INTERNATIONAL
Textile Raw Material Price 2015-11-25
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1042.25 |
USD/Ton |
0.15% |
11/25/2015 |
|
VSF |
2245.46 |
USD/Ton |
-0.35% |
11/25/2015 |
|
ASF |
2027.47 |
USD/Ton |
0% |
11/25/2015 |
|
Polyester POY |
1000.06 |
USD/Ton |
0.79% |
11/25/2015 |
|
Nylon FDY |
2422.03 |
USD/Ton |
-0.64% |
11/25/2015 |
|
40D Spandex |
5234.71 |
USD/Ton |
0% |
11/25/2015 |
|
Nylon DTY |
5825.37 |
USD/Ton |
0% |
11/25/2015 |
|
Viscose Long Filament |
1246.17 |
USD/Ton |
0% |
11/25/2015 |
|
Polyester DTY |
2250.14 |
USD/Ton |
-0.35% |
11/25/2015 |
|
Nylon POY |
2203.27 |
USD/Ton |
0% |
11/25/2015 |
|
Acrylic Top 3D |
1045.38 |
USD/Ton |
0% |
11/25/2015 |
|
Polyester FDY |
2703.30 |
USD/Ton |
0% |
11/25/2015 |
|
30S Spun Rayon Yarn |
2828.31 |
USD/Ton |
0% |
11/25/2015 |
|
32S Polyester Yarn |
1656.36 |
USD/Ton |
0% |
11/25/2015 |
|
45S T/C Yarn |
2672.05 |
USD/Ton |
0% |
11/25/2015 |
|
45S Polyester Yarn |
3000.19 |
USD/Ton |
0% |
11/25/2015 |
|
T/C Yarn 65/35 32S |
2578.29 |
USD/Ton |
0% |
11/25/2015 |
|
40S Rayon Yarn |
1828.24 |
USD/Ton |
0% |
11/25/2015 |
|
T/R Yarn 65/35 32S |
2265.77 |
USD/Ton |
0% |
11/25/2015 |
|
10S Denim Fabric |
1.09 |
USD/Meter |
0% |
11/25/2015 |
|
32S Twill Fabric |
0.92 |
USD/Meter |
0% |
11/25/2015 |
|
40S Combed Poplin |
1.00 |
USD/Meter |
0% |
11/25/2015 |
|
30S Rayon Fabric |
0.74 |
USD/Meter |
0% |
11/25/2015 |
|
45S T/C Fabric |
0.75 |
USD/Meter |
0% |
11/25/2015 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15626 USD dtd. 25/11/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Over the last few decades, Rajasthan has emerged as a textile hub. Given the labour-intensive nature of the sector, the state government has identified it as one of the thrust areas. At an event held in Delhi in August, the Rajasthan government signed MoUs worth Rs 2,530 crore with several private companies envisaging establishments in various textile units, which would generate about 8,000 direct jobs and thousands of indirect ones. The investment proposals cover technical textile, recycled fibre, spinning, yarn, seamless garments, denim fabric, etc. Currently, the sector is providing direct and indirect jobs to nearly seven lakh people and contributes 17% to the state's exports. But nationally, the state has emerged as the largest producer of polyester viscose yarn and synthetic suiting material in the country with Bhilwara becoming the leading centre. While Barmer has been added in the list of towns of export excellence, Pali and Balotra have been planned to be developed as centers of excellence for textile processing. Besides PV suiting, the state has also made a name for itself in the processing of low-cost and low-weight fabric.
Bhilwara and Kishangarh are major power loom centres in the state. Over 20,000 functional looms and over 95 crore metres of different blends of polyester fabrics such as polyester wool, polyester viscose modal, and polyester viscose elastane are produced annually in the state. While Jodhpur, Pali, Sanganer, and Kota are better known for traditional handloom, fabric and printing, Jaipur is being increasingly accepted as a fashion garment hub. "Like tourism, textile industry is very much at the heart of Rajasthan's trade and commerce. The MoUs signed in the sector need to be converted into real investments. But to achieve that the government will have to provide common infrastructure to increase the sector's attractiveness. The potential of the sector is well-known to all," said Arun Puglia, spokesperson, Association of Garment Exporters, Sitapura. With established backward and forward linkages, Rajasthan's textile industry offers significant competitive advantages. Rajasthan has emerged as one of the major cotton cultivating states recently. Cultivation of quality cotton is being largely promoted in the districts of Bhilwara, Chittorgarh, Ajmer, Jodhpur, Bikaner, Nagaur, Ganganagar and Hanumangarh. The state is producing an estimated 20 lakh bales of cotton per annum now, against a mere 9 lakh bales in 2003-04. Easy availability of raw material has increased the interest of investors in setting up cotton yarn and denim units in the state. At the same time, Rajasthan contributes about 85% of the country's annual wool production. The wool yield of the Western belt of Rajasthan is 1700 gram per annum against an average of 400-500 gram per annum from the rest of the country. The quality of wool produced in the western belt is ideal for carpet weaving. The Centre has established Wool Development Board of India, headquartered in Jodhpur for growth and development, marketing, testing of raw materials, marketing intelligence, price stabilization, product development, and for advising the government on policy matters and coordination.
Considering the importance and potential of the textiles sector in the state's economy, textiles, including technical textiles have been included in the state's list of thrust sectors in the Rajasthan Investment Promotion Scheme, 2014. Various concessions and incentives, like interest subsidies ranging from 5% to 7%, 50% concession on VAT, and 50% concession on entry tax on capital goods are provided for textile units under the Rajasthan Investment Promotion scheme. Environment-friendly products like recycled fiber have been covered under the scheme. The government has introduced a special provision for 20% capital subsidy subject to an upper limit of Rs 1 crore for setting up zero liquid discharge based effluent treatment plants (ETPs) Technical textile units coming up in the state are eligible for 7% interest subsidy. Concessions on stamp duty, conversion charges and electricity duty are also provided under the scheme. There are six integrated textile parks have been sanctioned in Rajasthan with product categories ranging from hand printed fabrics, garments, weaving, spinning, and carpets to textile processing units. Out of the six textile parks, four parks are operational and two are at various stages of development. Textile is one of the focus sectors under the sector-specific skill development training programmes initiated under the Integrated Skill Development Scheme - a joint initiative of the Centre and the state.
Times View
Bhilwara has become the largest producer of polyester and viscose textiles in the country. Rajasthan contributes about 85% to the country's annual wool production and is one of the leading states for cotton cultivation. Like tourism, textiles is also a vibrant part of the desert state's trade and commerce. But there are other traditional segments of the industry which are facing an uncertain future. Environment concerns have sounded a death-knell to the dying and printing industry, which had given a unique identity to the state. Some have closed their units after the court orders and others are staring at a dead-end. There is a need to preserve the printing heritage and there are options to do that. Jaipur Integrated Texcraft Park at Bagru for hand printed fabrics and garments has set an example how water pollution can be minimized to negligent levels by putting up and effectively running a common effluent treatment plant (CETP). To achieve this, both private sector and the state government need to sit across the table and thrash out funding options to put up CETPs. Besides preserving a unique heritage of the state, a solution can also save thousands of jobs.
SOURCE: The Times of India
The country is likely to miss its export target and may end up below the $300 billion mark in 2015-16 due to the global slowdown, a senior official said. "We registered exports of $312 billion last year and set a target of $325 billion this fiscal. We will be very happy if we achieve exports of USD 300 billion, but we may fall short of $300 billion," Ministry of Commerce and Industry Joint Secretary Ravi Kapoor told reporters on the sidelines of 'India Engineering Sourcing Show'. The three-day exhibition is being organised by Engineering Exports Promotion Council of India (EEPC India). The country's exports declined for the eleventh month running in October, highlighting the stiff competition faced by the country in a weak global economy.
Exports in the first seven months of the year were about $154.2 billion, indicating that tepid global demand continues to be a drag on economic recovery. Kapoor said the fall in exports was due to sharp fall in prices of petroleum products. The country's export basket is led by petroleum products, followed by engineering, gems and jewellery, textiles and pharmaceutical goods, he said. He pointed out that the government has taken various steps to help exporters, including revision in drawback rates and providing interest subvention. He further said the government has decided to improve and protect the intellectual property rights of innovators by upgrading infrastructure and using state-of-the-art technology. The government is also looking at resolving the issues like transaction cost, which is very high, he added. "As the government's 'Make in India' campaign has caught the imagination of global investors, major companies like manufacturers of iPhone and iPad are expected to set up their facilities in the country," the official added. Big players like Xiaomi and Huawei have already set up manufacturing units, while Foxconn is expected to open its plant soon, he said. EEPC India chairman T S Bhasin said the focus of sourcing from the country would be on key sectors like industrial supply, electrical machinery, automotive components, innovation technology, retail engineering and engineering products. Nearly 400 exhibitors, 500 overseas buyers and 10,000 trade buyers are attending the IESS 2015 event, he said.
SOURCE: The Economic Times
Global banking major HSBC on Tuesday forecast a strong growth for India's export segment which is projected to outpace China in the period between 2025 and 2050. As per new forecasts in HSBC's report 'Trade Winds' -- the merchandise exports from India are expected to grown by an average of six percent a year in the period between 2025 and 2050. The report commissioned by HSBC Commercial Banking and compiled by Oxford Economics pegs China's exports to grow just under five percent a year for the period under review.
Currently, the slowdown in global demand scenario and a dip in prices of petroleum products has dented India's exports. India is a major exporter of refinery products. The country's goods shipments were down for the eleventh straight month in October with merchandise exports declining by 17.53 percent to $21.35 billion from $25.89 billion worth of goods sold abroad during the corresponding month of last year. Besides India, the report cite Asia as the prime region which is expected to ignite a decade of global trade growth which will culminate into quadrupling of worldwide exports to an estimated $68.5 trillion by 2050. "The importance of trade's contribution to global growth and prosperity cannot be underestimated. Asia's position at the leading edge of technological and supply chain innovation gives the region a unique opportunity to benefit from this next wave of globalisation," said Paul Skelton, HSBC's regional head of Commercial Banking, Asia Pacific.
Furthermore, the report projects a burst of intra-Asian trade that will lift the region's share of global exports to 27 percent by 2050 from the present 17 percent. "China should extend its lead as the world's leading exporter, with its growing influence in Asia further extended by projects such as the 'One Belt, One Road' initiative and the Asian Infrastructure Investment Bank (AIIB)," the report said. The report predicts a rise in Asia-Pacific's share of global exports from around a third in 2015 to 46 percent in 2050. Western Europe's share is expected to decline from 34 percent to 22 percent, and North America's to fall from 11 percent to 9 percent. The report added that the surge in Asian exports will mark a third wave of globalisation anchored by new technologies and increasing economic integration. It elaborated that nimble networks of micro-multinationals that create their own specialised value chains will be at the core of a drive for prosperity that promises to take nations out of poverty and improve quality of life across the world. "The next few years should carry the global economy into the next wave of globalisation, critically underpinned by sophisticated and pervasive digital technology that reduces international trade barriers, improves communication between cultures, levels the playing field for entrepreneurs and startups, and forms the foundation for an "always-on" global economy," the report said.
SOURCE: The Economic Times
The sixth annual edition of the Asian Business Leadership Forum (ABLF) Series will be held in UAE on Nov 29. The ABLF Series is a powerful, global leadership platform that convenes annually in the UAE. Carefully nurtured since 2005 to become a showcase of Asia's best business enterprise and initiative, the ABLF positions its host nation, the UAE, as the new business epicentre of the world and showcases India as a key partner. Every year, the ABLF Series brings together leading business entities and leaders from nations of the GCC, Africa, Central Asia, South, South East and East Asia, in a congress that facilitates conversation and collaboration especially for Indian business leaders and NRI investors from across the world. The event rolls out under the theme of 'Technology and Disruptive Innovation in 21st Century Asia' with an important showcase on Women's Empowerment at the Forum
Sheikh Nahayan Mabarak Al Nahayan, Minister of Culture, Youth and Community Development is the patron of ABLF. "The work of the ABLF celebrates regional and international dialogue and co-operation to promote growth and create a better future for the region. The UAE has good and close trade and economic relationships with other Asian countries. Great leadership in this age and time calls for the ability to build sustainable relationships and break through barriers. I support this platform that strengthens the growing links between private business, governments and the people of Asia," according to Sheikh Nahayan Mabarak Al Nahayan. Described by Sheikh Ahmed bin Saeed Al Maktoum, CEO and Chairman of Emirates Airline and Group as one of Dubai's best business event platforms the ABLF 2015, in partnership with the Abu Dhabi Chamber brings leaders and business giants from across Asia together to support the investments into UAE and promote the UAE as the new global business epicentre. While enabling India's economic engagement with the GCC nations, through joint ventures, partnerships, mergers and acquisitions, concessions and investments is the India-led mandate for the ABLF platform, it also promotes sustainable development that drives the Asian century towards a more equitable and responsible future.
Over the years, the ABLF outreach in Asia has extended to engagement with over 27,000 top-level business leaders and organisations; manifested as over 23 well-attended Forums for Business, International Relations, Trade, Governance and Policy in 14 countries across Asia, with over 68 global leaders felicitated at the spectacular ABLF Award Ceremonies in the UAE. With a global attendee profile, the ABLF 2015 will feature confirmed presence of leaders such as Sheikh Nahayan Mabarak Al Nahayan, Minister of Culture, Youth and Community Development, UAE; Kamal Nath, Former Union Cabinet Minister; P. Chidambaram, Former Finance Minister; Dr Shashi Tharoor, MP; G.M. Rao, Group Chairman, GMR Group; Rajiv Luthra, Founder and Managing Partner, Luthra & Luthra Law Offices; Gautam Adani, Chairman, Adani Group; Umran Beba, Senior Vice President and Chief HR Officer, PepsiCo AMEA; Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman, Abu Dhabi Chamber; Mohamed Helal Al Muhairi, Director General, Abu Dhabi Chamber; India; Fahad Al Gergawi, Chief Executive Officer, Dubai FDI; Mr Yusuffali M.A., Managing Director, Emke Group, UAE; Dr Hayat bint Sulaiman bin Hassan Sindi, Member, Shura Council, Saudi Arabia; Paul Griffiths, CEO, Dubai Airports; Abdul Aziz Al-Hosni, Chairman of Qurum Group, Oman amongst others. This year's edition will feature topics touching upon energy, technology, infrastructure, women's empowerment, global relevance of Asian socio-economic growth and socially responsible businesses.
The ABLF will address the social impact of women in leadership and their influence on economic growth and development, inaugurating the session with speakers from both India and the UAE, addressing the topic of gender equality in Asia through a session titled, 'Leadership Lessons in Social Impact and Influence, and Women's Empowerment'. Also, in celebration of the UAE's year of innovation, the Forum will discuss how technology and innovation is changing the way the world does business. The forum sessions will culminate into the ABLF Grand Awards Ceremony, which has, over the years, felicitated over 68 leaders across Asia, with business and leadership awards. The ABLF Awards showcases leaders whose entrepreneurial brilliance is second only to their sense of responsibility and accountability towards their communities and countries. Among the notable Award recipients are Vasundhara Raje, Chief Minister, Rajasthan, G.M. Rao, Group Chairman, GMR Group; Mohammed Al Rumhy, Minister of Oil and Gas, Oman; Kiran Mazumdar-Shaw, Chairperson and MD, Biocon Ltd, India to name a few.
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$ 41.80 per barrel (bbl) on 25.11.2015. This was higher than the price of US$ 41.61 per bbl on previous publishing day of 24.11.2015.
In rupee terms, the price of Indian Basket increased to Rs 2775.04 per bbl on 25.11.2015 as compared to Rs 2762.15 per bbl on 24.11.2015. Rupee closed at Rs 66.38 per US$ on 25.11.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on November 25, 2015 (Previous trading day i.e. 24.11.2015) |
Pricing Fortnight for 16.11.2015 (Oct 29 to Nov 10, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
41.80 (41.61) |
45.58 |
|
(Rs/bbl |
2775.04 (2762.15) |
2993.24 |
|
|
Exchange Rate |
(Rs/$) |
*66.38 |
65.67 |
SOURCE: PIB
Taiwanese textile companies will be exhibiting a wide range of quality design and high performance textile and garment products at the Taiwan Textiles Fairs in South Asia 2015, in Colombo, Sri Lanka on 27 and 28 November, and in Bangalore, India on 1 and 2 December. Renowned garment companies would showcase their cutting edge, high performance, trendy and contemporary products to the South Asian buyers at this one of a kind platform. This niche sourcing textile fair will be held in India and Sri Lanka, after a kick-start in Dhaka, Bangladesh, which was held on 23 and 24 November.
Organised by the Taiwan Textile Federation (TTF) and the Bureau of Foreign Trade and represented by Worldex India Exhibition & Promotion Pvt. Ltd., this annual event caters to textile and garment manufacturers, importers, exporters, buyers, merchandisers and retailers across India and Sri Lanka for their sourcing requirements. The event is supported by the leading textile associations of Sri Lanka, such as Joint Apparel Association Forum (JAAF), Sri Lanka Apparel Exporters Association (SLAEA), and Sri Lanka Apparel Sourcing Association (SLASA) and by Indian textile associations such as the Confederation of Indian Textile Industry (CITI) and the Tirupur based Textile Exporters' Association (TEA). The fairs will showcase a wide variety of products ranging from knitting lace, functional active-casual fabric, texture fabric, double knit fleece, spandex jersey, trims, garment accessories, single and double knit fabric, jacquard weaved bodkin, yarn-dyed fabric, acrylic yarn, tweed fabric for jacket and suit, light weight fabric, bi-stretch fabric, seamless garments, functional sportswear, woven, knit, lace and Jacquard fabrics.
SOURCE: Fibre2fashion
Taiwan Textile Federation (TTF) in collaboration with Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) organized Taiwan Textile Fair South Asia-2015 that took off on Monday, Novemeber 23 to make Bangladesh familiar with Taiwan’s latest fibres, yarns, fabrics and apparels.The two day textile fair brings to Bangladesh the best of Taiwan’s innovative and value-added fibers, yarns, fabrics, trimmings and apparels. It is the ideal platform and gateway to procure reliable, quality and original textiles. The creativity and functionality of Taiwanese textile products have long been recognized by international designers, brands, importers and retailers in all major importing countries.The fair was inaugurated by Shubhashish Bose, vice-chairman of Export Promotion Bureau (EPB). BKMEA second vice president Mansoor Ahmed and Taiwan External Trade Development Council (TAITRA) Dhaka office director Danny Yang were also present at the inauguration programme.
Speaking at the programme EPB vice-chairman Shubhashish Bose said that Taiwan is very crucial for Bangladesh as the two countries are major RMG product producers of the world.EPB vice-chairman also informed that Taiwan exported garment products of US $31 billion last year while the country set a US $33 billion target for the next fiscal. The Bangladesh garment manufacturing industry is maturing and growing beyond plain vanilla manufacturing services. While it is the world’s second largest apparel manufacturer with exports exceeding US$ 31 billion (2014-15), today, it is moving towards offering multiple garmenting solutions and going up the value chain. At the same time, requirement for fabrics, specialised fabrics and accessories is growing tremendously. These products are in perfect synergy with the Bangladesh manufacturers and exporters increasing requirements for world-class fabrics, yarns and trimmings. The Taiwan Textile Fairs, is the perfect way to fulfil the Bangladesh industry’s requirements, with quality manufacturing companies from Taiwan under one roof and right at your doorstep. This international trade show for fabrics and accessories will provide a unique opportunity for Business Matchmaking between top apparel manufacturers and exporters of Bangladesh and fabric and accessory manufacturers from Taiwan.
The fairs is showcase a wide variety of products ranging from Raschel Knitting Lace, Functional Active-Casual Fabric, Texture Fabric, Double Knit Fleece, R+Spandex Jersey, Garment Trims & Accessories (Buttons, Snap Buttons, Jean Buttons, Rivets, Eyelets, etc.), Single and Double Knit Fabric, Acrylic Yarn, Technical Stretch Fabric, Tweed Fabric, Light Weight Fabric, Bi-stretch Fabric, A/W Melange, Seamless Sportswear, Functional Sportswear, Woven, Knit, Lace and Jacquard fabric, and many more. The Fair is being held at Six Seasons Hotel, Greesho Ballroom, Dhaka. The 2014 Taiwan Textile Fairs South Asia saw quite a few successful business deals being effectuated during the course of the Fairs and we are sure the trend will continue in the 2015 Bangladesh event as well.
SOURCE: Yarns&Fibers
China will expedite reforms to remove internal barriers to both foreign and domestic trade to boost domestic consumption in a slowing economy, the Cabinet has said, according to a leading Chinese daily. Beijing is looking to give both international and domestic investors increased access to the world’s second-largest economy in a bid to promote consumption and has pledged to boost the development of the retail, health, travel and sports sectors. The statement follows the ruling Communist Party’s October plenum, which outlined the state’s broad strategic objectives for the next five years. The State Council, or the Cabinet, said it was seeking to “eliminate all kinds of conspicuous and hidden administrative monopolies” and “strengthen anti-monopoly laws” in an attempt to remove “protectionist” policies between various provinces.
While weakening China trade comes on the back of falling commodity prices and softening global growth, analysts are also pointing a finger at provincial protectionist import substitution policies for artificially suppressing Chinese demand for foreign products. The government also said in its statement that it would accelerate reform of the country’s residence registration, or hukou system, to unleash the spending potential of China’s rural population. Rural residents will be supported to buy their own homes and small and medium-sized cities will be encouraged to implement tailored policies that are favourable to them.
The government also pledged to improve Internet infrastructure and e-commerce logistics of the “last mile” — the final portion of a package’s journey from a retailer’s warehouse or store to a customer’s door. It also said it would expand the scope of the 72-hour transit visa, improve tax rebates for tourists and attract international consumers by hosting shopping festivals, film festivals, fashion weeks and book fairs. The country’s three anti-monopoly regulators — the Ministry of Commerce, the National Development and Reform Commission, and the State administration for Industry and Commerce — said in September that they would be widening market access for foreign firms.
SOURCE: Fibre2fashion
The US government currently provides duty-free status to over 5,000 types of products produced in Cambodia as part of its Generalized System of Preferences (GSP) Program. Washington granted Cambodia GSP trade privileges in 1996, along with Most Favoured Nation (MFN) status, which reduces tariffs on eligible products. The combination of GSP and MFN status has allowed many Cambodian products to access the US market, making them more price competitive against the products of countries that do not enjoy the privileges. At the third ASEAN-US Summit held in Kuala Lumpur on Saturday, Cambodian Prime Minister, Hun Sen said that his country would like to request that the US provide Generalized System of Preferences (GSP) to at least 97 percent of its total commodities, with tariff exemptions and quota-free [access], to least developed countries ( LDC) member states, in accordance with the previous agreement under the WTO framework.He urged the policymakers in Washington to expand its preferential treatment of goods imported from least-developed countries (LDCs) including Cambodia by increasing the amount of goods permitted duty- and quota-free access to the US market.The prime minister’s request refers to a 2005 ministerial meeting of the World Trade Organisation (WTO) in which developing nations pledged to provide extend duty-free and quota-free status to “at least 97 per cent of products originating from LDCs, defined at the tariff line level.
Economist Srey Chanthy said that the request is just to remind rich countries such as the US to implement the [WTO] agreement under a broad framework, which may not have been legal binding. Many developed economies, including Australia, Canada and the EU, have enacted special programs that extend duty- and quota-free treatment to all imports from LDCs with the exception of arms. While the WTO decision to grant duty-free and quota-free access to 97 percent of products originating in LDCs appears potentially crippling to US domestic industries, the requirement is based on tariff lines and not on a trade-weighted basis. This loophole has allowed the US to exclude many of the chief export commodities of LDCs, such as sugar, cocoa and tobacco. Ho Sivyong, director of the export-import department at the Ministry of Commerce, said that the US government’s GSP program covers most of the items that Cambodia exports, but excludes its largest export category by value: garments. However, Garments and textiles exported to the US are not eligible for the GSP scheme. They are covered under the MFN scheme, which requires importers to pay a tariff of around 10-15 percent. While Sivyong said that he did not know how many of Cambodia’s tariff lines were covered by the GSP, he expects the US will continue to find ways to exclude garments from the programme. If the US were to extend its GSP scheme to cover 97 percent of all commodities, it could help Cambodia to export more agricultural and other products to the US. However, according to Sivyong, garments and textiles are in the remaining 3 percent that the US will not include in the GSP. In 2014, Kingdom’s garment and footwear exports to the US reached $1.8 billion. According to the Garment Manufacturers Association in Cambodia, total exports to the US represents about 63 percent.
SOURCE: Yarns&Fibers
With Japan slipping into a recession, the Government plans to raise the minimum wage and introduce other steps to revitalise the economy, according to an agency report. The agency claimed that the draft of stimulus measures appeared to break no new ground on reforms that analysts say are needed to end decades of stagnation. Prime Minister Shinzo Abe's government will also offer some financial support to people living off their pensions to bolster consumer spending. The Nikkei newspaper had reported that the government is planning to raise the minimum wage by 3 percent. But the draft didn't provide any specifics and analysts say the government will need to do more to foster durable growth.
Raising wages is an urgent task for the Government which wants to ramp up consumer spendingto boost domestic demand and pullthe economy out of 15 years of deflation. The economy has fallen into recession twice since Abe took office in late 2012, and his government is under pressure to show that it can improve the economy with a package of steps due this week. The national average of Japan's minimum wage was at 780 yen ($6.33) per hour in the last fiscal year, so a 3 per cent increase would still be virtually insignificant and it illustrates a daunting task policy makers face in boosting consumption and growth. The minimum wage has been rising for the past few years, but Japan's rates are only slightly above the average for OECD members, and labour unions have argued for bigger increases. According to the draft policy, the government will also loosen regulations to encourage capital expenditure by small firms, and provide a time frame for lowering the corporate tax rate below 30 per cent to improve competitiveness, the report said. (SH)
SOURCE: Fibre2fashion
