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Vijay Textile (p98)Editorial
Impact Of COVID-19 Pandemic On Global Textile Industry
The textile and clothing industry is one of the worst affected sectors of
the economy due to the deadly coronavirus responsible for COVID-19,
one of the worst pandemics of our living memory, creating havoc across
the world. The impact of the Covid-19 pandemic is nearly impossible to
gauge when 90% of the world is under the un/declared lockdown.
Due to the labour intensive nature of the textile and clothing industry,
tens of millions of workers have either lost their jobs or have not got any
money because of no work during the lockdown. Their lives have been
turned upside down in a matter of a couple of weeks. Small and medium
businesses are in no way less affected due the total closure of their
economic activities. We are facing the biggest and global humanitarian
crisis in the modern history which would have far reaching impact on the
way we live and conduct our business.
A survey coordinated by the Cotton Textiles Export Promotion Council -
involving more than three hundred companies with turnover ranging from
50 – 500 crore and beyond - reveals that most companies had lack of
clarity on the order position across the value chain. Order cancellations
have been reported from Bangladesh, Europe, USA and China. The sur-
vey also revealed that most units had nearly exhausted their Working
Capital limits and half the units had no cash by the end of April as report-
ed across industry-sub-group & size.
The industry associations and EPCs have urged the government to con-
tribute to the payment of wages and/or provide wage subsidy. They have
also asked for expanding working capital limits and waiver of fixed elec-
tricity charges etc. They are advising their members to also look for new
markets and new products like PPEs etc in the medical and protective
textile segments. In fact, hundreds of units have already switched over
to producing face-masks and other PPEs depending on their technical
and financial resources.
The situation in major garment manufacturing countries like Bangladesh,
Cambodia, Myanmar, Indonesia, Vietnam is equally grim with millions of
workers in pain. Most garment units having zero cash flow and buyers
are not upholding their contractual obligations by cancelling orders and
withholding payments. According to some media reports, in Bangladesh
alone, some $3 billion worth of contracts have been paused or scrapped
and more than 1 million workers have been fired or furloughed.
The crisis created by COVID-19 Pandemic far exceeds anything we have
faced before and the worst thing is that no one knows how long it will
last!
Take care. Stay safe. Stay healthy.....
G.D. JASUJA
Managing EditorWHAT ARE YOU WAITING FOR?
NCM-APRIL 2020
7