Feedback Here

fbook  tweeter  linkin YouTube
Global contents also translated in Chinese

COVID-19 dampens spirit as textile and apparel exports decline across countries

 

COVID 19 dampens spirit as textile and apparel exports decline across countriesThe COVID-19 pandemic has affected flow of orders amongst major textile and apparel exporting countries of the globe. While India had already lost many textile orders to China before RCEP was signed, the agreement has further widened loss of orders.

Vietnam’s annual textile and apparel exports to drop

As per a report from Vietnam Industry and Trade Electronic News, Vietnam’s textile and apparel exports are expected to drop by 9.3 per cent to $24.76 billion in the first 10 months of this fiscal. Its annual exports are expected to drop by 10 per cent year-on-year to $33-35 billion on account of drop in demand from European and American markets.

As per reports, the value of Vietnamese textile and apparel exports dropped by 2 percent during the first quarter and by 27 per cent in the second quarter.COVID 19 dampens spirit as textile and apparel exports decline across Though they improved slightly in the third quarter, Vietnam’s textile and apparel exports are still expected to drop by 10 per cent year-on-year to reach $35 billion. This drop has forced textile and apparel companies in Vietnam to adjust their product structure and shift from traditional to high-end products including suits, shirts, work clothes, knitted garments and traditional shirts.

Sri Lanka notes lowest decline in apparel exports

The country saw a 21.97 per cent decline in textiles and apparels exports during the first nine months of this year, says a Daily Financial Times report. Sri Lanka’s apparel exports declined to their lowest in five years to $3.1 billion during the period.

Sri Lanka Joint Apparel Association Forum (JAAF) also estimates a 22.15 per cent fall in Sri Lankan textile and apparel exports to $1.4 billion. According to the association, the country’s exports to the EU fell by 21.36 per cent year-on-year to $1.3 billion while its exports to other countries/regions fell 23.25 per cent year-on-year to $400 million.

Insufficient raw material slow Myanmar’s orders

Statistics from Myanmar’s Ministry of Commerce reveal, apparel exports in FY2019-20 declined 6.95 per cent to $4.28 billion from $4.6 billion in the same period last year. The country’s apparel industry enjoys preferential tariffs on its exports to EU. Its apparel exports constitute 30 per cent of the total export value. However, the onset of the pandemic blocked its raw material imports slowing down its orders from the international market. As the result Myanmar had close down some of its apparel factories, leaving thousands of employees unemployed.

To avoid raw material shortage, experts advised Myanmar’s government and private units to establish a complete supply chain of spinning, weaving, dyeing and finishing, sewing and manufacturing in the apparel industry.

Jordan introduces discounts to boost sales

As per the Jordan Industry Association, in the first nine months of this year, Jordan exported apparels and leather worth approximately $1.27 million, reports Petra News. This was a 15 per cent year-on-year decline from previous year. Jordan expects this decline to widen to 25 per cent in Q4 of the current year before gradually returning to normal in early 2021. Some of these companies are presently manufacturing masks, protective clothing and shoes for local needs. They export around $550 million worth of goods annually, leading to a creation of 33,000 jobs.

Jordan’s weekend apparel sales account for 50 per cent of its total apparel sales, says a Jordan Times report. Though the country began preparations for winter sales in September itself, 90 per cent of its products remain unsold in the warehouses. To boost sales and increase cash flow within the industry, Jordanian merchants plan to discount prices this season, leading to fierce competition. Jordan currently has 11,000 apparel stores, which accounts for 60 per cent of stores in major commercial centers. The country exports its apparels to countries such as China, Turkey, India, Bangladesh, Egypt and European countries.

 
LATEST TOP NEWS
 
 
MOST POPULAR NEWS