The turnover of Italian apparel industry is forecasted to decline by 5.2 percent in the current year, according to Fashion Economic Trends, a report prepared by the the National Chamber for Italian Fashion (Camera Nazionale della Moda Italiana).
The report says the emerging countries of the G10, which are outside the EU, would present the most opportunities for Italian textile and apparel companies in 2012.
Recessive trend will prevail in the year 2012, but there are several differences between the current crisis, which is more limited to Europe and the economic crisis of 2008-09, which affected all countries, it says.
Mario Boselli, President of the National Chamber for Italian Fashion, said in 2008, Italian apparel industry witnessed a negative growth of 4 percent, which fell to 15 percent in 2009. However, according to provisional figures, the sector is expected to grow by 5.5 percent in 2011.
He said, during the three years since the last economic crisis, Italian apparel industry has undergone a change and companies are better equipped to handle complex situations with flexibility and efficiency.
The current recession is mostly concentrated in Europe and hence, there would be a decline of around seven percent in apparel exports to European countries.
However, Italy's overall exports are likely to decline only by 3.1 percent, owing to around 2 percent growth in its exports to countries outside the EU, supported by the depreciation of the euro.
In the fourth quarter of 2012, Italy's apparel exports to EU are likely to be at par with its exports to countries outside the EU.
Fibre2fashion News Desk - India
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