2nd ITMF survey on impact of coronavirus on global textiles industry
The International Textile Manufacturers Association (ITMF) reported that it has conducted a second survey of its members and affiliated companies and associations, about the impact the coronavirus pandemic on the global textile value chain, especially on current orders and expected turnover in 2020. In total 700…
Egytex News Desk
Source: knittingindustry.com
Worldwide, expected turnover 2020 versus 2019 is down by 28% on average
“The results show that companies in all regions of the world are expecting their turnovers in 2020 to be significantly lower than in 2019. On average worldwide, turnover in 2020 is expected to be 28% lower than in 2019. While in South Asia the expected turnover will fall by 15%, companies in Africa are expecting a drop of 45%.”
Only three weeks ago, some regions were not fully affected by the Corona-pandemic. The new numbers on orders and turnover reveal the dramatic extent this demand shock has on the textile industry around the world,” ITMF said.
“The uncertainty about the duration of the crisis weighs heavily on the industry.”
Challenges: Lack of demand and liquidity
Opportunities: Medical textile products
According to the ITMF, companies around the world have highlighted the following main challenges:
• lack of current demand and/or fear that future demand will drop significantly
• lack of liquidity
The companies mentioned the following main opportunities:
• companies producing fibres, yarns, fabrics and end-products with health care and protection functions will see new opportunities
The results of the 3rd ITMF Corona-Survey about the impact of the Corona-pandemic on the global textile industry will be released on 23 April 2020.
Source: knittingindustry.com
From the Egytex news archive, first published on 22 April 2020. Figures and names are as reported at the time.
