A National Conference on PM Mega Integrated Textile Regions and Apparel Park(PM MITRA) Parks Scheme was organized by Ministry of Textiles on 4th May, 2022. The conference was inaugurated by Shri U.P Singh, Secretary, Ministry of Textiles followed by a detailed presentation on the PM MITRA Parks Scheme by Smt. Shubhra, Trade Advisor, Ministry of Textiles. The Conference provided a platform for making presentation by officials from 13 State Governments, viz. – Andhra Pradesh, Bihar, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh enumerating the contours of the 18 proposals for setting up of PM MITRA Parks in their respective states. Each state government showcased its strengths in the textiles sector with a special focus on scheme/policy/benefits/incentives and basic utilities provided for creating industry friendly ecosystem to populate the proposed PM-MITRA Parks. PM MITRA Park will offer the opportunity to create an Integrated Textiles Value Chain right from spinning, weaving, processing/dyeing and printing to garment manufacturing etc. at one location and will reduce logistics cost of Industry. The conference was also witnessed widespread participation from the industry in physical as well as virtual mode leading to a vibrant Q&A session, followed by the closing session summarizing the outcomes and elaborating on the way forward of successful scheme implementation.
Source: PIB
Union Commerce & Industry Minister Piyush Goyal on Friday said India might be able to sign a Free-Trade Agreement (FTA) with the European Union by next year. After sealing a Free Trade Agreement (FTA) with the United Arab Emirates (UAE) and Australia, Europe is next on New Delhi’s radar. Union Commerce & Industry Minister Piyush Goyal on Friday said India will be able to ink a trade pact with the European Union by next year. Goyal said the country is in talks with other countries or blocs such as the EU, UK, Canada and Gulf Cooperation Council (GCC). He further added three rounds of talks have already been held with the UK and a fourth round is likely on May 26-27. The minister further said that FTA will push growth and create more jobs, adding, that India is looking for fair, equitable and win-win partnerships. Speaking about the India-Australia FTA earlier, Goyal said it will raise bilateral trade from the present $26-27 billion to $100 billion by 2030. “We offer you transparency. We offer you our trust, and rule of law. We are two democratic nations, two people who love sports, both are members of the Commonwealth,” he said. He said the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) will unlock the huge market of almost 1.4 billion consumers in India to Australian industries. Goyal said there is huge potential in areas like textiles, pharma, hospitality, gems and jewellery, IT, Startups etc. and Accountancy in Services, which will create huge employment in both countries. India's Comprehensive Economic Partnership Agreement (CEPA) with the UAE came into force from May 1, which means that 90% of the country’s exports will get duty-free access to the Emirates. Officials of the commerce and industry ministry will flag off the first consignment of goods to UAE under the pact on Sunday, as per an ET report. India is keen to increase its outbound shipments of textiles, gems and jewellery items and treble pharma exports to the UAE this year, with the trade pact being implemented from Sunday. Exporters have lined up shipments to take advantage of duty concessions under the agreement, and also the Indian embassy has lined up an ambitious plan to grow exports by 20% to $33 billion, a report said. The embassy is looking at setting up Bharat Mart, on the lines of China's Dragon Mart at Jabel Ali, Dubai. Similarly, drawing lessons from Kuwait's arrangement with Abu Dhabi, a virtual customs corridor has been proposed, it said.
Source: Times Now News
Union Minister for Commerce and Industry Piyush Goyal on Friday said that India looks forward to significant transformational and exponential growth in its trade with Italy. Co-chairing the India-Italy Business Roundtable with Italian Foreign Minister Luigi Di Maio here, Goyal said there are several opportunities in sectors ranging from tourism, services, merchandise, goods to digital world, education and design. “Today’s engagement is only the first in a series that we are planning between India and Italy. A world of 1.35 billion Indians awaits, and aspires for a better future. India offers the largest business opportunity anywhere in the world as we progress from a USD 3 trillion economy today to a USD 10 trillion economy in ten years to a USD 30 trillion economy in 20 odd years and to a USD 50 trillion economy, which I believe we all are committed to, particularly when we see that we still are at very, very initial stages of development in the country, – the large size of the market, the deep aspirations of the people of India and the talent and the world of opportunity that India provides, I hope, will businesses on both sides to strengthen their partnerships,” said Goyal, in his opening remarks at the meeting. Speaking on the occasion, Luigi Di Maio said Italy and India are experiencing dynamic economic cooperation. The Italian Government is eager to reinforce cooperation between the two countries at the industry level as well as between entrepreneurs, he said. “Today’s meeting is an important step forward in shaping our strategic partnership,” said Luigi Di Maio, adding that many Italian companies, in their long term strategy, consider India as a key country whose market will drive growth on a global scale. Luigi Di Maio said bilateral trade between India and Italy reached a record Euro 10 Billion in 2020-21. “Over 600 Italian companies, mainly concentrated around Delhi and Mumbai, employ about 50,000 local staff with a global turnover of Euro 5 Billion,” he said. According to the Ministry of Commerce & Industry’s official statement, Goyal, earlier, had a very constructive discussion with Luigi Di Maio during their one-to-one meeting on multiple issues of bilateral interests such as enhancing trade and investment opportunities, India-EU FTA negotiations, cooperation in the framework of the WTO, Tech Summit on energy transition, resumption of direct commercial flights and promotion of SMEs’ partnerships etc. Due to the active relationship between India and Italy and the regular resolution of issues, Goyal suggested evolving and expanding the fast track mechanism established between India and Italy to focus on enhancing economic cooperation and harnessing bilateral trade and investment potential to establish complementarities across focus sectors, the statement said. Both ministries reiterated the need and potential for closer industrial collaborations and further expand partnerships and establish trade and investment linkages across priority areas such as railways, defence and aviation, automotives and electric mobility, food processing, leather, textiles and fashion, infrastructure financing, fintech, green energy, telecom, energy transition, and space and technology cooperation, the statement added.
Source: The Print
With Comprehensive Economic Partnership Agreement, India will benefit from preferential market access provided by the UAE UAE Minister of Economy Abdulla bin Touq Al Marri will be leading a high-level business delegation to India this week to discuss ways to further promote trade and investments between the two countries, an official said. The visit, from May 11-15, assumes significance as both the countries have implemented the Comprehensive Economic Partnership Agreement (CEPA) on May 1. UAE's Minister for Small and Medium Enterprises is also part of the delegation. "It will be an important visit as we have implemented the free trade pact," the official said. The CEPA is expected to boost bilateral trade to USD 100 billion in the next five years, from USD 60 billion at present. Under the trade agreement, domestic exporters in various sectors like textiles, agriculture, dry fruits, gems, and jewellery are availing duty-free access to the UAE market. The delegation would visit Delhi and Mumbai and will hold discussions with industry leaders. The nearly 70-member delegation represents different sectors such as food, special economic zones, sovereign wealth funds, and aviation. The UAE is one of the largest trading partners of India and that country is a gateway to the Middle East, North Africa, Central Asia and sub-Saharan Africa. Overall, India will benefit from preferential market access provided by the UAE on over 97% of its tariff lines (or goods), which account for 99% of Indian exports to the UAE in value terms – particularly from labour-intensive sectors such as textiles, leather, footwear, sports goods, plastics, furniture, and engineering products.
Source: Hindustan Times
The 40 basis points increase in repo rate announced by the Reserve Bank of India (RBI) this week will lead to costlier loan, and add to the already existing challenges—like high prices of cotton and cotton yarn, and weak domestic and export demand—for the Indian textile industry. The policy repo rate under liquidity adjustment facility is now 4.40 per cent. Immediately after the RBI announcement, Bank of Baroda and ICICI Bank increased the interest rate for repo rate linked loans by 40 basis points. Kotak Mahindra Bank also increased the interest rate by 35 basis points for some loans. Other banks are also likely to follow the same policy and raise their interest rates in the coming days. Sanjay Jain, managing director of hosiery garment company TT Limited told Fibre2Fashion, “Lenders will increase loan interest rate after the repo rate hike. This will adversely impact the entire value chain of the textile industry. Like all other industries, business loans for the textile industry will become expensive.” As a result, the capital cost will increase for textile companies for new plant and machinery which normally requires borrowings of large sums. Production cost will also go upside because of costlier working capital. Jain said that the working capital requirement of textile companies has already doubled due to the exorbitant increase in prices of cotton and other commodities. According to HDFC Bank’s chief economist Abheek Barua, the RBI has shifted its focus from growth to inflation control. The increase in repo rate to 4.40 per cent was more than expectation. Barua expects the repo rate to increase further in the current financial year to 5.5 per cent. Currently, central banks across geographies, including the US and the UK, are raising interest rates to curb inflation in their respective countries. However, for the Indian textile industry, it will be yet another challenge when garment demand from the end users is still weak in the domestic market and the uncertainty is looming in export demand due to geopolitical turmoil. But some people from the textile industry feel that the impact of the interest rate hike will be marginal. For companies like TT, which make their innerwear, hosiery and garments using cotton only, the main problem is the scarcity of cotton which is making price rise unbearable for the entire value chain. The production cost is skyrocketing just due to record increase in cotton and cotton yarn prices. According to Jain, the retail prices of hosiery garments have already gone up by 30 per cent, and a further increase of 15 per cent is also likely to happen if cotton becomes more expensive.
Source: Fibre 2 Fashion
E-way bills stood at 75.24 million in April 2022, up 28% on year, reflecting continued momentum in shipments due to rebound in economic activities as well as a low base effect. E-way bills in April had been just 4% lower than the peak achieved in the previous month. With the e-way bills generated for inter-state trade in goods under the Goods and Services Tax (GST) regime in April turning out to be the second highest so far, the monthly GST collections may hit Rs 1.5 trillion benchmark again in May (April transactions). E-way bills stood at 75.24 million in April 2022, up 28% on year, reflecting continued momentum in shipments due to rebound in economic activities as well as a low base effect. E-way bills in April had been just 4% lower than the peak achieved in the previous month. E-way bills came in at 78.16 million in March, the highest monthly data since the online system was rolled out on April 1, 2018, reflecting an uptick in demand and shipments before the year-end. Monthly GST collections hit an all-time high of Rs 1.68 trillion in April (March transactions), broadly reflecting efficient plugging of tax evasion, a sustained shift of business to the formal sector of the economy and year-end bunching of tax payments by firms. Bills generation rose 0.5% on the month in February to 69.15 million and March GST collections (February transactions) rose 6.8% on month to `1.42 trillion. The April e-way bills were up 9% over February, indicting that the GST collections will be robust in May as well, even though the capacity utilisation of trucks have moderated. “Trucking capacity utilisation was about 80% in April compared with approximately 95% in March and 85% in February,” Abhishek Gupta, joint secretary, All India Transporters Welfare Association (AITWA), told FE. Almost 99% of e-way bills are generated under the road category. Continued buoyancy in GST collections for several months in a row would help allay the state governments’ concerns about a revenue shock they might have to deal with once five-year revenue protection ends on June 30. For the Centre, the high mop-up would mean its share of the tax as Central GST would be higher than the budget estimate of Rs 6.6 trillion for FY23. Given that an incipient pick-up in consumption has resulted in a more-thanproportionate jump in GST revenues, a stronger economic recovery could allow the collections to settle at an elevated level, proving the high revenue productivity of the broad-based consumption tax. The continued momentum in high GST receipts from July 2021 onwards yielded an average of gross GST of Rs 1.23 trillion in FY22, up 29% on year. Officials reckon that monthly GST revenues may average Rs 1.35 trillion or so in FY23, up 10% on year, compared with Rs 1.2 trillion factored in the Budget for the year.
Source: Financial Express
In what could be a big push to industrial development in Rayalaseema, the Centre is keen to grant a mega textile park. AP is likely to bag one of the proposed seven mega textile parks by the Centre. A high-level team from the Union textiles ministry is visiting Kadapa district to examine the state government’s proposal to set up a mega textile park under PM Mega Integrated Textile and Apparel (MITRA) Parks scheme. Director of textiles, Union government, HS Nanda, deputy secretary in the ministry, Purnendu Kant, and a senior official from the commissioner of textiles are part of the delegation that will make the field visit in Kadapa on Saturday. The team held discussions with senior officials of industries department in Amaravati on Friday before leaving for Kadapa. The state government is ready to grant 1,188 acres land in Kopparthi mandal of YSR district. The state government is hopeful of bagging the prestigious project which is expected to transform the fortunes of the drought-hit regions of Kadapa, Anantapur and Chittoor. The mega textile park is expected to generate direct employment to about 1 lakh people and indirect employment to another 2 lakh people. “We have proposed YSR Jagananna Mega Industrial Hub (YSR JMIH) at Kopparthi for setting up the mega textile park,” said APIIC chairman Mettu Govinda Reddy. He said that AP is one of the biggest producers of cotton and silk. While AP stood in the 7th place in cotton production in the country, it is in the second spot in silk production. “AP is the only government that has granted incentives to the textile industry during Covid-19. AP’s industrial policy (2020-23) has been designed with great emphasis on giving full support to industrial houses,” said Valaven. APIIC MD J Subramanyam in his presentation to the central team said that Rayalaseema districts were hubs of cotton, handloom and silk production. He said the Handlooms and Handicrafts Skill Development Centre was located in Anantapur and Indian Institute of Handloom Technology (IIHT) was located in Nellore, another fabric hub . He said that AP is also the biggest producer of yarn in the country as several textile parks were already in operation in different locations. Brandix Apparel city in Vizag, readymade garments and textile units in Guntur and Prakasam districts have generated largescale employment, said Subramanyam.
Source: Times of India
Double-digit BoP deficit seen in FY23, says Standard Chartered Rupee slipped to 76.97/$ during intra-day deals on Friday, hitting its all-time low before rebounding following a possible intervention by the Reserve Bank of India (RBI). The country’s foreign exchange reserves, too, dropped to $598 billion for the week ended April 29, down from its all-time high of $642 billion in the week ended September 3, 2021, latest RBI data showed. The rupee ended the day at 76.93/$, dropping 67 paisa or 0.87 per cent from its previous close. The rupee opened weaker on Friday, at 76.64/$ as compared to previous close of 76.26, in the wake of sharp fall in US equities as the treasury yields moved up with investors rushing for safe haven assets resulting in strengthening of dollar. Crude prices retreating to around $110/bbl added pressure on rupee as the country imports more than 80 per cent of its oil requirements. The previous all-time low was on March 7 when rupee ended at 76.97/$. “As the world markets got spooked up due to a forecast of 10 per cent inflation by the Bank of England, dollar index rose from 102.5 to 104.06, Asian currencies were all down against the dollar, equities fell and news of frauds at Axis Mutual fund kept dollar rupee at 76.9 levels near its all-time low after it touched 76 yesterday (Thursday),” said Anil Kumar Bhansali, head of treasury, Finrex Treasury Advisors. Rupee has depreciated 1.5 per cent in the current financial year. “The RBI was there protecting the depreciation of rupee though on a low-key between 76.7 and 76.95 levels. FIIs remained the main buyers of dollars apart from oil companies, as oil hovered around $113 a barrel,” Bhansali said. The RBI has been intervening aggressively in the foreign exchange markets by selling dollars, which resulted in the foreign exchange reserves dip. “The RBI has been using reserves as ammunition to arrest rupee fall,” said Abhiskek Goenka, founder and CEO, IFA Global. In 2022, foreign exchange reserves depleted by $36 billion. “We feel at one point, the RBI will have to let the rupee depreciate since losing reserves continuously is not an option in these volatile times. During Covid, we could fight since we were consistently increasing reserves and oil was at an all-time low but now it’s viceversa,” Goenka said. With trade deficit widening, analysts predict the country is heading for a double-digit deficit in balance of payments for the current financial year, which is a negative for the Indian unit. An analysis by Standard Chartered Bank economists showed import and export values had both reverted to — or exceeded — pre-Covid levels as of end-FY22. “We expect a current account deficit of 2.5 per cent of GDP and a BoP deficit of $10bn in FY23, see risk of wider deficits,” the Standard Chartered report said. The rupee could breach the 77/$-mark if investors continue to rush to safe haven assets amid expected widening of India’s current account and the RBI’s limitations to intervene in the currency market. “Rupee fell to the lowest level since March 2022 as the broad strength in the dollar continued to weigh on major crosses. We expect the USDINR (Spot) to trade sideways with a positive bias and quote in the range of 76.4 and 77.2,” said Gaurang Somaiya, forex & bullion analyst, Motilal Oswal Financial Services.
Source: Fibre2 Fashion
The import of textiles and apparel by the United States continues to grow at high rate and rose by 31.37 per cent to $32.368 billion in the first three months of 2022, compared to $24.639 billion in the same period of 2021. With 27.47 per cent share China continues to be the largest supplier of textiles and clothing to the US, followed by Vietnam with 13.59 per cent share. Apparel constituted the bulk of textiles and garments imports by the US in JanuaryMarch 2022, and were valued at $24.314 billion, while non-apparel imports accounted for $8.053 billion, according to the latest Major Shippers Report, released by the US department of commerce. Segment-wise, among the top ten apparel suppliers to the US, imports from Bangladesh and Indonesia shot up by 62.23 per cent and 62.31 per cent year-on-year respectively. Imports from India and Pakistan too grew around 53-54 per cent. On the other hand, imports from Honduras, which is among the top 10 suppliers, registered a growth of only 20.97 per cent compared to the same period of the previous year. In the non-apparel category, among the top ten suppliers, imports from Cambodia soared by 74.37 per cent year-on-year. Imports from Italy and Vietnam too climbed 35.81 per cent and 25.71 per cent respectively. But imports from Turkey registered a drop of 4.96 percent. Of the total US textile and apparel imports of $32.368 billion during the period under review, cotton products were worth $14.495 billion, while man-made fibre products accounted for $16.259 billion, followed by $739.258 million of wool products, and $874.120 million of products from silk and vegetable fibres. In 2020, the US textile and apparel imports had decreased sharply, mainly on account of the COVID-19 pandemic induced disruption, to $89.596 billion compared to imports of $111.033 billion in 2019. But imports rebounded again in 2021 to surpass pre-pandemic level and ended at $113.938 billion. The import figures indicate that US economy is witnessing fast recovery. As far as textile and apparel imports is concerned, the world’s largest economy will continue to support economic recovery in developing countries.
Source: Fibre 2 Fashion
The current investments in garment and textile industries stand at Tk18,000-Tk20,000 crore Entrepreneurs are now stepping up with fresh investments in the apparel sector that is currently on a roll with an excellent flow of work orders – even though there is uncertainty over uninterrupted power and energy supplies. To cash in on this hot streak, a few big names, such as Team Group, Urmi Group, Chattogram-based RDM Group and the real estate giant Sheltech, are now setting up new facilities to boost their production capacity and have a bigger stake in the global RMG export market. There is no exact data on how much new investment the sector has received. The minimum cost of setting up a 10-line readymade garment factory in a rented building amounts to at least Tk5 crore. If this calculation is taken into account, 160 big and small factories, which have obtained BGMEA and BKMEA memberships for setting up new facilities, invested approximately Tk4,000 crore in constructing knit, woven and denim factories, industry insiders say. The current investments in garment and textile industries stand at Tk18,000-Tk20,000 crore. Team Group has invested Tk720 crore to develop an industrial village where there will be a denim factory with 32 production lines, a washing plant, a sweater factory, and a blouse manufacturing unit. "We have invested in this project to cash in on the growing apparel market worldwide. Bangladesh has a good stake in it and also has every potential to further increase it with so many work orders pouring in," Abdulla Hil Rakib, managing director at Team Group, tells The Business Standard. These new units are now under construction and hopefully will go into production by 2023, he says. But he is also concerned over getting uninterrupted gas supply, saying, "We have no right direction over it." Rakib hopes that the new facilities will create jobs for 5,000 people, apart from adding another $90 million to this group's annual export turnover. Currently, Team Group has employed about 18,000 workers and its annual turnover stands at about $660 million from apparel manufacturing, a garment buying house, a pharmaceutical company and a real estate development firm. In FY21, its garment buying house's exports amounted to $315 million, Rakib notes. Thanks to its new ventures, the group has also set a target to export goods worth $1 billion by 2026 when Bangladesh is scheduled to graduate to a developing country. Sheltech Group, a pioneer of the real estate sector in Bangladesh, is also planning to invest in denim garment and knit composite factories, says its Chairman Engr Kutubuddin Ahmed, who is also chairman of Envoy Textiles Limited. The units will come into production by the end of 2023, he points out. The denim garment will be an eco-friendly factory to produce high-end apparel items, Kutubuddin Ahmed tells TBS. The knit composite factory will be set up in a joint venture with "a well-known foreign apparel maker" to produce high-value garment products and both units will be equipped with the latest technologies for high-end buyers, he says. Sheltech Group has investments in various sectors, such as textile, ceramics, meat, hospitality and brokerage sectors. Urmi Group has also gone for expansion to set up a new garment factory. Asif Ashraf, managing director at Urmi Group, says, "We have invested Tk120 crore in a new garment factory with 40 production lines and it will create about 3,000 job opportunities." Some 1,400 workers have already joined the Tejgaon unit, which is relocated to a new project; the rest of the workers will be employed by 2023, according to him. In FY21, its export turnover amounted to $160 million, he says, hoping that this year their turnover will reach $200 million. Chattogram-based RDM Group is planning to establish a 12-line capacity garment factory by this year. Its Managing Director Rakibul Alam Chowdhury says the group, which currently owns seven production units, exported about $60 million worth of goods in the last fiscal year. BGMEA, BKMEA memberships grow This year another 14 groups obtained provisional membership of the BGMEA Chattogram office, to set up new units, says Rakibul Alam Chowdhury, also vice-president at BGMEA (Chattogram). BGMEA Vice-President Shahidullah Azim says this year about 110 factories have obtained memberships for setting up new factories and there are many applications submitted to them. BKMEA Vice-President Fazlee Shamim Ehsan tells TBS that in the past six months, about 50 factories took approval from them to import machinery. Most of them are expanding capacities of their existing production units. Besides, there are some new entrepreneurs who are making fresh investments in setting up new facilities, he says. All are going for new investments despite the ongoing energy crisis, hoping that they will be able to handle it if they negotiate with buyers. "Energy crisis is not a local problem at this moment, buyers must pay additional prices if we can negotiate with them," Fazlee Shamim adds. He also hopes that the country will enjoy a huge pressure of work orders in the next twothree years.
Source: TBS News
The ongoing conflict between Russia and Ukraine has disrupted supplies of fuels and materials to Vietnam, pushing up the country's inflation, as well as adversely affecting the country's economic growth, local experts have said. While supply disruptions caused by the global pandemic COVID-19 have not come to an end, firms in Vietnam have to face increasing thinner supplies of fuels and materials for production due to the conflict, Le Hoang Anh, a senior researcher at the Ho Chi Minh City University of Banking, told Xinhua on Friday. "The Russia-Ukraine conflict has lifted production costs of different goods, resulting in inflation in many nations, including Vietnam, and hampering their economic growth," Anh noted. Since Russia launched a special military operation in Ukraine on Feb. 24, many countries have imposed rounds of sanctions including severe financial restrictions on Moscow, which has led to delay and disruption in payments through banks as well as in goods delivery, and surge in transport cost. "It is hard for companies to fulfill already-signed contracts and to ink new ones. Many goods orders have been delayed or cancelled," Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Processors, said at a seminar on Vietnam's import-export held on April 20. Vietnamese enterprises have had difficulties in importing certain goods from Russia, and in exporting products to Russia and Ukraine. Meanwhile, they have had to encounter fiercer competition in buying materials from other markets, Pham Binh An, deputy head of the Ho Chi Minh City Institute for Development Studies, said at the seminar. "Rapid increase in prices of materials has fueled inflation pressure. Higher inflation pressure plus risks in logistics and international payment has placed a heavy burden on import and export activities," An stated. An's statement was echoed by Nguyen Bich Lam, former head of the General Statistics Office under the Ministry of Planning and Investment. "The Russia-Ukraine crisis is one of the main reasons for the increase in commodity prices in the world market," Lam told local reporters on Monday. "The production output and export market share of some fuels and materials for production and consumption such as petroleum, gas, wheat, corn, aluminum and nickel of Russia and Ukraine are very big." If the tension persists, Lam continued, "it may cause difficulties for the supply of these materials and fuels in the near future, affecting Vietnam's economic recovery and development." In the first four months of 2022, prices of petroleum and oil products in the Vietnamese markets rose 48.8 percent from the same period last year, contributing 1.76 percentage points to the overall consumer price index (CPI) of 2.1 percent. The country has planned to keep CPI below 4 percent in 2022, while experts said it might be difficult to achieve. "Besides prices of petroleum and gas, prices of food, cotton, animal feeds, fertilizers, metals and construction steel will put great pressure on Vietnam's inflation control target this year," said Lam. Similarly, To Trung Thanh, a local expert at the National Economics University, during a conference on Vietnam's economy in 2021 and 2022 held in April, also said that the Russia-Ukraine conflict has pushed up energy prices, greatly affecting Vietnam's production and pressurizing its inflation target this year. "Vietnam is likely to reach the economic growth target of 6.5 percent in 2022, but it is difficult to achieve the CPI target of below 4 percent," Thanh stated. The combined trade of Vietnam with Russia and Ukraine stood at 7.6 billion U.S. dollars in 2021, accounting for 1.2 percent of Vietnam's total import-export turnover, according to data from the Vietnamese Ministry of Industry and Trade. Specifically, the two-way trade between Vietnam and Russia was over 7.1 billion dollars, up 25.9 percent from 2020. According to Lam, with the Russian market, Vietnam enjoyed a trade surplus of more than 2.6 billion U.S. dollars last year. Its key items exported to Russia included phones and components; computers, electronic appliances and components; and garments and textiles. Export of these three groups of Vietnamese products to Russia is being affected the most by the conflict. The Russia-Ukraine conflict has dealt a major shock to commodity markets, altering global patterns of trade, production, and consumption in ways that will keep prices at historically high levels through the end of 2024, said the World Bank (WB)'s latest Commodity Markets Outlook released on April 26. Last month, the WB lowered its forecast for Vietnam's economic growth this year to 5.3 percent, down from the projection of 6.5 percent it made last October.
Source: People’s Daily Online
Researchers at Microban International have developed a novel strategy for evaluating the success of odour control technologies. The growth of the global sportswear market is fuelling interest in odour control technologies for textiles. Among the emerging methodologies that assess odour reduction functionality is a novel procedure that uses a synthetic formulation closely mimicking human sweat and incorporates human perception for assessment. Kate Hawley, Senior Microbiologist, and Dr Glenner Richards, Director of Microbiology and Analytical Chemistry, both from Microban International, explain their newly developed system for testing the efficacy of odour-reduction treatments in sports clothing. Textile malodour is a major concern in the sports and athleisure wear markets. While wearing any textile article – especially during any physical exertion – body sweat is transferred to clothing. Being organic in nature, sweat is readily metabolized as a food source by skin microflora, generating chemical substances that are associated with body odour. Chemical components within sweat are hydrophobic and effortlessly bind to the synthetic fibres typically used in sports apparel, so they are not easily dislodged during washing. This adherence leads to long-term malodour retention within the fabric, causing consumers to excessively wash their clothes, so the textile articles wear out faster and end up being prematurely discarded. Time for a change Since sweat odours are generated by human microflora, they are best assessed using the most sensitive olfactory instrument, the nose, to detect subtle nuances in scent that lab instruments do not necessarily decipher. Therefore, trials using human subjects who are wearing articles treated with odour reduction technologies have become the most practical and accurate assessment tools for measuring the performance of these technologies in textiles. However, this method is open to various interferences – such as personal and laundry care products, food, and environmental smells – leading to the development of in vitro studies that assess microbially induced odours on fabrics in a standard test setting. These include protocols that quantify bacterial ammonia production or the use of lactose-metabolising bacteria to coagulate milk proteins. While both procedures address the odour component of bacterial control, it is still preferable to test odour-reducing technologies using human sweat itself as the source. Collecting sweat directly from human subjects poses several challenges, including obtaining large enough volumes for long-term investigations. Instead, many studies use synthetic sweat. However, this is limiting because only a few artificial formulations are based on the perspiration produced by the apocrine glands in the axilla (underarm) and groin regions, which are more often implicated in body odour. Therefore, these study outcomes may be less than realistic. A fresh approach Driven by these limitations, Kate Hawley, Dr Glenner Richards and the R&D team from Microban International have developed a novel strategy for evaluating the success of odour control technologies. They formulated an artificial sweat that simulates actual human body odour, comprising a base that uses an existing synthetic formulation, supplemented with nutrients to support microbial growth ‒ as seen on human skin in the axillary region ‒ and bacteria extracted from human sweat samples. The bacteria use natural metabolic pathways to produce human-like odourants, mimicking what would happen on our bodies. Preliminary findings show that the stench generated were far more reminiscent of human body malodour than those sourced from existing sweat formulations that do not include the supplemental nutrients. A unique feature of this assessment method is the inclusion of a human odour panel that consists of individuals who assess odours and, therefore, the efficacy of odour reduction treatment in clothes, rather than using standard laboratory analysis. The odour panel assessors are rigorously screened and trained and are regularly retrained to objectively score and describe human body sweat odour in a consistent way. The human component of this protocol makes testing more relevant to real world applications. After all, customers will use their own noses to detect smells in their sports clothes in real life, and they are ultimately the audience for which anti-odour textile technology is being developed. Early results show that the panel participants have been able to accurately detect clear differences between untreated textile articles and those treated with odour reduction technologies. The sweet smell of success This innovative approach standardises experimental conditions to remove variables and subjectivity as much as possible, improving the accuracy and reliability of assessor surveys. It provides a low cost, in vitro procedure that closely approximates real body odour on textiles and allows for comparisons between treated articles. Existing analytical techniques still have a role to play in odour-control research, and the new evaluation system supplements rather than replaces these methods. However, it is undoubtedly a valuable tool for screening during technology development, and for quality assurance during manufacturing. The unique new methodology brings to the fore a creative solution to a long-existing problem that sportswear users are keenly aware of. A new synthetic sweat compound and a trained human odour panel could be the answer to that familiar, persistent build-up of malodour in your beloved sports clothing, another weapon for the arsenal in the fight against bad smells. Microban International Part of Barr Brands International (BBI), Microban International is home to the most trusted and well-known global brands in the antimicrobial, odour control, and sanitisation / disinfection markets – Microban and Ultra-Fresh. The organization has experienced over 100 collective years of growth and has revolutionised the industry. As the global leader, Microban’s proactive systems keep products cleaner, and control odours better by preventing problems before they start. Microban International drives innovation by combining science and creative solutions that enhance high-quality consumer, textile, industrial and medical products around the world. Today, the Microban and Ultra-Fresh brands and our technologies are featured on thousands of products worldwide. The company is headquartered in North Carolina with operations in North America, Europe, and Asia Pacific.
Source: Innovation in Textiles
The peak body for the Australian fashion and textile industry, Australian Fashion Council (AFC), has launched a new industry certification trademark, Australian Fashion™ to drive demand for Australian brands locally and internationally. The trademark and accompanying campaign was created by the AFC with funding from a federal grant awarded to the body in May 2021 to drive industry growth, create more jobs and build a greater contribution to the local economy that will future-proof the Australian fashion and textile industry. According to AFC, in the short term the fashion and textile industry has the potential to generate an additional $1.3 billion, including $700 million from additional investment, $500 million in exports and $100 million in private consumption and government expenditure. Over the next 10 years, the industry has the potential to deliver an additional $10.8 billion in economic gain, becoming a $38 billion industry by 2032 and creating an additional 86,000 jobs. Moreover, the industry is made up of 77% women, driving women’s economic security and having the potential to deliver further career pathways and working opportunities. The industry led campaign will define Australian fashion, selling its unique creativity and progressive values to the world, set to rollout in Australia across multiple channels and with a new consumer website in August 2022. A UK campaign will rollout in September 2022 with the objective to align with the UK-Australia Free Trade Agreement. For brands to become Australian Fashion™ certified, they must meet at least two of the following criteria; demonstrating a contribution to jobs and the local economy, Australian made, Australian owned, majority Australian employees, and Australian tax domiciled. Certified brands must also pledge to a commitment to authentic Australian design to uphold the creative integrity of the industry nation brand, as well as to social and environmental impact commitments that drive the industry forward in transparent, responsible and inclusive practice. CEO of Australian Fashion Council, Leila Naja Hibri said: “More than a trademark, this is an opportunity to showcase the best of Australia’s fashion talent. For example, when Italian fashion is mentioned, we immediately visualise a distinct brand identity of quality and elegance. In a similar way, we have now identified four key pillars that distinguish Australia’s Fashion DNA: effortless style, raw nature, boundless optimism and fearless innovation. This, together with the trademark, will help us clearly articulate the unique creativity and the progressive social and environmental values of Australian fashion on the world’s fashion stage. “The Australian Fashion trademark will be a driving force in building the industry’s growth trajectory to deliver substantial economic, social and environmental gains over the next ten years. We can show the world how prioritising people and the planet together with profit can lead to a legacy of thriving prosperity. “With women’s economic security now front and centre of Australia’s policy agenda, and with women representing more than 77% of our industry’s workforce, the fashion and textiles sector can play a pivotal role in advancing gender equality in our country. This is a cause very close to my heart.” The new trademark is also supported by the launch of an ‘Fashion Evolution: From Farm to Industry’ an EY report that models the economic potential of the fashion and textile industry, sponsored by Afterpay. The report will cover four key policy asks: 1. Promote the Australian Fashion™ campaign locally and globally to turbo-charge local and export earnings 2. Build future manufacturing capability, boosting the demand for Australian fashion and textiles, including for cotton and wool fibres and their derivatives 3. Boost women’s economic security by developing career pathways for women throughout their working life, addressing current and future industry skills gaps and opportunities 4. Build a workable and sustainable circular economy across Australia’s clothing, uniforms and textiles supply chain According to AFC and Afterpay, the implementation of all policy recommendations in full would deliver $10.8 billion in economic gain over 10 years, with the potential to create an additional 86,000 jobs for Australians. In the short term, the policies will increase economic output of 1.3 billion, with a potential ROI of 19:1, based on a funding request of $69 million. Key findings in the report also revealed that the industry’s contribution to GDP would move from 1.5% in 2021, to 2.12% by 2032, a 41% increase in contribution over the 10 years. CEO of Afterpay, Anthony Eisen, said: “The Australian fashion industry is a key creative and economic contributor to our nation. It’s an industry that employs hundreds of thousands – many of whom are women – it builds our cultural identity, showcases our capacity for innovation, and contributes to wider economic growth.” “Fashion has always been at the core of the Afterpay business and we’re proud to support the Australian Fashion Council and Ernst & Young in producing a report that spotlights its current and potential contribution to the Australian economy”.
Source: Mumbrella
The People’s Bank of China (PBOC) recently announced it will soon launch a 100-billionyuan ($15-billion) relending facility to support the transport, logistics and storage sectors. The central bank said the funds will help resolve ‘pain points and difficulties in epidemic prevention and control’ and it will ‘constantly optimise its structural monetary policy system’. "Monetary policy should coordinate with fiscal and industrial policies to jointly boost the confidence of market players, stimulate market drivers, support the real economy and achieve the goal of stable growth," the bank said in a WeChat statement. The announcement came after the PBOC announced that it had increased the targeted relending quota for the coal industry by an additional 100 billion yuan to aid clean energy development, official Chinese media reported.
Source: Fibre 2 Fashion
