|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1073.24 |
USD/Ton |
1.16% |
4/27/2016 |
|
VSF |
2055.63 |
USD/Ton |
-0.37% |
4/27/2016 |
|
ASF |
1940.15 |
USD/Ton |
0% |
4/27/2016 |
|
Polyester POY |
1059.38 |
USD/Ton |
0.22% |
4/27/2016 |
|
Nylon FDY |
2340.50 |
USD/Ton |
0% |
4/27/2016 |
|
40D Spandex |
4465.42 |
USD/Ton |
0% |
4/27/2016 |
|
Nylon DTY |
5741.91 |
USD/Ton |
0% |
4/27/2016 |
|
Viscose Long Filament |
1293.43 |
USD/Ton |
0.60% |
4/27/2016 |
|
Polyester DTY |
2163.42 |
USD/Ton |
0% |
4/27/2016 |
|
Nylon POY |
2117.23 |
USD/Ton |
0% |
4/27/2016 |
|
Acrylic Top 3D |
1170.25 |
USD/Ton |
0.33% |
4/27/2016 |
|
Polyester FDY |
2540.67 |
USD/Ton |
0% |
4/27/2016 |
|
30S Spun Rayon Yarn |
2833.23 |
USD/Ton |
-0.54% |
4/27/2016 |
|
32S Polyester Yarn |
1724.58 |
USD/Ton |
0.27% |
4/27/2016 |
|
45S T/C Yarn |
2463.68 |
USD/Ton |
0% |
4/27/2016 |
|
45S Polyester Yarn |
2987.21 |
USD/Ton |
0% |
4/27/2016 |
|
T/C Yarn 65/35 32S |
2263.51 |
USD/Ton |
0% |
4/27/2016 |
|
40S Rayon Yarn |
1863.16 |
USD/Ton |
0.83% |
4/27/2016 |
|
T/R Yarn 65/35 32S |
2124.92 |
USD/Ton |
0% |
4/27/2016 |
|
10S Denim Fabric |
1.37 |
USD/Meter |
-0.11% |
4/27/2016 |
|
32S Twill Fabric |
0.82 |
USD/Meter |
0% |
4/27/2016 |
|
40S Combed Poplin |
1.17 |
USD/Meter |
0% |
4/27/2016 |
|
30S Rayon Fabric |
0.69 |
USD/Meter |
0% |
4/27/2016 |
|
45S T/C Fabric |
0.69 |
USD/Meter |
0% |
4/27/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15398 USD dtd. 27/04/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Gujarat's textile policy, announced in 2012, has so far attracted investment commitment worth Rs 9,208 crore through varied units such as weaving, made-ups, processing, spinning, ginning and technical textiles. The plan is to attract Rs 20,000 crore investment and 2.5 million new jobs by 2017. Under the policy, 549 textile units have got approval. The latest nod is for a textile and apparel park coming up in Surat. This park will come up on 62 acres, house 42 manufacturing units and generate 1,900 jobs. So far, 12 such parks have received in-principle nod. Led by Gujarat's minister of industries Saurabh Patel, the state government has set up a ministerial committee to look into the approvals and promotion of the textile sector in the state by incentivising the same. The committee met for its 10th meeting recently and approved 43 units — 42 units of weaving, made-ups, knitted fabric, processing, embroidery, cotton ginning & twisting, and one unit of technical textiles. These units, to come up in Surendranagar, Surat, Botad, Morbi, Rajkot, Valsad, and Junagadh districts, bagged approval for interest subsidy and value-added tax (VAT) concession for all units, apart from power rate subsidy for weaving units. These units have invested Rs 603 crore for plant and machinery. Among the incentives, while made-up units will enjoy interest subsidy of seven per cent, technical textiles and rest of the units will enjoy six per cent and five per cent, respectively, Patel said. In the past nine meetings of the committee, 506 units investing around Rs 8,605 crore bagged approval. Maharashtra, too, has rolled out a textile policy looking to attract Rs 40,000 crore of investment and create 1.1 million employment opportunities in five years.
SOURCE: The Business Standard
The decision taken at the World Trade Organisation's 2015 Nairobi Ministerial to eliminate export subsidies on cotton will benefit Indian shipments of the crop, the government said on Wednesday. "...it will create a level playing field for our farmers, who were not entitled for it but other developed countries were providing the same as scheduled, as per the rules," the commerce department said. The Nairobi Ministerial decision on cotton and export competition resulted in a commitment by developed countries to immediately eliminate their export subsidies, while developing countries were required to do so by January 1, 2017. However, India is not a major user of export subsidies and as per notifications to the WTO, the country has not provided any financial support for cotton between FY07 and FY10.
SOURCE: The Economic Times
The handlooms commissioner under the Union ministry of textiles says they have brought in nine leading e-commerce entities, including Flipkart, Amazon and eBay, to increase these products’ penetration in the domestic market. With the same end, they also tied up with 70 retail outlets. Alok Kumar, the development commissioner (handlooms), said: “The domestic market has huge potential but the problem is branding and reach. To address this, the department has tied-up with e-commerce players and private companies to sell handloom mark products. We foresee very high levels of sales with the e-commerce partners in the next five years.” Traditionally, handloom were focused on sarees and ethnic wear. To attract the younger generation, the ministry is looking at Indo-Western products, casual and office wear. The ministry says portals are approaching weavers directly, too; one has apparently done with 24 weaver societies. The weaver or manufacturer has to get approval and registration, and are then linked with an e-commerce partner for uploading specified products on the portal.
E-commerce firms, retail groups boost handloom sales The e-commerce partners create a separate home page, with web links for the handloom mark & products. Payments to the weavers’ accounts are done speedily, of 92 per cent of the sale value, on average. It seems a weaver society producing Ikat fabrics has got a bulk order from the Future Group. Another, for Pochampalli has got an initial order from the Aditya Birla Group.
SOURCE: The Business Standard
Garment exporters have opposed the Centre’s proposal to raise minimum wages for contract labour to Rs. 10,000, stating that it could result in a sharp drop in exports and lower employment by the sector. “The industry witnesses peak demand between October and February, while orders decline by around 30 per cent in other seasons. With the proposed increase in wages, the industry will not be able to exercise its flexibility of engaging more labour to meet its peak-time requirements and will lose to competitors in Bangladesh and China, who already have a cost advantage,” said Apparel Export Promotion Council (AEPC) Chairman HKL Magu. The Ministry of Labour had recently proposed amendment of the Contract Labour (Regulation and Abolition) Central Rules suggesting Rs. 10,000 as the minimum payable wage to contract labour. The Ministry’s initiative is part of the government’s efforts to check exploitation of labour employed by the industry on a contractual basis.
According to the AEPC, if the provision is uniformly implemented across all States, the result will be over 90 per cent increase in wages for contract labour in States such as Odisha and Rajasthan and over 30 per cent in most other States.It further said that the higher wage burden could lead to a 10 per cent (Rs. 10,000 crore) decline in export turnover and a proportionate decline in employment. Garment exporters said that higher contract wages would also lead to violation of wage parity norms (vis-à-vis workers on rolls of a company) and lead to unrest in the industry.
SOURCE: The Hindu Business Line
India's largest branded fabrics and fashion retailer Raymond Ltd posted 162 per cent increase in net profit at Rs 56 crore during January-March quarter as compared to Rs 21 crore in the year-ago quarter. The rise in profit is mainly on the back of higher sales in the textile and branded apparel businesses and better cost efficiency. The 90-year-old textile manufacturer, which is currently focusing more on the branded apparels and fashion retail for its next level of growth, had also achieved better cost efficiency in manufacturing through adoption of modern technologies and optimum capacity utilization. Raymond's textile and apparel businesses posted 7 per cent and 15 per cent respectively during the quarter. The increased profitability in the apparel business during this quarter was despite additional investments for the expansion of its retail network, the company said in a release on Tuesday (April 26). While, the sales in its Denim and the unrelated engineering businesses declined during the quarter due to slow down and currency volatility in the export markets. "The year 2015-16 was challenging due to subdued consumer sentiments and difficult global economic environment. However, we ended the year on a positive note driven by good growth in revenue and profitability, especially in the lifestyle business," said chairman and managing director Gautam Hari Singhania on Tuesday. Raymond's net profit for the fully year was down 18 per cent to Rs 92 crore as compared to the previous year's Rs 113 crore, although the over all revenue at Rs 5702 crore grew 5 per cent this year as against Rs 5428 crore in 2014-15.
SOURCE: The Business World
Rajasthan plans to soon offer ready to move in manufacturing facilities in the state under its plug and play policy. This is yet another measure to boost industrial development in the state which has been at the forefront of reforms in labour laws and changes in land policy aimed at attracting investments. "A number of investors, especially smaller players, do not want to go through the whole process of land acquisition, building a factory," Veenu Gupta, principal secretary for industries in Rajasthan government told ET. "They prefer ready to move in built-up space that will provide basic facilities such as water, electricity so they can just move in machinery and begin production immediately," she said. The state is eyeing investment in garments, gems and jewellery, IT and other non-polluting manufacturing businesses. A number of Japanese investors from the small and medium enterprises have evinced interest in taking up such facilities, Gupta said. The state government will invite bids for development of these plug and play facilities in a week, Gupta said. Six spots have been identified with plot sizes up to 40,000 square metres, she said. A detailed policy framework has been prepared to support this plug and play model of quick industrial development.
Besides, the state is in the process of revamping its single-window clearance system to cut down human interface and is introducing intensive tracking to ensure smoother approvals to investors as part of enhancing ease of doing business. The assembly has given its goahead to a proposed land acquisition law, the Rajasthan Land Pooling Schemes Bill, and another landmark legislation that could usher in significant reform in the land market - the Rajasthan Urban Land (Certification of Titles) Bill, 2016.
SOURCE: The Economic Times
Telangana Excise department now has a high-tech command and control centre for its enforcement wing and a modern portal. The centre was inaugurated by Hyderabad Police Commissioner M Mahendar Reddy here on Wednesday. The centre has video conference facility connecting 10 deputy commissioners and 23 excise superintendents across the 10 districts of the State with a National Informatics Centre server-based desktop video conferencing system. There is also a 30-line teleconference facility. An existing toll-free facility bearing the number 1800-425-2523 for registration of complaints from general public has also been integrated with the command centre. A portal, excise.telangana.gov.in with advanced features has also been launched, according to a release.
SOURCE: The Hindu Business Line
These are difficult days for trade policymakers. The global economic scenario stays insipid, significantly impacting the trade environment. Despite a steep decline in oil and commodity prices, manufacturing has remained tepid. India has lost its manufacturing competitiveness in several product areas and the fact that efficiency in delivery of services can lead to manufacturing competitiveness seems to have missed the adequate attention of policymakers. India came out with an elaborate foreign trade policy statement – the first of its kind – last year. Global developments thereafter have only accentuated the need for a more persuasive agenda on international trade. The December 2015 ministerial meeting of the World Trade Organization (WTO) was a disappointment for India, which could not secure all that it set out to do. It also lost the sheen from its high position of leadership of the developing world in the WTO, which continues to be relevant for most of the developing world, more so for India, which has been punching well above its weight in global trade at the WTO.
India has provided useful leadership to developing and least-developed countries. Nairobi, however, is reported to have dented this image. We need to take stock of our stance: Should we only pursue our self-interest or provide voice to many others who lack it? Some have advocated the former approach, completely ignoring that it is not just the need of less provided members which persuades India to take up leadership in the organisation but it is India’s own wide diversity of positions on almost all issues on the agenda that necessitates seeking support from a large number of members. In the process, India must secure the goodwill of as many members of the developing world as it can.
India also needs to review its approach to the post-Nairobi work programme. There can be no doubt that our defensive interests in areas such as agriculture compel us to pursue some of the issues less palatable to the developed world, such as the reduction of agriculture subsidies in developed countries. These can only be raised in a multilateral setting and remain relevant at all times. We also need to take up a progressive agenda of our own, which the Nairobi declaration allows us to do. There is no reason why we should not table an ambitious market access and trade facilitation agenda in services.
In 2008, we signalled a very ambitious set of market-access offers. We can appropriately revive it. There are a large number of service-providing and consuming members outside the Trade in Services Agreement membership. An attempt to get them together may not be a bad idea. A proposal to facilitate trade in services behind the borders, similar to the Trade Facilitation Agreement for merchandise trade, may be equally attractive to a large number of developing countries. Given the demography, temporary movement of professionals will continue to be our mainstay but we should enlarge our agenda to include several other sectors, across all modes. Indian businesses have made big investments in developed and developing countries in the recent past, suggesting the need for us to pursue a comprehensive services and investment agenda. This external action will have to accompany reforms in all potential services sectors to unleash our competitive strength. Services contribute 60 per cent to our economy. They play a significant role in improving export competitiveness of manufactured products and deserve corresponding attention of the policy establishment. We should also develop a trade agenda around the UN Sustainable Development Goals adopted last year. No member will risk disrespecting such an approach.
Much has been said against free trade agreements (FTAs). The success of a trade agreement depends on several factors; prominent among them are the criteria for selection of the trading partner and persuasive advocacy with stakeholders. Trading partners must complement each other. Rigour and strategy of selecting products and services for preferential treatment is also necessary. Manufacturing for global competitiveness is organised on the basis of capacities along the value chains. It is important to recognise mutual competitiveness along a given value chain and to build an agreement all along the chain on the basis of respective strengths. An entire ecosystem for trading, including the tariff structure, regulatory ecosystem, logistics and trade infrastructure should be built around these value chains. In the last decade, India has sealed trade agreements with Asean, South Korea, Japan and Malaysia. Our trade partners have gained more than us. The reasons are obvious: lack of our manufacturing competitiveness vis-à-vis these countries have not allowed us to harness advantage out of the FTAs.
FTA once sealed cannot be changed unless heavy compensations are paid. In the present context, the approach for selecting an FTA partner should have the following elements: First, keep politics out; second, pursue preferential arrangements with appropriate members of the ongoing mega agreements, to connect with a larger market; third, expand in growing markets such as Africa, Latin America, Eurasia; fourth, strategise focus through Regional Comprehensive Economic Partnership (RCEP) on China; fifth, pursue a policy of seamless South Asia to encourage production networks; sixth, identify positions of strength on value chains and build conducive policy ecosystem around them; seventh, persuade industry and sectoral ministries to reorganise themselves for the above objectives; eighth, discourage a protectionist stance around ‘Make in India’, instead reorient it to develop strength around identified value chains; and, ninth, create a well informed, fast track and competent, negotiating architecture in the department of commerce.
SOURCE: The Business Standard
Extending its gain against the American currency, the rupee firmed up further by 8 paise to close at 66.44 on persistent selling of dollars by banks and exporters in view of persistent foreign capital inflows amidst weakness in greenback overseas. Firm equity market also boosted the rupee value against the dollar to some extent, a forex dealer said. Foreign portfolio investors (FPIs) and Foreign Institutional Investors (FIIs) bought shares worth a net Rs. 512.22 crore yesterday, as per provisional data released by the stock exchanges. The rupee resumed steady at 66.52 per dollar at the Interbank Foreign Exchange (Forex) market, but dropped to 66.5950 on month-end dollar demand from importers. However, it recovered afterwards to 66.40 on selling of dollars by banks and exporters before ending at 66.44, showing a gain of 8 paise or 0.12 per cent. The domestic currency has gained by 18 paise or 0.27 per cent in two days. Meanwhile, the dollar index was down 0.09 per cent against a basket of six currencies in the late afternoon trade. The RBI fixed the reference rate for the $ at 66.5460 and € at 75.1770.
SOURCE: The Hindu Business Line
India and Canada undertook a “stock-taking” exercise last week on the proposed free trade agreement (FTA) between the two nations, raising hopes of an early resumption of negotiations, which last took place in March 2015. As many as nine rounds of negotiations for the FTA, known as the Comprehensive Economic Partnership Agreement, were held between the two countries since its beginning in November 2010. However, as no negotiations took place since March last year, some analysts had apprehended a deadlock due to differences over contours of the proposed pact. The talks on the FTA include mainly two pillars, goods and services trade, while investment aspects are covered separately by a bilateral Foreign Investment Promotion and Protection Agreement (FIPA). Sources told FE that the process of negotiations slowed down as Canada wanted concessions such as ‘MFN (most favoured nation)-forward’ and ‘ratchet’ from India under the FTA.
Offering ‘MFN-forward’ would mean any concession given by India to a trading partner in future under a bilateral treaty will automatically get extended to Canada. Similarly, ‘ratchet’ suggests benefits arising out of India’s domestic policy changes in future will have to be provided to Canada as well. A source told FE that India has asked Canada to state in which sectors the latter wants ‘MFN-forward’ and ‘ratchet’ before it starts examining the possibility of offering any such concession. India feels offering ‘MFN-forward’ in all sectors could be counter-productive as concessions under each FTA are based on attributes peculiar to that particular partner, which shouldn’t be extended to others. Similarly, it fears that agreeing to ‘ratchet’ could affect its own domestic policy space in future. Though Indian goods exports to Canada are less than 1% of its total outbound shipments, a joint study before the FTA talks started in 2010 had estimated fairly symmetric gains for both the nations. Annual export gains for Canada were estimated to range between 39% and 47%, and for India, between 32% and 60%. India’s exports to Canada stood at $2.2 billion in 2014-15, while its imports from that country were to the tune of $3.7 billion. In the April-January period of the last fiscal, Indian exports to Canada touched $1.7 billion and its imports hit $3.5 billion.
SOURCE: The Financial Express
The global yarn production fell in Q4/2015 quarter-on- quarter, the first decline in a year. Thereby, output in Europe increased on a quarterly basis, while it decreased in the other regions (Asia, North and South America). On an annual basis, the global yarn production in Q4/ 2015 improved in tow with increases in Asia, informed a communique received here from Zurich-based International Textile Manufacturers’ Federation (ITMF). In Europe, North and South America, ITMF revealed that yarn production fell year-onyear. Global yarn stocks in Q4/ 2015 rose quarter-on-quarter as well as year-on-year. Thereby, all regions except for South America reported that stocks were increased on a quarterly basis. Yarn orders in Europe rose and in South America they fell quarter-on-quarter. Year-on-year they increased in Europe and fell in South America.
Global fabric production fell in Q4/2015 against Q3/2015 due to decreases in Asia and South America. In Europe fabric production increased. On an annual basis global fabric output also declined. Thereby, Asian and South American output fell, while fabric production in Europe rose. In Q4/2015, worldwide fabric stocks were reduced quarter-on-quarter in all regions. Global fabric inventories were also reduced year-on-year. In Q4/2015, European and South American fabric orders decreased quarter-on-quarter. Fabric orders increased on an yearly basis in Europe and they fell in South America. Estimates signal an unchanged global yarn production for Q1/2016 and an increase for fabric output. The global outlook for yarn hints at an unchanged output for Q2/ 2016 and at an increase for fabric production. In Q4/2015, global yarn production fell by nearly 26% quarter-on-quarter.Thereby, Asian yarn output declined by 27% quarter-on-quarter and by 15% in North America. In Europe it rose by 15% and in South America output fell by 19%. Global yarn output grew by 11% in Q4/2015 versus Q4/2014. The annual percentage change of yarn output in Asia amounted to 12%. In North America, in Europe and in South America yarn production fell by3%, 2% and 28% year-on-year, respectively.
Global fabric production declined by over 1% in Q4/2015 against the previous quarter. While Asian and South American output fell by 1% and 30%, respectively, European fabric production improved by 13% quarter-on-quarter. Year- Global yarn output up by 11% in Q4/2015 on-year, global fabric fell by 2%. Thereby, Asian and South American production fell by 2% and 40%, respectively, while output levels in Europe increased by 6%. Global yarn inventories increased in Q4/2015 by 0.3% quarter-on-quarter with increases of 0.4% in Asia and 6% in Europe. They fell by 1% in South America. In Q4/2015, the annual percentage change of global yarn inventories recorded an increase of 12%. Thereby, yarn stocks grew by 11% year-on-year in Asia, by 3% in Europe and by 37% in South America. Worldwide fabric stocks fell by 2.6% in Q4/2015 versus Q3/2015. Stocks in Asia, Europe, North and South America were reduced by 0.5%, 2%, 0.7% and 7%, respectively. On a yearly basis global fabric inventories in Q4/2015 fell by 0.5%. Thereby, they grew by 0.6% in Asia and fell by around 1% in North and South America and in Europe, respectively. In Q4/2015, European yarn orders rose by over 4% quarter-on-quarter and by 0.3% year-on-year. In South America they fell by 7% quarter-on-quarter and by 47% year-on-year. European fabric orders in Q4/2015 fell by 0.5% quarter-on-quarter and increased by 0.5% year-on-year. South American fabric orders in Q4/2015 fell by nearly 10% quarter-on-quarter and by close to 25% year-on-year, ITMF said.
SOURCE: The Tecoya Trend
'Stitches to Riches', a book brought out by the World Bank offers specific policy recommendations for stakeholders to better leverage the apparel manufacturing sector's potential in South Asia. The focus is on identifying key bottlenecks and areas for improvement in the South Asian countries compared with those of their closest competitors in the South East Asia region (Vietnam, Cambodia, and Indonesia). These recommendations include: (i) removing trade restrictions to allow easy access to manmade fibers as inputs; (ii) increasing efficiency along the value chain such as integration between textile and apparel; and (iii) improving social and environmental compliance by introducing better human resource practices. At the country level, policy highlights include suggestions that Bangladesh should improve performance on non-cost factors important to buyers. The book says India must address constraints to firm growth (like integration of textile and apparel, and access to manmade fibers), and Sri Lanka should position itself as regional hub and take advantage of emerging markets. It also suggests that Pakistan should increase product diversity and reliability, and take advantage of new markets.
'Stitches to Riches' has been motivated by South Asia's urgent need to create more and better jobs for a growing population. This book investigates the region's potential for expanding and improving jobs in the labor-intensive apparel sector. It estimates the effects of rising wages in China on apparel exports, employment, and wages in South Asia, and provides policy recommendations to leverage the sector for greater job creation. As developing countries explore ways to boost living standards and reduce poverty, they are increasingly focusing on policy options to create jobs that are “good for development.” For South Asia, this is a high priority, given that it must absorb close to one million individuals that will enter the workforce every month for the next three decades, and it continues to have a stubbornly low rate (30 per cent) of female labor force participation, says a book 'Stitches to Riches' brought out by the World Bank. "Apparel manufacturing presents the poor with job opportunities in South Asia. It also has a unique ability to attract female workers. Employed women tend to have fewer children, reducing population growth, and several studies have found that women are more likely to dedicate their income to the health and education of children," says Annette Dixon, World Bank Vice President for the South Asia Region.
SOURCE: Fibre2fashion
America's National Cotton Council (NCC) has challenged the findings of a Turkish anti-dumping probe that has led to a three per cent CIF (cost, insurance and freight) duty imposed on all US cotton fibre imports into Turkey, effective immediately. On April 16, 2016, the Turkish government released its final decision on its anti-dumping investigation of US cotton. Turkey is the second largest export market for US cotton with shipments ranging between 1.5 and 2.0 million bales. The duties automatically put US cotton at a competitive disadvantage to cotton produced in other countries, thus seriously jeopardizing business with Turkish mills, the NCC said. NCC Chairman Shane Stephens said the investigation, which was initiated in October 2014, was clearly in response to several US trade investigations of Turkish steel imports. In an unusual move, he noted that the Turkish government self-initiated the investigation without any showing of special circumstances as is required under World Trade Organization (WTO) rules. “In the first place, the investigation itself lacked transparency regarding information used to justify the investigation,” Stephens said. “In fact, data used in support of a finding of injury to the Turkish domestic cotton market ignored established facts to the contrary.”
Stephens said that the Council submitted ample evidence showing that Turkey's cotton market has experienced price declines due to the same factors affecting cotton markets worldwide. He said, for example, government policies in developing countries and competition from manmade fibres have contributed to stagnant global demand, increased stocks and lower cotton prices. “Unfortunately, the import duties only compound the difficult economic climate facing US cotton growers and merchandisers,” Stephens stated. “The Council will continue to actively oppose the imposition of duties and is exploring ways to reverse the decision, such as WTO mechanisms and the Turkish judicial system.”
SOURCE: Fibre2fashion
Commerce Minister Khurram Dastgir Khan said on Wednesday that the Ministry of Commerce would fund a project for pointed interventions in research and innovation projects for textile sector, initiated by the National Textile University. "The project, which would establish Textile Innovation Centre in the university, would focus on the global demand for next-era fabric that includes technical and functional fabrics and would provide new initiatives in the field of design and value-addition," he said while chairing the third meeting of the Federal Textile Board attended by the representatives of associations from all the sectors of textile, value chain and concerned ministries. The board was informed by the minister that in order to address the recent decline of exports in the sector, the Ministry of Commerce is scheduling a branding and marketing campaign to re-launch Pakistan in the export world with the country's new and improved credentials. The textile sector would be invited to provide their input in the campaign, which would use the traditional and new media to attract investors and importers to Pakistan. The board discussed proposals for the upcoming federal budget and provided its input on tax refunds, energy availability and its pricing, availability of raw materials and machinery. The board was informed by the sector that gas is abundantly available all across the country for all industries in the form of RLNG since March this year.
With regard to the decline in the production of cotton, the minister convened an inter-ministerial meeting to discuss the proposals for early finalisation of legislations awaiting approval regarding the introduction of high-yielding new seed varieties in Pakistan. The minister said that Pakistan Seed Act is already implemented while Plant Breeders Act and Plant Health and Safety Act would be promulgated this year. The minister also directed the officials of Ministry of Commerce and textile to work in collaboration with the Federal Board of Revenue (FBR) and State Bank of Pakistan in order to simplify the procedure for duty taxes remission on exports.
SOURCE: The Daily Times
The Armenian Government will propose measures against buying and selling goods from Turkey, Minister of Economy, Artsvik Minasyan, said in parliament on Wednesday. Upon the instruction of the Prime Minister, the Ministry of Economy is conducting research regarding the goods which pose a threat to the national economy of Armenia, both in terms of their quality and competitiveness. Armenian-Turkish economic relations directly stem from the political ones and a complete package of measures should be presented here, the Minister added. Minasyan said “It is necessary to consider that Armenia is a member of the World Trade Organization (WTO) and cannot use protectionist measures which are not in line with the charter of that organization. We have an important fact here: when Armenia was joining the WTO, Turkey made a reservation to the WTO Marrakesh Agreement stating that it doesn’t consider Armenia an organization member and will not extend the observation of these rules over the country.” “And this means that we are fully entitled to use all measures to protect our economy. This concerns the agricultural, light industry and other goods,” Minasyan stated. Secondly, it is necessary to consider Armenia’s membership to the Eurasian Economic Union (EAEU), where the countries agree on their economic policy. “But even considering all this, Armenia disposes of instruments, which will allow to take individual measures in each specific case. These steps should be accurately worked out so that no socially volatile situation results.”
SOURCE: The Asbarez
The U.S. goods trade deficit narrowed sharply in March as imports tumbled, suggesting economic growth in the first-quarter was probably not as weak as currently anticipated. The Commerce Department said in its advance report on Wednesday that the goods trade gap fell to $56.90 billion last month from $63.44 billion in February. March's comprehensive trade report, which includes services, will be released next Wednesday. Goods imports fell 4.4 percent to $173.6 million last month, outpacing a 1.2 percent drop in exports. The small goods deficit suggested there could be an upside surprise in gross domestic product growth for the first quarter. Economists polled by Reuters have forecast gross domestic product (GDP) rising at a 0.7 percent annualized rate in the first three months of the year. "It suggests that first-quarter GDP growth will be much stronger than we previously believed," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto. "We now estimate that first-quarter GDP growth was 1.4 percent annualized, whereas we previously thought it would be only 0.8 percent." The government is scheduled to publish its advance first-quarter GDP growth estimate on Thursday.
SOURCE: The CNBC
The UK's economic growth slowed in the first quarter of the year, hit by a drop in manufacturing and construction output, official figures have shown. Gross domestic product grew by 0.4% between January and March, down from 0.6% in the fourth quarter, the Office for National Statistics (ONS) said. On an annual basis, growth was 2.1%. The 0.4% rate was in line with economists' expectations, and marks the 13th consecutive quarter of positive growth for the UK. Part of the slowdown was due to a sharp fall in construction output, which dropped 0.9% in the first quarter. Industrial output, which includes manufacturing, declined by 0.4%. The service sector, the biggest part of the economy, grew by 0.6% "Services continue to underpin the economy but other sectors have shown falling output this quarter," said ONS chief economist Joe Grice. This is the first estimate of economic growth for the period, using less than half the data that will be used for the final estimate.
Today's slowing economic growth figures are not all down to uncertainty about the EU referendum, although businesses I have spoken to do say that investment decisions have been delayed both by their own companies and by their customers. In his interview with me, the chancellor says he is "the first" to admit there are other issues with the UK economy. It would be wrong to ignore those. Poor productivity, weak exports and falling industrial production and construction figures are more than a short term reaction to the vote on 23rd June. They reveal significant challenges rebalancing the UK economy away from services and household consumption towards manufacturing, as well as the UK's exposure to global economic headwinds such as slower growth in China.
EU vote
The Office for National Statistics said it had no evidence for or against the slowdown being linked to the EU referendum on 23 June. The Bank of England warned earlier this month that uncertainty due to the vote could hurt growth in the first half of this year, and the International Monetary Fund (IMF) has downgraded its forecast for the UK economy over fears of disruption if Britain votes to leave the EU. Chancellor George Osborne told the BBC the fact that Britain was still growing was "good news", but added "there are warnings today that the threat of leaving the EU is weighing on our economy". "Investments and building are being delayed, and another group of international experts, the OECD, confirms British families would be worse off if we leave the EU". But economists suggested fears over the impact of Britain's exit from the EU was only partly to blame for the slowdown.
Pantheon Macroeconomics chief UK economist Saumuel Tombs said the UK's economy had been steadily losing pace since 2014, and the boost to the economy from higher household spending and rapid employment growth "had run its course". "Concerns about Brexit likely played a role in the first quarter slowdown and they probably will take a greater toll on GDP growth in the second quarter. But the downward trend in GDP growth since 2014 suggests that the EU referendum cannot be blamed for all of the economy's ills," he added. But Capital Economics UK economist Ruth Miller said she expected the slowdown to be temporary. "Many of the factors likely to be to blame for the first quarter's weakness should prove short-lived. We would not be surprised if growth were to subsequently accelerate in the second half of the year, putting the economy back on track," she added.
SOURCE: The BBC
