According to the state of trade report from the International Textile Manufacturers Federation
(ITMF), in the third quarter of 1998, world yarn production was down by 4.7 percent against the
preceding quarter as a result of global cutbacks.Europe registered a drop of 12.4 percent.
Reductions were moderate in the United States with a 4.2-percent drop. Asia had a 0.4-percent
decrease.ITMF reports that global yarn stocks were higher for the sixth consecutive quarter, with a
1.8-percent increase.Worldwide fabric production fell by a moderate 2.6 percent against the
preceding quarter, the reductions especially affecting Europe (-11.3 percent) and the United States
(-3.4 percent), whereas Asian output rose by 8.3 percent, driven mainly by Pakistan with a rise of
12.6 percent.Compared to the same period last year, ITMF reports that both global and regional
fabric output remained unchanged.