|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1086.68 |
USD/Ton |
-0.22% |
10/14/2015 |
|
VSF |
2282.03 |
USD/Ton |
0% |
10/14/2015 |
|
ASF |
2295.42 |
USD/Ton |
0% |
10/14/2015 |
|
Polyester POY |
1023.69 |
USD/Ton |
-0.76% |
10/14/2015 |
|
Nylon FDY |
2535.59 |
USD/Ton |
0% |
10/14/2015 |
|
40D Spandex |
5512.15 |
USD/Ton |
-2.78% |
10/14/2015 |
|
Nylon DTY |
5871.23 |
USD/Ton |
0% |
10/14/2015 |
|
Viscose Long Filament |
1307.17 |
USD/Ton |
0% |
10/14/2015 |
|
Polyester DTY |
2362.35 |
USD/Ton |
0% |
10/14/2015 |
|
Nylon POY |
2484.40 |
USD/Ton |
0% |
10/14/2015 |
|
Acrylic Top 3D |
1114.24 |
USD/Ton |
-0.35% |
10/14/2015 |
|
Polyester FDY |
2787.57 |
USD/Ton |
0% |
10/14/2015 |
|
30S Spun Rayon Yarn |
2866.32 |
USD/Ton |
0% |
10/14/2015 |
|
32S Polyester Yarn |
1763.89 |
USD/Ton |
0% |
10/14/2015 |
|
45S T/C Yarn |
2740.33 |
USD/Ton |
0% |
10/14/2015 |
|
45S Polyester Yarn |
3008.06 |
USD/Ton |
0% |
10/14/2015 |
|
T/C Yarn 65/35 32S |
2598.59 |
USD/Ton |
0.61% |
10/14/2015 |
|
40S Rayon Yarn |
1921.38 |
USD/Ton |
0% |
10/14/2015 |
|
T/R Yarn 65/35 32S |
2315.10 |
USD/Ton |
0% |
10/14/2015 |
|
10S Denim Fabric |
1.10 |
USD/Meter |
0% |
10/14/2015 |
|
32S Twill Fabric |
0.93 |
USD/Meter |
0% |
10/14/2015 |
|
40S Combed Poplin |
1.02 |
USD/Meter |
0% |
10/14/2015 |
|
30S Rayon Fabric |
0.75 |
USD/Meter |
0% |
10/14/2015 |
|
45S T/C Fabric |
0.76 |
USD/Meter |
0% |
10/14/2015 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15749 USD dtd. 14/10/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Indian Texpreneurs Federation (ITF), a Coimbatore based premier association for textiles, has urged the Centre to remove the hank yarn obligation, an obligation which compels yarn manufacturers to produce 40 per cent of their total yarn as hank yarn for the benefit of the handloom sector, according to media reports. In a letter submitted to Prime Minister Narendra Modi, ITF said there is an excess of hank yarn in the country with comparatively lesser consumption. The hank yarn obligation was originally imposed on yarn manufacturers in a notification issued in 2003 under the Essential Commodities Act, 1955 to ensure a steady supply of hank yarn, a basic raw material in handloom weaving, to the handloom sector at reasonable rates. Most of the handloom weavers have now moved on to powerlooms or automatic looms, which has reduced the demand for hank yarns, according to ITF secretary D Prabhu. “There is hardly any demand for hank yarn due to Textile Upgradation Scheme and other initiatives of the government,” he feels.
Tamil Nadu produces 3.05 crore kg of hank yarn per month, as against the requirement of 16 lakh kg, which results in excess production of 1,880 per cent which is 18 times more than the requirement. In such a scenario, ITF is insisting on the removal of hank yarn obligation altogether or to reduce the slab of 40 per cent to 10 per cent. In the letter, ITF said there was an urgent need for textile-focused Free Trade Agreements (FTAs) with existing and emerging markets. It also urged the government to accommodate textiles in the lower slab of taxation in the proposed Goods and Service Tax (GST), which has the potential to transform and boost the Indian economy. (MCJ)
SOURCE: Fibre2fashion
The textile industry from South India has appealed to the Central government to direct Cotton Corporation of India (CCI) to have a transparent and fair cotton trading policy which would ensure win-win strategy both for the farming and cotton textile manufacturing communities. In a release issued by the Southern India Mills' Association (SIMA) on Wednesday, M Senthilkumar, chairman of the association has proposed restructuring the board of Cotton Corporation of India by inducting major stakeholders particularly, the industry representatives, which consumes over 80% of the cotton produced in the country. He has said that any short sighted policy would only aggravate the ailing textile industry resulting in serious financial stress. He has pointed out that during the season 2014-15, CCI procured the entire volume of good quality cotton grown in Telangana, Andhra Pradesh and parts of Maharashtra and did not release this cotton for more than two months making the actual users to suffer seriously. He has further said that CCI has always been quoting much higher bench mark price than the actual market price thus resulting in speculation.
The SIMA chairman has stated that during the cotton season 2008-09, CCI offered bulk discount benefiting few traders and making the industry to pay Rs.2000/- to Rs.4000/- more for the home grown cotton. He has further said that during the season 2014-15 also, CCI adopted the same policy of offering bulk lots and making the small and medium size mills to pay Rs.500/- to Rs.1000/- to the traders for procuring the required cotton. He has stated that consequent to the representation made by the Association to the Hon'ble Textile Minister, CCI started offering smaller lots. He has informed that the suspension of cotton sales by CCI during March and April 2015 made the regular users of Telangana, Andhra Pradesh , Maharashtra cotton to suffer seriously. He said that CCI plays a major role in seed sales and often sells the seeds at lower price, which affect the kapas price and also the kapas procurement by the regular ginners. SIMA chairman has appealed to the Union textile minister to take certain remedial measures to ensure a level playing field and enable the textile industry to source the raw material always at international price and remain competitive in the open market.
SIMA feels that CCI should commence cotton sales immediately and sell the cotton in a phased manner from the beginning of the season to end of the season and ensure stability in the cotton price and also see that domestic mills are able to purchase the CCI cotton at international price or slightly lower than the same to take advantage of the home grown cotton and mitigate the challenges currently being faced by the industry. SIMA suggested that CCI should avoid quoting higher bench mark price which results in speculation and e-auction should be left to the market forces. And CCI should also sell the cotton seeds by e-auction and follow fair cotton seed trading policy.
Senthilkumar said that CCI should ensure good practices of ginning and pressing, produce good quality cotton and supply to the industry as per its mission statement of "Facilitating Indian textile industry in sourcing the raw material i.e., good quality, contamination free cotton for production of quality yarn to meet international competition". CCI should offer cotton in smaller lots so that all the size of textile mills could directly procure cotton from CCI and avoid middlemen. SIMA also suggested that CCI should follow transparent cotton trading policy which could be monitored by a committee of major stakeholders.
SOURCE: The Economic Times
Welspun, India's largest and the world's third-largest home textiles manufacturer, has set an ambitious target of more than doubling its revenue to $2.5 billion by the turn of the decade. The Mumbai-headquartered Welspun Group, which is also the single largest player in the $17-billion American home textiles space with a 5 per cent market share, nets one-third or $1 billion of its group revenue of $3 billion from the textiles business now. The company expects the higher growth will again be driven by the US market as it plans to increase its focus in the world's largest textiles market further. The US contributes around 65 per cent of the total sales now. "Over the years, we've been successful in changing the contours of the US home textiles market with our innovative products and added customer focus. When we entered the US, the Indian companies were fringe players as Chinese marketers dominated the market. "Today, Indian companies together dominate the US market with 11 per cent of the total $17 billion home textiles market," Dipali Goenka, Welspun Global Brands managing director told PTI in an interaction at the company's US headquarters in downtown Manhattan here, during a recent visit during the MarketWeek, wherein the suppliers engage with the buyers. "As we increase our focus in the US market, with a direct online presence with an e-commerce portal, we have set a revenue target of $2.5 billion by the turn of the decade. We also expect 25 per cent of sales to comes from branded products, which is only around 11 per cent now. "Though we see a major growth in Indian sales, bulk of sales will still come from the US," the 46-year-old Harvard-educated Goenka said.
Welspun India is the holding company of the group's textiles business, which is the largest in Asia and the third-largest globally in the home textiles space. On the innovation side, she said around 31 per cent of total sales come from innovative, patented products like HyGro cotton, and though the company is present in 50 countries, it manufactures all its products at its two Gujarat plants at Anjar and Vapi. The company aims this to net as much as 40 per cent of sales to from innovative products by 2020, she said, adding that the company has 12 patents pending with US authorities. Goenka also said that though Welspun's branded products account only 11 per cent of sales, with focus on e-commerce portal, for which it has opened a large warehouse in Ohio in the US, employing 90 people, it has set a target of taking the overall branded sales or direct sales to end-users to 25 per cent by 2020.
Explaining how Indian companies have increased their market share in the lucrative US market with increased customer focus and innovation, thus snatching away business from the Chinese and other Asian players, Goenka said, in 2009, the share of Indian players was only 30 per cent in the overall US textiles market. It jumped by 7 percentage points to 37 in 2014 or 20 per cent in seven years, while the share of China has only increased by 3 percentage points to 26 per cent, she added. Today, according to Goenka, five out of the top 15 home textiles suppliers in the US are from India and Welspun has been ranked as the No 1 supplier by Home Textiles Today for three consecutive years. And its innovation and customer focus has seen the company become one of the largest suppliers to the world's biggest retailer Walmart, and premium American retailers like JC Penny and Macy's.
Welspun is also the supplier of the official Wimbledon towels after it bought out the British terry towel brand Christy's a few years ago. Its home textile business includes terry and bath towels, beddings, rugs and branded and non-branded hospitality items and other utility textiles. The global home textiles market is around $34 billion and the US accounts for nearly 50 per cent of the total trade, as per industry data. Asia accounts for nearly 70 per cent of the global exports of home textiles, with India's share in global home textiles trade being around 8 per cent. The US home textiles market is around $17 billion, of which bedding accounts for 56 per cent, and bath accounts for 25 per cent. Bedding includes sheets/pillowcases, bed covers, bed ensembles and other bedding. Bath includes linen and accessories. India accounts for 36.5 per cent of the total terry towel imports into the US, followed by China at 25.9 per cent and Pakistan at 22.7 per cent. India also commands 46.9 per cent of the total cotton sheet set imports into the US, followed by China at 23.3 per cent and Pakistan at 16.5 per cent. Welspun's share of American imports is around 5 per cent, Goenka said, quoting industry and company data. Overall, Indian share in the US terry towels import is 37 per cent, where Welspun accounts for around 16.5 per cent, she said, adding that in cotton sheets, India's share in the US is 47 per cent, of which Welspun commands nearly 10 per cent.
SOURCE: The Economic Times
Finance Minister Arun Jaitley will launch the first Arab India Economic Forum here next month to highlight investment opportunities in India and discuss solutions to meet investor challenges in the country. Jaitley will address dignitaries, government officials and business leaders from around the Arab region during the forum to be held from November 16-17. Arab India Economic Forum ( AIEF) will feature discussions on the extensive economic opportunities that can be leveraged between Arab nations and India for investment as exemplified by the activities of leading companies from the region like Saudi Arabia Basic Industries Corporation, DP World, and Jumeirah Group. Jaitley will be joined by a distinguished panel of speakers from Dubai Department of Economic Development and Mumbai Stock Exchange as well as invited speakers from Ministry of Tourism-India, Ministry of Economy-UAE, Ministry of Commerce and Industry-Saudi Arabia and Ministry of Economy and Commerce-Qatar.
Aimed at discussing strategies and solutions to meet investor challenges in India, the forum also builds on the new vigour which the Prime Minister Narendra Modi's visit brought to Indo-UAE relations in August 2015. The visit was followed by the India-UAE Joint Commission meeting on Technical and Economic Cooperation, co-chaired by Sheikh Abdullah bin Zayed Al Nahyan, UAE Foreign Minister, and Foreign Minister Sushma Swaraj.
As per official reports, India is the UAE's second largest trade partner after China as trade between India and the UAE crossed $59 billion per year, with Indian exports worth $33.3 billion to the UAE and $26 billion worth of UAE's exports to India. The relationship is set to get stronger under the new government which is keen to implement investor friendly policies. The 'Make in India' initiative is expected to provide a much needed boost to the Indian manufacturing sector, much of which will be exported and re-exported via Dubai, UAE.
SOURCE: The Economic Times
Terming India as a "shining star", Commerce Minister Nirmala Sitharaman has invited businessmen in the UAE to invest in India and take advantage of investment opportunities being provided by the growing economy. "The environment is favourable for investors to look at India. India is a shining star from among all the global economies with nearly 7.2 per cent growth rate, which is far higher than many economies can imagine. Even the Chinese economy is slowing down," said Sitharaman, Minister of State for Commerce and Industry. She said that the government has undertaken a number of steps to curb red tape and increase the ease of doing business with less paper work and online transactions. "By June this year, 98 steps have been taken by all the state governments so that the ease of doing business is enhanced. We shall make ease of doing business a simple online mission so that paper work is reduced," she was quoted as saying by the Gulf News.
Sitharaman concluded a two-day visit to the UAE yesterday where she met senior UAE officials including Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority (ADIA), Indian embassy in Abu Dhabi said in a statement. On 12 October, Sitharaman called on Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and had a bilateral meeting with Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister of UAE, it said. The bilateral trade between India and the UAE stands at USD 60 billion for the year 2014-15. India is the UAE's second largest trading partner and the UAE is India's third largest trading partner after China and the US. The two countries are planning to increase trade by 60 per cent in the next five years, and have set up an investment fund of USD 75 billion to invest in Indian infrastructure mainly in roads, ports and railways.
SOURCE: The Economic Times
India has been ranked as the most attractive investment destination in the world for the next three years, according to a survey by Global consultancy firm EY released today. Thirty-two per cent of the business leaders from global corporations polled for the survey said India is the most attractive investment destination in the world, followed by China, Southeast Asia and Brazil. “The finding reconfirms and reaffirms many other recent findings,” DIPP Secretary Amitabh Kant said at the launch of the report. He said the study clearly brings out there is an increased focus and emphasis on manufacturing and India’s growth in terms of FDI will be driven by manufacturing. “India must continue the reform process on a sustained basis over a long period of time,” Kant said, adding that the challenge for India is to grow at rapid rate of 9 to 10 per cent per annum year after year for three decades or more. The survey titled ‘Ready, set, grow’ was conducted during March and April, and includes views of over 500 decision-makers from multinational organisations across sectors like industrials, automotive, consumer products, life sciences, infrastructure and technology, among others.
It finds major gains in perception as compared to the findings of the 2014 survey in key areas such as macroeconomic stability (up from 70% in 2014 to 76% in 2015), political and social stability (up from 59% to 74%); relaxation in FDI policy (up from 60% to 68%); and the government’s efforts to ease doing business (up from 57% in 2014 to 67% in 2015). “The Prime Minister has set us a challenge of taking India to the top 50 position on the World Bank’s Ease of Doing Business in the next three years. “We will marginally improve (our ranking) this year… We will substantially improve next year but in the third year we will definitely reach top 50,” Kant pointed out. The Department of Industrial Policy and Promotion (DIPP) Secretary said the government will look at the foreign direct investment policy “with a very open mind”. “We continue to attract investments across and it is important that India becomes a part of the global supply chain,” Kant said.
Among India’s most attractive features for doing business, investors rated its vast domestic market and availability of labour as most appealing. “We are pushing for new bankrupcy laws, easier entry and exit. The Vishwananthan Committee will give its recommendation this month and take it forward so that there are easy entry and exit norms,” Kant said. “Much has been talked about the tax regime, the lack of consistency but we have taken several decisive steps. The Prime Minister has gone on record to say that India will not resort to retrospective tax,” he added. Kant said the Prime Minister’s Narendra Modi’s Startup India, Stand up India initiative “will be launched shortly”. Moreover, he said, different government departments were working together to smooth the compliances so that it becomes far easier for start-ups to move ahead without running around for regulatory clearances.
Asked whether the Trans-Pacific Partnership (TPP) will affect India’s foreign trade, Kant said: “We are playing a very major role in RCEP (Regional Comprehensive Economic Partnership). We will arrive at some agreement in RCEP. “Eventually RCEP will have some linkage with TPP. To my mind, it is important to address these issues of trading blocs with confidence and arrive at win-win agreements so that we can push our manufacturing and exports. On the impact of TPP on India’s generic industry, he said: “I think it is too far-fetched. Right now the TPP has not even been accepted by legislatures across the world. There is a lot of debate and discussion going on and it needs to be accepted by Parliaments. It is a long-term process.” The US, Japan and 10 other Pacific Rim nations recently reached a final agreement on the largest regional trade accord in history dubbed as the Trans-Pacific Partnership (TPP) deal. Besides, commenting on the survey findings, EY Chairman of the Global Emerging Markets Committee Rajiv Memani said they are a testament to India’s growing appeal with the global investment community.
The report highlights data from fDi Markets data, indicating that in the first six months, India has become the top FDI destination with USD 30.8 billion of FDI inflows, moving up from the fifth position in the corresponding period last year. More than three out of five respondents said they had plan to invest in India over the next year and 62 per cent are looking at manufacturing, both to serve the Indian and global markets from India. Most of the respondents prefer to expand existing operations, followed by expansion through acquisitions and, if necessary, by joint ventures and alliances. Compared to the 2014 survey, the number of respondents who believe that India will be among the world’s leading top three destinations for manufacturing by 2020 has increased from 24 per cent to 35 per cent, while those who believe India will evolve as a regional and global hub for operations is up from 9 per cent to 21 per cent. The survey found that 55 per cent of the respondents were aware of the government’s Make in India campaign. Those aware of Make in India are more upbeat about expansion plans, with 70 per cent stating they are likely to expand or relocate their manufacturing facilities to India in the next five years.
SOURCE: The Financial Express
The Cabinet on Wednesday gave its approval to the revised cost estimate of Rs 2,904 crore for the Kaladan Multi Modal Transit Transport project in Mynamar. The project was jointly initiated by India and Myanmar to create a multi-modal platform for cargo shipments from the eastern ports to Myanmar and to the North-eastern parts of the country through Myanmar. The Kaladan project, connecting Sittwe Port in Myanmar to the India-Myanmar border, is expected to open up sea routes and promote economic development in the North-eastern states, and also add value to the economic, commercial and strategic ties between India and Myanmar, Telecom Minister Ravi Shankar Prasad told mediapersons.
SOURCE: The Business Standard
Playing the accessibility card, French Ambassador Francois Richier today called upon Indian investors to invest in France, saying it's "a gateway" to access the Middle-East and African markets. "From there (France), it is easy access to the Middle-East and African markets. For Indian companies, these are the territories which would be more pleasant. Many other companies from other countries are investing and have invested in France to the point that 30-34 per cent of the exports are made by foreign companies," Richier said while addressing a gathering of industrialists today. He was speaking at a business conference on 'France: Your Preferred Destination' jointly organised by FICCI and the Embassy of France.
France is a leading destination for foreign investments and a hub for doing business in Africa, Richier stressed. "French business had a strong presence in India and it's time Indian industry explored avenues of investment in France," he added. He singled out the communication gap as a likely cause for lack of Indian investment in France as there is a need to highlight and depict the business and investment opportunities in France to the Indian business community. He pointed to Indian companies such as Mahindra and Bharat Forge which are already present there and are "doing well". The Sintex and Sonalika groups also have a presence in the French investment sector. "Indo-French relationship is booming and there is a positive environment for business to thrive. French companies have invested in India heavily and there is an opportunity to explore more areas for investments. "FICCI will ensure that the communication gap which seems to hinder the business ties between India and France is bridged and the two nations are able to reach the next level of prosperity," said Jyotsna Suri, President, FICCI.
Listing out the positives, Director of Business France Invest, Dominique Frachon, in his presentation, said France offers legal and tax security, highly qualified and productive workforce, lower set-up and operating costs than in the US, Germany and Japan and an innovative economy to its foreign investors. To make France more competitive, he said, various reforms are under way, which include goods and services and labour market. Frachon also spoke of the country's world-class infrastructure, technology and creativity options.
SOURCE: The Economic Times
The United States wants more investments from India as the two nations have set a target of increasing bilateral trade to USD 500 billion in the next few years from the present USD 100 billion, a top official has said. "We see lot of potential in bilateral trade and investment between India and the United States. We have set a USD 500 billion bilateral trade target from the present USD 100 billion," United States Consulate General in Mumbai, Tom Vajda said at the 'SelectUSA' roadshow. "We want more Indian companies to come and invest in helping grow the US economy," Vajda said. A few years ago, US President Barack Obama launched the 'SelectUSA' to promote business investment into the US. It was created to showcase the US as the world's premier business location and to provide easy access to programmes and services related to business investment. "India is the fourth fastest growing source of investment in the US, with USD 11 billion investment last year and counting. Indian firms employ around 44,000 American workers, and they export more than USD 2 billion worth of goods from the US," SelectUSA executive director Vinai Thummalapally said. The number of Indian companies operating in the US has increased from an estimated 85 in 2005 to over 200 today.
The US provides large investment opportunities for Indian companies in software, IT services, gas exploration, pharmaceuticals, biotechnology, industrial machinery and business services, he said. The October 13-16 roadshow began in Delhi. From here, it will travel to Chennai on October 15 and reach Kolkata on October 16. The roadshow in Mumbai featured a half-day seminar with sessions by American professionals on investment visas, legal and financial issues, investment incentives and successful investment strategies. It also offered the US State and Regional Economic Development Organisations the opportunity to market their locations directly to potential investors, Thummalapally said.
SOURCE: The Economic 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$ 46.86 per barrel (bbl) on 14.10.2015. This was lower than the price of US$ 47.82 per bbl on previous publishing day of 13.10.2015.
In rupee terms, the price of Indian Basket decreased to Rs 3051.12 per bbl on 14.10.2015 as compared to Rs 3109.58 per bbl on 13.10.2015. Rupee closed weaker at Rs 65.11 per US$ on 14.10.2015 as against Rs 65.02 per US$ on 13.10.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on October 14, 2015 (Previous trading day i.e. 13.10.2015) |
Pricing Fortnight for 01.10.2015 (Sep 12 to Sep 28, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
46.86 (47.82) |
45.27 |
|
(Rs/bbl |
3051.12 (3109.58) |
2991.44 |
|
|
Exchange Rate |
(Rs/$) |
65.11 (65.02) |
66.08 |
SOURCE: PIB
Pakistan has lost an opportunity for increasing the global textile share, which in turn would have created thousands of jobs and a rise in exports worth billions of dollars. The Pakistani global textile share has fallen from 2.2% to 1.8%, while at the same time, the Indian global textile share rose from 3.4% to 4.7% and that the Bangladeshi global textile share rose from 1.9% to 3.3%. Pakistan Tehreek-e-Insaf (PTI) lawmaker Asad Umar on Tuesday flayed the incumbent regime for allowing Indian yarn imports at 5 percent whereas the Pakistani yarn being exported to India has to pay 28 percent duty, making the Pakistani market a dumping ground. The incumbent regime has tilted towards the Indian textile sector by imposing duty on local textile products despite the rising cost of doing business and energy shortage.
The PTI legislator lamented that the gas prices have been increased despite a fall in the global gas premiums, adding that the industry has to pay $6.7 per mbtu after the imposition of gas development infrastructure cess (GDIC), while an Indian textile manufacturer pays the gas price at $4.2 and that the same in Bangladesh pays $3.1. Umar said that the electricity tariff being paid by the local textile manufacturers averages at 14.5 cents, which is way too high as compared with the regional competitors. The largest industrial employer in the country is also being deprived of its rights as it continues to face hardships against inappropriate government policies, adding that the textile counterparts in the neighbouring countries are free from such hardships. As a result, the local textile exports have declined despite the fact that the country enjoys the generalised0 system of preferences (GSP) plus status. The existing textile units operating countrywide are running below capacity while many have shut their operations and retrenched thousands of workers.
SOURCE: Yarns&Fibers
The Japan International Cooperation Agency (JICA) has announced that it will launch a new programme to step up imports of Pakistan’s textile products from February next year. In this regard, a joint website of Jica and the Trade Development Authority of Pakistan (TDAP) has been developed in order to provide credible information about Japanese markets to exporters in Pakistan. Disclosing this, JICA Adviser to TDAP and head of delegates, Hideaki Shimizu told industrialists here on Wednesday that Japanese buyers had their own standards as they were very conscious about product quality. “Hence, the exporters should follow their trends.” He said Japanese importers visited the Pakistan-Japan Textile Day held recently in Lahore and engaged in productive meetings with the exporters. Such meetings would help them understand each other, he said.
Replying to a question, a Japanese importer suggested that Pakistan and Japan should enter into a free trade agreement for which the Pakistani exporters would have to exert pressure on the government. He pointed out that Pakistan’s export consignments took 17 days to reach Japan via sea route and said the duration should be curtailed by promoting fast movement of import and export consignments.
Faisalabad Chamber of Commerce and Industry (FCCI) Vice President Jameel Ahmed outlined some basic issues that were hindering bilateral trade. “The FCCI fully understands the importance of bilateral trade and in this regard we want to sign a memorandum of understanding with leading chambers of Japan,” he said. FCCI Senior Vice President Syed Zia Alamdar Hussain said though businessmen of Faisalabad were dealing with importers of the US and European Union, they had to cope with the condition of laboratory test. He suggested that JICA should set up a laboratory that could issue certificates, particularly for Japanese markets. He also asked the Japanese agency to install a water treatment plant in Faisalabad as it was already helping the Water and Sanitation Agency (WASA) to manage the water supply and sewerage system.
SOURCE: The Tribune
The Vietnam - India textile cooperation conference was held on Monday in Ha Noi, on the occasion Doan Duy Khuong, vice chairman of the Viet Nam Chamber of Commerce and Industry (VCCI), said that India had great opportunities to provide raw materials for Vietnamese textile industry. Vietnam needs more than 500,000 tonnes of cotton per year to meet rising demand. The domestic garment and textile sector had to import a large quantity of cotton as the country's cotton output met only 1 per cent of local producers' demand, said the chairman.
India is the world's second largest manufacturer of cotton, silk, cotton cellulose, and fibers with approximately US$100 billion in revenue a year, of which $40 billion was from exports. Bilateral cooperation in textile and garment sectors has drawn the attention of leaders and business communities of Vietnam and India. On the occasion of the visit to India by Prime Minister Nguyen Tan Dung in October 2014, the Indian Government offered a $300 million line of credit to Vietnam as an impetus to accelerate textile trade and investment between the two countries, said DoThang Hai, Deputy Minister of Industry and Trade. Through the conference, the Indian side had fruitful discussions about the operation of the credit line with Vietnamese agencies and enterprises in the future, said Vishvajit Sahay, joint secretary of the Department of Heavy Industry under Indian Ministry of Heavy Industries and Public Enterprises.
The Vietnam textile industry had grown significantly in the past recent years and will continue developing in the future, said Khuong, VCCI deputy chairman. Vietnam's garment industry, whose exports are growing at 20 percent per year with a turnover forecast at $40 billion in 2020, accounts for 20 percent of the country's gross domestic product (GDP). The bilateral trade ties between Vietnam and India have witnessed significant growth with total trade turnover of $5.59 billion in 2014, increasing by 9.84 per cent compared to 2013. Vietnam has exported $2.5 billion of products to India and imported goods valued at $3.13 billion from India. Total trade between the two countries reached more than $3 billion through the first seven months of this year.
SOURCE: Yarns&Fibers
Vietnam's textile and garment exports reached $17.1 billion in the first nine months of this year, of which exports to the TPP's 12 member countries accounted for around 66 percent, according to the Ministry of Industry and Trade. Out of the total eight listed Vietnamese garment companies, two biggest listed garment companies, TNG Investment and Trading Co (TNG) and Thanh Cong Trade Textile Garment Investment Co (TCM) have reported positive results in the first nine months of this year, foreshadowing perhaps a bright future for the country's textile industry under the potential Trans Pacific Partnership (TPP) trade agreement.
On Monday, TNG Investment and Trading Co (TNG) reported year-on-year increases of 24 per cent in both revenue and net profit in the third quarter which were VND627 billion ($28 million) and VND25 billion ($1.1 million), respectively. Through the first nine months of the year, TNG posted a combined revenue of VND1.42 trillion ($63.4 million), up 38 percent over the same period of last year, while its net profit reached almost VND59 billion ($2.6 million), up 47 per cent year-on-year. Since garment and textile sector is expected to be one of the industries which will benefit the most from TPP, garment firms are proactively putting in place measures to capitalise on this opportunity.
Thanh Cong Trade Textile Garment Investment Co (TCM) is investing in a weaving and dying garment factory with a total investment of $30 million during the 2014-17 period. Meanwhile, TNG has put into operation another cotton production line, worth more than VND40 billion ($1.8 million) to raise capacity 300 per cent. TCM estimated its sales reached VND825 billion ($36.8 million), up 32 per cent from the same period a year earlier, while profit is estimated at VND80 billion ($3.6 million), up 74 percent from a year ago. The company's nine-month net sales rose 12 percent to VND2.16 trillion (US$96.4 million), equivalent to 78 per cent of the company's target for the whole year.
Of total eight listed garment firms, TCM is the largest one with a market value of VND1.84 trillion ($82 million) as of October 13. It was also the most profitable firm in the first half of the year with sales and profit accounting for 33 per cent and 39 per cent, respectively, of the entire sector. TCM price rose 1.4 percent yesterday after the news to VND37,500 ($1.67) a share. The share price has climbed over 10 per cent in the past month, fueled by expectations of the success of TPP negotiations.
According to a report by brokerage Bao Viet Securities Co's this month, TCM's total revenue could reach over VND2.76 trillion ($123.2 million) and after-tax profit is projected at VND171 billion ($7.6 million) by year-end, up 7.5 per cent and 6.2 per cent year-on-year, respectively. As per the World Bank's latest report, if the TTP takes effect, Vietnam's garment and textile sector could grow 41 percent, equivalent to an increase of $11.5 billion, by 2020. Each country and members of the TPP, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam must endorse the pact for it to take effect.
SOURCE: Yarns&Fibers
The Indonesian Trade Ministry and the Netherlands’ center for promotion of imports from developing countries (CBI) held two-day training on fair trade for local home décor and home textile exporters on Monday and Tuesday. The government focused on improving the competitive advantage of the local home accessories and home textile makers in the global market.With growing demand for fair trade certification globally, government urged these local textile makers to acquire the certification to be competitive in the market. “Fair trade certification will give our textile products a competitive edge in the international market”, said, Doddy Edward, Trade Ministry’s director for export development cooperation. The fair trade labels would play a significant role as Indonesian home décor and home textile products are largely exported to Europe, where the concerns on the making of exported products are rising, said Doddy.
Recently, more and more European consumers have become demanding of assurances that products they buy are made properly, environment-friendly and did not involve child labor in their production, said Kees Bronk, CBI’s expert for home decoration. In food sector, fair trade products have a share of about 40% of the European food market. Similarly, the share of fair trade labeled home décor and home textile products would increase gradually in the European market, Bronk stated.
SOURCE: Yarns&Fibers
EU Trade Commissioner Cecilia Malmstrom announced the launch of the negotiations for a free trade agreement during a visit to Tunis and talks with Tunisian Trade Minister Ridha Lahouel and Prime Minister Habib Essid. The aim of the agreement is to improve market access opportunities and the investment climate and support ongoing economic reforms in Tunisia, it said on its website.
The European Commission said that the first round of talks will begin in Tunis Monday and last for a week. The agreement will build on the existing free trade area under the Euro-Mediterranean Association Agreement, which was signed 20 years ago but mainly focused on trade in goods. The EU is Tunisia's largest trading partner, accounting for 57 percent of total commerce. The agreement would open the European market wider to Tunisian goods, but Tunisian economists fear it could have a backlash on their country's struggling economy, arguing that it could force an opening of Tunisian markets and risk unfair European competition.
Economist Abdelbasset Sammari said that Tunisia risks loosing 40 percent of its firms if the DCFTA is implemented. Another economist, Jameleddine Aouididi said in a recently published study that the EU had its eyes on natural resources found in Tunisia, such as phosphate and gas. According to the European Commission, the Deep and Comprehensive Free Trade Agreement (DCFTA) would help support economic reforms in the North African country, which is trying to consolidate democracy after a 2011 uprising that ousted an autocratic regime. As per EU figures, total trade between Tunisia and the European Union in 2014 reached around 20 billion euros ($22.8 billion). Trade was dominated by machinery and transport equipment but also included textiles and clothing products.
SOURCE: Yarns&Fibers
