ITMF: Global Textile Orders Returned To Normal In The Fourth Quarter Of This Year
According to the latest report of the International Federation of textile manufacturers (ITMF), global textile orders may revive in the fourth quarter of 2020.
To understand the impact of the new crown epidemic on the global textile industry chain, ITMF recently conducted fourth surveys in 600 members worldwide. Research shows that textile orders will resume in the fourth quarter of 2020.
Textile orders fell by 40%
The survey showed that textile orders in the world dropped by more than 40% from March 1, 2020 to June 8, 2020. Orders in all sectors of the supply chain generally declined, with fiber manufacturers' orders falling by 42%, turnover decreased by 33%, orders for cotton mills dropped by 44%, and turnover decreased by 33%. The order of the weaving mill decreased by 46% and the turnover decreased by 33%. Orders for garment manufacturers fell by 37%, and turnover fell by 31%.
In the future, textile companies expect orders to fall by 32%. Among them, 22% of Southeast Asian companies expect orders to drop, while 36% of Asia's companies are expected to decline.
Recovery in the fourth quarter of 2020
Nevertheless, there is still a glimmer of hope and optimism in the industry chain. When asked when they expected the business to reach a pre crisis level, about 23% said they expected the order to resume in the first quarter of 2021 and 21% expected to resume in the second quarter of 2021. 14% of respondents expected to recover in the third quarter of 2021, while 20% of respondents expected to recover in the fourth quarter of 2020.
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