Global textile production will experience a double-digit decline this year, and the use of Asian cotton will decline sharply. In terms of quantity, textile output may fall by about 30%, and the drop in chemical fiber prices will also bring new challenges to cotton consumption. Compared with the April data, the U.S. Department of Agriculture’s global cotton consumption further decreased by 5%, a year-on-year decrease of 15.3%, Chinese cotton consumption fell by 13.9%, Pakistan 16%, India 14.6%.

The outlook for 2020/21 is even more uncertain, but it is clear that apparel retail has suffered severe losses.

The United States and the European Union published estimates of consumer spending by category in March, and clothing suffered more losses than any other commodity. U.S. apparel consumption expenditures fell 28% year-on-year, and EU apparel consumption expenditures fell 42% year-on-year, both of which are the largest declines in history. It is expected that the April data will show a greater decline. Although China took the lead out of the crisis, China’s retail sales in March and April were not encouraging, with a year-on-year decline of about 20%. This is in stark contrast to the nearly 10% increase before the pandemic. Consumers everywhere may consume conservatively after the outbreak.