COVID-19 pandemic has induced misery for the Textile industry globally.
Factories have seen cut in their orders from the retailers of the UK, EU and US. Cancellation of orders left factories with low income, which affected the workers vastly. Either they lost their jobs or got no payment during the peak of Infection rate from their respective factories.
Workers of the Asia region earn little compared to the profits earned by manufacturers or retailers. They weren’t able to make savings with that minimal amount of money, as a result they are suffering the most.
Due to Covid situation textile industries have seen fall in demand. They put their orders on hold. Others weren’t able to make the payment in due time. Supplier firm faced major shock in February when the virus started to spead the most.
The textile supply chain got thrashed during this period. The shortage of raw materials is also an obstacle that the suppliers faced this year around. They couldn’t produce clothing due to delaying of raw material arrival. Supply chain. BGMEA said, suppliers have seen a $3 billion revenue loss.
A succession of unprecedented lockdowns have put the suppliers at risk. Lockdowns distressed the whole supply chain system. No one knew when the lockdown will be lifted, this left them in dire uncertainty.
Retailers and suppliers demanding stimulant packages to overcome this harsh situation. Workers demanding fair price of their hard work. Lay-offs have been common in recent times. Lots of workers lost jobs, only left with an uncertain future.
Though some governments have given concessions to the factories. But to get back to the track, this sector needs more funds and stimulant packages from the governments.