69% of textile manufacturers have reduced their production capacities during the corona pandemic

Between 5 and 25 September 2020, the International Textile Manufacturers Federation (ITMF) has conducted its 5th Corona-Survey among ITMF members and affiliated companies and associations about the impact the corona pandemic has on the global textile value chain. In total, 216 companies from around the world participated. They report that the corona pandemic led to a significant reduction of production capacities. 69% of textile manufacturers have reduced their production capacities during the corona pandemic. 23% of the respondents reduced production by more than 30% and another 19% by 20 to 30%. On the other side of the spectrum – and unsurprisingly – only 9% of companies have increased their production capacity during the pandemic. 21% did not make any change.

Furthermore, twenty-one percent of all surveyed companies are expecting turnover to be back to pre-crisis level in 2020. Eleven percent of companies think it is more likely to happen in the 1st quarter of 2021, 15 percent in the 2nd quarter of 2021, and 17 percent in the third quarter of 2021. It is important to note that 25 percent of all companies are expecting turnover to reach pre-crisis levels in 2022 and 2023.

Source: textileworld.com