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Industry Talk

5th ITMF Corona Survey shows turnover expected to fall 16% in 2020

The ITMF conducted its 5th ITMF Corona-Survey among ITMF members and affiliated companies and associations about the impact of the coronavirus pandemic on the global textile value chain

30th September 2020

Knitting Industry
 |  Zürich, Switzerland

Knitted Outerwear

Between 5-25 September 2020, The International Textile Manufacturers Association (ITMF) conducted its 5th ITMF Corona-Survey among ITMF members and affiliated companies and associations about the impact of the Corona-pandemic on the global textile value chain.

In total, 216 companies from around the world participated. When asked about expected turnover in 2020 compared to 2019 since the beginning of the Corona-pandemic, the companies’ expectations have significantly improved since the 4th survey. At the beginning of June companies were expecting a drop-in turnover of around 32%. However, the expected reduction in turnover fell to 16% by the middle of September (Graph 1).

Source: 1st to 5th ITMF Corona-Surveys (March 13 until September 25, 2020). © ITMF.

In the 5th ITMF Corona-Survey ITMF asked for the first time about turnover expectations for the period beyond 2020 until the year 2024 (Graph 2). On a global average, the expectations are that in 2020 turnover will be down by 16% compared to 2019, the Zürich based organisation said.

Source: 5th ITMF Corona-Survey (September 5-25, 2020). © ITMF.

For 2021, the global textile industry is expecting stagnation, with a 1% decrease in turnover, according to the report. However, in subsequent years, companies are expecting to see higher turnover compared to 2019. In 2022 they are expecting an increase in turnover of 9%, an increase of 14% in 2023, and an increase of 18% in 2024 compared to the base year 2019. In other words, expectations are that it will take on average until 2024 to fully recover the losses suffered in 2020, the ITMF said.

Link to previous ITMF coronavirus surveys

www.itmf.org

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