Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at email@example.com in case you need any other additional information.
The epicenter of the coronavirus is Wuhan, which is known as the transportation hub of China and now with transportation being blocked it is going to severely affect the export business.
The virus has infected more than 20,000 people so far, thus crippling one of the vital economic centres of the world. The situation is such worse that it has upset worldwide trade because of which the vicious supply chain is also disturbed. The business is crippled in China and the aftermath can be seen in other parts for the world. The famous Messe Frankfurt's Shanghai Textile fairs which were to be held next month, have also been postponed which further adds to the looming uncertainty.
The market players in polyester field are under great concern as business in Hubei, in Central China has paused. Polyester production is likely to see a dip this month and it could extend further if the situation is not brought under control immediately. Not only the polyester industry but all the industries related to it like paraxylene industry are going to suffer. The disruption to the polyester and textiles industry would be devastating as many textile, print and dyeing business are bunched in Central China, according to reports in global media.
The transport links have been severed, with land and water transport being stopped. If the virus spreads its tentacles to other parts, it will be a total lockdown situation. The transport paralysis will disturb the delivery of apparels and other textile products. In short, the virus outbreak will result in shortfall of both fabric and finished products. Since China has been a robust growth market for big brands, the financial impact because of the shutdown is going to be immense.
According to global newswires, Chinese stocks have nosedived as WHO declared the spread of coronavirus a global health emergency. The situation is now going to badly affect the global economy that will include the textile and retail sectors. If China bounces back quickly, it will be great for its economy as China now accounts for more than 16 per cent of global economic activity. Since the outbreak of the virus, Chinese stock markets have plunged 8 per cent, while the Chinese yuan fell over 1 per cent.
Both from global trade and societal perspectives, everyone who is in the know of the situation is wishing for a speedy improvement in the situation. The impacts are going to be worse if things continue as they are now.
Fibre2Fashion News Desk (DD)
| On 3rd Aug 2020
Mauritius must start goods exports for a sustained economic recovery, ...
| On 3rd Aug 2020
The Cambodian Footwear Association has appealed to the European...
HanesBrands, a US-based global marketer of branded everyday basic...
‘Sustainable fashion is trending upwards, slowly but surely, as people...
We are staring at livelihood crisis for weavers
Textile industry, India
Such fairs are a must for industry to showcase new innovations
Founded in 1953, Italian engineering
company Arioli Spa started...
Idealin Fogging Systems has been engaged in designing and manufacturing...
<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...
Atlanta-based private start-up Brrr° was founded in 2014 to develop...
<div>RocketLife, an award-winning developer of breakthrough visual...
Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively
Functional Fabric Fair is a trade-exclusive event showcasing the latest...
She has carved a niche for herself as the national brand of Turkey. Her...
"We should not compare India and the West. There are things we do that...
Yash P. Kotak
Bombay Hemp Company
One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.