The government is considering scrapping integrated goods and service tax (IGST) on ocean freight and a proposal is likely to be taken up by the GST Council next month. The move comes after the Supreme Court struck down the IGST on ocean freight. This is likely to bring relief to importers awaiting clarity and tax refunds post the judgement. People familiar with the deliberations told ET that the legal review post the Mohit Mineral case verdict is over and a proposal to remove the tax would be taken to the council. “Both the law ministry and law committee of the GST Council is of the view that the IGST on ocean freight must be scrapped as per the Supreme Court verdict,” an official quoted above said. The official added that this would be part of the GST Council’s agenda for the upcoming meeting. “The proposal is ready and it will be discussed at the next GST Council meeting as the decision to levy IGST was taken by the council,” another senior official confirmed. The GST Council is the apex decision making body for the indirect tax. A draft circular will also be presented to the council and circulated once cleared. The council meeting is scheduled to take place in Madurai next month. In May, a bench of justices DY Chandrachud, Surya Kant, and Vikram Nath dismissed the appeal by the central government against an earlier Gujarat High Court judgement that said that IGST on ocean freight is unconstitutional. In its ruling, the SC bench also said that Union and state governments have simultaneous powers to legislate on GST and the council must work in a harmonious manner to achieve a workable solution. Post that verdict, the Centre said it will take a legal opinion on the judgement. The Gujarat High Court on July 29 directed the Central Board of Indirect Taxes and Customs to refund IGST paid on ocean freight within six weeks with interest. However, there is no formal directive to the officials in this regard.
Source: a2ztaxcorp
Assistant USTR for Central and South Asian Affairs Christopher Wilson and Assistant USTR for Agricultural Affairs Julie Callahan will be in New Delhi this week. The 12th India-US TPF ministerial meeting was held in November 2021 post which Washington resumed mango imports from India after a two-year hiatus due to the pandemic. Senior officials of the United States Trade Representative (USTR) are visiting India this week to advance talks for the bilateral Trade Policy Forum (TPF). Assistant USTR for Central and South Asian Affairs Christopher Wilson and Assistant USTR for Agricultural Affairs Julie Callahan will be in New Delhi this week. The 12th India-US TPF ministerial meeting was held in November 2021 post which Washington resumed mango imports from India after a two-year hiatus due to the pandemic. The two sides also finalised work on market access facilitation for pomegranates and pomegranate arils from India. "A USTR working level delegation is visiting India this week to advance the US - India Trade Policy Forum," said a US embassy spokesperson. The next TPF is likely in November and the two sides are expected to explore the possibility of enhanced market access for additional identified agricultural products, and engage on Washington's concerns regarding regulatory approvals for the Distillers' Dried Grains with Solubles, an animal feed ingredient. Sources said that the TPF working groups on trade in goods, agriculture, services, intellectual property and investment are working on plans of action and trade outcomes on outstanding bilateral trade issues. India's exports to the US in April-June FY23 were $21.67 billion while imports were $13.43 billion.
Source: Economic Times
India is the second-largest garment manufacturer in the world and has a textile industry that dates back centuries and is comprised of a variety of sectors, including hand-spun and hand-woven, as well as mills. Approximately 100 million people have been employed by the industry, which produces a wide range of goods and employs a substantial number of people. Ancient skills and cultural traditions make the Indian textile industry one of the most distinctive in the world. India’s textile industry is anticipated to be worth more than US$ 209 billion by 2029, up from a market value of around US$ 140 billion in 2017. As a result of the pandemic, the industry saw a considerable decline; however, as the epidemic winds down, it is anticipated that the Indian textile market would recover and develop at a Compound Annual Growth Rate (CAGR) of 10 percent between 2019 and 2026 to reach US$ 190 billion. In 2019, the industry contributed 7% to the nation’s Gross Domestic Product (GDP). Furthermore, 2021 witnessed a surge in the exports of cotton, handloom, and yarn goods by more than fifty percent, signifying an upward trajectory for the domain. Significant Investments Over the Years: Investments have increased in this extremely diverse business. In 2020, the value of India’s textile exports was $20.5 billion. From April 2000 to December 2020, foreign direct investment into the sector totaled $3.75 billion in Foreign Direct Investment (FDI). During the last five years, the sector has received FDI and several other investments. The ICIL announced a $2.6 million investment in May of 2021. Under the automated approach, the Indian government has authorized 100 percent automation. Many more investments from programs such as Scheme for Capital Building (SCBTS), and Production-linked Incentive (PLI) are helping to improve the industry’s output and exports. By 2025, the textile sector in India is anticipated to attract investments totaling US$ 120 billion and grow exports to US$ 300 billion. The Opportunities: The textile industry in India is particularly robust due to the wide diversity of natural and synthetic fibers and yarns. Compared to sectors such as heavy equipment, vehicles, etc., the textile industry in India is technologically advanced and capital-intensive. Since the trend of industrialization in trade has grown prevalent in consumer goods sectors and labor-intensive industries, there are enormous opportunities in the textile sector. India is projected to be the second most attractive market by 2025, contributing up to US$ 121 billion, while China is projected to be the most attractive market, contributing up to US$ 378 billion. In 2017-2018, India has one of the fastest-growing economies, with a GDP growth rate of 7.2%. This increases the spending power of the general population and stimulates demand for textile sector goods. This expansion results in a vast array of manufacturing capacities for diverse items that may be shipped both inside India and beyond. In addition, India has one of the most diverse textile industries, with hand-woven textiles on one end and capital-intensive mills on the other, resulting in a vast range of possibilities within the textile industry. The Challenges: Although there are numerous prospects and investments in the textile sector, similar to other industries, the textile business in India faces significant obstacles. The textile sector is under intense pressure as a result of the government’s frequent policy changes at the national and state levels. The clothing and apparel are more costly due to the application of the GST. The textile industry’s lack of access to the newest and most advanced technologies, as well as its inability to fulfill global export market criteria, represents a further difficulty. In addition to these concerns, the Indian textile sector also confronts obstacles such as child labor, competition from neighboring nations in the area of low-cost clothing, and personal safety regulations. The Road Ahead: To overcome the aforementioned obstacles and accomplish the anticipated worldwide market objective, India’s textile sector must make several modifications and apply some new practices to increase its competitiveness. One of the implementations to boost production includes a greater emphasis on technological upgrades and weaving capacity expansion. Additionally, state governments should provide clearance for effluent treatment facilities to elevate the commercial market in its entirety. The Indian textile sector would thrive to tremendous heights if both the national and state governments provide adequate assistance to its small and large-scale players. In addition to educating their staff to suit the changing needs of the contemporary market, the Indian textile sector should also consider decreasing the levies placed on government-subsidized exports. Moreover, ensuring a sufficient supply of gas is crucial to the textile industry’s continued operation. The creation of capital subsidies, the provision of a single point of contact for resolving industry issues, and the establishment of a set price for yarn on an annual basis would facilitate the flow of labor and aid the nation’s impoverished farmers. With a rise in disposable income, the need for goods in the Indian textile sector has expanded, resulting in enormous demand in both the local and foreign markets. Consequently, India’s textile industry has a bright future due to the rapid expansion of the retail sector, government assistance, and investments.
Source: Times of India
With surge in India’s purchase of Russian oil, Moscow can use the rupee balance to buy more and sustain Re-denominated trade to circumvent sanctions Russia has circulated a fresh list of products, including items such as medical equipment, pharmaceuticals, chemicals, industrial equipment, garments, furniture and jewellery, that it wishes to import from India for a more balanced bilateral trade and a sustainable implementation of rupee-denominated payment mechanism, a person tracking the matter has said. “The latest list of request for cooperation from Russia, which has been circulated to export organisations, has a total of 71 requests. The entries in the list are mostly enquiries from Russian companies for imports, but also include some items for possible exports. The wide variety of items–ranging from machinery, paper, textiles, leather and motor parts, to diagnostics and drugs–shows the country’s interest in trading in products beyond food and daily essentials to close the trade gap,” the source said.
Source: The Hindu Businessline
The Rajasthan government will be organizing an Investors Meet and MOU Signing Ceremony in Delhi on Wednesday and will focus on “exploring investment opportunities in the state.” Chief Minister of Rajasthan Ashok Gehlot will be the chief guest and the Minister of Industries and Commerce Shakuntala Rawat will be present as guest of honour at the event to sign MOUs with investors for the state government’s worldwide summit Invest Rajasthan. A high-level delegation of the government of Rajasthan will be present for this event at Hotel Taj Mahal Palace, New Delhi on Wednesday. The Investor Meet is supported by the Confederation of Indian Industry (CII). Addressing the global investors, Shakuntla said, “Invest Rajasthan 2022 is an embodiment of our determination in creating sustainable partnerships with investors for the growth of the state. It is a significant step in helping us fulfil our promises to investors. We look forward to collaborating with our stakeholders in establishing a great potential for our state. Additional Chief Secretary Industries and Commerce Government of Rajasthan Veenu Gupta, said, “For many years, Rajasthan has been leading the nation’s industrial development. Due to the state’s infrastructure development and ease of doing business policies, investments have continued to flow into the state even after the pandemic.” Invest Rajasthan will be a great success, garnering huge investments and creating a platform for various employment opportunities, she added. Rajasthan is the largest state in India and has abundant natural resources. A strong policy and infrastructure framework has developed in the state over the last few years to support the expansion of the industry. The state, a growing industrial hub, is receiving several investment proposals from the Renewable energy, Mining, ESDM, Minerals, Petrochem, Textile, Tourism, Medical Health, IT, EV and Agro Processing industries. With the Invest Rajasthan summit scheduled for October 7 to 8, 2022 in Jaipur, the government is committed and ready to deliver the investment. Rajasthan is becoming a strategic location for any investor as it covers about 58 per cent of the DMIC influence area, additionally, the new GAS Grid project is spread over 1730 Kms. The state has also 2 operational SEZs and 9 ICDs which is making it stronger in the ease of doing business.
Source: The Print
In line with the amendment in the Foreign Exchange Management Act 2015, Outward Investments Rules have been framed by the Government of India in consultation with the Reserve Bank. Presently, the overseas investment by a person resident in India is governed by the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 and the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2015. The Government of India in consultation with the Reserve Bank undertook a comprehensive exercise to simplify these regulations. Draft Foreign Exchange Management (Overseas Investment) Rules and draft Foreign Exchange Management (Overseas Investment) Regulations were also put in the public domain for consultations. Extant regulations pertaining to Overseas Investments and Acquisition and Transfer of Immovable Property Outside India have been subsumed within these rules and regulations. In view of the evolving needs of businesses in India, in an increasingly integrated global market, there is need of Indian corporates to be part of global value chain. The revised regulatory framework for overseas investment provides for simplification of the existing framework for overseas investment and has been aligned with the current business and economic dynamics. Clarity on Overseas Direct Investment and Overseas Portfolio Investment has been brought in and various overseas investment related transactions that were earlier under approval route are now under automatic route, significantly enhancing "Ease of Doing Business".
Source: PIB
Spinning mills in India are adopting a smart strategy for the remaining period of cotton marketing season 2021-22, which ends on September 30. Most mills in Gujarat and Tamil Nadu have stopped or reduced production. Mills in north India have not cut cotton yarn output sufficiently but are taking steps to reduce cotton consumption and support yarn prices. According to trade sources, mills are reducing cotton yarn production, especially after the recent surge in the price of the natural fibre. Trade bodies in Tamil Nadu, Gujarat and other states have urged members mills to stop or reduce production. Lower production will not only tighten yarn supply to support prices but also reduce consumption of cotton which will ease the demand. Recently, Tamil Nadu Spinning Mills Association (TASMA) has appealed to its members to think about complete halt in production, as partial cut in production did not support yarn prices due to poor demand. The association said that many mills are still running on normal capacity even on higher losses. Therefore, measures like production halt for two days a week or discontinuation of second shift did not work. TASMA has announced stopping of entire production from August 22. It suggested that mills should meet out yarn demand from their stocks. The South India Spinners Association (SISPA) and Spinners Association (Gujarat) have also raised the issue of hardships of millers and inability to continue yarn production. Industry sources said that north Indian mills did not cut output sufficiently as they have option to switch to production of polyester-cotton yarn and poly spun yarn. Many mills are focusing on finer counts of cotton yarn to reduce cotton consumption. New arrival of raw cotton will pick up in mid-October. Therefore, spinning mills have to face cotton scarcity for next one and a half months. Cotton prices are not likely to see steep fall till November as mills will try to buy more cotton as and when cotton arrives in mandis.
Source: Fibre 2 Fashion
The Textiles Committee, Ministry of Textiles, Government of India is commemorating its 58th Foundation Day today (that is, 22nd August, 2022). Shri U.P. Singh, Union Secretary (Textiles), & Chairman, Textiles Committee will inaugurate the programme as Chief Guest. Ms. Roop Rashi, Textile Commissioner & ViceChairperson, Textiles Committee will address the gathering as the Guest of Honour. Shri Suresh Kotak, Chairman, Kotak & Co; Dr. Pradeep Kumar Agarwal, CMD, Cotton Corporation of India; Shri Mahesh Kudav, Founder & MD, Venus Safety & Health Pvt. Ltd., Mumbai; Shri Anil Jauhri, Former CEO, NABCB; and Ms. Meher Castelino Mistry, representing Fashion Industry will also grace the occasion as Special Guests. Shri Ajit B. Chavan, Secretary and CEO, Textiles Committee will welcome the dignitaries on the occasion. The inaugural function will deliberate upon the topic of “Imperatives & Way Forward for the Indian Textile Sector and Role of the Textiles Committee”. This will be followed by a fashion show showcasing the Unique Textiles of India with the theme “Indian Textiles: From Tradition to Modernity”. The Textiles Committee was established by an Act of Parliament in 1963 & came into being in 1964 with an objective to ensure quality of all textiles and textile products for domestic and export markets. During its 58 years of journey, the Textiles Committee has rendered valuable services to the Textile and Apparel (T&A) sector for enhancing export and strengthening domestic production base through qualitative interventions through initiatives on quality & compliance, economic research, export promotion and host of other activities. When world export of textile and apparel was governed by Multi Fibre Agreement (quota period), it was the Textiles Committee which guided the Indian industry for establishing itself as textile powerhouse in the world by ensuring quality of the product and preparing compliance architecture. The Textiles Committee initiatives include Economic Research and Market intelligence of the sector. In post-liberalization era, the Textiles Committee successfully transformed itself as a facilitator of growth. Today, TC has been rendering services through its state-of-the-art testing facilities, economic research, multi-management consultancies, export promotion and quality assurance. The recent efforts of the Committee for Market Intelligence on Textiles; IPR Protection through GI Act, 1999; research on Tariff and Non-Tariff Barriers; competitiveness analysis of Indian Textile and Apparel sector; Star Rating of Ginning Pressing Factories; India Handloom Brand Scheme; and Handloom Mark Scheme has been providing much needed support to the entire Textile Value Chain. It is expected that more than 250 representatives from State Government Export Promotion Councils, Research Organisations, Trade & Industry Associations and other stakeholders will be attend the Foundation Day programme in Mumbai today.
Source: PIB
Union Minister of State for Textiles Darshana Jardosh today inaugurated the Silk Mark Expo in New Delhi. The expo is being organised by the Silk Mark Organisation of India under Central Silk Board, Ministry of Textiles. Speaking on the occasion, Ms Jardosh said, during the ‘Azadi Ka Amrit Mahotsav’, the Textile Ministry has launched various schemes aiming at giving boost to the textile sector. Highlighting the quality of silk products at the expo, the Minister said, weavers specially women artisans have put rigorous efforts in making original silk products that will attract consumers across the country. She said, Silk Mark is a quality assurance label launched by government to determine that the product is made up of pure natural silk. This mark will highlight qualifying standards, which will eventually build consumer confidence in both domestic and export markets. AIR Correspondent reports that the Silk Mark Expo which will run till 28th of this month, is aimed at protecting the interests of not only the silk consumers, but all the stakeholders of silk value chain. These include farmers, reelers, twisters manufacturers and traders of pure silk. This time, 39 exhibitors from 12 states are participating in the expo.
Source: News on Air
Vietnamese exporters need to be well prepared for any risks from protectionist trade measures from Australia against Vietnamese goods, such as anti-dumping and antisubsidy policies, mostly in steel products, experts said. Speaking at a seminar last week in HCM City, Chu Thắng Trung, deputy director of the Ministry of Industry and Trade’s Trade Remedies Authority, said Australia is a potential export market but it also poses risks of protectionist trade measures against Vietnamese goods. Amid the growing number of free trade agreements (FTAs) Việt Nam has signed, Việt Nam’s goods are expected to face anti-dumping lawsuits and protectionist trade measures imposed by importing countries, he said. As of June, there were 222 investigations into Vietnamese exports initiated by 19 export markets, of which, 18 cases came from Australia, including anti-dumping and antisubsidy cases, mostly in steel products (61 per cent). According to the Việt Nam Steel Association, steel is among the industries with the highest number of trade lawsuits. From 2004 to July 2022, the industry faced 68 lawsuits, including cases involving anti-dumping, anti-subsidy and anti-tax evasion. Other exports, such as paper, electrical cables, and household items, are also at risk, Trung said. Nguyễn Thị Phương Nga, head of the ministry’s Asia-Africa Market Department, said trade between the two countries has continued to grow with an annual average of 11.5 per cent during the 2011-2021 period. Australia was the 10th largest trading partner of Việt Nam last year with bilateral trade turnover reaching $12.4 billion, up 49 per cent year-on-year. In the first seven months, Australia was the seventh largest trading partner of Việt Nam. Australia is the world’s 13th largest economy with an import value of nearly $250 billion per year. With a population of only 25.7 million, Australia is a potential market as Australian people are willing to pay for high quality imported products, according to Nga. Việt Nam’s exports to Australia include agricultural, fishery and wood products, machinery, transport vehicles, and steel. Meanwhile, Australia’s exports to Việt Nam include textile-garment and leatherfootwear materials, coal, iron ore, dairy products, chemicals and chemical products. Trần Ngọc Bình, head of the HCM City branch of Ministry of Industry and Trade's Import-Export Management Division said the two countries are partners in three FTAs, namely the ASEAN - Australia - New Zealand Free Trade Area (AANZFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP). Phùng Gia Đức, deputy head of the Foreign Trade Defence Handling Division under the Ministry of Industry and Trade’s Department of Trade Defence, said trade measures, including anti-dumping, anti-subsidy and safeguarding measures are allowed by FTAs and the World Trade Organisation (WTO) to prevent unfair competition, such as dumping and subsidies for imported goods. These also prevent a sudden surge of imported goods which has the potential to cause serious damage to domestic manufacturing industries. They are also an important legal tool to protect local industries and enterprises, especially when tariff barriers are removed in accordance with international commitments. Experts recommended that Vietnamese firms respond to foreign trade remedies by studying the laws of importing countries. They need to diversify their export markets as well as products while increasing competitiveness through quality and brand awareness.
Source: EIN News
The dyeing unit of C&A Textiles, a listed company, returned to experimental production recently after a five-year hiatus even if the garment unit of the company is not ready yet to go to production. According to media reports, the dyeing unit will resume full production after the trial run and will produce around 25 tonnes of cloth daily. Chairman (Senior Secretary) of the Bangladesh Securities and Exchange Commission (BSEC), which is the regulatory body of the capital market in the country, Professor Shibli Rubayat-Ul-Islam, inaugurated the experimental production of C&A Textiles, which was listed on the capital market in 2015 and raised Taka 45 crore from investors through initial public offerings, but had to halt production in 2017 due to loan fraud, less than a year after it was listed in the capital market. It may be mentioned here, C&A Textiles had earlier cleared its longstanding dues thanks to Alif Group, which came forward to save the textile mill by investing Taka 50 crore as a share money deposit, after acquisition of C&A Textiles.
Source: Apparel Resources
The African Export and Import bank (Afreximbank) has pledged up to US$300,000 grant-matching funds to support cotton value chain development in Africa, however UN and global organisations at a cotton conference last month said more investments are needed. The cotton conference, which was organised by the World Trade Organization (WTO) and UN Conference on Trade and Development (UNCTAD) in July urged donors to create partnerships and make investments that will move Africa’s cotton sector forward. Representatives of the European Union, the United States, Brazil, the International Finance Corporation of the World Bank Group, the Enhanced Integrated Framework, the UN Industrial Development Organization and Better Cotton all welcomed proposals presented at the conference. The executive director of the International Trade Centre (ITC) Pamela Coke-Hamilton explained during the conference that new partnerships will help the Cotton-4 countries (Benin, Burkina Faso, Chad and Mali). Call for action for increased Cotton Made in Africa investments. At the call for action signing ceremony, which took place during the conference, she welcomed Afreximbank’s pledge and said: “Cotton is more than a commodity. It’s more than just transforming fibre into apparel or home textiles. Cotton is a way of life and a road to sustainable development.” She added: “It is a way to address broader development concerns to promote decent jobs and environmentally friendly, sustainable, and fairly priced products.” The organisations at the conference announced a “Call for Action” on cotton that recognises the challenges hampering cotton-producing LDCs to compete. The Call for Action commits signatories to continue seeking solutions for the Cotton-4 countries to improve their competitiveness, achieve higher yields and greener production, and add value both to fibre and by-products. The document was signed by Coke-Hamilton and representatives from WTO and UNCTAD, who co-sponsor the Call for Action. Conference participants from the Cotton4, UNIDO, the OACPS Secretariat, Afreximbank and Better Cotton also signed the Call for Action. The ITC is said to help cotton producers add value and create better lives and employment opportunities for women and youth, as well as contribute to Africa’s industrialisation efforts and the operationalisation of the African Continental Free Trade Area. The ITC’s projects also aim to transform African cotton in a sustainable manner as part of the UN Sustainable Development Goals (SDGs). Coke-Hamilton said: “Developing better African cotton can reduce the environmental impact of textile and clothing production and mitigate climate change. When sustainability is more important than ever, African cotton offers a lower ecological footprint than cotton made elsewhere.” WTO director-general Dr. Ngozi Okonjo-Iweala pointed out: “Donors should listen carefully to the project needs and priorities presented by the Cotton-4 countries and other least developed countries (LDCs) so that they can provide tangible support to help realise these homegrown projects.” She added: “LDCs will need our support to mobilise the financial and technical resources they need so the millions of people whose livelihoods depend on this sector can envisage a better life for themselves and their families.” The ITC pointed out a recent WTO study suggests that despite cotton production bouncing back to pre-pandemic levels in many LDCs, GDP per capita initially fell by 2.1% on average in ten LDCs with cotton exports dropping by 34% on average in value terms, which is a $500m loss in export earnings. Okonjo-Iweala believes policymakers should aim to boost productivity sustainably, strengthen competitiveness and add value to cotton goods to strengthen resilience to future shocks.” Meanwhile, Afreximbank’s senior manager Babajide Sodipo said: “With the operationalisation of the African Continental Free Trade Area, Africa must embrace industrialisation and fully engage its human capital and unique craftsmanship in this sector. The cotton and textile sector provides an opportunity to foster local content and identity.” WTO’s deputy director-general Jean-Marie Paugam, who moderated the event, is encouraging participants to act on the priority projects highlighted by beneficiary countries and establish a work schedule that would lead to dynamic partnerships and operationalise the projects that have been put forward. Similarly, Teresa Moreira, head of the Competition and Consumer Policies Branch at the UN Conference on Trade and Development (UNCTAD) called on governments and development partners to redouble support for cotton and cotton by-product projects for new income sources for farmers. She said this could help address development priorities “such as poverty reduction, value addition and economic diversification”. Cotton-4 countries explain importance of Cotton made in Africa investments In addition, Escipión Oliveira, assistant-secretary general of the Organization of the African, Caribbean and Pacific States Secretariat (OACP) called for urgent support for the project funding requests put forward by the African cotton-producing countries, introduced by ministers and senior trade officials from the Cotton-4. Cotton-4 ministers took the opportunity to share the current challenges such as food insecurity and climate change. Plus, the ministers said, difficulties accessing finance and information prevent small farmers from improving cotton output and participating in international trade. Chad’s Trade Minister and Cotton-4 coordinator, Ali Djadda Kampard, emphasised that development partners play “an essential role” in enabling the country to develop its cotton production, improve its quality and ensure that raw production is transformed into finished products with higher added value for export. Mali’s Minister of Industry and Trade, Ould Mohamed, said that adequate financing for cotton development projects would “greatly contribute to improving the incomes and living conditions of the most vulnerable populations” in cotton-producing and exporting LDCs. It would also represent “a concrete commitment” towards achieving the Sustainable Development Goals, he added. Sustainable non-profit Aid by Trade Foundation, which leads the Cotton made in Africa initiative, generated EUR5.9m (US$6.1m) in total revenue in 2021, with most of it (EUR5.2m) coming from Cotton made in Africa and The Good Cashmere Standard initiatives.
Source: Just Style
• This is a 3.5% increase from US $ 3.2bn reported for same period in 2021 • Apparel exports cross US $ 500mn for second consecutive month in July • SL earned US $ 5.4bn from garment and textile exports in 2021 and expenditure on textile and textile articles was US $ 3bn • SL has set an ambitious garment and textile export target of US $ 8 billion for 2025 The export revenue of Sri Lanka’s apparel sector for the first seven months of the year crossed the US $ 3 billion mark, with July recording a positive performance, which affirms the industry’s ability to sustain resilience. According to the provisional data released by the Joint Apparel Association Forum (JAAF), the export revenue for the January-July 2022 period totalled US $ 3.31 billion, a 3.53 percent increase from the corresponding period of 2021. The cumulative analysis for the first seven months for the year ending in July showed that the exports to the USA totalled US $ 1.41 billion (27.12 percent increase), whereas the exports to the EU and UK totalled US $ 963 million (14.56 percent increase) and US $ 455 million (18.04 increase). The textile and apparel exports for the month of July fetched US $ 522.14 million. It was the second consecutive month in 2022 that the industry’s export revenue crossed the US $ 500 million mark. In June, the apparel exports recorded a revenue of US $ 536 million, the highest ever to be recorded for a calendar month. The previous highest was in March 2019, where an export revenue of US $ 504 million was achieved. Sri Lanka’s garment and textile export income rose 23 percent to US $ 5.4 billion in 2021 from a year ago. The garment exports income alone rose 26 percent to Rs.4.95 billion. Meanwhile, Sri Lanka imported little over US $ 3 billion worth of textile and textile articles for 2021, up 31 percent from a year ago. The garment and textile industry has a US $ 8 billion export target set for 2025.
Source: Daily Mirror
