GARMENT INDUSTRY INDICATES DISASTROUS FIRST QUARTER

CMAI attempted to conduct a Survey that Indicated 74 per cent Respondents showing 90 per cent Drop in Sales and over 60 per cent expecting a Massive pile up of Bad Debts in the Coming Months…

The Third Survey conducted by CMAI amongst its Members reflects the crisis the Domestic Garment is going through, with 74 per cent of its respondents seeing a 90 per cent drop in sales for the quarter ending June 2020. An additional 13 per cent indicated a drop of more than 75 per cent. This indicates that 87 per cent of the Industry saw more than 75 per cent drop in their revenues in the First Quarter of 2020-21.

The projection for the coming quarter (July to September) is equally grim. 95 per cent of respondents expect to operate at less than 50 per cent of their production capacity. Of these, as many as 68 per cent of the respondents anticipate using less than 25 per cent of their production capacities in the next three months.