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Coronavirus: Far Reaching Effects On the Textile and Fashion Industry
There have been multiple ramifications of the Corona virus outbreak that originated in Wuhan, China beyond the actual threat to health and mortality. The expanding shadow of the global epidemic has fallen upon the Chinese and neighbouringcountries’ export businesses too. One of the most effected is the industry for the textile export businesses, as this country constituted the largest expansion market for even the luxury brands worldwide. Surprisingly, this is the time when the textile industry of UK and Fashion clothing manufacturers are seeing a remarkableunforeseensurge.
A Sad Year for Economic Growth
The year of 2020 has been an extremely bad for any kind of business. The black shadow ofCovid-19 will also be forwarded to 2021. Almost all the industries, all across the world have been affected by this pandemic. New Zealand has hit the worst recession of the last 100 years during this epidemic. There are very few industries which have not been adversely affected bythis situation.
The Surprise Winner
UK textile industry is one such rare case which will go down in history of business books in the future. While the whole world is crying because of the losses that they are facing because of this situation, the textile industry of the United Kingdom is seeing an unprecedented growth. This is because the clothing manufacturers overseas like the supply chains in China and neighbouring countries for the raw material for the clothes being made for the UK retail shops, haute couture brands as well as general clothes stores, has suddenly been thwarted.
China – A Lost Import Source
Nobody really knows when this situation is going to improve and import and export relationships with the Far East will open its doors. Reason enough, why these companies are not willing to taking any further risk and so are optingfor the local textile industry as they require quick supply of raw materials so that they canmeet the rising market demands.
Situation Intensifying for the Import Based Economywith the Far East
If they don’t export From China then they will have to depend onthe locally produced yarns. China had taken over the business of raw material supply in the UK and many of the neighbouring countries since the 1990s. They had the name of producing more quantity of raw materials in low costing. However, in the first time in 20 years, thinking about the cost is not the primary concern here.
The Situation Now
More and more people now are thinking about the dependability factor and the easy availability of the raw materials whenever they are needed for. Depending on China is no longer an option here anymore because with the global pandemic already in full swing and World Health Organization or WHO predicting that Covid-19 not being the only epidemic of this sort and that there will be more virus threats coming in the future, the stakes are getting higher by the day. Nobody can deal with China anymore. Not because of these economical factors but also for the health concerns.
New Hope for UK Businesses
As pointed out by the advocates of the UK textile industry this problem is not going to be solved in the near future. China is going to be ostracized by the rest of the world for not only textile but other kind of import businesses as well. It is thus important that the retail industry of UK depends on the local textile industry and not onto the International clothing manufacturers for timely as well as quality raw materials so that they can put clothes up in their shops as soon as possible.
New Opportunities
This sudden surge is helping a lot of old and small businesses in the vicinity. A lot of weavers and small factories are getting large chunks of orders with they had never expected before the Covid-19 had hit the world. The owners of these mills and factories are expressing surprise. There has been as much as a whopping 30% hike in the orders in certain companies, resulting in their annual turnovers touching the sky.
Few Steps for Sustainable Relationship
The UK textile industry must take this opportunity as a way for the revival of the whole industry. They must concentrate on providing quality materials in reduced rates so that not only them but also the retailers see some amount of profit, making it a sustainable business proposition that might last for years to come.