Competition from high-tech synthetics has eaten away market share. Raw silk prices have plummeted by half, to the point that they threaten the sustainability of this industry. Traditional producers are cutting back on labour-intensive silk production, as urban industries lure farmers from a business in which incomes dropped radically in recent years. Meanwhile, millions of livelihoods are at stake, especially in rural areas, for this traditional and environmentally sustainable product. Read more . . .
Japan is the world's leading silk consumer.
This figure, however, is misleading, since the actual trading value of silk and silk products is much more impressive. This is a multibillion dollar trade, with a unit price for raw silk roughly twenty times that of raw cotton. Unlike some other textiles, silk-wearing traditions and demand go back a long way. India has thus become the largest importer of raw silk, despite the fact that it is now the second largest producer. Some other silk producers are also experiencing fast-growing local demand, such as China, where consumers are increasingly able to afford the lower price range silk products.