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Second Covid wave to disrupt fabric demand: Ind-Ra
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Top Stories |
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SME Times News Bureau | 17 Apr, 2021
The second wave of Covid-19 resurgence can potentially disrupt fabric demand, said India Ratings and Research (Ind-Ra).
"Woven
fabrics production continued to improve mom, though marginally, in
January 2021, despite remaining 21 per cent YoY lower," Ind-Ra said.
"While
recoveries for blended and knitted fabrics were quicker, that of woven
is expected to be delayed with micro-lockdowns and work-from-home
culture."
Besides, export demand for woven fabrics is expected to
plunge over Q1FY22 with key destination countries grappling with a
second wave of pandemic.
"Fabric exports remained muted in
January 2021 on a mom basis, and 17 per cent YoY lower. Demand for
imported fabrics surged over December 2020-January 2021, led by
restocking by retailers."
"Imports in value terms doubled between November 2020-January 2021 with higher shipments from China, Bangladesh and Vietnam."
Accordingly,
the agency expects near-short term disruptions with the closure of
retail spaces, malls, shopping centres other than essentials in urban
cities would delay the pick-up in domestic demand.
Lately, several state governments have imposed local lockdowns to curb the rising cases of Covid-19 infections.
Furthermore, several state governments have gone in for weekend curfews.
Additionally,
malls, restaurants and other type of market places have either been
closed down or their operational timing have been restricted as an added
measure to dissuade public from staying longer outside, thereby,
mitigating the risk of spreading the infection further.
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