Zurich-based International Textile Manufacturers Federation (ITMF) has released the results of a survey it conducted among ITMF members, and affiliated companies and associations about the impact of the coronavirus pandemic on the global textile value chain. Some 600 companies took part in the survey. In short, current orders of textiles have dropped 41 percent on average globally; and expected global turnover in 2020 is down by 33 percent compared to 2019.
Challenges reported include “securing enough liquidity, supply chain disruption and uncertainty.” Noted opportunities include: “increasingly thinking about diversification, currently focusing on medical textiles; streamlining organization and production processes; accelerating the reassessment of existing supply chains; and accelerating digitalization and investing in sustainable production.”
ITMF also reports that companies would like to see more government support; and the greatest relief is achieved when retailers and brands consider adapting
during the pandemic instead of unilaterally cancelling orders.