Between March 28-April 6, 2020, ITMF has conducted a second survey among ITMF Members and affiliated companies and associations about the impact the Corona-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.
Worldwide, current orders are down by -31% on average
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.
Worldwide, expected turnover 2020 vs. 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 world average, the 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.
The uncertainty about the duration of the crisis weighs heavily on the industry.
Challenges: Lack of demand and liquidity – Opportunities: Medical textile products
Companies around the world highlighted the following main challenges:
- lack of current demand and/or fear that future demand will drop significantly
- lack of liquidity
They 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 April 23rd, 2020.
Also Read: ITMF-Survey about the impact of the Corona-pandemic on the global textile industry
