The Synthetic & Rayon Textiles Export Promotion Council

MARKET WATCH 09 JUNE, 2021

NATIONAL

INTERNATIONAL

Indian textiles and apparels sector saw a dip in aggregate credit, says report

The report by Crif High Mark and the Small Industries Development Bank of India the credit availed saw a 20% year-on-year decline as of December 2020 Aggregate credit availed by Indian textiles and apparels industry as of December 2020 stood at ₹1.62 trillion, a year-on-year decline of nearly 20%, showed a report by credit bureau Crif High Mark and the Small Industries Development Bank of India (Sidbi). This, the report said, was because of the suspension of manufacturing activities in the immediate aftermath of lockdown in March 2020. The report states that the number of active loans by volume in the sector, stood at 426,000 as of December 2020. The industry observed a quarterly decline in non-performing assets (NPAs) over the last two years, from 29.59% in September 2018 to 15.98% in September 2020. Bad loan ratio in December 2020 increased by 0.94% which is nearly 8% lower than NPAs in December 2019. Navin Chandani, managing director and chief executive of Crif India, said that despite the pandemic, the top thirteen regions active in textiles and apparels manufacturing constituted 80% of the credit portfolio as of December 2020. “In India, each state has a unique contribution to the apparels and textiles sector. The government of India announced a special economic package in May 2020 under the Atmanirbhar Bharat programme that is set to benefit the large number of small-scale entities, including the weavers and artisans across the country," said Chandani The report said that over the years, apparels have contributed to the majority share of exports, followed by home textiles and fabric. However, export credit as of December 2020 stands 25% lower y-o-y, largely attributable to a decline in exports due to the pandemic. At the state level, Maharashtra has the largest share of the credit portfolio at 25% of the credit book to the sector, it said.

Source: Live Mint

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Trade with India jumped by over 70% in 2021, shows China’s customs data

Spurred to an extent by India importing medical goods from China to combat the second wave of the pandemic, trade between the two neighbours soared to over $48 billion in the first five months this year. Spurred to an extent by India importing medical goods from China to combat the deadly second wave of the Covid-19 pandemic, trade between the two neighbours soared by more than 70% year-on-year to over $48 billion in the first five months of 2021, China’s customs data showed on Monday. Calling it a “spectacular growth”, Chinese state media interpreted the increase in bilateral trade as a sign of resilience in trade ties between the two nations despite conflict at the border and political differences. “Trade between China and India soared 70.1% in US dollar terms in the first five months of this year to $48.16 billion, according to Chinese customs data released on Monday. Specifically, Chinese exports to India grew 64.1% year-on-year from January to May, while imports surged 90.2%,” the tabloid Global Times reported. The India-China trade volume was higher than the trade that Beijing conducted with other trading partners, the report said. The latest statistics were released by China’s General Administration of Customs (GAC) on Monday. As per data available in China, the rise in trade, specifically Chinese exports to India, rose sharply between April and May. Until April, the bilateral trade in goods between China and India in the first quarter of 2021 grew with the total trade volume reaching $27.7 billion, a year-on-year increase of 42.8%. The rise could be attributed to the increase of exports of Chinese medical goods and equipment by Indian companies to fight a surge in Covid-19 cases over the last couple of months. “If anything, these extraordinary growth rates show that China-India trade has largely shrugged off the impact of the political tensions caused by the border friction last year, bouncing back quickly,” the state media report said. India-China trade in 2020 had declined by 5.6% to $87.6 billion, the lowest since 2017. But China still overtook the US to become India’s largest trading partner last year. According to the Indian embassy in Beijing, though overall bilateral trade between the two countries grew exponentially - notwithstanding a fall last year because of the Covid19 pandemic - India continues to be saddled with a big trade deficit. “The growth of trade deficit with China could be attributed to two factors: narrow basket of commodities, mostly primary, that we export to China, and market access impediments for most of our agricultural products and the sectors where we are competitive in, such as pharmaceuticals, IT/IteS, etc. Our predominant exports have consisted of cotton, copper and diamonds or natural gems,” the Indian embassy wrote on its website under the section “India-China trade and economic relations”. Chinese companies saw an increase in demand from India for medical equipment, especially oxygen concentrators, in the last couple of months following a devastating second wave of the coronavirus pandemic.

Source: Hindustan Times

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Cash transfers won’t help economy: Rajiv Kumar, Niti Aayog

 "The only good question that remains is about the nature of the fiscal stimulus, and I quite strongly feel that we don't need helicopter money in the economy at this stage. If you try and boost consumption at this point of time, you may well find that the needed supply response may not be forthcoming and the capacity utilization may not rise." The impact of the second wave of Covid-19 will lead to lower than estimated growth in Q1 but the Indian economy will gather steam from July onwards as daily infections decline and states begin unlocking says Niti Aayog’s Vice Chairman Rajiv Kumar in an interview to ET.

Source: Economic Times

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India's pace of business activity sees second straight week of uptick: Nomura

 The Nomura India Business Resumption Index (NIBRI) picked up to 69.7 for the week ended June 6, building up from 62.9 a week earlier and representing a 9.5 percentage points (pp) improvement from 60.2 recorded in May-end, the firm said in a note on Tuesday. Business activity in India picked up for the second consecutive week, led by mobility, after dipping to a one-year low in the last week of May as states began cautiously easing lockdown restrictions, according to brokerage firm Nomura. The Nomura India Business Resumption Index (NIBRI) picked up to 69.7 for the week ended June 6, building up from 62.9 a week earlier and representing a 9.5 percentage points (pp) improvement from 60.2 recorded in May-end, the firm said in a note on Tuesday. While this indicated that the worst was over for the economy, growth would only rise gradually by June and would crucially depend on two factors - the pace of relaxation of restrictions and the pace of vaccinations, it said. “The former will determine the speed of recovery in mobility and broader economic activity, while the latter will be important for ensuring that the number of cases remains in check and the lockdown easing remains sustained,” said Nomura economists Sonal Varma and Aurodeep Nandi, in the note. Daily cases dropped to a 66-day low of 86,498 along with 2,123 deaths while India vaccinated 3.3 million people on Monday. Daily cases dropped to a 66-day low of 86,498 along with 2,123 deaths while India vaccinated 3.3 million people on Monday. Google workplace and retail and recreation mobility indices were up by over 8pp from the previous week while the Apple Driving Index rose sharply by about 12pp. Similarly, railway passenger revenue shot up to Rs 460 crore from a low of 160 crore in mid-May, the note said. Non-mobility indicators were responding more slowly, Nomura said as railway freight revenue remained largely steady over two weeks while Goods and Services Tax e-way bill generation fell in May. On the other hand, power consumption saw a 7.6% weekly improvement and the labour participation rate was unchanged at 39%, although unemployment rose to 13.6% from 12.2% a week earlier. Nomura projected the April-June quarter to contract 3.8% on a sequential basis.

Source: Economic Times

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Gujarat industries seek I-T relief for Covid-related expenses

Industries in Gujarat have spent generously during the second Covid-19 wave and stood by the authorities to create medical infrastructure, GCCI said. The Gujarat Chamber of Commerce and Industry (GCCI) has demanded relief in income tax for units that have spent money to set up medical infrastructure to treat Covid-19 patients. “Industries in Gujarat have spent generously during the second Covid-19 wave and stood by the authorities to create medical infrastructure. GCCI has suggested to the government of India to allow 100% depreciation under the income tax law in the first year on investment of medical equipment as well as creation of medical infrastructure in the treatment of Covid-19 patients,” Natubhai Patel, president of GCCI, said. He said this will encourage the industry to further invest in helping people during the possible third Covid-19 wave. Bharat Sheth, president of the Gujarat Federation of Tax Consultants, said the central government should provide relief on any expenses of assets made by industries related to Covid-19. It should allow 100% depreciation in the first year of investment. In case of any expenses on providing medical instruments and devices to hospitals, the government should allow 100% deduction under the head of donation without any limit or conditions, he said. The GCCI has also written to Finance Minister Nirmala Sitharaman that industry associations and industrial units have started preparations to tackle the possible third wave of the pandemic in Gujarat. GCCI has started gathering support and commitment for investment in medical devices and health infrastructure to support the state government, it said. “During the second wave … GCCI started an oxygen bank, set up a Covid isolation centre and undertook repairs of crematoriums in Ahmedabad. GCCI also donated 50 BIPAP machines to various government hospitals across Gujarat,” Patel said.

Source: Business Standard

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‘Textile units in Kanpur, Chennai-Kancheepuram worst hit by COVID stress’

Credit to sector fell 20%: SIDBI report India’s textile clusters in Kanpur and Chennai-Kancheepuram have been worst hit by the COVID-19 pandemic, with the highest proportion of loans turning delinquent by December 2020, according to a report…

Source: The Hindu

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MSME body CIMSME to RBI’s Shaktikanta Das: Extend ECLGS 1.0 repayment period to 5 years post moratorium

The government had last month extended the ECLGS 1.0 moratorium period -- wherein MSMEs had to repay only interest -- from one year to two years while the period for repayment of principal amount and interest was three years. MSME body Chamber of Indian Micro, Small & Medium Enterprises (CIMSME) in a letter the Reserve Bank of India Governor Shaktikanta Das has urged for extending the repayment period under the Emergency Credit Line Guarantee Scheme (ECLGS) 1.0 to five years from three years after the moratorium period. The government had last month extended the ECLGS 1.0 moratorium period — wherein MSMEs had to repay only interest — from one year to two years while the period for repayment of principal amount and interest was three years. Moreover, CIMSME also asked for allowing the extended repayment period to be applicable to all MSMEs who had availed credit under ECLGS 1.0 instead of restricting it to borrowers who are eligible for loan restructuring as per RBI guidelines dated May 5, 2021. ECLGS catered to MSMEs’ daily expenses. Amid Covid, the cost of production has increased due to increased time for raw material procurement because of limited transportation facilities and also for the conversion of raw material to finished product. Further lack of labour, end-use of ECLGS for fixed expenses instead of working capital have also hit MSMEs’ profitability. Hence, MSMEs won’t be able to generate enough cash to repay this credit in three years after the moratorium period,” Mukesh Mohan Gupta, President, CIMSME, which represents over 1 lakh MSMEs, told Financial Express Online. The government had also announced last month additional assistance of up to 10 per cent of the outstanding credit as of February 29, 2020, to borrowers covered under ECLGS 1.0 as per the RBI guidelines. “The repayment period under the ECGL scheme should be increased to five years as MSMEs have little business and are operating at a very low capacity whereas overheads and raw material cost have increased substantially especially in the case of steel. The raw material cost has also practically doubled and other overheads have also increased. The cost of production has increased due to higher oil prices, safety implementations of personnel due to Covid and lack of availability of skilled labour because most of the skilled personnel have either gone to their hometown or are not available,” Kanal Gupta, Director, United Drilling Tools Financial Express Online. The association added that borrower’ accounts which were restructured in terms of RBI’s Circular dated August 06, 2020, February 11, 2020, or January 01, 2019, should be given another one-time opportunity for restructuring without downgrading of asset classification, considering the two consecutive waves of Covid-19. “It is completely impossible for a restructured account to remain standard when there is a second state imposed lockdown of 60 days and counting as there will be no cash flow during this period,” Rakesh Bajaj, Managing Director, Innovative Textiles told Financial Express Online. CIMSME also urged for a centralised loan application portal for the Subordinate Debt Scheme launched by the government last year as part of the Atmanirbhar package. According to the association, out of Rs 20,000 crore provision under the scheme, only about Rs 30 crore has been disbursed so far.

Source: Financial Express

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Hiring outlook stable in September quarter, says survey

The survey of over 1,300 Indian employers, undertaken by ManpowerGroup India, found that 46% did not know when they were likely to resume regular hiring, while 54% said they would hire by June. However, only 3% reported not expecting to go back to pre-pandemic levels of hiring. Hiring momentum is expected to remain stable in the September quarter even as a large section of employers is unsure when regular hiring will resume, a survey has found. The survey of over 1,300 Indian employers, undertaken by Manpower Group India, found that 46% did not know when they were likely to resume regular hiring, while 54% said they would hire by June. However, only 3% reported not expecting to go back to prepandemic levels of hiring. Doctors that will lead the job market are likely to be transportation and utilities, followed by the services sector. The strongest labour market was forecast by transportation and utilities sector employers with a growth of 10%, while services sector employers expected a fair hiring pace, reporting an outlook of 7% growth. However, mining and construction sector employers expected to trim payrolls, reporting an outlook of a decline of 2%. Hiring intentions weakened in four of the seven industry sectors when compared with the previous quarter. In the finance, insurance and real estate sector and the public administration and education sector, outlooks declined by four percentage points, while services sector employers reported a decrease of two percentage points. The strongest hiring pace was recorded in medium-sized organisations, followed by large enterprises with a seasonally adjusted outlook of 8% and 6%, respectively. From a regional perspective, north and south indicated similar outlook at over 6%. Hiring prospects weakened by four percentage points in the west, and remained stable in the east. Interestingly, 78% of employers said they expected their workforce to either work remotely full-time or adopt flexible or condensed working hours. According to the survey, 40% of survey respondents expected to have their workforce work from home full-time, while 38% of the respondents wanted to have either flexible or condensed work hours for their employees. Sandeep Gulati, group managing director, ManpowerGroup India, said, “The demand for skilled workforce has been stable since the beginning of the year. Demand for sales, service and delivery personnel is on the rise as consumer confidence is returning owing to the vaccination drive.”

Source: Financial Express

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U.S. trade deficit narrows in April as imports fall

 The U.S. trade deficit retreated from a record high in April amid a decline in imports, suggesting domestic demand was starting to revert back to services from goods. With at least half of the American population fully vaccinated against COVID-19, authorities across the country are lifting virus-related restrictions on businesses, boosting demand for services like travel. Demand shifted towards goods, with Americans cooped up at home, at the height of the pandemic. "Consumers splurged on goods during the stay-at-home economy's boom in 2020 and early 2021, since pandemic restrictions reduced spending on meals out, vacations, and other services," said Bill Adams, a senior economist at PNC Financial in Pittsburgh, Pennsylvania. "With the pandemic coming under control, consumers are redirecting their spending towards domestically produced services and away from imports." The trade deficit dropped 8.2% to $68.9 billion in April, the Commerce Department said on Tuesday. Data for March was revised higher to show the gap widening to a record $75.0 billion instead of $74.4 billion as previously reported. Economists polled by Reuters had forecast a $69.0 billion trade deficit in April. Still, the trade deficit was likely to remain elevated as economic activity in the United States rebounds faster than its global rivals, also thanks to massive fiscal stimulus. Robust demand as the economy reopens is straining supply chains. We see no change in the prevailing trend of trade where the stronger U.S. economy is sucking in more goods demanded by consumers and businesses, while America's trading partners are finding it harder to restart their economic growth following the pandemic," said Chris Rupkey, chief economist at FWDBONDS in New York. Imports fell 1.4% to $273.9 billion in April. Goods imports dropped 1.9% to $232.0 billion. The decline was led by a $2.6 billion drop in imports of consumer goods, which reflected decreases in textile apparel, toys, games and sporting goods as well as household appliances. Imports of motor vehicles, parts and engines also fell. But imports of cell phones and other household goods increased. Imports of foods, feeds and beverages were the highest on record as were of those of capital goods. Imports of services increased $0.7 billion to $41.9 billion in April. They were lifted by travel and transport services. U.S. stocks were little changed. The dollar rose versus a basket of currencies. U.S. Treasury prices were higher. EXPORTS RISING Exports rose 1.1% in April to $205.0 billion. Exports of goods gained 1.1% to a record $145.3 billion. They were led by a $2.1 billion increase in shipments of capital goods, which reflected gains in civilian aircraft. Exports of industrial supplies and materials, which were the highest on record, increased $0.8 billion, with crude oil shipments rising $1.0 billion. But exports of motor vehicles, parts and engines fell. Exports of foods, feeds and beverages were the highest on record. The pandemic remained a drag on trade services, especially travel. Exports of services increased $0.7 billion amid small gains in travel, transport and charges for the use of intellectual property. At $17.8 billion in April, the services surplus was the smallest since August 2012. Exports are likely to continue rising as global economic growth gains momentum. The resumption of international travel and in-person learning at U.S. universities in the fall is likely to result in an improvement in services trade. When adjusted for inflation, the goods trade deficit decreased $7.2 billion to $98.6 billion in April. "That suggests that net trade will provide a negligible boost to GDP growth, but that would represent a big improvement from the sizeable drag in recent quarters," said Michael Pearce, a senior U.S. economist at Capital Economics in New York. Trade was a drag on gross domestic product growth in the first quarter. Most economists expect double-digit GDP growth this quarter, which would position the economy to achieve growth of at least 7% in 2021, which would be the fastest since 1984.

Source: Nasdaq

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UK, Pakistan Researchers Join Hands to promote Pakistan’s Textile Industry

The Northumbria University and LUMS, in partnership with UP-SIGN, is working with Pakistan and the UK’s top scientists to bring the country’s textile sector into a circular economy business model with zero waste. A texonomy workshop, funded by the British Council, was held to bring together textile stakeholders including academia, industry and policy makers to develop ideas around circular economy in Pakistan. Mr. Mike Nithavrianakis, Deputy High Commissioner of Great Britain and Trade for Pakistan inaugurated the online workshop on June 7, 2021. He put emphasis on the need for a combined approach to address climate change which is affecting textile and associated communities. He appreciated the funding from British Council and partners leading this collaborative opportunity. Mr. Shafiq Ahmed, Head of Trade and Investment at Pakistan High Commission London said, “The Texonomy debate is timely as Pakistan hosted the world environment day and committed to restoring damaged ecosystems. We need innovative and sustainable solutions to protect supply chain of cotton through conserving soil and water, and promoting varieties that need less water, and are pest and disease resistant.” Currently, Pakistan’s textile industry provides employment to almost 40% of the country’s total labour force. The country is extremely vulnerable to climate change, making it even more crucial for the country’s textile industry, as well as in India, Bangladesh and other parts of Southeast Asia, to tackle global climate challenges. Dr. Naveed Arshad, Associate Professor and Chair of the Computer Science department, LUMS, texonomy lead from Pakistan, and Director, Centre for Big Data and Cloud Computing, said that the textile industry needs to diversify its textile outputs. It is essential for value addition to produce high value goods with lesser carbon footprints. Dr. John Arthur is facilitating this 3-day workshop that has 40 researchers from the UK and Pakistan taking part.

Source: Fibre2fashion

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Global apparel trade to recover in the coming months: TexPro

Global apparel exports are expected to rise in coming months as the world slowly recovers from the COVID-19 pandemic. The top apparel exporting countries such as China, Bangladesh and Vietnam are bouncing back rapidly as their governments and industry stakeholders make efforts to pull the industry out of the crisis caused by the pandemic………

Source : Nasdaq

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Zimbabwe, Zambia pursue joint venture manufacturing sector projects

Zimbabwe and Zambia are working on setting up industrial joint ventures riding on the recent signing of a memorandum of understanding (MoU) aimed at facilitating close collaboration between the two countries towards rejuvenating the manufacturing sector, including textiles, agriculture and agro-processing, petrochemicals, and forest-based industries. Zimbabwe’s industry and commerce minister Sekai Nzenza told regional ministers at the 4th Common Market for Eastern and Southern Africa (COMESA) Committee of Ministers of Industry last week that the joint venture efforts would assist the two sides to unlock higher economic potential in line with regional industrialisation goals.“So far, the governments of Zambia and Zimbabwe have signed a Memorandum of Understanding to form a Joint Industrialization Cooperation Programme, which will facilitate deeper collaboration by setting up joint ventures,” she said. “Priority sectors include agriculture and agro-processing, mining and mineral beneficiation, petrochemicals, fertilizers and pharmaceuticals, capital goods industries, textiles, forest and timber-based industries, building materials and knowledge economy, among others,” she was quoted as saying by newspapers in Zimbabwe. She said both the countries are well positioned to develop and facilitate regional value chains based on their comparative advantages. For instance, cotton from Zimbabwe could be ginned at Mulungushi Textiles in Kabwe, Zambia. The 4th ministerial committee meeting deliberated on key regional integration issues and closed with adoption of the draft implementation strategy for the domestication of the COMESA Local Content Policy Framework. The regional industry framework is anchored on management of special economic zones and industrial parks and seeks to enhance industrial production during and after the COVID-19 pandemic in an inclusive and sustainable way.

Source: Fibre2fashion

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Turning textiles into raw materials

If they can’t be used second-hand, is it possible to recycle old clothes? What about recycling other fabrics and textiles? An Australian company, BlockTexx, has recently received funding to build a textile recovery facility in Queensland. Using technology developed by Queensland University of Technology researchers, the plant will take old textiles and turn them into raw materials that can be used by other industries. One of the central problems with textiles is that they’re often a mix of completely different chemicals – such as cotton and polyester. This makes them very difficult to turn into new, high-quality products. The separation-of-fibre technology (S.O.F.T.) process developed by QUT, however, separates the polyester and cotton in textiles completely, allowing them to be used for other purposes.Cosmos spoke to Robert Speight, a professor at QUT, and Adrian Jones, a co-founder of BlockTexx, about the technology and its environmental implications.

Source: Cosmos

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Is anti-microbial fabric to set benchmark in textile industry?

One may have never thought that a treatment could be designed not for your hair or skin but for your clothes Notwithstanding the difficulties it made, the pandemic has additionally sped up more than one pattern in the fashion business, including the textile sector's critical part in spearheading innovation. As the COVID-19 cases was spreading universally and the significance of customers safety and health care went to the front, various celebrated material firms all throughout the planet pushed ahead in the midst of lockdown and brought to the market another group of execution driven textures with antiviral characteristics. They were accepted to turn into another market standard similarly as scent control, antiviral and anti-microbial, offering a reaction to the feelings of dread and distractions of the average fashion consumer in the country. Fashion and technology have known each other for quite a long time, however today, their association has preceded stride ahead, with game changing technology. This associated industry has been improving and re-enhancing at an easing up speed and bringing out new items to keep shoppers cheerful and safe during the pandemic. Clothing and style brands are giving more noteworthy significance to hygiene and immunity. So classifications like stain-and odour free daily wear are presently in tremendous interest on the lookout. Moreover, anti-viral textile technologies are quick turning into a pattern and could before long turn into a decent income stream for brands. These transformation in the textile and fashion industry have certainly set a benchmark in the business. With the COVID-19 infection saving none, upright organizations have willingly volunteered to discover conceivable answers for battle the pandemic. Anti-viral items that touch the infection at surface level have turned out incredibly and if research is anything to pass by, they are powerful in containing its awful spread. Everybody is managing an imperceptible foe – that has compromised us, humiliated us and left us heaving for breath. Textiles give an enormous facilitating surface territory for microorganisms and infections, working with their remainder. Numerous infections and microorganisms are microbes that can prompt extreme ailment and mortality. A huge number of passing consistently results from the transmission of these microbes. With vaccination being appropriated cross country however not accessible to all, individuals will safeguard themselves with brands that have presented anti-viral and anti-microbial attire alternatives. Over the most recent couple of months, however, more providers have created antiviral garments and medicines, flagging that the capability of such textures stays enormous — and brands appear to be observing. Albeit the vaccines will permit us to return to an ordinary and safe life as we were utilized to, we're persuaded that buyers will in any case be searching for antiviral textures. We're actually persuaded that the antiviral properties are required market-standard later on in any event, when the pandemic will be completely controlled. The principle objective for each material organization is to regard and fulfil its customers' necessities and after every one of these troublesome months, everybody needs to return to its typical routine having a sense of security. Companies thus have said that items are tried at different labs in India and they have infection safe properties to guarantee safety by restraining the steadiness and development of infections and microorganisms on its surface. It gives powerful insurance against tainting and transmission of infections those utilization materials as a facilitating surface. A cloth having antiviral & anti-microbial properties have the potential to kill viruses and bacteria and obliterates common harmful viruses, like influenza and Covid, in minutes and give successful insurance against defilement and transmission of viruses and bacteria that use cloth as a facilitating surface. However, it is advised to get your clothes treated or buy those anti-viral clothes that are verified or tested on various viruses and infections to be double sure. The standard tests that one may want to consider before getting the clothes treated are; they should be tested by ISO18184 standards on MRSA, SARS-Cov2, Corona Virus, Influenza, H1N1, double enveloped Vaccinia Virus or more. One may have never thought that a treatment could be designed not for your hair or skin but for your clothes. As unreal as it may sound, the textile industry has evolved for our safety. If we look closely, clothes were created to protect us from harsh surroundings but today, clothes are modified and enhanced their capabilities to protect you from the corona virus.

Source: Bio spectrum India

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Digitally printed textiles market to reach €4.9bn by 2023: Durst Group

 The market for digitally printed textiles is expected to grow in terms of print output value to €4.9 billion by 2023, representing a CAGR of approximately 13.4 per cent from 2018 to 2023, according to Smithers Pira. The highest growth rates will be with high volume machines, said Dr Stefan Kappaun, executive vice president of Durst Group. “Fashion and sportswear applications will continue to lead with over 62 per cent of print volume by 2023, while the home textile market may show a print volume growth trajectory of almost 19 per cent within the next three years,” Durst said in an exclusive interview with Fibre2Fashion. Talking about the future of the digital textile printing market, he said, “It shows high growth volumes due to a variety of textiles and textile application possibilities. The everchanging awareness of wastage of water, materials and logistics is causing companies to switch from analogue to digital production technologies. The associated digital market is experiencing double-digit growth year on year. According to different market research institutes, the digitally printed textile output is expected to overtake that of, for example, screen-printed textiles within the next three to six years.”

Source: Fibre2Fashion

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Thailand petrochemical firm IVL reports Q1 FY21 revenue of $3.24 bn

Indorama Ventures Public Company Limited (IVL), a global chemical producer, has reported 10 per cent year-over-year (YoY) revenue increase to $3.24 billion in its first quarter (Q1) for fiscal 2021 compared to revenue of $2.94 billion in the corresponding quarter of previous fiscal. The company’s EBITDA rose to $369 million (Q1 FY20: $304 million). “Last quarter I stated that 2020 brought no structural damage to the industries IVL plays in and the first quarter of 2021 has further solidified this thesis. Our advantaged portfolio and experienced management, supported by our transformation programs, will yield superior returns for shareholders in line with our 2023 targets,” Aloke Lohia, group CEO of Indorama Ventures, said in a press release.The company’s total expenses for Q1 FY21 was $2.94 billion, while profit for the period jumped to $215 million ($17 million). According to the company, the fibres segment made a positive start to 2021 with strong volumes and demand across all three verticals due to recovery in polyester fibre demand, increase in light vehicles sales driven by China and continued strong demand for hygiene fibres, achieving an increased overall average operating rate of 86 per cent. Combined PET segment achieved core EBITDA of $260 million,  growing  35 per cent YoY, driven primarily by demand growth and higher integrated industry spreads on top of the sharp rise in crude oil prices. “Our journey towards carbon neutrality will be a key guidepost for IVL’s actions going forward, in our quest to be a world class sustainable chemical company,” Lohia said.

 

Source: Fibre2fashion

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