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ACIMIT reports 26% drop in orders intake for Q3 FY20
03 Nov '20
1 min read
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The index of orders intake for textile machinery, as compiled by ACIMIT, the Association of Italian Textile Machinery Manufacturers, for third quarter (Q3) FY20 that ended in September, has decreased 26 per cent compared to the same period previous year. Machinery’s orders on foreign markets declined 31 per cent, with an absolute index value of 68.2 points.
However, an increase of 20 per cent was recorded domestically compared to the third quarter of 2019, with an absolute index value of 112.6 points.
“The ongoing pandemic has hit our sector hard, since it is traditionally driven by exports, in fact, over 80 per cent of our machinery is exported. The severe restrictions placed on travel, especially abroad, not to mention the uncertainty on the timing of a return to normal business conditions due to the current difficulties in containing Covid-19, strongly affect production activity for the entire industry,” Alessandro Zucchi, president of ACIMIT, said in a press release.
Fibre2Fashion News Desk (JL)
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