I zoomed into the picture, and it actually looks like a knit fabric! Specifically Stockinette stitching. Whether or not it is actually knit fabric or just a very well done printed pattern, I cannot say, but that's what it looks like. The plating (chest, abdomen, bicep, etc.) looks like some kind of rubber mesh, but they could also be custom made plates that were 3D printed, molded, and cast in a resin or rubber. As for the paneling (i.e. the different fabric segments), that can only truly be achieved by sewing multiple pieces of fabric together, which means a lot of patterning and templates.
Seems to me the "easy" way to go about this would be to commission a dye-sublimation suit design to be printed on spandex, which can be cleverly designed to mimic the highlights and shadows of the base suit, then just add some of the three-dimensional armor panels to that. The more difficult way to do it would be to build it all from scratch knit fabric.
