More than 150,000 jobs in the European clothing and textile industries are at risk due to consequences of the coronavirus pandemic, according to a recent study by credit insurer Euler Hermes.
"We assume that, despite the numerous support measures, some 13,000 companies in Europe will disappear by the end of 2021, which means that around 158,000 jobs in the European textile industry are likely to be at risk," Ron van het Hof, head of Euler Hermes in Germany, said of the results.
According to these results, the sales of European textile and clothing manufacturers are likely to collapse by around 19 per cent this year due to the coronavirus pandemic.
While the industry's turnover will noticeably increase next year, it is unlikely to return to pre-pandemic levels until 2013, a Euler Hermes study author said.
Fewer clothing imports and more local production would give the European textile industry a noticeable boost, the author noted.
