Deep impact of the corona pandemic on the global textile industry
Companies in Europe are expecting turnover in 2020 to be down by 22%, a figure significantly better than the -33% reported in the 2nd survey. Companies in East Asia are expecting turnover to be down by 26%, which is close to what was reported in the 2nd survey (-24%). Companies’ turnover expectations in South East Asia and South Asia on the other hand have deteriorated significantly. These regions were hit later by the Corona-pandemic and hence the full impact was felt with a delay. Compared to 2019, expected turnover for 2020 is down by 38% in South East Asia and by 31% in South Asia.
Turnover expectations in Africa, South America and North America have not changed much since the 2nd survey.
The most important challenges at the moment are securing enough liquidity, supply chain disruption and uncertainty.