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Greece textile industry shows signs of recovery

  

The Greek clothing and textile industry is recovering after a difficult 2020, Greek Fashion. Accumulated net profits of the 100 largest enterprises in the sector fell by 70 per cent in 2020, with exporting companies recording the best results. Men’s clothing recorded the biggest decline in turnover last year, while underwear had the smallest decline and the sales of sports and casual clothing also declined. Turnover of 102 clothing companies fell by 20.8 per cent with gross earnings down 25.7 per cent compared with 2019 and profit margins at 36 per cent. Accumulated net profits were down 70 per cent from 2019.

Turnover of enterprises with activities in the domestic market fell 24.7 per cent, gross earnings fell 29 per cent. Exporting enterprises’ turnover fell 7.1 per cent in 2020, gross earnings fell 2.8 per cent and net profits soared 100 per cent.

From January 2021 to September 2021, retail sales in the domestic market grew 24.7 per cent and exports rose 19.2 per cent, evidence that the industry was staging a strong recovery. Greece is a renowned supplier of various types of textile products to international markets. The textile sector of Greece employs more than two million people in around one hundred thousand businesses. It is a significant part of the country’s economy.

 
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