The textile sector is the most dependent on supplies from China, since 3.47% of the materials and intermediate components it needs to make its products come from that country, which explains why the coronavirus crisis has forced some firms to assume delays in its production.
The next most exposed sectors are, according to a report by Standard & Poors, computers and electronics, electrical equipment and motor vehicles, among others.
From the most affected sector, textiles, the president of the Spanish Confederation of Clothing Companies (Fedecom), Ángel Asensio, explained to Efe that the outbreak of the Covid-19 outbreak last December and its spread forced the closure of textile component factories in China until after Chinese New Year (January 25).
"The productions that have been left for after the Chinese New Year will have a delay of approximately a month and a half," Asensio confirmed, so that "some companies will even be forced to reschedule their production". In his opinion, "the reaction at this point should be the minimization of damages", because there may be "losses in the turnover of those products that cannot be delivered" and "imbalances both in the stock (stocks) and in the margin of time that the businesses have between seasons".
The fashion employers' association recommends companies to consider the transfer of productions to countries such as Turkey, Morocco, Portugal or Spain, since proximity facilitates management.
"China is the world's factory", adds Invertia analyst Eduardo Bolinches, who explains to Efe that the closure of the factories means that "the arrival of ships" in Spain has been paralyzed, although "at the moment we are not seeing price rise in the textile sector, therefore, there is some tranquility".
According to Bolinches, rescheduling production implies an increase in costs and "it is difficult to convince an entrepreneur to go to another country where it costs twice as much", but "if it reaches the point where China produces zero It would be the only possibility".