Silk has been known for years to have an overwhelming economic impact on the world of finance in many ways, beginning with the connection to China a thousand years ago.
We know of many facets of financial problems because of this fine fabric. It may be due to the dynasties that have come to have a real influence on the monetary value of silk, but we all know that many countries have been involved in the manufacture of this fabric. China’s economy has greatly benefited from the large number of factories in the provinces of this Asian nation. At one point, 28% of its gross domestic product was silk export. Up to half of Japan’s exports were also silk at some point. Of course, with many nations getting into the act of manufacturing this fine material, times have changed.
Widely known for its high-end clientele, silk currently has more average people buying clothes made from silk than ever before. In the United States, silk garments represent a real threat to cotton, which for many years was widely used in clothing purchases. Silk exporters have many opportunities to sell our thirst for luxury to Western nations. The United States imports $11 billion a year in silk and silk-related material. Not to mention that silk is also currently made in the USA. Most of it is what is called NO KILL silk. This process is excellent because the moth comes out of the cocoon. America is no match for silk manufacturing, compared to the East or India.
However, the United States leads the world in buying silk. It is closely estimated that the United States buys 75% of the silk manufactured worldwide. In the case of charmeuse silk, which is typically used for softer women’s garments, the US has imported more than 2 million tons and that’s just for blouses. Other silks like Dupioni are used for larger products like curtains, duvets, and even car seat covers. These silk fabrics are double and triple woven for thickness, but still have that wonderful silky feel. The importation of Dupioni silk has quadrupled in the last 10 years in the geographic area of North America. Dupioni silk is sometimes confused with Georgette silk. This is because they both have a longer weave, although at first glance they do not look alike, the true aficionado of silk can feel it.
One of the next silk economic powerhouses is Indonesia. This majority Muslim nation has an Asian twist, when it comes to silk manufacturing and its economic effects on the country. Most of its silk is made for clothing in Australia and New Zealand. These two countries use geographic location to their advantage, selling it to the edge of Asia. 4 billion US dollars are invested in the GNP of this nation. Silk drapes are huge in this part of the world as they make up most of the western need for luxury in this category.
Finally, without having silk in our economies, there is a 2% deficit in the world economies, as a whole. It is safe to say where we would be without silk. Because we are needy and needy nations for sure.