Italian apparels & fabrics exports to decline in H1 2021: TexPro
01 Apr 21 2 min read
Fabrics and apparel exports from Italy, one of the largest fashion product exporters, are likely to fall to monthly average of $1.73 billion in the first half (H1) of 2021, with a drop of 15.57 per cent over the monthly average of 2020, as the third wave of COVID-19 pandemic has hit the country, according to Fibre2Fashion's market intelligence tool TexPro.
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Apparel and fabrics exports from Italy was valued at $32.86 billion in 2019 with a monthly average of $2.74 billion. It suddenly dropped by 25.08 per cent to $24.62 billion in 2020 due to the severe impact of the spread of COVID-19 pandemic. Italy was one of the most affected countries with pandemic in the world in 2020.
As of today, approximately 20 regions of the country are under the lockdown. As the COVID-19 has been striking the country, the big fashion retailers are on the verge of closing larger shops and plan to focus on outlets of size 160 to 250 sq m.
If the current situation persists for longer periods, Italy's economy will face a major downfall. According to ISTAT (the Italian National Institute of Statistics), the fashion industry contributed for approximately 8.00 per cent of the country’s exports from the manufacturing sector. The fashion sector of the country provides employment to around 4,00,000 people working in 45,000 companies.
Fibre2Fashion News Desk (RKS & JL)
This according to Fibre2Fashion's Market Intelligence Tool - TexProPopular News
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