The International Textile Manufacturers Federation’s (ITMF) sixth “Corona-Survey,” conducted among its members and affiliated companies and associations from Nov. 20 to Dec. 14 about the impact the coronavirus pandemic on the global textile value chain, found sales expectations improved 4 percent compared with the previous survey taken in September.
The survey included 159 textile companies from around the world. Compared to the fifth ITMF Corona-Survey taken Sept. 5 to 25, the sales expectations brightened to a decline of 12 percent from 16 percent this year compared to 2019. The largest impact is now seen in South Asia, Europe, including Turkey, and Southeast Asia, while the least severe declines are expected in South America, Africa and East Asia, according to ITMF survey respondents. A 10 percent sales decrease was projected among North American companies.
For 2021 and the following years, sales forecasts improved slightly. On average, the companies are expecting a small improvement–a 3 percent year-over-year increase in the most recent survey compared to a 1 percent decrease that the companies said they expected during the September survey.
For 2022 and 2023, the outlook also improved to an 11 percent gain from a 9 percent rise, and a 15 percent hike from a 14 percent increase, respectively, in the November-December and September surveys. Sales forecasts for 2024–compared to the 2019 levels–were unchanged at an 18 percent gain for both surveys.
Asked what their company’s expected sales would be from 2020 to 2024 compared to 2019 levels, the largest increases were forecast by respondents from Southeast Asia at 30 percent, followed by South Asia at 21 percent, East Asia at 19 percent, North America at 18 percent, South America at 16 percent, Africa at 15 percent, and Europe, including Turkey, at 11 percent.
ITMF said the latest survey reveals that in the medium- and long-term, sales expectations did not change significantly. However, due to the reduced 10 percent sales decline projected in 2020, the industry is expecting to recover the losses incurred in 2020 by the end of 2022.