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8th April 2020, Zurich

2nd ITMF survey on impact of coronavirus on global textiles industry

The International Textile Manufacturers Association (ITMF) reported today 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 companies from around the world participated between 28 March and 6 April 2020.

Current orders are down by 31% on average worldwide

“The results show that companies in all regions of the world suffered significant numbers of cancellations and/or postponements of orders. Globally, current orders dropped by 31% on average. The severity of the decrease ranges from 20.0% in East Asia to 41% in South America,” the organisation said in a statement.

Source: ITMF Survey (March 28-April 6, 2020)

 

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%.”

Source: ITMF Survey (March 13-25, 2020)

“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.

Further reading

ITMF survey on impact of coronavirus on global textiles industry

www.itmf.org

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