ITMF survey: 69% cos with reduced production capacity
23% of the respondents reduced production by more than -30 per cent and another 19 per cent by -20 to -30 per cent.
Between September 5 to 25, 2020, ITMF has conducted its 5th ITMF 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. Twenty three per cent of the respondents reduced production by more than -30 per cent and another 19 per cent by -20 to -30 per cent. On the other side of the spectrum—and unsurprisingly—only 9 per cent of companies have increased their production capacity during the pandemic. About 21 per cent did not make any change (Graph 1).
Furthermore, 21 per cent of all surveyed companies are expecting turnover to be back to pre-crisis level in 2020. About 11 per cent of companies think it is more likely to happen in the first quarter of 2021, 15 per cent in the second quarter of 2021, and 17 per cent in the third quarter of 2021. It is important to note that 25 per cent of all companies are expecting turnover to reach pre-crisis levels in 2022 and 2023 (Graph 2).
