Textile Raw Material Price 2015-10-12
|
Item |
Price |
Unit |
Fluctuation |
|
PSF |
1088.08 |
USD/Ton |
0.36% |
|
VSF |
2278.43 |
USD/Ton |
0.35% |
|
ASF |
2293.38 |
USD/Ton |
0% |
|
Polyester POY |
1038.51 |
USD/Ton |
2.33% |
|
Nylon FDY |
2533.34 |
USD/Ton |
0% |
|
40D Spandex |
5664.60 |
USD/Ton |
0% |
|
Nylon DTY |
2482.20 |
USD/Ton |
0% |
|
Viscose Long Filament |
1117.19 |
USD/Ton |
1.07% |
|
Polyester DTY |
2785.10 |
USD/Ton |
0% |
|
Nylon POY |
5861.29 |
USD/Ton |
0% |
|
Acrylic Top 3D |
1306.01 |
USD/Ton |
0.61% |
|
Polyester FDY |
2360.25 |
USD/Ton |
0% |
|
30S Spun Rayon Yarn |
2848.04 |
USD/Ton |
0.56% |
|
32S Polyester Yarn |
1762.32 |
USD/Ton |
0.90% |
|
45S T/C Yarn |
2737.89 |
USD/Ton |
0% |
|
45S Polyester Yarn |
1903.94 |
USD/Ton |
0% |
|
T/C Yarn 65/35 32S |
2328.78 |
USD/Ton |
0% |
|
40S Rayon Yarn |
3005.39 |
USD/Ton |
0.53% |
|
T/R Yarn 65/35 32S |
2580.54 |
USD/Ton |
0% |
|
10S Denim Fabric |
1.10 |
USD/Meter |
0% |
|
32S Twill Fabric |
0.93 |
USD/Meter |
0% |
|
40S Combed Poplin |
1.02 |
USD/Meter |
0% |
|
30S Rayon Fabric |
0.75 |
USD/Meter |
0% |
|
45S T/C Fabric |
0.76 |
USD/Meter |
0% |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15735 USD dtd. 08/07/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The commerce ministry is considering incentives worth Rs 3,000 crore under the Merchandise Exports from India Scheme (MEIS) amid exports registering fall for the ninth straight month in August, declining by 20.66 per cent from a year earlier to $21.26 billion. Officials told The Indian Express that the commerce ministry has assured exporters in a meeting last week that “more products will be added under the MEIS both top best-performing products and the ones which have been performing poorly with the allocations being increased from the earlier Rs 18,000 crore to Rs 21,000 crore”. Further, in the meeting, chaired by commerce secretary Rita Teotia, the exporters were told that the “issues pertaining to transaction cost will also be taken care of soon to ensure that Indian products remain competitive in the global market,” the official added.
Reeling under sliding exports due to slow global demand, sharp fall in crude prices, fall in commodity prices such as gold and copper, currency fluctuations, including depreciation of euro, rouble, Brazilian real and yuan, and the slowdown in Chinese economy, exporters have been urging the government for some time now to release the interest subvention allocated in the Budget. The outlay for the interest subvention has been raised from Rs 1,650 crore provided in the Budget to Rs 2,200 for the current fiscal. Last year exports stood at $310.53 billion while imports were at $447.540 billion. The commerce ministry aims to take goods and services export to $900 billion by 2020 and increase India’s share in world exports to 3.5 per cent from 2 per cent.
Assuring the exporters of making interest subvention available soon, the government has, however, asked them to “become more competitive as it has a limited role to play in increasing exports”. The Federation of Indian Export Organisations (Fieo) has identified 36 products including bovine meat, cashew nuts, maize, sesamum seeds, granite, benzene, P-Xylene, vaccines for human medicines, reactive dyes and preparations thereof, insecticides, polyproylene and textured yarn of polyesters among others to boost overall exports. According to FIEO, these 36 products showed a compounded annual growth rate (CAGR) of 21 per cent in India’s exports during 2010-14 as against overall exports CAGR of 9.56 per cent. The CAGR of world’s imports for such products was 16.63 per cent in the same period as against CAGR of overall global imports of 5.3 per cent in the same period. The total export of these 36 products from India in 2014 was $45.58 billion, close to 14 per cent of our overall exports. The world imports for these 36 products in 2014 stood at $700.45 billion.
India’s share in world exports for these 36 products was thus 6.5 per cent in 2014 as against our overall share of about 1.7 per cent in the world merchandise exports,” the export organisation said as it made case for supporting these sectors to boost exports. It said that if the country is able to increase its share from 6.5 per cent to 10 per cent in the next three years, exports from these sectors can go up to over $110 billion from the current $45.58 billion. Exporters from the leather industry said that the government needs to set up a marketing fund for aggressively marketing Indian products in markets like China, which have huge demand for leather products. The sector has already started witnessing job losses, M Rafeeque Ahmed, chairman, Council for Leather Exports, said. The commerce ministry has as such been asking for cost of capital for exporters, increase in EXIM Bank’s capacity for project exports and restoration of tax benefits to special economic zones to provide cushion to exporters.
SOURCE: The Financial Express
The Indian textile industry has started facing problem as competing nations like Pakistan, Vietnam, Cambodia, South Korea, Bangladesh started getting larger benefits and open window market access. Textile industry to enhance its exports wants low tariffs or duty free access. C K Narayanasaami, Chairman, SIMA Cotton Development & Research Association and K Selvaraju, Secretary General, Southern India Mills' Association (SIMA) met the Commerce minister Nirmala Sitharaman during her visit to Coimbatore and handed over a 10 point memorandum with the industry's demands. The association flagged how textile products from India attract very high tariff rates in all the major markets like China, EU, USA, Canada, Australia. In comparison, those from Pakistan, Vietnam, Bangladesh, South Korea, Indonesia, Cambodia either attract very low tariff or have duty free access.
The Textile industry has requested the Centre to extend the 3 percent interest subvention for all textile products. It also wants MEIS scheme benefits to be extended to cotton. It also asked the government to exempt domestic supply of capital goods under the EPCG scheme from terminal excise duty by introducing suitable bond procedure as against obtaining refund at a later date. It further wants the Commerce ministry to remove the condition that certain percentage of exports should be carried out within the "block period". It have further urged the government to remove import duties and reduce the central excise duty from 12.5% to 6% and also withdraw anti-dumping duties, remove the 6% central excise duty on shuttleless looms (projectile) and 12.5% on other shuttleless looms (air jet looms, rapier looms and water jet looms) and spares & accessories. The association wants the Centre to ask Bangladesh to remove duty on Indian cotton yarn. Cotton yarn import is subject to customs duty of over 36% in Bangladesh.
SOURCE: The CCF Group
Karnataka comparing with the policies of Maharashtra and Gujarat has made some modification in its Javali Neethi (Textile Policy) 2013-18 with an aim to not only strengthen its textile value chain activities but also to spur technical textiles and go for an aggressive push for geographical distribution of textile and garment units. The State is encouraging investments in almost all the sub-sectors of textile in the form of Textile Parks, Mega Projects, Integrated units and MSME units. As they are very strong in garmenting; the policy focuses on the dual approach of development i.e. strengthening of existing value chain activities and filling the gaps in creating the facilities for value chain activities, said a senior government official. With these changes, they are aiming to attract ₹8,000 crore worth of investment by 2018 and create four lakh employment in the state.
The policy also focuses on strengthening and enhancing capacity of all the essential value chain activities such as spinning, weaving (handloom and power loom), including pre-loom activities, knitting, processing, garmenting, and other support ancillary activities like textile machinery manufacturing. The modified policy has offered attractive packages as follows: Mega Project (investment of ₹100 crore to ₹500 crore), Ultra Mega Project (investment ₹500 crore to ₹1,000 crore) and Super Mega Project (investment more than ₹1,000 crore). The basket of incentives in Non-HK Region Districts has been increased, as mentioned below: Mega Projects: 15 per cent or maximum ₹50 crore, whichever is less.
Ultra Mega Projects: An additional of 10 per cent on every investment of additional ₹10 crore on pro-rata basis in addition to the benefits of Mega Projects (if the investment is ₹1,000 crore, maximum ₹100 crore incentive will be provided). Super Mega Projects: An additional of 5 per cent on every investment of additional ₹10 crore on pro-rata basis in addition to the benefits of Mega and Ultra Mega Projects (if the investment is ₹2,000 crore, maximum ₹150 crore incentive will be provided). The official said that the basket of incentive are offered for credit linked subsidy, power subsidy, ESI / EPF reimbursement, entry tax and stamp duty reimbursement, ETP and interest subsidy. They have made changes to create capacities across the textile value chain. However, scale and ecosystem are what is required to attract large textile units like in other traditionally strong textile States.
SOURCE: Yarns&Fibers
After China, Bangladesh has also jumped on to Gujarat's textile park bandwagon. The neighbouring country, which heavily relies on Indian cotton for its garment industry, proposes to set up a textile park in the state. Bangladesh has zeroed in on Kadi near Ahmedabad for the project which involves an initial investment of Rs 240-300 crore. To begin with, the park will have spinning units with cumulative capacity of 1 lakh spindles. Bangladesh has sought around 100 acres of land from the state government for the project.
Last month, a high level trade delegation comprising representatives of the Federation of Bangladesh Chambers of Commerce and Industry, Bangladesh Cotton Association and Bangladesh Garment Manufacturers and Exporters Association visited Gujarat. These apex trade bodies have now approached the state government with a proposal to set up a textile park. "Initially, they will invest in yarn manufacturing and later on may include garment manufacturing. Bangladesh already imports yarn from Gujarat, so the park will provide them the cost advantage. The project is very significant from the point of view Indo-Bangladesh trade promotion," said Mamta Verma, industries commissioner, Gujarat government.
Globally, Bangladesh is among the top garment manufacturing and exporting countries. However, it has to bank on India, especially Gujarat, for cotton and yarn. "Gujarat has aggressive textile policy with incentives for spinning activities. Availability of power and raw material (cotton) is attracting many companies to set up their spinning units in the state," said Dr PR Roy, chairman, Diagonal Consulting India. Bangladesh imports close to 55 lakh bales (one bale weighs 170 kg) annually, of which 70% is accounted by India, while Gujarat has the largest share in cotton exported to Bangladesh.
SOURCE: The Times of India
The Confederation of Indian Textile Industry (CITI), the apex national chamber of textile industry comprises of regional associations, textile sector associations and corporates in the textiles industry, has elected Naishadh Parikh of Arvind as its new chairman. Mukund Choudhary and J Thulasidharan will continue as deputy chairman and vice chairman respectively. Binoy Job will take over from DK Nair, who is retiring after 16 years of service as secretary general of CITI. Parikh will take over at a time when the textile sector is going through a challenging time for the domestic as well as for the global industry. The current year is also crucial for CITI as the confederation will be hosting two international events in India in near future. CITI along with the Ministry of Textiles will be hosting the plenary meet of the International Cotton Advisory Committee (ICAC) in December this year at Mumbai. CITI will be also hosting the next International Textile Manufacturers Federation (ITMF) Conference in November 2016. A successful serial entrepreneur who has been spearheading industry bodies in different roles at the national level, Parikh brings with him more than 35 years of experience in diverse industries including textiles. Over the last 25 years, he has played a significant role at Arvind, in its growth and expansion. Parikh is a member of Board of Governors of Ahmedabad University and CEPT University.
SOURCE: Fibre2fashion
The US' first-ever India roadshow will kick off tomorrow with an aim to attract Indian investors. Under the US Department of Commerce's 'SelectUSA' programme, the roadshow will be held from October 13-16 in Delhi, Mumbai, Chennai and Kolkata, in that order, a release said. The Kolkata leg of the roadshow on Friday will be held at the Bengal Chamber of Commerce and Industry featuring a half-day seminar, with sessions by American professionals on investment visas, legal and financial issues, investment incentives and successful strategies, it said. There will also be one-on-one consultations with participating US states. Investors will be offered insights about unique incentives of each area and key contacts to guide their investment decisions. The US delegation is being led by 'SelectUSA' Executive Director Vinai Thummalapally. India is now the fourth-fastest source of investment in the United States, with $11 billion till date. The number of Indian companies operating in the US has gone up to over 200 companies today, from an estimated 85 in 2005.
SOURCE: The Economic Times
The Centre and states have completed the drafting of model Goods and Services Tax (GST) law as well as an integrated-GST (iGST) law, which will be put up in public domain by early November. According to a government official, the Empowered Committee of state Finance Ministers is likely to meet this month to discuss the legislations — Central GST (CGST), State GST (SGST) and iGST. “The model GST law and iGST law has been circulated among the states. The Empowered Committee would meet soon to discuss them,” a senior official told PTI. The CGST will be framed based on the model GST law. Also the states will draft their own SGST based on the draft model law with minor variation incorporating state based exemption. “Trade and Industry should also be a part of the law because ultimately they would pay the tax. Hence their views are essential. The drafts will be put up on website by first week of November,” the official added. The drafts of the proposed legislations are based on three principles — definitional clarity, certainty in assessment and promoting ease of doing business, the official said.
The model GST law and iGST law have been drafted by the officials of both Centre and the states, the official added, Although the government had planned to roll out the GST, which is touted as the most comprehensive indirect tax reform since Independence, from April 1, 2016, it seems difficult in view as the Constitution Amendment Bill is stuck in the Rajya Sabha where the ruling National Democratic Alliance does not have a majority. The government, however, is going ahead with the preparatory work necessary for smooth implementation of the GST, which will subsume various levies like excise, service tax, sales tax, octroi, etc, and will ensure a single indirect tax regime for the entire country. The government has already put up three reports of empowered committee on GST on refunds, payment process and registration for public comments by October 31. The date for next meeting of the empowered committee has not been finalised yet. It was scheduled to meet last month but the meeting was deferred.
SOURCE: The Business Standard
Birla Cellulose, a division of the $40 billion Aditya Birla Group and a world leader in speciality viscose staple fibres (VSF) is expanding its collaboration in China. As part of that exercise, it is participating at Intertextile Shanghai Apparel Fabrics from October 13- 15, 2015, the company said in a press release. Seven leading Chinese collaborative partners of Birla Cellulose too are exhibiting collections leveraging Birla Cellulose fibres. They include; Frontier Spinning Mills, one of the largest producers of spun yarns for the knitting and weaving industries in the world and Hangzhou Anchao Trading Co.,Ltd, a leading spinner of specialty dyed yarn on MVS technology. Other partners are Shinehoo Textile Industrial Co.,Ltd, a leading sweater yarn producer based on ecofriendly Spunshades and supplier to leading brands; a leading textile company with presence in weaving and spinning with a focus on dyed yarns and Zhejiang Hengzhilu Fibre Co.,Ltd, a renowned spinner in top dyed mélange and blended yarn catering to knitting segment. The fifth is Zhenlun Spinning Co.,Ltd, an internationally renowned spinner of viscose fibres having presence in all types of spinning technologies such as Siro, Siro Compact, Open End and MVS and lastly; Dongying Runfeng Cotton Co.,Ltd, an upcoming spinner of viscose and modal fibres, catering to high end inner wear market in Guangdong.
With a wide array of speciality manmade cellulose fibres (MMCF) in their basket like, Birla Viscose, Birla Modal, Birla Excel and Birla Spunshades, the Company will be showcasing its Liva Autmn/Winter 2016-17 Collection along with two other group companies and six value chain partners. One group company, Thailand-based Thai Acrylic Fibre Co. Ltd, a leader in the acrylic fibre space will be presenting their innovation in anti-microbial fibres; Amicor. The other is Aditya Birla Yarns, who will display yarn innovations with unique blends and special features mainly leveraging viscose and Modal. Sachin Malik, Head Sales & Marketing (China) stated, “We are delighted to have innovations in Birla Modal & Birla Spunshades in applications such as leggings, bed linen, casual trousers, knitted and woven tops by working alongside partners, for both, China and the global market. The Liva Autmn/Winter 2016-17 Collection is focused around the theme of art and the world of artists and there is a definite look which is far from the ordinary and which was the inspiration for the two lines, namely; Canvas and Gallery
The Canvas collection celebrates art and craftsmanship and is inspired by the art movement which consists of finding out the new expressions of art using eco-sensitive materials. The featured fabrics of the collection include, Liva Spunshade Mélanges which offer eco-friendly spun dyed fibre, unfading colours and uniformity. The Canvas line also has fabrics made from Liva Modal Amicor which offers antibacterial properties with lasting hygiene and fresh feel, while Liva Modal Indigo carries natural dyes with sustainability as the key feature and Liva Spunshade Thermolite which provides warmth and has different structures like plating, fleece, pique and more. The Gallery collection celebrates the garment as a canvas by adding intricate details, while, the basic with a ‘twist’ look is complimented by rich fabric blends. The featured fabrics of the collection include Birla Modal fibre in its pure form in structures and rich blends. Others include: Birla Modal wool fibre offering warmth with comfort; Liva laces offering a rich look with varied designs, prints and bonding; Birla Modal high twist fabrics giving crepe effects and Birla viscose/modal blended fibres offering metallic sheen and a range of varied digital prints and two faced plating and hombre. “The inspirations drawn from consumer interactions and brands have made us balance nature and fashion in our Autmn/Winter 16/17 collection,” said Manohar Samuel, President-Marketing and Business Development at Birla Cellulose.
SOURCE: Fibre2fashion
Aéropostale, Inc. a mall-based specialty retailer of casual apparel for young women and men, has announced a domestic licensing agreement for home textiles with Himatsingka America. Under the licensing agreement, Himatsingka will design, manufacture and distribute home textiles such as bedding and bath linens using the Aéropostale label for department stores, big box retailers and wholesale channels across North America, Aéropostale said in a press release.
Julian R. Geiger, CEO of Aéropostale, stated, "We look forward to capitalizing on the power of the Aéropostale brand to expand our reach through new bedding and bath products. Himatsingka America has a strong portfolio of brands and proven track record, and we look forward to working with them to reach new customers across new channels." Himatsingka America CEO David Greenstein said, "We are excited to partner with a highly recognizable brand such as Aéropostale. We intend to engage Aéropostale's vast customer base with an exciting new home offering. We share their passion for creative design and quality workmanship and look forward to a meaningful relationship." Under this agreement, Aéropostale's expanded home collection is expected to be available during the Back to School 2016 season. The Himatsingka Group is a a Bangalore-based vertically integrated home textile major with a global footprint. The Group focuses on the manufacture, retail and distribution of Home Textile products.
SOURCE: Fibre2fashion
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$ 50.10 per barrel (bbl) on 12.10.2015. This was lower than the price of US$ 50.68 per bbl on previous publishing day of 09.10.2015.
In rupee terms, the price of Indian Basket decreased to Rs 3242.81 per bbl on 12.10.2015 as compared to Rs 3283.36 per bbl on 09.10.2015. Rupee closed stronger at Rs 64.73 per US$ on 12.10.2015 as against Rs 64.78 per US$ on 09.10.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on October 12, 2015 (Previous trading day i.e. 09.10.2015) |
Pricing Fortnight for 01.10.2015 (Sep 12 to Sep 28, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
50.10 (50.68) |
45.27 |
|
(Rs/bbl |
3242.81 (3283.36) |
2991.44 |
|
|
Exchange Rate |
(Rs/$) |
64.73 (64.78) |
66.08 |
SOURCE: PIB
Pakistan could enhance its textile exports to Japan since the country offers a wider scope and available cushion for them to excel in the Japanese market, said Japanese textile experts on Monday. Addressing a textile event ‘Pakistan Japan Textile Day’, organised by the Japan International Cooperation Agency (JICA) and Trade Development Authority of Pakistan (TDAP), Japan Textile Importers Association (JTIA) Senior Expert Yasuhiro Shoda also had words of advice. He said the country needed to work on the process design and curtail its costs.“In Pakistan, the labour cost is high and process design is uneven.” While highlighting the principles of motion economy, he urged for more production management techniques and problem solving methods for quality improvement.
QTEC General Manager Hisao Nishiyama said, “Japan has a $100-billion apparel market and Japanese consumers are quality conscious and like maintaining quality standards.” TDAP Director General Shahzad Hussain Rana stressed that Pakistan had a dynamic, vigorous and export-oriented textile industry that has an overwhelming impact on the economy. “This is a good time for Pakistan to take positive steps towards entering the Japanese market,” he said. Lastly, he hoped the event would raise awareness among Pakistani companies regarding the trends and requirements of Japanese importers and pave the way for increased exports.
SOURCE: The Tribune
India and Pakistan together will feature over 80 exhibitors at Yarn Expo Autumn 2015, a fair aimed at showcasing natural, synthetic and blended yarns and specialty products in Shanghai, China from 13-15 October, 2015, according to a press statement released by Messe Frankfurt (HK) Ltd. Featuring around 66 fibre and yarn suppliers, India will be the largest contingent from outside of Mainland China, and will be having a pavilion of its own. Kikani Exports, GTN Group, Loyal Textile Mills, Gujarat Ambuja, NSL Textile, Lahoti Overseas, Sutlej Textiles and Industries, Premier Mills, Winsome Textile Industries, Sangam (India) and TT Ltd are some of the big names at the fair from India.
Pakistan will be another major exhibitor at the fair with over 18 exhibitors of 100 per cent cotton, melange and bamboo cotton. There will be over 250 exhibitors participating at the Expo, and over 100 participants will be from countries other than Mainland China like India, Pakistan, Hong Kong, Korea, Indonesia, Singapore, Italy, Switzerland, Vietnam and Uzbekistan. Around 150 domestic suppliers will take part covering a wide range of products.
Synthetic fibre exhibitors will feature in three special zones: the Advanced Cottony Polyester Fibre Zone showcasing imitation cotton suppliers with products for sportswear, overalls and denim outfits; the Renewable & Recycling Zone will feature a range of renewable and recycling fibre products ranging from raw materials to finished goods; and the Functional Fibre Zone targets this fast-growing segment in China and globally with a range of polyester, nylon, biochemical fibres, spandex, polypropylene fibres, acrylic fibres and more. The increase in the number of exhibitors at the fair will be by more than 87 per cent as compared to 2014. The exhibition space also expands by the same amount to 8,500 square metres. Yarn Expo Autumn 2015 will open alongside Intertextile Shanghai Apparel Fabrics. It will be held at the brand-new National Exhibition and Convention Center (Shanghai) in hall 4.1. (MCJ)
SOURCE: Fibre2fashion
The textile industry will be making headlines on Sunday, October 11th, as the second edition of the International Textile Fair-Dubai (ITF) kicks off. The two-day fair will take place at the Dubai World Trade Centre. Ahmed Abdul Salam Kazim, Director of Strategy & Corporate Excellence at Dubai Customs, said much of the importance the ITF gains is credited to Dubai’s global status as a prominent hub for textile and apparel trade in the Middle East, Africa and nearby markets. A wide range of brands and products that meet all tastes and needs is made available at competitive prices, thanks to a 24/7 network of aviation lines connecting Dubai to the world. Kazim added, “Dubai textile trade in the first half of 2015 hit AED 7.5 billion, with AED 4.8 billion in imports, AED 2.2 billion in re-exports and AED 508 million in exports.”
The Director of Client Management at Dubai Customs Edris Behzad stated, “Dubai Customs strives to enhance ties with textile traders. To that end, the International Textile Fair- Dubai is the place to be, as it attracts 200 exhibitors, mainly from Europe, India, Japan, Korea, Turkey and various traders from the local market.” “The ITF will include a stand to introduce both exhibitors and visitors to the services offered by Dubai Customs to various business sectors and the regular sector-specific initiatives it tailors,” Behzad added. After the huge success of its maiden edition, the International Textile Fair (ITF) is set to return to Dubai for its second season on 11th & 12th October 2015 at the Dubai World Trade Centre. This season, the International Textile Fair, which is UAE’s exclusive trade show for fashion and textile, is creating an inviting atmosphere that will inspire both exhibitors and visitors attending the fair.
SOURCE: The AME Info
The All Pakistan Textile Mills Association has decided to observe a black day for industry on Wednesday (tomorrow) by closing down the textile industry all over the country- from Karachi to Peshawar, to protest against what it calls the non-serious attitude of the government regarding industry. APTMA Punjab Chairman Amir Fayyaz, addressing a press conference on Monday, said the owners of mills in Khyber Pakhtunkhwa, Lahore, Faisalabad, Multan and Karachi had unanimously decided to close down operations and lay off millions of workers because they had nothing to offer to their international buyers against the regional competitors. “Prime Minister’s priorities are foreign tours and he is least concerned over declining export and collapse of the industry. We are told by the authorities that PM is going to the US again and exporters will have to wait for another 15-20 days for announcement of relief package by the PM.”
According to him, the cost of doing business in the textile sector has gone very high and the burden of taxes, provincial cess, system inefficiencies and the punitive withholding tax regime have added fuel to the fire. He said that more than 50 textile mills out of 350 have been closed during the last three months, as the mills could not mange to pay high electricity bills. “We had earlier decided to go on strike in last Sept but we deferred our plan on commitment of the government to announce incentives for exporting sector, which is pending for the last three months. Due to closure of mills, the country will suffer a loss of $2 million per hour foreign exchange. The Prime Minister should hurriedly announce the relief package for export oriented industry otherwise the shutdown strike might prolong for indefinite period.” He said the textile industry was vying for reducing its cost of doing business, particularly the cost of energy, which is almost 60 percent higher comparing with the regional competitors. Electricity to the textile industry in the region is not more than 9 cent per kilowatt hour against 14.5 cent per kilowatt hour in Pakistan at present, he added. He maintained that only the continuity of textile industry operations can ensure exports and employment in the country. There is an immediate need for revival of the textile industry, as the chance of revival would be zero in case the industry is closed down once, he apprehended.
Textile industry group leader Gohar Ejaz commented the textile industry needs a congenial environment to fulfill its international commitments. It is high time for the government to announce textile exports package at the earliest, he said. He urged the government to ensure the availability of electricity and gas to the textile industry on affordable price for competing in the international marketplace. Gohar Ejaz said the cost of doing business has escalated 15 percent due to the ‘overvalued’ Pak rupee and non-transfer of reduction of oil prices. Consequently, around 35 percent textile production capacity has become impaired throughout the country. Furthermore, it is also an irony that the federal government has imposed a surcharge of Rs3.60 per unit to mitigate the positive impact of tariff reduction by National Electric Power Regulatory Authority. The textile industry is unable to bear this burden despite operating on independent feeders with no line losses and theft and 100 percent payment of bills, he pointed out.
SOURCE: The Nation
As Indonesia makes a belated bid to join the US-led Trans Pacific Partnership, the country's Trade Minister Thomas T. Lembong has appealed for widespread support to join the trade bloc within two years, according to media reports. He said firms would continue to invest in Southeast Asia's largest economy as long as there was certainty that it would eventually be part of the TPP free trade agreement and conclude a similar pact with the European Union. "If the government can give that, in 2-3 years we would have TPP and the European [agreement], they will keep on investing in Indonesia," he said. The Indonesian government was initially opposed to joining the TPP, but has changed its stance under President Joko Widodo, who took office in October last year. Widodo is scheduled to meet US President Barack Obama on October 26 in his first presidential visit to Washington, during which he will discuss business and investment ties.
Last week, 12 Pacific Rim countries reached an agreement for the most ambitious trade pact in a generation, aiming to liberalize commerce in 40 per cent of the world's economy. For now, Indonesia's is worried about Vietnam being part of the TPP. Lembong said that Vietnam would pose the biggest threat and competition to Indonesia in the textile and shoe industry after that country joined the TPP. Thomas said that by joining the US-initiated pact, Vietnam's products would be more competitive in the Indonesian market in the upcoming ASEAN Economic Community (AEC), starting December 2015. “Indonesia's textile market in the US and Japan could be taken over by TPP members,” he warned. Indonesia's is going through a stubborn economic slowdown and cheaper Vietnamese products will only make things worse for the country.
SOURCE: Fibre2fashion
Prime Minister Nawaz Sharif would raise the issue of suspended Indo-Pak peace process with President Barack Obama during his US visit next week, Pakistan's National Security Advisor Sartaj Aziz said. "Yes, this issue (Pakistan-India stalled peace process) and several other issues would be discussed between the US President and PM Nawaz Sharif," Aziz, Pakistan Prime Minister's Advisor on Foreign Affairs and National Security, told reporters. Sharif is expected to meet Obama on October 22 in Washington during his US trip for which he was invited by the US President. Aziz also hinted on sharing with the US dossiers on India's alleged involvement in "subversive" activities, saying that documents shared with UN Secretary General Ban Ki-moon would also be shared with "other friendly countries." He accused India's state institutions, including the Research and Analysis Wing (RAW), of allegedly supporting militants to destabilise Pakistan. India has always rejected such allegations made by Pakistan. Aziz also rejected New Delhi's assertion that Pakistan was supporting non-state actors in India.
Talking about border skirmishes, Aziz said that the rising tension between Pakistan and India was a threat to world peace. Talking about the suspension of the Samjhuta Express, Aziz said Pakistan has asked the Indian High Commission to extend the visa for those who were scheduled to travel to India by the train. The train service has been suspended since Thursday due to farmers protest on the Indian side.
SOURCE: The Business Standard
