|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1083.95 |
USD/Ton |
0% |
9/28/2015 |
|
VSF |
2070.78 |
USD/Ton |
0% |
9/28/2015 |
|
ASF |
2283.03 |
USD/Ton |
0% |
9/28/2015 |
|
Polyester POY |
1021.29 |
USD/Ton |
-1.66% |
9/28/2015 |
|
Nylon FDY |
2521.90 |
USD/Ton |
0% |
9/28/2015 |
|
40D Spandex |
5639.04 |
USD/Ton |
0% |
9/28/2015 |
|
Nylon DTY |
2349.60 |
USD/Ton |
0% |
9/28/2015 |
|
Viscose Long Filament |
2471.00 |
USD/Ton |
0% |
9/28/2015 |
|
Polyester DTY |
1112.14 |
USD/Ton |
-1.39% |
9/28/2015 |
|
Nylon POY |
2772.53 |
USD/Ton |
0% |
9/28/2015 |
|
Acrylic Top 3D |
5834.84 |
USD/Ton |
0% |
9/28/2015 |
|
Polyester FDY |
1315.78 |
USD/Ton |
-1.18% |
9/28/2015 |
|
30S Spun Rayon Yarn |
2819.52 |
USD/Ton |
0% |
9/28/2015 |
|
32S Polyester Yarn |
1738.70 |
USD/Ton |
0% |
9/28/2015 |
|
45S T/C Yarn |
2741.20 |
USD/Ton |
-1.13% |
9/28/2015 |
|
45S Polyester Yarn |
2976.16 |
USD/Ton |
0.53% |
9/28/2015 |
|
T/C Yarn 65/35 32S |
2553.23 |
USD/Ton |
0% |
9/28/2015 |
|
40S Rayon Yarn |
1895.34 |
USD/Ton |
0% |
9/28/2015 |
|
T/R Yarn 65/35 32S |
2318.27 |
USD/Ton |
0% |
9/28/2015 |
|
10S Denim Fabric |
1.10 |
USD/Meter |
0% |
9/28/2015 |
|
32S Twill Fabric |
0.92 |
USD/Meter |
0% |
9/28/2015 |
|
40S Combed Poplin |
1.02 |
USD/Meter |
0% |
9/28/2015 |
|
30S Rayon Fabric |
0.74 |
USD/Meter |
0% |
9/28/2015 |
|
45S T/C Fabric |
0.75 |
USD/Meter |
0% |
9/28/2015 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15664 USD dtd. 28/09/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The import of fabrics from China is taking a heavy toll on the domestic industry. These imported fabrics have badly affected the domestic production of fabrics in India and is now threatening the future investments into fabric manufacturing under ‘Make in India’ initiative, according to Mr. Anil Rajvanshi, Chairman, Synthetic & Rayon Textiles Export Promotion Council (SRTEPC).
The imports of fibre during the last 3 years on Advance Licence by actual years has been minimal at Rs. 82.73 crores in 20102-13 followed by Rs. 90.42 crores in 2013-14 which increased to Rs. 103 crores in 2014-15. This shows that majority of fabrics has been imported by unscrupulous traders who are selling them in pieces at various consumer markets such as Janpath, Chandni Chowk, Red fort etc. in the capital and other leading consumer markets all over the country. In view of the rising imports which have reached the level of over US $ 800 million increase the basic customs duty on fabric falling under Chapter 54, 55 and 60 (made of manmade fibres) to 20% from the present 10% immediately in order to save the Indian Textile Industry. The need of the hour, Mr. Rajvanshi said, is also to bring in tax between cotton and manmade fibres. The cotton has zero excise duty while man-made is taxed at 12.5% mandatory excise duty. The entire chain thereafter is under optional route. This is a major road block to the development of man-made textile in India which has only 40% share in the domestic market while, worldwide share of man-made textiles is 70%. This is the main reason of large scale imports of man-made fabric from China into India, Mr. Rajvanshi pointed out.
Giving detail of fabric imports, Mr. Rajvanshi informed that imports of fabrics has been scaling since 2013-14 till date amounting to US $ 850 million which is equivalent to Rs. 5500 crores. The amount of Rs. 5500 crores is grossly undervalued to the extent of at least 50%. Therefore, actual value should be over Rs. 8000 crores. The imports of Rs. 5500 crores worth of MMF fabric has hit the domestic consumption of MMF raw materials. In absence of imports, Indian MMF industry would have consumed 500,000 tons of manmade fibres, filament and textured yarns at standard meterage of 10 meters per kg. Despite having production capacity, India has lost production opportunity of 500,000 tons in volume and Rs. 5000 Crores in value on account of fabric imports, he pointed out. The domestic production of fabric, SRTEPC Chairman said, would have contributed Rs. 625 crores in terms of excise duty alone. The under-valuation of imported fabric is also resulting additional loss of custom revenue, he added. The falling Yuan will further aggravate the problem for man-made textile industry which is witnessing worst crisis in last 10 years. It is high time that government comes forth at the earliest to alleviate the problems faced by the Indian MMF industry, he stressed.
SOURCE: The Tecoya Trend
Government has approved seven textile parks under SITP (Scheme for Integrated Textile Parks) in Rajasthan to generate jobs and attract investments, Union Minister of State for Textile Santosh Gangwar said. "For each SITP, the Centre provides an assistance of Rs 40 crore to the state for textile parks... since Rajasthan is heading towards the right direction in textiles... seven textile parks (have been approved)," Gangwar said at Vastra-2015, an international textile and apparel fair, at Sitapura near here. The Centre has also approved one Common Effluent Treatment Plant (CETP) in Balotra for textile industries, he said, adding that his ministry is also considering separate projects of textile industry related works and plans of Sanganer (Jaipur), Pali, Bhilwara. After Gujarat and Maharashtra, Rajasthan would emerge as a textile hub in near future. Gangwar said the Modi government is giving emphasis on skill development and training to create jobs in the sector. "We can have bulk of engineers everywhere, but there has been shortage of skilled manpower like plumber, carpenter, fitter. The supporting staff is not available in many sectors of industries", he added. As many as 227 overseas buyers from 54 countries and 11 states, including Rajasthan, would be participating in the fair. During the inaugural ceremony, an MoU worth Rs 300 crore was signed between VICO Infrastructure of Anaadih Group, Kolkata and RIICO to set up a garment park at Prahaladpur, Jaipur and to provide employment to over 6,000 people.
SOURCE: The Economic Times
The Indian rupee on Tuesday weakened against the US dollar ahead of the key Reserve Bank of India’s (RBI) bi-monthly policy due after 11am. At 9.08am, the home currency was trading at 66.36, down 0.48% from its previous close of 66.05. The local unit opened at 66.33 per US dollar and touched a low of 66.37. The RBI is expected to cut its key policy rate by at least 25 basis points (bps), according to economists and bankers who are divided on the central bank’s ability to reduce borrowing costs further at a time when the US Federal Reserve is preparing for its first rate increase in nine years, Mint reported.
Economists and bankers at 10 top banks surveyed by Mint are all of the opinion that the RBI will cut its repurchase rate, the rate at which it lends to commercial banks, to 7%. Dollar demand was heavy which, currency dealers said, was on account of oil-related payments to Iran. The total bill is estimated at $6.5 billion. Indian oil refiners will pay Iran $700 million on 30 September for crude oil imports, their first payment this year as international sanctions on the Persian Gulf nation are set to be eased, Bloomberg reported. An equal amount is expected to be paid next month, they said, asking not to be identified before the announcement, the report added.The benchmark Sensex index fell 0.47% or 120.46 points to 25,496.38 points. The yield on India’s 10-year benchmark bond was trading at 7.731% compared with its Monday close of 7.727%. Bond yields and prices move in opposite directions. Since the beginning of this year, the rupee has lost 5%, while foreign institutional investors (FIIs) have bought $3.84 billion from local equity and $6.17 billion from bond markets.
Most Asian currencies were trading lower. Malaysian ringgit was down 1.1%, Indonesian rupiah 0.64%, Taiwan dollar 0.5%, South Korean won 0.49%, Philippines peso 0.36%, Singapore dollar 0.26% and China Offshore spot 0.16%. However, Japanese yen was up 0.18% and China renminbi rose 0.08%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.89, down 0.15% from its previous close of 96.034. Chinese industrial profits declined 8.8% on year in August, their sharpest fall since 2011, according to the National Statistics Bureau. Analysts said the report wasn’t surprising given the string of recent weak economic indicators, such as tumbling producer price inflation and factory activity, a Reuters report said.
Traders awaited key data from the world’s two largest economies this week. China’s official September purchasing manufacturing managers’ index (PMI) and the final Caixin/Markit PMI are both due on Thursday. The data will be closely watched after Caixin’s preliminary reading for September touched a six-and-a-half-year low of 47, well below the key 50 level. Meanwhile, the US nonfarm payrolls report for September is expected on Friday, Reuters report added.
SOURCE: The LiveMint
With an eye to boost its trade relationship with African countries and fast-track long-pending trade agreements with groupings from that continent, India will host a meeting of 53 African trade ministers, the largest such congregation, in New Delhi next month ahead of the India-Africa Forum Summit. The fourth India-Africa trade ministers’ meeting will be held on 23 October prior to the summit scheduled for 26-30 October. The industry department will also host the India-Africa business council meeting the same day. “It will be the largest meeting of trade ministers in India. It will give us an opportunity to review our status trade relation and take our engagement forward,” a government official said under condition of anonymity. On 26 October, India will host senior officials of the 54 countries, while on 27 October, foreign minister Sushma Swaraj will host her African counterparts. The summit between the Indian government and African heads of state will take place on 29 October, with 30 October set aside for bilateral meetings between visiting heads of state and Prime Minister Narenda Modi.
India is currently engaged with various African groupings such as the Southern African Customs Union (SACU), the Economic Community of West African States (ECOWAS) and the Common Market for Eastern and Southern Africa (COMESA) for preferential trade agreements. “As far as SACU and COMESA are concerned, negotiations are already in progress, but both the groupings are taking time to decide how to proceed further, while on ECOWAS, India has to make a move,” the official said. He added that progress on all these agreements will be reviewed during the meeting.
Established in 1910, SACU is the oldest customs union, comprising South Africa, Namibia, Botswana, Lesotho and Swaziland. India and SACU started negotiations on a preferential trade agreement in 2005 following the India-South Africa Joint Ministerial Commission. A so-called memorandum of understanding was signed between the two in 2008 to facilitate the negotiations. While India sought a tariff reduction in 30-50% of goods, the grouping is ready to offer only 10% of total traded goods. The official said India considers the tripatrite free trade agreement (TFTA) recently signed in June as an important milestone and is keenly watching the development. “We will keep ourselves engaged with the larger community that is emerging,” he added. TFTA is a proposed free trade agreement between COMESA, the Southern African Development Community and the East African Community, representing 26 African countries, worth $1 trillion and 600 million people.
Africa is considered the next growth frontier and is already an important trade partner for India. Trade with Africa increased from $39 billion in 2009-10 to $71.4 billion in 2014-15, with exports rising faster than imports. India’s key export interests are in processed petroleum products, drugs and pharmaceuticals, and motor vehicles. Crude petroleum is the biggest imported item from Africa, followed by gold, coal and other mining products. The official said India is already encouraging its industry to intensify its engagement with African nations. “We have supported several trade events for market access and market development initiatives. In 2015-16, 20 such events have been supported by the government in African countries,” he added. The official said that all countries of Africa have their unique trade baskets and India is currently examining which countries are more important from its export perspective. “There is tremendous potential for India in engineering, textiles, pharmaceuticals, automobiles, processed food and vegetable products,” he added.
Biswajit Dhar, a professor of economics at Jawaharlal Nehru University, said India should engage with African nations at the bilateral and multilateral levels. “While we can push for the LDC (least developed country) agenda at the World Trade Organization (WTO), we can help individual African countries in capacity-building to help them export more,” he added. India became the first developing country to extend a duty-free, quota-free facility to LDCs, which will benefit 21 such countries from Africa. It has also announced to provide preferential treatment in services trade to LDCs ahead of the Nairobi ministerial meet of WTO countries in December where the decision is expected to be notified.
SOURCE: The Live Mint
The Export-Import Bank of India (Exim Bank) has extended USD 24 million line of credit to Republic of Cote d'Ivoire for financing Electricity Interconnection Project with Mali. With the signing of the LOC agreement for USD 24 million, Exim Bank till date has extended five LOCs to Cote d'Ivoire, or Ivory Coast, taking the total value of LOCs to USD 136.30 million, the bank said in a statement. The LOC agreement was signed here on September 22, 2015 by ambassador of Cote d'Ivoire H E Sainy Temele and Nadeem Panjetan, Chief General Manager Exim Bank, it said. Exim Bank has in place 200 LOCs, covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over USD 12.22 billion available for financing exports from India.
SOURCE: The Economic Times
Companies, both Indian and foreign, have announced plans to invest over $11 billion in various ventures in the year since the launch of the BJP-led government’s ‘Make in India’ programme. Some of the notable investment commitments are from Taiwanese electronics major Foxconn ($5 billion), South Korean steel producer Posco ($3 billion), US-based transportation network company Uber ($1 billion), US-based automobiles company General Motors ($1 billion), Noida-based mobile company Lava ($400 million), and Dutch technology company Philips ($60 million), according to the Department of Industrial Policy & Promotion (DIPP).
The Make in India campaign was launched by Prime Minister Narendra Modi last September to promote the country as an investor-friendly destination and increase the share of manufacturing to 25 per cent of GDP. As part of the Make in India initiative, the government has set up an expert committee on improving the ease of doing business. The committee is advising it on how to do away with or limit unnecessary rules, norms and paperwork to encourage both foreign and domestic investments. According to the DIPP, between during October 2014 and April 2015, India received $19.84 billion of FDI, as against $13.4 billion in the same period last year — an increase of 48 per cent.
SOURCE: The Hindu Business Line
There is a need for greater market intelligence on China to tackle that country's dominance over foreign trade, said a top official at the ministry of commerce and industry on Monday. This is required as the final round of negotiations at Busan on regional comprehensive economic partnership (RCEP) agreements is round the corner, according to Bipin Menon, director, department of commerce. The RCEP is a proposed Free Trade Agreement (FTA) among 16 countries, including the 10 members of ASEAN (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and six countries with which ASEAN has existing FTAs - Australia, China, India, Japan, Korea, and New Zealand.
Speaking at the industry consultation meeting held in Chennai on Monday, Menon outlined the broad modalities on which RCEPs would be negotiated. While acknowledging that India along with other countries faced a huge threat on account of cheap imports from China, Menon also said that India's trade deficit of $48 billion for last year was a major pain point for India in particular. He called for industry experts to visit China, understand their markets and provide ministry officials with suggestions on tackling China given that the initial offer on RCEP between India and China have been agreed at 42.5% threshold.
With nine rounds of negotiations complete, Menon attributed the genesis of RECP negotiations to the impasse at the WTO meet held in Doha in 2008. "With the US initiated Trans-Pacific Partnership creating a western flank and the Trans Atlantic Trade and Investment Partnership (TTIP) between US and European Union forming an eastern flank, there was a need for an eastern flank to be created," said Menon. India is not party to either of the abovementioned deals. Menon said initial offers have been made by all countries with investments and initial reservation lists submitted by all RCEP countries except India and China.
Fielding questions from industry representatives on tariff cuts on various goods and services like engineering design, renewable energy products, automobile parts, rubber and rubber components amongst others, Menon spoke about the complexity of the agreements given its impact on several industries including steel and palm oil. With Malaysian palm oil prices at nearly 6.5 year low, India's imports of edible oil are its third largest spend after oil and gold. Indian edible oil producers have been pushing for restrictions on cheaper imports. Similarly, steel manufacturers have been opposing the inclusion of steel in the RCEP talks with domestic prices being higher than international prices. Menon said the negotiation would involve some give and take and decisions would be made at a holistic level.
SOURCE: The Times of India
The Government's “Make in India” programme, launched a year ago with 25 thrust sectors to provide a major push to manufacturing in India, has received a thumbs up from the Federation of Indian Chambers of Commerce and Industry (FICCI). “FICCI has been working with Government of India on the Make in India campaign which is one of the most successful campaigns for attracting investments and improving business environment in the country. It has been well received by the industry both in India and abroad and has started yielding results too. Also, we have seen a significant increase in FDI ever since this campaign has been announced” said Dr A Didar Singh, Secretary General, FICCI.
“A number of initiatives have been taken for simplifying business environment but there is a lot more to do as pointed out by the recent World Bank report too. And we are hopeful that business environment at the State level will be further simplified in due course as a result of Government's initiatives both at the Central and State level. We have seen rationalization and clarifications on some of the most time consuming clearances in the last twelve months which has given confidence to the industry and ensured faster execution of projects. As a result, we have seen the highest amount of investment projects getting completed in manufacturing in the quarter ending June 2015, since 2010.” Singh noted.
In a press release, FICCI cited the RBI Industrial Outlook Survey on assessment of the investment intentions of the manufacturing companies in fixed capital, (buildings, plants and machinery, etc,) which shows that more than half of companies (53 per cent) reported having made investment during the year 2014-15, of which 78 per cent companies planned for further investment in 2015-16. Among the manufacturing industries 'basic metals & metal products', 'transport equipment', 'textiles' and 'food products' industries expressed higher investment intentions for 2015-16.
The number of Industrial Entrepreneur Memorandum (IEM) filed since October 2014 to June 2015 was 1387, involving an indicated proposed investment of Rs. 2057.52 billion, which indicates an increase of 16.83 per cent in proposed investment when compared to the proposed investment in the IEM filed in the corresponding period of 2013-14. Foxconn (a Taiwanese multinational electronics contract manufacturing company) announced opening up of 10- 12 manufacturing facilities and creating one million jobs by 2020 in India. It signed an MOU with Government of Maharashtra to set up electronic manufacturing plant with the investment of $5 billion. It also tied up with Chinese Smartphone maker Xiaomi to start assembling phones in India. An Investor Facilitation Cell has been created in 'Invest India' (Joint venture of FICCI and DIPP) to assist, guide, handhold and facilitate investors during the various phases of business life cycle. This Cell provides necessary information on vast range of subjects; such as policies of the Ministries and State Governments, various incentive schemes and opportunities available, to make it easy for the investors to make necessary investment decision, the release said. (SH)
SOURCE: Fibre2fashion
The latest episode of the Modi and Obama Show that took place in New York on Monday should be seen as a season finale. President Barack Obama is just a few months from becoming a lame duck, as his countrymen turn their attention to the next US presidential elections. Obama is now looking at big deals that can give him a place in history. Prime Minister Narendra Modi has plenty of time left in office, so his focus is the immediate. His foreign policy is about beefing up the Indian economy and boosting his social programmes. This mismatch of interests will mean a period of drift in bilateral relations.
The New York meeting saw both merely recap common areas of agreement, in a fuzzy and non-specific way. More noteworthy was that there was little of substance even in the joint statement issued at an economic and strategic dialogue held in Washington DC six days earlier. The US president would like to sign an Indo-US climate accord on the lines of the one he signed with China. While climate change is close to Modi’s heart, he is wary of multilateral commitments in that area. A helping foreign hand for his green energy and clean India programmes is all he wants – and that is what he got. The New York meeting saw a few normal platitudes about climate change. The strategic dialogue had a passing mention of the coming Paris climate summit but a lot more about how the US could help Modi’s renewable energy programme. The inward-looking agenda of the two leaves little space for intense work on the Indo-US strategic relationship, the overarching glue of the two countries. Compared to what they were just two years ago, relations are much more positive. Washington is enthusiastic that New Delhi has a leader who can come through on his promises. And with even China growth figures falling, India is about the only emerging economy that fits the label. But there are cracks in relations that need attention. Neither leader is doing much about them though ties could stumble on them if they are neglected.
On the geopolitical side, India and the US are on the same page with the Indian Ocean and China. But they are far apart when it comes to AfPak. In New York, the two leaders seem to have avoided saying anything at all on this. The dialogue joint statement mimics the January statement: fulsome on the Indo-Pacific, vague when it comes to Afghanistan. There is little convergence. New Delhi believes Obama, looking for a political quick fix to cover his troop withdrawal, sees a Pakistan-backed Taliban regime as the answer.
On the economic side, differences are widening. The New York meeting seems to have ignored the issue. The dialogue blandly spoke of welcoming “efforts toward the removal of barriers that impact their participation in global supply chains and sustained implementation of trade facilitation measures”. That is no surprise as the differences are most stark with regards to trade policy. Modi has yet to reverse the commerce ministry’s anti-free trade stance. But if he does not, India and the US will eventually discriminate against each other on the trade and investment front – undermining a key pillar of the strategic relationship.
The US is building a new Asia-America trading bloc in the Trans Pacific Partnership that may see fruition in a few months. The TPP is designed to isolate China but it also keeps out any country unwilling to consider radically opening up its market – the Indian policy of the past few years. The path to joining the TPP once it is set up will be long and tortuous. India would have to first complete its bilateral investment treaty with the US. This would pave the way for joining the Asia Pacific Economic Cooperation bloc, itself a precursor to entering the TPP. That none of this seems to be on the agenda, let alone the resumption of the squabble over food subsidies in the WTO, is telling. This has been a US summit that will do little to change the contours of a strategic relationship that needs repairs. The next opportunity to do so may be when there is a new US president in office – in January 2017. In the meantime, Modi will look to the likes of Mark Zuckerberg and Elon Musk for deliverables from America.
SOURCE: The Hindustan Times
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 44.79 per barrel (bbl) on 28.09.2015. This was lower than the price of US$ 44.93 per bbl on previous publishing day of 25.09.2015.
In rupee terms, the price of Indian Basket decreased to Rs 2959.80 per bbl on 28.09.2015 as compared to Rs 2969.79 per bbl on 25.09.2015. Rupee closed stronger at Rs 66.08 per US$ on 28.09.2015 as against Rs 66.10 per US$ on 25.09.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on September 28, 2015 (Previous trading day i.e. 25.09.2015) |
Pricing Fortnight for 16.09.2015 (Aug 28 to Sep 11, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
44.79 (44.93) |
47.42 |
|
(Rs/bbl |
2959.80 (2969.79) |
3147.27 |
|
|
Exchange Rate |
(Rs/$) |
66.08 (66.10) |
66.37 |
SOURCE: PIB
Petrochemical derivatives are an important starting point for manufacturing textile fibers and filament yarns. While ethylene, paraxylene, benzene and propylene are mother feedstock for production of polyester, nylon, polypropylene and acrylic fibres and filament, any movement in their prices have direct impact on input costs and thus the final product pricing. In the week ended 28 August, ethylene markets in Asia strengthened and prices were up, driven by firmer demand amid tight supply. The markers, NE Asia while SE Asia rose US$30-35 on the week, sending strong signals for MEG makers downstream. In similar comparison, paraxylene prices rose US$17.50 a ton FOB Korea and CFR Taiwan/China while nominations for October Asian contract prices had started trickling in the range of US$800-850 a ton CFR Asia. This also pushed paraxylene prices in the US.
Benzene prices also rose in Asian market on stable downstream although sentiment was weak limiting trading activity and quiet demand in northeast Asia. The FOB Korea marker was assessed up US$15 a ton week on week tracking similar rises in US and Europe values. The rise helped stabilise downstream caprolactum prices as well as nylon yarn prices Propylene prices, however, declined sharply in Asian markets during the week on weak demand and supply glut amid thin trading activity. Demand will shrink as China will be on holiday between October 1-7 and South Korea from Saturday to Tuesday. Propylene markers, the CFR China and FOB Korea were assessed down US$85 a ton. The fall impacted downstream polypropylene markets which saw prices edging down. Another derivative, acrylonitrile used to make acrylic fibre, prices continued to march lower amid persistently weak demand and falling cost. This forced acrylic fibre producers to cut offers significantly, narrowing the price gap between the two. The rise in ethylene, paraxylene and benzene prices have increased cost pressure on their respective derivatives which will see either cost absorption or passing them on to consumers depending how strong or weak are their fundamentals.
SOURCE: Yarns&Fibers
German retail giant Lidl will increase its garment purchase from Bangladesh by 20 percent in 2015 as the company thinks the country is still competitive for low prices. In 2014, the company purchased 251 million pieces of apparel from Bangladesh, Markus Reinken, buying director of Lidl, said in an interview with The Daily Star in Narayanganj. Currently, the company purchases garments worth $700-$800 million from Bangladesh a year, said a company official.
SOURCE: The Global Textiles
The National Council of Textile Organizations (NCTO) called on the Obama Administration to utilize t last week’s meeting with Chinese President Xi Jinping to highlight the urgent need for substantial economic and trade policy reforms by China in order to help level the playing field for US textile producers and other US manufacturers. The National Council of Textile Organizations (NCTO), headquartered in Washington DC, is the national trade association representing the entire spectrum of the textile sector.
Historic opportunity
From 1997-2008 the US textile and apparel industry took a major hit at the hands of China’s economic policies, and hemorrhaged over a million jobs, according to the organisation. Despite China’s continued practices, since 2009 the US industry has had steady growth in the key economic indicators of output, exports, and investment, and is now the third largest exporter of textiles and apparel in the world, it is reported. “US textile producers are world class competitors but we have no desire to compete with foreign governments. President Obama has a historic opportunity to work with the Chinese President on these important economic reforms to create a level playing field for US textile manufacturers so that we are able to continue to maintain growth and be a substantial contributor to the US economy. NCTO strongly urges the President to capitalize on this important state visit,” said NCTO President Augustine Tantillo at the time.
Predatory trading practices
Tantillo urged President Obama to press President Xi on issues that directly affect the US textile industry. "The domestic textile industry has long fought for changes to China's predatory trading practices including currency manipulation, illegal subsidizes, and intellectual property infringement. On behalf of the US textile industry, I implore President Obama to address these critical issues with President Xi and urge immediate policy reform.” Tantillo went on to cite the recently filed World Trade Organization (WTO) case by the United States which challenges China's export subsidy programme as an illegal policy and specifically names textiles as a key benefactor of this programme.
US textile industry
The US textile industry is one of the most innovative and scientifically advanced industries in the world providing products to the automotive, aerospace, military, medical, technical, home furnishings, and apparel industries. In addition, the US textile industry is also a large manufacturing employer in the United States - the overall textile sector — from textile fibres to apparel — employed 499,500 workers in 2014, and textile companies alone employed 232,100 workers. US textile shipments totalled more than US 56.7 billion in 2014. The industry is the third largest exporter of textile products in the world. Exports of all textile products were nearly US 18.3 billion 2014. Total textile and apparel exports were a record US 24.4 billion in 2014.
SOURCE: Innovation in Textiles
