Coronavirus impacts US $ 1.2 billion worth
global textile and apparel trade
So far, Coronavirus epidemic has affected global textile and
apparel industry worth more than US $ 1.2 billion.
In textile and apparel trade, there are 5 regions that have
been affected worth more than US $ 100 million including,
Vietnam (US $ 207 million), EU (US $ 538 million), Turkey
(US $ 164 million), Hong Kong (US $ 107 million) and Taiwan
Province of China (US $ 102 million).
This was claimed in a study ‘Global trade impact of the
Coronavirus (COVID-19) epidemic’ done by division on
International Trade and Commodities, United Nations
Conference on Trade and Development (UNCTAD). The analysis
is based on United Nations Statistics Division trade data
covering about 200 countries and 13 manufacturing sectors.
India, among the 15 most affected economies due to
Coronavirus and production slowdown in China, has had a
total trade impact of US $ 348 million. Its trade impact for
textiles and apparel stood at US $ 64 million, which is the
second highest after chemicals sector at US $ 129 million.
As far as major apparel manufacturing countries are
concerned, Vietnam faced the maximum heat while Bangladesh
was comparatively lucky. Textile and apparel industry of
Bangladesh impacted with US $ 1 million, while its leather
products were affected by US $ 15 million.
As far as China’s integration in global value chains (by
sector) is concerned, textiles and apparel sector is the
second lowest sector affected by Covid 19.