Portuguese factories boomed during the pandemic making t-shirts and hoodies, but soaring energy costs, rising interest rates, and falling demand have forced manufacturers to move production to Turkey, Bangladesh, and China. Companies are scrambling to find new clients to survive.
Factories are closing in Portugal left and right. They have been for the last few years. What are your thoughts on this and what do you think the future holds for Portugal? We have the year 2020-21, that was the best year for most of the companies who was doing like more jersey goods, like t-shirts, hoodies, wherever, because of the pandemic. Everybody was buying a lot and selling a lot. After we have the war, the price of the gas, the energy went up. Portugal is already in a difficult position, so clients had to move from Portugal to Turkey or to Bangladesh or to China. Or wherever. Besides that, we have the interest rate also going up, the consumer drops, and of course we are in the middle of the perfect storm. This will continue, and for us as a company, what we did, basically we need to find other clients.
