Analysts at Euler Hermes opine the Polish textile industry is more resilient and competitive than in 2009, which makes it a better candidate to return to normalcy. Comprising 25,000 companies, the Polish textile sector employs 1,45,000 people. Despite significant signs of recovery, sales in the Polish textile sector from January to May, fell by 15 per cent year on year.
According to Euler Hermes, the unprecedented disruption of trade, manufacturing and retail activities, with ensuing severe economic crisis, will lead to a 19 per cent decline in European textiles and clothing falling in 2020, with a 9 percent decline in GDP in euro area countries. Turnover in 2021 is expected to rebound by 15 per cent, but it will return to pre-crisis levels in 2023. By the end of 2021, EU employment industry will see a 8 percent job cut with 6 percent of companies disappearing. The share of SMEs in the total turnover of the textile industry is twice the average of the European manufacturing sector, which makes the industry more sensitive to the current situation.