an alternative to China.

In conclusion, in the future, the Latin American textile market will have great development.