|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1022.11 |
USD/Ton |
-0.76% |
12/8/2015 |
|
VSF |
2175.11 |
USD/Ton |
-0.14% |
12/8/2015 |
|
ASF |
1943.73 |
USD/Ton |
0.00% |
12/8/2015 |
|
Polyester POY |
978.49 |
USD/Ton |
-0.79% |
12/8/2015 |
|
Nylon FDY |
2383.89 |
USD/Ton |
0.00% |
12/8/2015 |
|
40D Spandex |
5094.99 |
USD/Ton |
0.00% |
12/8/2015 |
|
Nylon DTY |
5807.04 |
USD/Ton |
0.00% |
12/8/2015 |
|
Viscose Long Filament |
1230.9 |
USD/Ton |
0.00% |
12/8/2015 |
|
Polyester DTY |
2212.5 |
USD/Ton |
0.00% |
12/8/2015 |
|
Nylon POY |
2130.7 |
USD/Ton |
0.00% |
12/8/2015 |
|
Acrylic Top 3D |
1036.14 |
USD/Ton |
-0.30% |
12/8/2015 |
|
Polyester FDY |
2672.14 |
USD/Ton |
0.00% |
12/8/2015 |
|
10S OE Cotton Yarn |
1822.98 |
USD/Ton |
0.00% |
12/8/2015 |
|
32S Cotton Carded Yarn |
3022.71 |
USD/Ton |
0.00% |
12/8/2015 |
|
40S Cotton Combed Yarn |
3739.44 |
USD/Ton |
-0.41% |
12/8/2015 |
|
30S Spun Rayon Yarn |
2804.58 |
USD/Ton |
0.00% |
12/8/2015 |
|
32S Polyester Yarn |
1636.01 |
USD/Ton |
0.00% |
12/8/2015 |
|
45S T/C Yarn |
2617.61 |
USD/Ton |
0.00% |
12/8/2015 |
|
45S Polyester Yarn |
2975.97 |
USD/Ton |
-0.52% |
12/8/2015 |
|
T/C Yarn 65/35 32S |
2524.12 |
USD/Ton |
0.00% |
12/8/2015 |
|
40S Rayon Yarn |
1791.82 |
USD/Ton |
0.00% |
12/8/2015 |
|
T/R Yarn 65/35 32S |
2228.08 |
USD/Ton |
0.00% |
12/8/2015 |
|
10S Denim Fabric |
1.09 |
USD/Meter |
0.00% |
12/8/2015 |
|
32S Twill Fabric |
0.92 |
USD/Meter |
0.00% |
12/8/2015 |
|
40S Combed Poplin |
1 |
USD/Meter |
0.00% |
12/8/2015 |
|
30S Rayon Fabric |
0.74 |
USD/Meter |
0.00% |
12/8/2015 |
|
45S T/C Fabric |
0.75 |
USD/Meter |
0.00% |
12/8/2015 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15581 USD dtd. 08/12/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Powerloom weavers in the country's largest man-made fabric (MMF) hub heaved a sigh of relief as the textile workers in most of the industrial areas called off their agitation following settlement over wage hike on Monday night. Over 3.5 lakh powerloom machines in industrial areas of Ved Road, Katargam, Varachha, Jholva, Laskana, Varachha, Bhestan, Bamroli were shut for over 20 days with textile workers demanding wage hike. Industry sources said that the workers and leaders from the Federation of Gujarat Weavers' Association (FOGWA) held talks on Monday to reach at an amicable solution. The meeting ended successfully as the workers agreed on the wage hike of 10 paise per meter. The production of unfinished fabric was badly hit over the last 20 days due to the workers' agitation. The weaving unit owners had decided to shut the units for an indefinite period and not buckle under the pressure from the textile workers.
President of FOGWA, Ashok Jirawala said, "The workers have agreed to accept 10 paise hike per meter in the wages ending the 20-day long stir. Around 30% of the weaving units had started from Monday night, while the remaining started normal operation from Tuesday."Jirawala added, "The textile sector is passing through a tough phase. It is difficult for the weavers to offer wage hike to the workers. Still, the weavers have accepted the demand in order to prevent the migrant workers from going to their hometowns." Devesh Patel, president of Ved Road Weavers Association said, "Those leading the protest have agreed not to demand wage hike in 2017. The weavers are paying maximum wages to the workers. This is the reason why even the labour department cannot point fingers at us."
SOURCE: The Times of India
In a bid to promote the state as a hub of textile industry, the Telangana state is mulling to come up with a new textile and Apparel policy (T-TAP) in January 2016. The state is also planning to set up textile parks in each of the district where cotton is grown as a major commercial crop. Proposed policy envisages Warangal as a major textile hub besides textile parks proposed in each of the districts of Karimnagar, Adilabad, Khammam and Medak. According to the sources, the proposed policy envisages Warangal as a major textile hub besides textile parks proposed in each of the districts Karimnagar, Adilabad, Khammam and Medak. Assumed to be employment creater, the state government considering focusing more on the textile sector and proposing to encourage apparel units in the state. The policy will also aim at strengthen the procurement of raw cotton and extend the remunerative prices to the farmers besides creating marketing linkages for the products produced by the weavers and handloom societies. The new policy will be operational for a period of five years from the date of its announcement. The officials said that incentives will be provided to the investors who come forward to set up garment cotton based ancillary industries on par the sops offered for other industrial units under TS-iPass policy announced recently by the government. The government plans to give major focus to the sector and proposed to initiate the measures being implemented by the neighbouring states, Maharashtra, Karnataka and Tamil Nadu. These states have already implemented textile policies, for the development and welfare of handloom weavers. All these measures are expected to be incorporated in the new policy thus benefiting the cotton farmers in the state. “The proposed policy will bring a big relief to the debt ridden weavers in the state,” an official at the state Handlooms department said.
State Industries and Handlooms minister J Krishna Rao had already held a meeting with the officials concerned and discussed the progress in preparation of the draft policy. A final meeting will be held by December end and forward the draft policy to the Chief Minister K Chandrasekhar Rao for his final approval, said the officials. As of now, although Telangana produces long staple cotton, there is no proper value addition and raw cotton is exported and the policy will try to address these things in detail. Besides, the government is planning to promote and bring back artisans, who have migrated to other states. The policy will also focus on enhancing the garmenting capacity in the State, by providing skilled manpower, and provision of hard infrastructure thereby making units in the State competitive to produce with international standards. Further, the policy will also speak about the promotion of technical textile such as camouflaged clothing, construction textiles, institutional manufacturing gears, etc., the release said.
SOURCE: The Hans India
A tripartite Memorandum of Understanding (MoU) has been signed among Ministry of Textiles, Ministry of Micro, Small & Medium Enterprises (MSME) & National Textile Corporation (NTC) in order to set up a Technology Centre (Tool Room) at Kanpur. Under the MoU, Ministry of MSME will fund the project, while NTC would provide the land in a closed, unviable mill. Management will be through a Governing Council where Development Commissioner, MSME will be Chairman and Ministry of Textiles representative, co-chair. Benefits to Ministry of Textiles include, among others, skilling of youth in textile sector, thus, providing requisite skilled manpower to the textile industry. The Technology Centre would provide support in manufacturing of quality tools that would improve productivity of MSMEs and enable them to become competitive in national and international markets; it would also provide trained manpower and consultancy in related areas. Since National Textile Corporation is moving forward towards modernization, expansion and integration, the setting up of the Technology Centres would be immensely beneficial to NTC as well.
Drawing inspiration from the vision of the Prime Minister for 'Skill India', Ministry of Textiles, through Integrated Skill Development Scheme (ISDS) targets to train 15 lakh youth in the textile sector by 2017. The Ministry is exploring several alternatives to achieve this target, including evolving synergy with ongoing schemes/institutions and with other Ministries as well. The MoU with Ministry of MSME is one such synergistic initiative in this direction.
SOURCE: The Business Standard
India's total merchandise export for 2014 was valued at $321 billion against $314 billion in the previous year, a UNCTAD report today said. The report said international service exports accounted for 21 per cent of the total global exports (valued at just over $5 trillion) in 2014, a growth of almost 5 per cent over the previous year. The total global exports for 2014 stood at $24 trillion, up 1.2 per cent, compared with the previous year, it added. According to UNCTAD's Handbook of Statistics 2015, services exports from both developed and developing economies grew strongly in 2014 at 5.3 per cent and 4.8 per cent, respectively. While total exports from developed economies accounted for 55 per cent ($13.2 trillion) of the total global trade, developing economies constituted 41 per cent, with transition economies bringing in the residual $890 million, or 4 per cent, UNCTAD said.
Giving a sectoral pattern, it said: "Growth in exports of food and agricultural raw materials from Africa and Asia in particular were strong (4.8 per cent and 3.7 per cent, respectively), as was the exports of manufactured goods from these regions (2.6 per cent and 4.6 per cent, respectively)," it said. In contrast, the value of exports of minerals, ores, metals and fuels fell sharply across countries in all regions irrespective of development status. "The most significant declines were in the value of fuel exports from Africa (down 13 per cent) and minerals and ores and metals (including gold) from Asia (down by almost 11 per cent)," the UN agency said.
SOURCE: The Economic Times
A weak monsoon coupled with unpredictable trade and industrial performance has compelled the Finance Ministry to consider scaling down its growth projection for this fiscal to between 7.5 per cent and 8 per cent. The Ministry, however, is hopeful of a higher growth trajectory of over 8 per cent from 2016-17, when the impact of higher public spending is felt. One of the focus areas is likely to be on how to keep up the momentum of public spending while facing stresses on the financial front, said two officials working on the country’s half-yearly economic report, to be tabled in Parliament next week. The Mid-Year Economic Review is also likely to call for continued public spending next fiscal year to prop up growth. It will also underline the challenges in fiscal consolidation because of an expected increase in commodity and fuel prices as well as additional payouts due to the Seventh Pay panel recommendations and implementation of one-rank one-pension in 2016-17. “The projections are being worked out based on recent economic data and the corporate sector’s performance. The review is expected to be tabled in Parliament around December 20,” said the official. The estimates in the report will be in line with the GDP data released last month, which pegged economic growth at 7.2 per cent for the first half of the fiscal year as against the Budget estimate of between 8 per cent and 8.5 per cent.
A number of international agencies have also pegged India’s GDP growth in the current fiscal year on similar lines. While Standard and Poor’s has said India will grow at 7.4 per cent, Fitch Ratings has forecast GDP growth of 7.5 per cent. The mid-year review is also expected to identify sector-specific issues — especially in infrastructure — that continue to hamper growth, and recommend policy measures to address these challenges. For 2015-16, the report is likely to highlight the Centre’s comfortable financial position, which will help achieve the fiscal deficit target of 3.9 per cent.
States to be assessed
Significantly, in a break from the past year, the Finance Ministry is also likely to assess the performance of States as part of the mid-year review. “There is a thinking that the overall performance of States should also be looked into as they are an important factor in the economic growth of the country. Already, there has been a report on the ranking of States in the ease of doing business,” said one of the officials. The official, however, maintained that including an appraisal of the performance of States in the half-yearly economic report is still under consideration.
SOURCE: The Hindu Business Line
India is witnessing “firming growth” even as most developed and developing economies are seeing mixed trends, according to Paris-based think tank OECD. The Organisation for Economic Cooperation and Development (OECD) said the US economy is showing a loss of growth momentum from relatively high levels. The conclusions are based on Composite Leading Indicators (CLIs) that are designed to anticipate turning points in economic activity relative to trend. In October, India’s CLI inched up to 100.3 from 100.1 in September. “Amongst the major emerging economies, tentative signs of stabilisation are emerging in China as well as in Brazil, while firming growth is anticipated in India. In Russia the outlook continues to be for weak growth momentum,” OECD said in a statement today.
India grew 7.4 per cent in the July-September quarter, surpassing China to become the fastest growing major economy. The country’s GDP rose 7.4 per cent, mainly on the back of pick up in manufacturing activities. During the 2014-15 period, the economy expanded 7.3 per cent. OECD said stable growth momentum is anticipated in Canada, Japan as well as in the Euro area as a whole, including Germany and Italy. “In France, the CLI points to firming growth, while the CLIs for the UK and the US show a loss of growth momentum, albeit from relatively high levels,” it added.
SOURCE: The Financial Express
Civil society groups, trade unions, trade experts and farmers’ organisations have asked the Centre not to take on any commitment at the World Trade Organisation’s (WTO) ministerial meeting in Nairobi next week without due debate in Parliament and public consultations. “Given the deep democratic deficit in WTO processes, we call for a moratorium on any new commitments. “We underline that no commitments should be made before due debate and ratification by Indian Parliament and public consultation,” a declaration ‘in defence of people’s rights at the 10th WTO Ministerial Conference in Nairobi’, jointly endorsed by several non-government organisations as well as some politicians stated.
Note of caution
The declaration noted with concern the concerted push by developed countries such as the US and the EU to push “fundamentally flawed, pro-corporate and anti-democratic process of free trade and investment liberalisation’’ by supporting issues that were earlier rejected such as investment, government procurement and competition policy (Singapore issues).
21st century issues
“Further, the so called 21st Century issues such as e-commerce, environmental goods and global value chains are now on the table with the sole purpose of eliminating autonomous policy space of the South,” the declaration said. Trade ministers from 161 member countries of the WTO will meet in Nairobi on December 15-18 to decide on how to go forward with the on going Doha development round launched in 2001. Civil society groups and workers organisations such as Forum Against FTAs, National Working Group on Patent Laws and WTO, Madhyam, New Trade Union Initiative and National Confederation of Officers Association participated in the national conference. Others endorsing the draft included a number of peasant organisations, student and youth groups, and people’s campaign organisations and some politicians.
Threat for farmers, traders
Speaking at the forum, BJP veteran Murli Manohar Joshi said that the future of small farmers and traders was at stake and it was a very important battle that the government would have to fight at Nairobi. “It is not the last fight at Nairobi. To win the war the government has to look ahead,” Joshi said. RSS ideologue KN Govindacharya, who too spoke at the conference, endorsed the draft. Speaking to BusinessLine on the sidelines, Govindacharya said that it was time for the government to quit the WTO as it was not able to make any gains from it. “The government should come out with a white paper stating which sectors have gained because of the WTO and which ones have lost out,” he said.
SOURCE: The Hindu Business Line
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$ 37.34 per barrel (bbl) on 08.12.2015. This was lower than the price of US$ 38.61 per bbl on previous publishing day of 07.12.2015.
In rupee terms, the price of Indian Basket decreased to Rs 2493.98 per bbl on 08.12.2015 as compared to Rs 2572.73 per bbl on 07.12.2015. Rupee closed weaker at Rs 66.80 per US$ on 08.12.2015 as against Rs 66.63 per US$ on 07.12.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on December 08, 2015 (Previous trading day i.e. 07.12.2015) |
Pricing Fortnight for 01.12.2015 (Nov 11 to Nov 26, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
37.34 (38.61) |
41.17 |
|
(Rs/bbl |
2493.98 (2572.73) |
2725.87 |
|
|
Exchange Rate |
(Rs/$) |
66.80 (66.63) |
66.21 |
SOURCE: http://pib.nic.in/
China sees India as a big potential market with an enormous scope of economic cooperation between the two countries, a Chinese diplomat has said. "India is a big potential market for China. More and more Chinese companies are coming to India," Second Secretary, Chinese Embassy in India Li Rong Rong said while addressing the Cangzhou and India Economic and Trade Cooperation Promotion Conference, according to an agency report. She said that the visit of Indian Prime Minister Narendra Modi to China and Chinese President Xi Jinpings visit to India, would promote cooperation between the two neighbours. Rong said China became India’s largest trading partner in 2013, and with India notching up the fastest growth in the world this year, there is a huge potential of cooperation between China and India. She said Beijing hoped work with Indian side to provide timely and accurate information for business with Cangzhou and thereby enhancing level of cooperation. The diplomat said she was looking forward to businesses from Cangzhou expand their activities in India. In 2014, the import and export volume between Cangzhou and India stood at $130 million. The business included petrochemical, pipe equipment, ore products, machinery and vehicle parts, among others.
SOURCE: Fibre2fashion
Bangladesh registered healthy export earnings of 13.73 percent totaling $2,749.34 million in this November against $2,417.43 million fetched during the corresponding period last year which is attributed mainly to moderate performance of knitwear, woven garment, jute and jute-made goods, agricultural and leather products. According to data released by the Export Promotion Bureau (EPB) on Sunday, export earnings in the first five months (July-Nov) showed a moderate growth of 6.71 percent totaling $12,879.83 million, which was a mere 0.01 percent higher than the strategic target of $12,879 million. For July-November period of the current fiscal, knitwear export maintained its positive trend fetching $5,236.73 million, which showed 4.78 percent growth over the same period of the last fiscal while woven garment accounted for $5,226.03 million having a growth of 11.35 percent.
During the five-month period, export of home textiles totaled $276.73 million with a fall of 7.33 percent and cotton and cotton products together earned $40.58 million. The export of jute and jute goods maintained their positive trend during the July-November period of the current fiscal fetching $358.60 million, registering 2.86 percent growth. Raw jute exports fetched $73.61 million with 70.35 percent rise; while jute yarn and twine accounted for $206.18 million and other items some $28.49 million. Jute sacks and bags showed a fall of 26.48 percent during the period as exports totalled $50.32 million. The export of manmade filaments and staple fibres totaled $43.48 million; specialised textiles, including terry towel also showed a positive growth of 12.88 percent, earning $43.29 million, while export of handicrafts totaled $3.62 million during the July-November period of the current fiscal.
SOURCE: Yarns&Fibers
Blanket imports to Zimbabwe have dropped by about 98 percent from $500,000 worth of products to $11,000 since removal of the commodity from the open general import licence in July this year. Announcing the move in his mid-year fiscal policy review, Finance and Economic Development Minister Patrick Chinamasa said the textile industry was one of the low hanging fruits whose turnaround could be realised within a short period, given adequate support. The minister, instead, proposed to introduce a manufacturers’ rebate duty on critical inputs imported by approved textile manufacturers covering spare parts, yarn and unbleached fabric, among others.
Zimbabwe Textile Manufacturers Association (ZITMA) vice president, Freedom Dube, yesterday said the textile sector was grateful to the government for coming up with a pro-active fiscal position. He said changes were witnessed in the early months after the minister’s announcement when imports clocked $3,000 worth of products from $500,000. “As of October blanket imports were slightly higher, recording around $11,000 worth of products from $3,000 recorded in August and September this year after Finance Minister, Patrick Chinamasa removed them from the open general import licence for two years,” said Dube. “The onus is upon us as textile manufacturers to move in quickly by financing our production capacity so that we can be able to sustain the market that has been created.” He said at the moment change has not been significant as capital sourcing for production capacity was a bit tricky. “We expect to see much of a change to our local industry come 2016. As of now we’re still negotiating with financiers for some loans to boost our production capacity so as to match the demand,” said Dube. He said there was a need for the government to fast-track the gazetting of a Statutory Instrument that forbids importation of blankets. Zimbabwe’s textile and leather industries have, since dollarisation, been under siege from the influx of imports, especially finished second hand clothes, shoes and leather products that have forced some of them to close down.
Thousands of jobs have been lost in the clothing and textile industry in the last decade due to the economic crisis. Companies such as Karina Textiles, David Whitehead Textiles Limited, Merlin, Travan Textiles and National Blankets, which were some of the largest players in the industry, are under judicial management as the economic situation continues to worsen. The new measure forms part of extensive interventions the government is taking to grow the economy, with the economic growth rate revised down from 3.2 percent to 1.5 percent due to a poor agricultural season.
SOURCE: The Chronicle
The yarn-forward rule of origin under the Trans Pacific Partnership (TPP), which requires TPP countries to use yarn produced from a TPP country in textiles to qualify for duty-free access, is expected to increase the export competitiveness of Malaysia's textile industry. Higher demand for yarn produced in TPP countries is also expected to spur textile companies to expand their upstream yarn operations in Malaysia, which are higher value-added than downstream garment production, according to a PwC analysis on the potential impact of the TPP on firms in the textiles sector. The yarn-forward rule is set to spur more investment in higher value-added upstream activities. Company feedback suggests that new investments could amount to 1.0-1.5 billion ringgit ($0.23 billion-$0.35 billion) per company. Downstream companies that rely largely on non-TPP inputs could relocate out of Malaysia. These companies may shift to Vietnam if their input providers have already established presence in Vietnam, the PwC study said.
The reduction in tariff lines for textile products is expected to benefit Malaysia's downstream garment producers, as 59 per cent of Malaysia's garment exports were to the TPP countries in 2014. Exports to the US are expected to benefit the most, given that 34 per cent of the exports of made-up garments were to the US in 2014. A 10 per cent reduction in tariffs across all textile products exported to the US could result in savings of 190 million ($44.4 million) per annum, assuming the yarn-forward rule is fulfilled. The removal of non-tariff barriers, particularly in Mexico and Peru, is also expected to increase Malaysia's exports of textiles. Presently, these countries impose special industry sector registry requirements for the import of textiles, which increase the cost of custom clearance. Furthermore, changes may be made to the list of subjected items with immediate effect, disallowing companies sufficient time to fulfil the necessary requirements. The removal of these import requirements under the TPP is thus expected to encourage higher trade between Malaysia and the TPP countries in Latin America. Malaysia exported 83 million ringgit ($19.4 million) of textiles to Mexico and Peru in 2014.
As the yarn-forward rule under the TPP is expected to increase demand for yarn produced from the TPP countries, several key textile companies – in both the upstream and downstream business – have indicated that they are likely to increase investments in the upstream yarn and fabric market, which is capital intensive. A leading integrated textile company indicated that it would invest more than 1 billion ringgit ($0.23 billion) in its upstream operations to expand from being self-sufficient in yarn inputs to becoming a net exporter of yarn and fabrics. A leading garment producer also suggested that it could invest 1.0 to1.5 billion (ringgit $0.23 billion-$0.35 billion) to establish new capacity in upstream operations.
Furthermore, key textile producers in the non-TPP countries that source inputs mainly from the TPP countries could shift investments to Malaysia to take advantage of the yarn-forward rule under the TPP, particularly given that Malaysia has more developed infrastructures than Vietnam. But a few downstream companies that rely largely on non-TPP inputs could relocate out of Malaysia A few downstream companies that mainly source inputs from non-TPP countries indicated that they would be adversely affected by the non-fulfillment of the yarn-forward rule. Consequently, they may consider relocating their business to Vietnam if their input providers already have presence in Vietnam, or to non-TPP countries that already enjoy zero tariff rates to the US without imposing any rules of origin, such as Jordan and Haiti.
SOURCE: Fibre2fashion
Trade Development Authority of Pakistan (TDAP) will hold maiden product specific exhibition of textile sector TEXPO-2016 at Karachi Expo Center from 7 to 10 April 2016. Displaying strength of overall range of textile products of Pakistan with special emphasis on value-added products like readymade garments, hosiery, knitwear and high-end garments, said press release here on Tuesday. Pakistan Missions abroad have already been activated for marketing and attracting foreign delegates for generating business through appropriate B2B meetings. A large number of buyers from all over the globe are expected to attend this event. TDAP has already taken textile related associations and stakeholders on-board who have assured their full support to the event. Major Pakistani brands as well as emerging companies will also showcase their products in TEXPO 2016. TDAP is also coordinating with Ministry of Textile Industry for the event. TDAP will also organize a fashion show to highlight the unique style of Pakistan fashion garments industry.
SOURCE: The Business Recorder
Member Inland Revenue, FBR Dr Muhammad Irshad has assured textile exporters for expeditious payments of outstanding refund claims. FBR will strive to facilitate the exporters being major stakeholders in precious forex earning. While addressing the textile exporters at Pakistan Textile Exporters Association (PTEA) on Tuesday, Member Inland Revenue said, "Textile exporters are playing key role in strengthening the economy and textile sector is the main stay of national economy. FBR is fully committed to solve the financial issues of exporters as it has become a major challenge that is not only adversely hurting the industrial activities but is also hindering the new investment." He instructed the regional authorities for speedy disposal of all deferred claims and expeditious processing of refund claims of under Section 66. He informed that regional tax authorities have already been directed to immediately constitute Advisory Councils comprising representative of exporters/business associations and tax officials to look in to the matters irritating exporters and business community and the necessary notification, in this regard will be issued within a week.
On the issue of notices by the Punjab Revenue Authority, he informed that a meeting of all provincial revenue authorities with the FBR has been fixed on December 17, and the matter will be resolved amicably. Earlier, apprising Member IR of the problems confronting textile exporters, Asghar Ali, Chairman PTEA briefly enlightened the hurdles faced by textile exporters in refund regime. He requested for speedy deposal of regular claims and stressed for payment of claims under section 66 and deferred. Replying to a question raised by the Group Leader PTEA Ahmad Kamal regarding recovery on account of blacklisted suppliers, Member IR assured that the issue will be resolved through necessary amendment in the law. He instructed the regional FBR authorities to stop initiating any action against exporters for recovery of tax on account of blacklisted suppliers.
SOURCE: The Business Recorder
The textile industry is an ancient trade in Sudan and relates to Sudanese cotton production, characterised by large economic revenues and a high additional value in its different stages. Director of the Sudanese Chambers of Industrial Association (SCIA) Al Fateh Abbas Al Qureshi revealed "since the end of the last century, the Sudanese textile industry has suffered, and still does, from challenges and obstacles, but they are beginning to recede. These are problems such as not keeping up with new scientific technical development, launching new inventions and promoting productivity processes at regional and international levels, methods of funding and marketing and establishing regional economic fronts in the region". This was at a workshop entitled "Sudanese Textile Industry and its role in the Economy," organised by SCIA and Sudan Foundation. The sector of textiles has passed through revival periods where Sudan exported cotton yarns to many states such as Switzerland, Iraq, Egypt, and Korea amongst others, alongside Cotton fabrics. Production of cotton in huge quantities and high standards was one of the basic motivators which promoted textile industry in Sudan.
What has impacted on the national economy and industry is the economical sanctions placed on the country and its effects on productive and economical sectors. Affected areas have been policy of employment, the control of the labour market, relations of production, labour laws, social insurances and industrial relations, Dr. Al-Fateh argued, adding there is no link between wage production and taxes. For improving the textile industry, Dr. Al-Fateh noted "the Union has created a plan which aims to export about 50%-60% of cotton yarns in addition to rehabilitating unions and factories to produce high quality yarn and enter international competition. He explained that a practical plan of production depends on the available capacities in making a plan producing yarns of 59% in the first year, 76% in the second and 90-100% in the third.
SOURCE: The Sudan Vision Daily
China's exports fell for a fifth month while a slump in imports moderated, as policymakers seek to spur domestic spending amid tepid global demand. Overseas shipments dropped 6.8 per cent in November in dollar terms from a year earlier, the customs administration said Tuesday. That compared to the median forecast of a five per cent decline in a survey of economists and the 6.9 per cent fall in October. Imports declined for a record 13th straight month, dropping 8.7 per cent in dollar terms versus an 18.8 per cent slump in October, leaving a trade surplus of $54.1 billion.With sluggish trade combining with slowing residential construction, policymakers may need to keep their foot on the gas even after six interest rate cuts and expedited fiscal spending. The import decline remains a drag on other nations as robust consumer demand hasn't picked up fast enough to offset declines in rust belt industries. "Global demand is staying around the bottom, just like China's domestic economy," said Hu Yuexiao, an economist at Shanghai Securities Co. "We will still see tepid trade next year with a big trade surplus." The Shanghai Composite Index was 1.4 per cent lower at 1:05 pm local time and the yuan weakened. The trade data comes after a report last week showed China's manufacturing conditions slipped to the weakest level in more than three years. Inflation data Wednesday is forecast to show consumer prices grew about half as quickly as the central bank targets and producer price deflation deepened in November. "The economy is generally weak," said Zhu Qibing, a Beijing-based analyst at China Minzu Securities Co. "Except for consumption, we are unlikely to see any pickup in other data releases this month."
Exports to the US, one of the world's few economic bright spots, dropped 5.3 per cent from a year earlier, while shipments to the European Union decreased nine per cent. "Global demand remains weak and Chinese manufacturing is feeling the brunt of a relatively strong currency," Louis Kuijs, head of Asia economics at Oxford Economics Ltd in Hong Kong, wrote in an e-mail. "The large depreciations of many currencies against the US dollar, including the euro and the yen, have worsened the competitive position" of Chinese manufacturing. China's exports are forecast to decline more than 2 per cent this year, according to a survey by Bloomberg, the first annual decrease since 2009. Combined with slumping imports, that will mean trade comes in well below the government's annual target for a 6 per cent increase this year. The nation's policy makers are under increasing pressure to keep Premier Li Keqiang's growth target within reach, as sluggishness continues in old growth engines such as exports, manufacturing and real estate. The yuan's effective exchange rate against a basket of currencies has strengthened this year, further eroding the competitiveness of the nation's low-end factories.
Imports Decline
The decline in imports compared to a median forecast for an 11.9 per cent drop. Imports from Brazil jumped 34.9 per cent, reversing a stretch of declines this year. The decrease in general imports, which are a signal of domestic demand, narrowed. Excluding key commodities, the decline moderated to a 9 per cent drop, according to calculations by Nomura Holdings Inc. economists led by Zhao Yang. "Import data suggests a slight improvement in, albeit still weak, domestic demand," the analysts wrote in a report.
In another sign of improving demand, passenger-vehicle deliveries in China increased at the fastest pace in nine months in November after the government cut a tax to boost sales in the world's largest auto market. China increased its volume of imported iron ore, crude oil and agricultural products while reducing those of coal and steel in the first eleven months from a year earlier, the customs administration said on its website. "Fading exports remain a main drag on the slowing economy, adding downward pressure on the yuan and increasing the likelihood of further easing," Bloomberg economists Fielding Chen and Tom Orlik wrote in a note. "The hope is that the recovery in the global economy in 2016 may extend some help to China's exports."
SOURCE: The Business Standard
Pledged and disbursed foreign direct investment (FDI) in 2015 are expected to touch new highs in Vietnam, after its government eased business regulations to attract foreign investors through the 12-nationTrans-Pacific Partnership (TPP) trade pact. Vietnam emerged as the biggest beneficiary of the pact with disbursed FDI expected to touch a record high of $14 billion, $1.5 billion more than last year, while pledged foreign investment is forecast to increase over last year's $21.9 billion, according to an agency report. “Our improving investment environment and trade agreements help attract more companies to move from China and other regional countries to Vietnam,” Planning and Investment Minister Bui Quang Vinh told the agency at a conference in Hanoi recently. The minister attributed the increasing FDI inflow to the steps taken by the government to ease business regulations earlier this year. The surge in Vietnam's foreign investments comes at a time when neighbouring countries such as the Philippines are reporting declining FDI, reflecting overseas investors' increasing attraction to Vietnam. The country stands to be the biggest winner of the 12-nation TPP accord, which will boost exports with tariff reductions on a range of products, including shoes, seafood and clothes, according to the World Bank.
The TPP could boost Vietnam's gross domestic product by about 8 per cent and increase exports by 17 per cent over the next 20 years, the World Bank said in a report last week. “Sticky capital inflows through FDI is very important for Vietnam as it tries to import more goods to industrialize,” said Trinh Nguyen, a Hong-Kong based senior economist for emerging Asia at Natixis SA. “This is a much more stable way to access funding for investment, which Vietnam needs at this level of development.” Out of the six major countries in the ASEAN bloc, Vietnam is expected to post the strongest economic growth this year, according to the Asian Development Bank. The country's growth is expected to accelerate through the second half, underpinned by rising private consumption, export-oriented manufacturing and FDI, it added.
SOURCE: Fibre2fashion
The FTA is considered one of the most comprehensive and ambitious trade and investment agreements. The Minister of Industry and Trade of Vietnam, H.E. Vu Huy Hoang and the European Commissioner for Trade, H.E. Cecilia Malmström signed the Vietnam-EU Free Trade Agreement (FTA) on 02 December 2015, after nearly 3 years with 14 rounds of negotiations. It is the second agreement in the ASEAN region after Singapore and it will intensify the bilateral relations between Vietnam and the EU. Both parties will finalize the ratification process as soon as possible for the FTA to take effect from the beginning of 2018. The agreement has separate chapters on Trade of Goods, Rules of Origin, Customs and Trade Facilitation, Sanitary and Phytosanitary measures and Technical Barriers to Trade, Trade in Services, Investment, Trade Remedies, competition, State-Owned Enterprises, Government Procurement, Intellectual Property, sustainable Development, Cooperation and Capacity Building, Legal and Institutional Issues.
Nearly all customs duties – over 99% of the tariffs will be eliminated. The small remaining number is mainly due to the transition period. Vietnam will liberalize 65% of import duties on EU exports to Vietnam at entry into force and the remaining duties will be eliminated due to the next ten years; EU duties will be eliminated over a seven year period. The EU will eliminate duties for some sensitive products in the textile and footwear sector. The EU has offered access to Vietnamese exports via tariff rate quotas (TRQs), because some sensitive agricultural products will not be fully liberalized. Furthermore, the agreement will contain an annex with provisions to address non-tariff barriers in the automotive sector. Vietnamese exports of textile, clothing and footwear to the EU are expected to more than double in 2020 as a result of the FTA. The real wages of skilled laborers may increase by up to 12% while real salary of common workers may rise by 13%. The macro economy will be stable and inflation rate is controlled. Vietnam’s business activities will be booming in the next few years once the EU- Vietnam FTA officially comes into force and Government’s policies as well as institutional reforms start showing their positive effects.
Vietnam’s GDP is expected to increase by 0.5% annually, increase in exports is 4-6% per year. If this trend continues until 2020, Vietnam’s exports to EU will increase by USD 16 billion. Until 2025, the FTA is estimated to generate an additional 7-8% of GDP above the trend growth rate. The FTA will help to increase quality of investment flows from EU, accelerate the process of sharing expertise and transfer of green technology and the creation of more employment activities.
SOURCE: Yarns&Fibers
At the Ethio-Korea Business Forum held in the Ethiopian capital on 3rd December 2015, the two countries discussed over the growth opportunities in the textile industry and trade cooperation. The Forum also discussed ways of strengthening cooperation between bilateral companies and generating new business opportunities. The Korean delegation included chairman of the Korean Federation of Textile Industries, representatives of the Korean business community and the Director General for Trade and Cooperation Bureau under the Ministry of Trade, Industry and Energy of the Republic of Korea. Korea has been participating in Ethiopian development endeavours in a constructive and mutually beneficial manner, especially in priority sectors such as textile, infrastructure development and construction, the State Minister of Industry, Tadesse Haile said. Tadesse Haile on the occasion said that special industrial zones and industrial parks had been setup in Ethiopia with one-stop shop services with the view to expand the manufacturing sector. The notable example, according to him is that, Shin Textile Solutions Co. of the Republic of Korea had moved into the existing industrial park at Bole Lemi in October, employing over 3,000 people. Furthermore, other parks have also been developed in Hawassa, Makalle, Dire Dawa and Kombolcha towns.
The trade balance is in favour of Korea and there is a strong belief that the strategic intervention through Foreign Direct Investment to gradually makeup for this gap. He said that there is vast preferential market access to Europe, the United States and Asia (through various preferential trade agreements) for Ethiopia's products. They would like to see an increased share of value added items such as garments, leather products as well as processed agricultural products and accept the intervention of Korean investors to meet these goals. Lee, Jae-Hoon, Programme Officer at the Korean Institute for Development Studies said that the Korean delegation consisted of some 40 potential investors, chief executive officers and owners of companies. The CEOs are mostly from textile and garment industries. According to him, the main challenge of textile manufacturers in Ethiopia is the fact that the logistic cost is quite expensive in Ethiopia vis-à-vis competitors in East Africa which is key to the competition. But if they can reduce their cost elsewhere, then the total cost will be smaller.
There are numerous investment opportunities in Ethiopia. Investors are coming to Ethiopia and they have to attract these investors and accommodate and facilitate their needs. Every country faces challenges in this regard. The point is whether they are seriously trying to facilitate their needs. And this is what the Ethiopian private and public sector have to do, the Programme officer noted. According to the Ethiopian Textile and Garment Manufacturers' Association, the export value of the Textile and Garment Sector had reached 100 Million USD in 2013 and export value of 500 million USD is expected from the sector in 2016.
SOURCE: Yarns&Fibers
Japan's economy dodged recession in the third quarter with the initial estimate of a contraction revised to an annualised expansion of one per cent, offering a glimmer of hope for policymakers struggling to end years of stagnation. Capital expenditure was the key contributor to the upgrade, a welcome sign for premier Shinzo Abe's administration that is pressuring companies to invest more of their record profits to put Japan's economy on a sustained recovery path. The revision to one per cent growth from the preliminary estimate of a 0.8 per cent fall considerably exceeded the median market forecast for 0.1 per cent growth, suggesting the world's third largest economy was in better shape than initially thought.
Capital expenditure was revised up to a 0.6 per cent gain in July-September from a initially estimated 1.3 per cent fall, Cabinet Office data showed on Tuesday. "The data was a positive surprise for markets. It's a welcome one for us too," Economics Minister Akira Amari told reporters. "Companies are starting to implement their capital expenditure plans." The data may ease pessimism over the outlook and allow the Bank of Japan to hold off on additional easing even as inflation slides further away from its two per cent target, analysts say. But analysts also caution against reading too much into the revision. The upgrade was amplified by a slower-than-expected fall in inventory, which works to push up growth but suggests that companies are struggling to sell goods in the face of weak demand. "All in all, it's positive news for the economy, particularly the stronger-than-expected capital expenditure," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "But the big picture remains the same, which is that the economy is at a standstill."
Initial estimates of a third-quarter contraction had meant Japan was in a technical recession - defined as two straight quarters in which GDP has declined. Even with revised data showing Japan dodged recession, policymakers will remain under pressure to speed up growth with additional stimulus measures. When factoring in a 0.5 per cent contraction in April-June, the economy barely grew in the first half of the current fiscal year. It needs to expand an annualised 3 per cent each in the remaining quarters to meet the government's estimate of 1.5 per cent growth in the year to March 2016 - which even Amari described as "quite ambitious." The government is likely to compile a supplementary budget exceeding 3 trillion yen ($24 billion), which will modestly boost growth but not until around April, analysts say. Many analysts expect the economy to rebound only modestly in the current quarter, given weak household spending and exports.
SOURCE: The Business Standard
