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.

 

 

 

MKMA/1120/apparelresources/06032020

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