The Apparel Export Promotion Council organized a brain storming session on ‘Promoting Circularity amongst Indian Garment industry’ at Apparel House, Gurugram today. AEPC has partnered with Fashion for Goods, Netherlands, for this initiative. AEPC has started a drive on sustainability and circularity to boost the competitiveness of garment exports globally thereby making the textiles sector more efficient. Shri U. P. Singh, Secretary, Textiles made a special address during the session. The prominent industry leaders of garment trade and other stakeholders were present in the meeting. This brainstorming session conducted with the support from Fashion for Good, Netherlands, involved all the stakeholders engaged in the garment value chain including Brand Partners (PVH, Adidas, LS&Co, TESCO, Target, Primark), Supply Chain Partners: Arvind, Birla Cellulose and Welspun India), Pre-consumer pilot stakeholders: 20 manufacturers, Technology Innovators: Reverse Resources, Matoha, Picvisa, etc. During his address Secretary Textiles lauded the AEPC initiative and congratulated the entire team. He said,” Sustainability and circularity is not new to the country. The magnitude of waste in landfill which is presumed to be 80% is due to the textiles waste is wrong. What is comforting to us is that almost 59% is recycled and reused.” Further, the secretary remarked, the government is ready to help the industry with incentives, relevant interventions, standardization and policy support to build a viable ecosystem for a sustainable and circular economy. Making the opening remark, Naren Goenka, Chairman AEPC said, “The major issue which has gained the attention of the global consumers is the landfill contribution made by the textile waste both at pre and post-consumer stage. Approximately, 50 per cent of the fabric is wasted during the manufacturing process and the fast fashion trends leads to 81% of all manufactured garments getting dumped as landfills either due to short life cycle after consumer use or due to excess stock.” With global apparel market size expected to grow from $551.36 billion in 2021 to $605.4 billion in 2022 to $843.13 billion in 2026, at a growth of 8.6% and the Ministry support through government incentives, PLI and PM-MITRA, India is all poised to produce more to cater to rising global demands. India with its core strength on availability of variety of raw material with minimal import dependence leading to short lead times, becomes a preferred manufacturing hub for the major international brands and retailers, Chairman AEPC added. Further, AEPC has focused strategy towards encouraging wider penetration of these measures amongst the MSMEs hand holding these units with demonstrations and solutions, sustainability awards, branding efforts etc. Hence, AEPC parallelly needs to take the responsibility of the severe ecological and environmental hazards associated with the garment industry which enhanced domestic manufacturing is expected to bring in. Shri Goenka added that a recent initiative has been taken by AEPC for promoting the concept of circular economy approach. The initiative would assist the Indian garment manufacturers to achieve their circularity goals by addressing problem areas including agricultural waste to textile, Chemical recycling of textile, Textile waste, Alternate leather, regenerative agriculture, Wastewater, Plastic recycling and Traceability in the textile supply chain, Chairman AEPC underlined. India has a well- networked textiles waste value chain through organized, enabling transfer of waste across the country. However, lack of traceability system, excessive cost competitiveness, limited infrastructure to process certain waste types and workers wellbeing has limited potential of a circular value chain. The estimated loss of approximately 0.70 USD for every piece of apparel exported. To trace the destination of waste, it has been found that approximately 15 tons of informal trading of wastes took place in a single underground market. Overall, it leads to a significant loss of value addition that could have been added through a circular economy. The idea is to convert this waste to wealth which promises a huge business opportunity for those engaged in the domain.
Source: PIB
India wants to achieve carbon neutrality by 2050 and keep global warming below +1.5 degrees Celsius. The government has identified textiles as a high emission intensity sector and asked the industry to prepare a roadmap for reducing emission intensity and carbon dioxide by 2030 along with the expected financial implications. India wants to achieve carbon neutrality by 2050 and keep global warming below +1.5 degrees Celsius. "The roadmap would include ways to adapt to protect communities and natural habitats, especially the ones threatened by climate change," said an official. India relies heavily on coal and natural gas for electricity and heat production and that increases the carbon footprint of each apparel product. Globally, the textile and garment sector accounts for 6-8% of total carbon emissions, or some 1.7 billion tonnes in carbon emissions per year. The decision was taken after an inter-ministerial committee met last month to discuss the implementation of the roadmap on energy efficiency with a focus on sectors with high emission intensity such as transport. "Carbon dioxide reduction targets and respective measures to achieve these targets would be a key feature of this roadmap to improve the sustainability of textile production," the official said.
Source: Economic Times
India's total imports from China increased by nearly 29 per cent in the past five years. Compared to 2017-18 and 2021-22, the annual imports from China rose from USD 89714.23 million to USD 115,419.96 million, Union Minister of State for Commerce and Industry Anupriya Patel informed Lok Sabha. The minister was responding to a question on the details of commodity-wise trade with China during the last five years. A large portion of the total imports are animal or vegetable fats; ores, slag and ash; mineral fuels, inorganic chemicals, organic chemicals, fertilizers, tanning or dyeing extracts, miscellaneous chemical products, plastic and articles, paper and paperboard, cotton, textile fabrics, footwear, glass and glassware, iron and steel, copper; nuclear reactors, boilers, machinery, and mechanical appliances; electrical machinery, furniture, among others, government data showed. On whether the Government is taking measures to reduce dependence on imports from China, especially since the mid2020 Galwan clash, the minister stated replied the Government has launched Production Linked Incentive (PLI) schemes in 14 sectors which will make Indian manufacturers globally competitive, attract investment in the areas of core competency/cutting-edge technology, enhance exports, integrate India in global supply chain and reduce dependency on imports. The sectors in which PLI has been announced are Key Starting Materials/Drug Intermediates and Active Pharmaceutical Ingredients (APIs), Large Scale Electronics manufacturing, Manufacturing of Medical Devices, Electronic/Technology Products, Pharmaceutical drugs, Telecom & Networking Products, Food Products, White Goods (ACs & LED), HighEfficiency Solar PV Module, Automobiles and Auto components, Advance Chemistry Cell battery, Textile products, Specialty Steel and Drones and Drone Components. All these are the sectors in which substantive imports take place. "Technical Regulations (TRs) have been framed for several products for the maintenance of standards/quality of imported products. This will check the import of substandard products," the minister said. Several trade remedial actions have been taken against imports from China to protect the domestic industry from serious injury against unfair trade, the minister further said in her reply. There had been several calls to shun Chinese products after a border clash with China in 2020 in which 20 Indian soldiers and several PLA soldiers were killed. Following the event, India imposed a ban on 59 apps including Tik Tok, UC Browser, and other apps. Almost all the apps banned have some preferential Chinese interest and the majority have parent Chinese companies. Notably, the government procurement portal GeM has made it mandatory for sellers to mention "country of origin" on products they wish to sell through the platform, a move aimed at promoting Aatma Nirbhar Bharat (Self-reliant India). Also, all e-commerce companies operating in India have to mention the country of origin of products being offered for sale.
Source: Economic Times
A new cross-party UK parliamentary panel has been created to promote trade, investment and people-to-people ties with India, backed up by British Indian think tank 1928 Institute. The India (Trade and Investment) All Party Parliamentary Group (APPG) was formally registered last week as part of celebrations of the 75th anniversary of India's independence and is made up of 25 members of Parliament and peers of different political affiliations. With a stated goal to promote trade and investment between India and the UK for the mutual betterment of their citizens, whilst building an inclusive living bridge between the two countries, the new APPG hopes to support the ongoing India-UK free trade agreement (FTA) negotiations and promote its benefits once concluded. "Given 75 years of India's Independence, the creation of an All-Party Parliamentary Group focused on India will set the tempo between the UK Parliament and India/Indians," said Navendu Mishra, Indian-origin Opposition Labour Party MP for Stockport in north-west England and Co-Chair of the new APPG. "Investment in people is the best way to ensure economic stability and this APPG intends to benefit the peoples of both the UK and India. In particular, I'm looking forward to bringing investment to Stockport and to the Greater Manchester region, both from stronger cultural ties and from utilising the trade agreement," he said. "Furthermore, what better way to celebrate the 75 years of Independence then to strengthen the living bridge between the countries and to solidify an equal partnership between these two great nations," he added From trips across different parts of Britain to visits to India, the India (Trade & Investment) APPG said it will work with diverse stakeholders and encourage beneficial collaborations. "It's a new chapter in the story of the Indo-British trade partnership and I'll be working tirelessly to ensure that we get the best possible FTA and that it is utilised after. The group's establishment coincides with the 75th year of India's Independence and it will be a parliamentary driving force behind the UK-India story in the years to come," said Lord Karan Bilimoria, Indian-origin businessman and Co-Chair of the APPG. "This APPG will be the conduit which not only connects UK and Indian policymakers but connects businesses and entrepreneurs to drive growth. The APPG will ensure that dialogue and engagement will cut across all levels of business, particularly encouraging a wider lens on female led business and start-ups," added Baroness Sandy Verma, the President of the new group. The APPG is chaired by Conservative Party MP Bob Blackman and includes other Indian-origin parliamentarians as vice-chairs, including Lord Meghnad Desai, Baroness Usha Prashar, Labour MP Virendra Sharma and Tory MP Gagan Mohnidra. "We are honoured to facilitate the APPG as its Secretariat and look forward to collaborating with diverse partners to champion trade, investment, and development," said the 1928 Institute, a University of Oxford spinout focussed on Indian diaspora research in the UK. "We intend to create an energised, inclusive, and pluralistic space to accelerate the improvement of material conditions for all. Our vision spans opportunities from Pembrokeshire to Punjab, and we encourage you to get in touch to help shape this nascent space," it said. The new APPG will officially kick-start its activities when Parliament resumes after its summer recess under a new Prime Minister in September. APPGs are informal, crossparty groups in the UK formed by MPs and members of the House of Lords who share a common interest in a particular policy area, region or country and have no official status within Parliament.
Source: Economic Times
There had been several calls to shun Chinese products after a border clash with China in 2020 in which 20 Indian soldiers and several PLA soldiers were killed. Following the event, India imposed a ban on 59 apps including Tik Tok, UC Browser, and other apps. Almost all the apps banned have some preferential Chinese interest and the majority have parent Chinese companies. India has not imposed any country-specific ban on imports, Union Minister of Commerce and Industry Piyush Goyal informed Parliament in reply to a question on whether the central government has taken or proposed to take any steps to impose a ban on Chinese products. "India and China, are both members of the WTO, and any trade restriction imposed must be WTO compliant. Government has from time to time reviewed and taken WTO compliant measures to address the concerns raised by various stakeholders to have a holistic global trade strategy," he said further in his reply. However, as per the import policy of the government, all goods imported into India are subject to domestic laws, rules, orders, regulations, technical specifications, environment, and safety norms. "...Government takes appropriate action including a ban on goods if these are found to violate these regulations or have implications for national security," Goyal added. There had been several calls to shun Chinese products after a border clash with China in 2020 in which 20 Indian soldiers and several PLA soldiers were killed. Following the event, India imposed a ban on 59 apps including Tik Tok, UC Browser, and other apps. Almost all the apps banned have some preferential Chinese interest and the majority have parent Chinese companies. The Centre regulates imports on the grounds of public morals, protection of human, animal, or plant life and health, protection of patents and copyrights, and protection of national treasures of artistic, historical, and archaeological value, among others. The Directorate General of Trade Remedies (DGTR) is empowered to recommend restrictions on imports. Further in his reply, he said in order to support and expand domestic capacities, the government has implemented policies to promote domestic manufacturing like the Production Linked Incentive (PLI) Schemes for various key sectors in line with the Atmanirbhar Bharat policy to reduce dependence on imports, with an estimated outlay of Rs 197,000 crore. In addition, to promote the semi-conductor industry, the Government has formulated a scheme amounting to Rs 76,000 crore.
Source: Economic Times
India can explore vast market for textile products in Africa if it signs a trade agreement. Currently, India exports less than 5 per cent of its textile products to the continent. Recently, India’s commerce secretary BVR Subrahmanyan focused on exploring a comprehensive economic partnership agreement with the African Continental Free Trade Area (AfCFTA). Subrahmanyan told the 17th Confederation of Indian Industry (CII)-Exim Bank conclave that Indian officials will engage with African counterparts on the issue so the country can have better access in the world’s largest free trade area. Last year, India shipped $0.743 billion of apparel to Africa, which was 4.99 per cent of its total exports of $14.912 billion, according to Fibre2Fashion’s market insight tool TexPro. In January-April 2022, apparel exports to Africa stood at $231.328 million. In home textiles, Africa’s share was 3.81 per cent in India’s total export of $8.782 billion in 2021. The figure stood at $131.690 million in the first four months of this year, as per TexPro. In terms of India’s share in Africa’s import, apparel and home textiles stood at 3.33 per cent and 9.83 per cent respectively during last year.
Source: Fibre 2 Fashion
After Bihar’s industry minister Syed Shahnawaz Hussain came calling to Ludhiana to invite local industrialists to invest in Bihar, the state’s textile and garment industry has sounded a warning bell for the Punjab government. According to businessmen, the incentives offered by Bihar government are lucrative for the textile and garment sector. They are also of the view that delay by Punjab government to decide future of the scrapped textile park project will definitely lead to businessmen expanding their footprints in Bihar and other states. Harish Kairpal, president of Ludhiana MSME association, said , “The meeting organised by the government of Bihar comes at a very crucial time as the industry has suffered a blow after the textile park project at Ludhiana was scrapped. The overall offerings by the Bihar government, like good industrial infrastructure, capital subsidy, loans with very low rate of interest, interest subvention and special incentive package for micro and small enterprises, really more lucrative as compared to the ones available in Punjab. Another major upside of investing in Bihar is that there is ample manpower available for textile and garment sector, which means overall it is good investment. So, in case the Punjab government does not announces anything concrete about the future of the proposed textile park soon, businessmen looking to expand their business will definitely opt for Bihar as preferred destination.” According to Vinod Thapar, chairman of Knitwear and Textile Club, “The investor summit organised by Bihar government on Tuesday and participation of prominent industrialists from textile sector is a wakeup call for the state government. It is more than three weeks ago since the textile park project at Mattewara was scrapped by the state government, but till now nothing has been done to even start the formalities for identifying other chunk of land in. The lackadaisical attitude of the Punjab government will give chance to more states to pitch for investments.”
Source: Times of India
The central government has stated that companies can allocate CSR funds for activities related to 'Har Ghar Tiranga' campaign. The Ministry of Corporate Affairs has issued a circular permitting companies to spend their CSR funds for activities related to the 'Har Ghar Tiranga' campaign. The campaign, a part of Azadi Ka Amrit Mahotsav, is being organised to encourage people to bring home the national flag and hoist it to celebrate 75 years of India's independence. As per the circular issued by the corporate affairs ministry on Tuesday, the “Har Ghar Tiranga" campaign is aimed to invoke the feeling of patriotism in the hearts of people and to promote awareness about the Indian national flag. "... Spending of CSR funds for the activities related to this campaign such as mass scale production and supply of the national flag, outreach and amplification efforts and other related activities are eligible CSR activities," the circular said. CSR activities come under the Companies Act, 2013. The Act states that certain class of profitable companies are required to shell out at least two per cent of their three-year annual average net profit towards social and other useful concerns for the betterment of their stakeholders and society in general in a voluntary way. The activities are eligible for CSR funds under the provisions of Schedule VII of the Companies Act pertaining to promotion of education relating to culture. The circular further stated that companies can undertake these activities subject to fulfilling the Companies (CSR Policy) Rules, 2014 and related circulars/ clarifications issued by the ministry. Earlier this month, the government had amended the Flag Code for the "Har Ghar Tiranga" campaign to encourage Indians to exhibit the tricolour with almost no restrictions.
As per the changes to the code
• All kinds of materials can be used for making the flags -- polyester, cotton, wool, silk and Khadi bunting material. Previously, machine-made and polyester flags were not allowed to be used.
• There is no restriction on the size of the flag, neither on the timing of its display. Earlier, the national flag was allowed to be flown from sunrise to sunset, irrespective of the prevailing weather conditions.
• A member of the public, a private organisation or an educational institution may hoist or display the national flag on all days and occasions.
Prime Minister Narendra Modi on 22 July urged people to strengthen the Har Ghar Tiranga Movement encouraging people to hoist or display the national flag at their homes between 13 and 15 August. The culture ministry said the states have been mobilised to use self-help groups (SHGs) for the production of the flags. Local tailoring units and MSMEs have also been roped in. The Ministry of Textiles has identified the flag producers who supply flags in large quantities and 1.6 lakh post offices across the country will also have flags for sale at the last mile. According to an official statement, over 20 crore national flags would be hoisted atop houses for the three days.
Source: Live Mint
The overall (merchandise plus services) exports increased from USD 52.8 billion in June 2021 to USD 64.9 billion in June 2022. The overall (merchandise plus services) imports increased from USD 52.9 billion in June 2021 to USD 82.4 billion in June 2022. Government has taken the following measures to boost exports:
This information was given by the Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel, in a written reply in the Lok Sabha today.
Source: PIB
The Export Credit Guarantee Corporation of India (ECGC) will conduct a comprehensive country risk rating review as many nations face intense pressure on balance of payments following a surge in inflation. This may trigger revision in premium on export credit cover based on the risk perception. There has been a sharp rise in prices of inputs impacting international trade after the Russia-Ukraine conflict early this year. While Asia and Africa have been more impacted, there is a concern for impact on members of Organisation for Economic Co-operation and Development (OECD). According to ECGC Chairman M Senthilnathan, the review exercise would cover 90 countries, providing a clear picture. The decisions about country rating and premium would follow. In April 2022, the government-owned export credit insurance agency had placed Sri Lanka under ‘Restricted Cover Category’ following economic and political turmoil in the Island nation. The country reviews look at prevalent economic and political settings as well as developments that would have an impact in the future – horizon of 12 months. Meanwhile, as a push for small exporters, it will give enhanced export credit risk cover to banks to the extent of 90 per cent for customers with working capital limit up to Rs 20 crore. The average per cent of cover for the export accounts with a limit of Rs 20 crore is estimated to be around 70 per cent. The State Bank of India (SBI) has inked ECGC to extend this cover to its customers with export credit facility, Senthilnathan said. About plans for listing of public sector undertaking, chairman said it was looking for listing in the last quarter of the current financial year ending March 2023. The government has infused about Rs 1,500 crore in the last two years. The Department of Investment and Public Asset Management (DIPAM) has done an initial review. The details about how much amount to be raised as fresh capital through public offering and part sale of government stake would be firmed up later, he said. ECGC’s net worth stood at Rs 7,840 crore as of March 2022, up from Rs 6,365 crore in March 2021.
Source: Business Standard
India has the potential to secure a role as the leading circular textile sourcing region, according to a new first-of-its-kind study that claims to be the most comprehensive analysis of the Indian textile waste landscape. Commissioned by global sustainable fashion innovation platform Fashion for Good as part of its Sorting for Circularity; India Project, the study was conducted in collaboration with Sattva Consulting, Saahas Zero Waste, and Reverse Resources, specialist organisations in strategic impact, waste, resource and data management, and the scaling of textile recycling infrastructures. The ‘Wealth in Waste: India’s potential to bring textile waste back into the supply chain’ study is described by Fashion for Good as the first-of-its-kind and attempts to fill the data gaps that exist in the textile waste landscape in India to enable an effective transition towards circularity. It says with global fibre-to-fibre recycling increasing, India is in a unique position to leverage existing infrastructure and resources to emerge as a leader in capturing waste, implementing new sorting and recycling technologies, and reintroducing its textile waste back into the global market, securing its role as the leading circular sourcing region. By building a better understanding across three key streams, domestic post-consumer waste, pre-consumer waste and imported waste, and by mapping stakeholders, geographical flows and recognising challenges in the current infrastructure, the study aims to help ecosystem players to orchestrate actions and devise solutions and mediate accordingly. The opportunity for Indian players The study claims up to 7,800 kilotonnes of textile waste is accumulated in India annually. The largest share of which, an estimated 51%, originates from Indian consumers – post-consumer waste, with factory waste and offcuts – pre-consumer waste, amounting to 42%, followed by imported waste that contributes a further 7%. India’s textile waste accounts for 8.5% of the global total; only 59% of the textile waste in India finds its way back into the textile industry through reuse and recycling, with a fraction making it back into the global supply chain. Fashion for Good notes a lack of strict regulation, informal, and in some cases nonexistent, traceability systems, excessive cost competitiveness and limited technological infrastructure to process certain waste types, has limited the potential of circular value chains so far. Detailing the bottlenecks in the current processing of waste, the study identifies materials that can be ranked according to their best potential through a waste value hierarchy framework as well as actions that can push the materials up the hierarchy in the future. Outlining the potential for collaborative and systemic interventions to fortify circularity in the Indian textile waste industry and reintroduce it into the supply chain, the study presents a three-step approach to driving this transition: 1. Enabling visibility and access to waste 2. Harnessing recycling potential of India 3. Establishing systems, infrastructure and regulations for waste management. “Advanced recycling technologies are at the cusp of closing the textile-to textile recycling loop. The resources and materials are available, yet the infrastructure and systems to source and provide higher quality feedstock fall short. With mounting pressure to reduce reliance on virgin sources and decarbonise the industry, what can be reused, must be reused to its full potential,” says Katrin Ley, managing director at Fashion for Good. Anita Chester, managing director at Laudes Foundation, India, adds: “The industry stands to gain a clear map of the textile waste value chain in India, armed with a robust set of recommendations for action. This now forms a strong basis to move forward collaboratively to scale the investments, infrastructure and innovation needed to make circularity in fashion a reality in India.” The study was presented and launched in New Delhi today (27 July), during an industry-focused event in collaboration with Apparel Export Promotion Council (AEPC).
Source: Just Style
Import, Export, Trade for MSMEs : The Haryana government aims to promote the textile industry through MSMEs under its new Atamnirbhar Textile policy. Import, Export, Trade for MSMEs: The proposed Haryana Atamnirbhar Textile Policy will strive to provide employment to 20,000 youth and attract investments worth Rs 4,000 crore, Haryana Deputy Chief Minister Dushyant Chautala said on Tuesday. According to the report by The Hindustan Times, Chautala stated that the policy will be launched soon and will be effective till the year 2025. Currently, the draft is being prepared to be submitted to the Cabinet for approval. Chautala discussed the policy in Delhi with the cabinet sub-committee appointed to frame the draft policy, said the report. We discussed different goals such as entrepreneurship expansion, investment, employment generation, grants, textile parks, and the national technical textiles mission at the meeting,” said Chautala. In addition to that, the government will promote the textile industry in Haryana through micro, small and medium enterprises (MSMEs). The promotion and expansion of technical textiles will also be encouraged, he said. The meeting was attended by Haryana’s Agriculture and Farmers’ Welfare Minister Jai Prakash Dalal and Labour and Employment Minister Anoop Dhanak. Other dignitaries present during the meeting were Additional Chief Secretary (Finance & Planning). T.V.S.N. Prasad, Principal Secretary (Industries and Commerce) Vijayendra Kumar; and MSME’s Director General Amneet P Kumar amongst others. Technical textiles are textile materials used in industries such as agriculture, healthcare, sports, construction, etc. In 2020, the National Technical Textiles Mission was established with a view of making India a global leader in technical textiles with a budget of Rs 1,480 crores.
Source: Financial Express
The value of garment exports from Cambodia to South Korea is currently negligible. However, the free trade agreement (FTA) between both the countries is expected to come into effect this year, which will boost Cambodia’s merchandise exports. In the first five months of this year, Cambodia’s garment exports to South Korea were valued at $79.228 million. Cambodia exported $111.35 million worth of merchandise to South Korea in JanuaryJune this year which was 22 per cent higher on half year-on-year basis, according to data from Cambodia’s General Department of Customs and Excise. Bilateral trade volume increased by 13.6 per cent to $421.33 million during the six-month period. Cambodia has already completed internal procedures for FTA, and once South Korea also completes the procedure, a notification will be issued, post which, the agreement will come into force in 60 days. Under the FTA, South Korea agreed to remove tariffs on 95.6 per cent of products imported from Cambodia, while Cambodia will eliminate duties on 93.8 per cent of imported goods. Cambodia imported goods worth over $600 million from South Korea in 2021 while its exports to the East Asian nation reached $341 million. According to Fibre2Fashion’s market insight tool TexPro, Cambodia’s export of apparel to South Korea could not recover from the dent of COVID-19. It had exported apparel worth $167.151 million in 2021, which was less than export of $187.650 million in 2019. The shipment had fallen to $169.716 million in 2020. Apparel export was valued at $79.228 million in first five months of this year. Cambodia’s apparel export to South Korea was 1.51 per cent ($167.151 million) in 2021, out of its total apparel export of $11.099 billion. Cambodia’s share was also negligible in South Korea’s import of apparel during last year. The north-eastern country had imported 1.60 per cent apparel from Cambodia, out of its total import of $10.467 billion, as per TexPro. China, Italy, Indonesia, Bangladesh and Myanmar were the top five suppliers for South Korea in 2021.
Source: Fibre 2 Fashion
Vietnam’s ministry of planning and investment (MPI) has projected three scenarios for the last six months of this year and next year. In the best scenario, the macro economy is stable, inflation is controlled at about 4 per cent; and in the medium scenario, the macro economy is again stable, inflation is higher than 4 per cent, but still under control. In the low scenario, the macro economy will face many difficulties and inflation will increase. MPI’s draft project report to ensure macroeconomic stability, control inflation and secure large trade balances will be submitted to the government standing committee this month. In the first six months this year, the price index of raw materials used for production increased by 6.04 per cent compared to the same period last year. Prices of many imported inputs also soared. Petrol prices and input materials increased with the recovery of domestic consumption, which created inflationary pressure and high production costs, which in turn reduces production and slows down the recovery of production. In the best scenario, major trade balances are guaranteed and economic growth this year will reach the set target. Growth next year will reach the average target in the 2021- 2025 period at between 6.5-7 per cent, a news agency reported. In the medium scenario, economic growth this year will reach the set target, and next year’s growth will only approach the average target in the 2021-2025 period. In the low scenario, economic growth this year will reach the set target, and next year’s growth will be lower than the average target of the 2021-2025 period.
Source: Fibre 2 Fashion
“The U.S is an important market for us. In 2021, sales to this country reached $850 million and the target for this year is to boost export revenues above $1 billion,” said Ahmet Öksüz, head of the Istanbul Textile and Raw Materials Exporters Association (İTHİB). In an effort to introduce Turkish textile products to the U.S. market and American companies, the association launched the third edition of ‘i of the World’ event in New York between July 20 and July 21. “This event was important for us to achieve this export revenue goal,” Öksüz added, voicing confidence that Türkiye could be one of the top five countries the U.S. imports textiles products from. “Türkiye has this potential, it is the fifth largest supplier of textile products in the world.” ‘i of the World’ is specifically designed to target the U.S market, Öksüz explained. Türkiye’s share in the global market is 3.6 percent, whereas its share in the U.S. is 2.6 percent, he said, adding that this means there is a potential in this market. “We aim to increase our share in the U.S market above 3 percent.” The local textile industry’s export revenues amounted to $12.9 billion in 2021. Earlier this month, Turkish textile companies also attended a major event in France. Some 212 Turkish companies showcased their products at the Premiere Vision Paris 2022. In the first half of this year, the industry’s revenues from exports reached $6.8 billion, rising 9.9 percent from the same period of 2021. Exports to Italy grew 23.8 percent on an annual basis. The annual growth rates in exports to the U.S. and Germany were 17.5 percent and 2.2 percent, respectively. Export revenues may reach $15 billion at the end of this year, said Natan Yakuppur from the İTHİB.
Source: Daily News
