However, these measures do not seem to create a demand in the market, as other sectors like Ready Made garments, Home Textiles, are facing problems due to reasons beyond their control. In an unusual move, the Tamil Nadu Spinning Mills Association (TASMA) has appealed to mills to stop production citing poor demand for yarn. In a directive, the association stated that several mills are functioning despite the fall in demand and the resultant losses. Some mills stopped operations for two days in a week, while many mills have discontinued second shifts. However, these measures do not seem to create a demand in the market, as other sectors like Ready Made garments, Home Textiles, are facing problems due to reasons beyond their control. Citing these reasons, the association appealed to mills to completely stop production with immediate effect so that the existing stock can be exhausted.Mills having export commitments and with sufficient cotton inventory can continue production, the association said.
Source: New Indian Express
The trade deficit, which touched $99 billion in the first four months of FY23, won’t hit the “discomfort level”, he said, adding that the commerce ministry is closely monitoring it. On Tuesday, commerce secretary BVR Subrahmanyam said the country’s export performance is pretty much on track. Goods exports may be around $470-480 billion this fiscal, against $422 billion in FY22. The trade deficit, which touched $99 billion in the first four months of FY23, won’t hit the “discomfort level”, he said, adding that the commerce ministry is closely monitoring it. Until July this fiscal, exports grew 20.1% to $157.4 billion.
Source: Financial Express
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Shri Piyush Goyal today released the ‘Department of Commerce Restructuring Dossier’ at Vanijya Bhawan, New Delhi. Releasing the report, Shri Goyal said restructuring of the entire department of commerce aims at preparing India to become a key global player in world trade. He further said the restructuring rests on 5 major pillars: Increasing India's share in global trade, assume leadership role in multilateral organisations, democratisation of trade, creating 100 Indian Brands as Global Champions, and setting up Economic Zones in India to strengthen the manufacturing base and attract greater investments to India. The Minister mentioned that Prime Minister Shri Narendra Modi had launched Mission Karmayogi with the objective of skill development and upgradation of employees in Govt. departments and Ministries. It is in pursuance of this, Shri Goyal said, that restructuring of departments of commerce has been undertaken to meet the needs of the future. This will enable us to adopt international best practices and prepare ourselves for greater multilateral and bilateral engagement with other countries, he added. Shri Goyal said Restructuring exercise is a mammoth endeavour focused on ‘Aatmanirbhar Bharat’ and an Aatmanirbhar Commerce Department. The 14 volumes of the report define the role of each section within the department and lays down the expected outcomes and key performance indicators. These manuals would enable all the relevant stakeholders to understand their role in the revamped department and help the organization perform effectively, he added. The Minister said the focus on exports has been one of the most defining features of the government's efforts to make India a developed country by 2047, a vision articulated by PM Shri Narendra Modi, in his Independence Day address to the nation this year. He emphasised that Indian Trade and Commerce will not only be a strong element in India’s march to prosperity, towards becoming a developed nation when we turn 100 in 2047, but also play an extremely important role in serving the needs of the whole world. Shri Goyal said we aspire to achieve 2 trillion dollars worth of exports by 2030. This will make us among the top nations in world trade and change the way the world sees us. Shri Goyal further said Prime Minister Modi has led from the front and energised the entire export ecosystem. It is due to the constant guidance and mentoring by PM that we not only met but also beat export targets, he emphasised. The PM has urged all the missions across the world to focus on 3 Ts- Trade, Technology and Tourism. These are now an integral part of the duties of all the Missions, he added. Shri Goyal noted some of the ideas that have emerged out of Restructuring exercise include a dedicated 'Trade Promotion Body' to drive formulation & execution of promotion strategy, Digitization of trade facilitation processes, Rehauling of the data & analytics ecosystem and capacity builSerg of Indian Trade Service to drive specialization & institutional memory.
Source: PIB
This is part of the broader efforts to make the ministry “future ready” and put in place an ecosystem to achieve the ambitious $2-trillion export target by 2030 and help create a large number of jobs, commerce and industry minister Piyush Goyal said on Tuesday. The commerce ministry is being restructured to have a dedicated export promotion body, a large wing for trade negotiations and a trade intelligence and analytics set-up. This is part of the broader efforts to make the ministry “future ready” and put in place an ecosystem to achieve the ambitious $2-trillion export target by 2030 and help create a large number of jobs, commerce and industry minister Piyush Goyal said on Tuesday. The trade promotion body will devise an overall strategy to achieve the target. Prior to the move, trade facilitation was handled by different officers belonging to various divisions, along with the directorate general of foreign trade. Similarly, focus will also be on bolstering capability for trade negotiations. Commerce secretary BVR Subrahmanyam said within this wing there will be two verticals—one for handling multilateral negotiations (for World Trade Organization) and the other for bilaterals (free trade agreements, etc.). At the same time, the ministry will draw private sector talents to add to its negotiating muscle, Goyal said. The strength of the Indian Trade Service officers may also be enhanced. This is aimed at preparing a dedicated bunch of trade negotiation specialists, which will also help retain institutional memory even if the IAS officers heading the wing depart. The restructuring of the ministry also involves centralisation and digitisation of trade facilitation processes and overhauling of the data analytics ecosystem. However, Goyal made it clear that the restructuring process won’t result in any job losses at the ministry; instead, the staff strength may rise. “Indian trade and commerce will not only be a strong element in India’s march to prosperity, towards becoming a developed nation in the Amrit Kaal, but also play an extremely important role in serving the needs of the whole world,” Goyal said. The ministry, Goyal said, is bracing for greater multilateral and bilateral engagements with other countries like never before. The structuring is being undertaken after a lot of research, the commerce minister said as he launched a dossier on the restructuring. The move assumes significance, as the country is either negotiating or planning to start talks for a flurry of high-stake FTAs with key economies, such as the EU, the UK, Canada, Israel, members of Gulf Co-operation Council (GCC) and Australia. While New Delhi has clinched an interim deal with Canberra, talks for a full-fledged FTA could start soon. Together these economies (excluding the UAE, a part of the GCC, with which an FTA is already signed) contributed as much as $108 billion, or 26%, to India’s merchandise exports in FY22.On export performance in the current fiscal, Goyal exuded confidence that the country will achieve the desired goal.
Source: Financial Express
• In the first four months of FY23 (April - July), the merchandise export $156.41 billion up by 19.35%, and merchandise imports stood at $256.43 rising by 48.12 year-on-year. This led trade deficit of $100.01 billion from April -July 2022-23. India's merchandise exports may range between $470-480 billion in the current financial year FY23 compared to $420 billion in the previous fiscal. Commerce Secretary BVR Subrahmanyam expects the trade deficit which has crossed $100 billion between April to July of the current fiscal, to moderate in the coming months. He believes the country's trade deficit will not cross the discomfort level. Talking to reporters, Subrahmanyam said, the trade deficit is likely to moderate in the coming months due to softening of prices of oil and other commodities in the global market. On trade deficit, he further said, "I think in totality we are not going to cross a discomfort level...We are looking at it very closely," reported PTI. Further, he said the merchandise export will be $470-480 billion and the services sector is likely to contribute another 280 billion during fiscal 2022-23. In July, India's merchandise export stood at $35.24 billion slightly lower from 35.51 billion in the same month last year, while merchandise imports increased by 43.59% yoy to $66.26 billion. Following this, India's trade deficit in July 2022 was $31.02 billion. In the first four months of FY23 (April - July), the merchandise export $156.41 billion up by 19.35%, and merchandise imports stood at $256.43 rising by 48.12 year-on-year. This led trade deficit of $100.01 billion from April -July 2022-23. On Tuesday, Union Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution, and Textiles Piyush Goyal released the ‘Department of Commerce Restructuring Dossier’ at Vanijya Bhawan, New Delhi. Goyal said the focus on exports has been one of the most defining features of the government's efforts to make India a developed country by 2047. He said, "we aspire to achieve 2 trillion dollars worth of exports by 2030." The Commerce Minister emphasised that Indian Trade and Commerce will not only be a strong element in India’s march to prosperity, towards becoming a developed nation when we turn 100 in 2047 but also play an extremely important role in serving the needs of the whole world. Goyal further said, "Prime Minister Modi has led from the front and energised the entire export ecosystem. It is due to the constant guidance and mentoring by PM that we not only met but also beat export targets."
Source: Live Mint
Central bank hopes to achieve its objectives without too much 'growth sacrifice', he says The Reserve Bank of India (RBI) aims to reduce inflation to its medium-term target of 4 per cent in the next two years and its rate actions will be data-dependent, said Governor Shaktikanta Das on Tuesday. Consumer Price Index (CPI)-based inflation — the central bank’s monetary policy anchor — was at 6.71 per cent in July, marking the first time in four months that the price gauge dropped below 7 per cent. “We would like to bring down inflation over a time cycle of about two years or so… By and large, I think we are moving closer to 4 per cent in a steady manner without much growth sacrifice,” Das said in an interview to a television (TV) channel. The RBI’s Monetary Policy Committee (MPC) is mandated to keep CPI inflation at 4 per cent, with a variation of 2 per cent on either side. The MPC has raised the policy repo rate by a total of 140 basis points (bps) since May 4 and it is currently at 5.4 per cent. According to the RBI’s assessments, inflation has peaked and is expected to moderate, said Das. In the minutes of the MPC’s August 3-5 meeting released last week, external members Ashima Goyal and Jayanth Varma said that the rate-setting panel’s actions should be driven by incoming data. Tuesday’s TV interview marked the first time in several months that Das himself said that the future trajectory of interest rates would be data-driven. Since the first rate hike on May 4, the MPC has tweaked the phrasing of its stance. It was accommodative while focusing on the withdrawal of accommodation. The stance was changed to one that is focused on the withdrawal of accommodation. “I will not be able to give forward guidance about our future rate actions. In May, we increased the rates by 40 bps, then 50 (bps) and then 50 (bps) — in three instalments we have done it,” said Das. “The incoming data and the way the situation unfolds, as I described, the inflationgrowth dynamic, how it plays out, that will determine our future action,” he said. Das said the government bond yield curve indicated that inflation was coming down. After touching an over-three-year high of 7.62 per cent on June 16, yield on the 10-year benchmark government bond has eased significantly, settling at 7.28 per cent on Tuesday. “If you look at the 10-year government security (G-sec), the 10-year G-sec before we started the May meeting of the MPC when we started the current rate hike cycle by 40 bps, just before that it was around 7.1-7.12 per cent. Today, it’s around 7.28 per cent,” said Das. Apart from anchoring inflation expectations, bond yields were driven by easing prices of crude oil and other commodities, as well as fluctuations in the US currency. Current account deficit The RBI governor said that India’s current account deficit (CAD) would be within manageable levels and financed in a “reasonably comfortable” manner. Economists expect India’s CAD to rise to around 3 per cent of gross domestic product (GDP) this fiscal year, from 1.2 per cent of GDP in the previous fiscal year. Das cited the recent decline in crude oil factors as a key factor that would help contain CAD. “But (on) crude oil prices now, there are many experts internationally who are taking a position that the crude oil price will be below $100 per barrel. This was not in the realm of anybody’s thinking a few months ago,” he said. “There are institutions which are projecting $95 per barrel. We have assumed $105 as the average price for the current year,” he said. Another reason for optimism on CAD was an expected pick-up in petroleum product exports, given that a recent export tax had been adjusted, said Das. While saying that he hoped that the debate about whether the RBI was “behind the curve” was over, Das warned against any complacency on the part of the central bank, pointing out that inflation was currently well above the comfort zone. Banks, fintech, crypto Speaking on the gap between credit and deposit growth, Das said, “If banks have to achieve a credit growth of 13-15 per cent, they have resources by way of increasing deposit rates.” According to the latest RBI data, credit growth was 14.5 per cent as of July 29. However, deposits grew at 9.1 per cent during the same period. Commenting on greater scrutiny by the RBI on the financial technology (fintech) sector, Das said, “We are supportive of innovation in fintech, but at the same time we have to evaluate what kind of risk build-up is happening and whether they are getting addressed.” In its effort to mitigate concerns arising from credit delivery through digital lending methods, the RBI, earlier this month, came out with guidelines aimed at firming up the regulatory framework over such activities, wherein it has categorically specified that lending business can only be carried out by entities regulated by it or other such competent authorities under the law. On whether charges should be levied on Unified Payments Interface (UPI) transactions, the GOVERNOR said, “We have come out with a discussion paper. Our idea was to get stakeholder comments. So let the comments come, we will examine them and move forward.” Last week, in a discussion paper, the RBI sought feedback from stakeholders on the possibility of imposing a “tiered” charge on payments made through UPI, based on different amount bands. Following this discussion paper, the government denied any intention of levying charges on UPI transactions. The finance ministry said the concerns of service providers for cost recovery have to be met through other means. Reiterating his stance on cryptocurrencies, Das said, “I am happy that we sounded those warning signals and anecdotally we are aware that many people did not invest or pulled out of crypto, thanks to the caution and concerns that the RBI expressed.” “Cryptocurrencies can create a lot of financial instability in terms of the ability of the central bank to determine monetary policy. It will also have an adverse impact on our exchange rate, capital flows, and banking sector stability. It can potentially be used for money laundering and illicit transfer of money.”
Source: Live Mint
Garment exporters of Rajasthan have expressed apprehension over loss of 15 per cent of their margins due to Rebate of State and Central Taxes and Levies (RoSCTL) and are seeking amendment to its structure. Given the situation, exporters also foresee a decline in export competitiveness, like their other counterparts across the country. The state’s garment manufacturing sector is worth Rs 2,500 crore. Explaining the matter, Vimal Shah, President of Garment Exporters Association of Rajasthan (GEAR) said, “The textile industry wants the government to restart cash reimbursement instead of these tradable scrips, as these scrips are trading at 20 per cent discount.” These scripts are sold by exporters to importers, who in turn can pay their import duty with these purchased scrips as an alternative to cash import duty payments. This is resulting in substantial cash transfer from exporters to importers, said Shah in a statement. Vijay Jindal, Member, Export Promotion, AEPC & President, GEMA said, “RoSCTL scheme provides rebate against the taxes, levies, etc. already paid by the exporters on the inputs. This rebate has been converted into scrips that are tradable i.e. exporters can sell scrips to the importers and importers, in turn, can pay import duty with these purchased scrips as an alternative to cash import duty payments.” “While it was in discount earlier also, but now the discount has gone up from 3 per cent to about 20 per cent discount on the scrips. This discounting of scrips benefits importers, who are taking undue advantage at the cost of exporters,” added Jindal. RoSCTL was launched with the intention of making India’s textile industry competitive and strengthening its exports. However, certain changes were made to the scheme in September 2021 and its current form is eroding the export margins of the domestic textile industry. Based on estimated calculations, of the total USD 16 billion in apparel exports, around 5 per cent is reimbursement, which is roughly Rs 6,000 crore. At a broad level, given a discount of 20-25 per cent on this, there is a direct hit of around Rs 1,500 crore on the feeble margins of companies operating in the apparel sector. The demand has been in line with the government’s intention, which was always to reimburse the exporters but due to the discounting of scrips, the purpose and intent of this entire scheme is defeated, said the exporters. In its current form, the discounting of scrips benefits importers, who are taking undue advantage at the cost of exporters. The garment and textile industry has said that if the government does not immediately make amendments to the RoSCTL structure, there is a concern that the industry may lose its competitive edge due to cost inefficiencies.
Source: KNN India
GDP growth is expected to expand in double digits at 13 per cent in Q1FY23 due to low base and robust recovery in the contact-intensive sectors following the widening vaccination coverage, according to an ICRA report. India's GDP growth in the first quarter of the current fiscal is expected to grow in double digits at 13% owing to a low base and robust recovery in the contactintensive sectors following the widening vaccination coverage, as per an NSE 0.28 % report. ICRA expects the sectoral growth in Q1 FY2023 to be driven by the services sector (+17-19 per cent; +5.5 per cent in Q4 FY2022), followed by the industry (+9-11 per cent; +1.3 per cent). GVA growth in agriculture, forestry and fishing is projected to decline to 1.0 per cent in Q1 FY2023 from 4.1 per cent in Q4 FY2022, on account of the adverse impact of the heat wave in several parts of the country, which supressed wheat output. The gross value added (GVA) at basic price in Q1FY23 is projected at 12.6 per cent from 3.9 per cent earlier. "The anticipated double-digit GDP expansion in Q1 FY2023 benefits from the low base of the second wave of Covid-19 in India in Q1 FY2022 as well as the robust recovery in the contact-intensive sectors following the widening vaccination coverage. In ICRA's assessment, there has been a shift in demand towards contact-intensive services from discretionary consumer goods for the mid-to-higher income groups. This, in conjunction with the emerging cautiousness in export demand, and the impact of high commodity prices on volumes as well as margins for the industrial sector, are likely to result in a relatively moderate industrial growth," Aditi Nayar, Chief Economist, ICRA was quoted saying in a release. Overall, ICRA expects the growth in GVA of trade, hotels, transport, communication and services related to broadcasting (THTCS) to record a base-effect driven expansion of 40- 45 per cent in Q1 FY2023 (+5.3 per cent in Q4 FY2022), while trailing the pre-Covid level of Q1 FY2020 by a muted 2.5 per cent. The recovery in travel-related services has been upbeat since the onset of FY2023, benefiting from pent-up demand related to corporate travel and increasing confidence for availing leisure services amid the decline in trajectory of Covid19 infections. Moreover, within transportation, the railway and road sub-sectors are expected to post a healthy recovery in Q1 FY2023, as indicated by the healthy YoY growth in rail freight and GST e-way bills.
Source: Economic Times
Local weavers put a total number of pit looms in Kotpad at 200. Not only were the loom pits inundated, yarn in many weavers’ households was also damaged by rains. PIT looms in rain-hit districts of Odisha have fallen silent. Damp from a week of unrelenting showers that brought in floods and muddy still, it will take a month before the buzz resumes. Till that time, hands that weave magic on fabric will have to go jobless. Weavers in Odisha use two types of looms - pit and frame - of which - the former is widely used. As per the 4th All India Handloom Census, there are 30,752 pit looms in Odisha, a majority of the distribution being in Western Odisha and Kotpad (Koraput). During heavy rains and flooding, frame looms can be shifted but that’s not the case with pit looms. Usually 5 to 6 inches deep and 3X3 ft wide, the loom is installed in a pit and needs two pedals to be operated. Weavers have to sit on the ground, legs suspended into the pit, to operate the pedals.“During flooding, pits that are not concrete bear the brunt. Weaving cannot start till water is drained out and loom is dry,” said Govardhan Panika, a master weaver of Kotpad, who also uses a pit loom. As rains continued for a week, many pits loom faced the problem this year. Local weavers put a total number of pit looms in Kotpad at 200. Not only were the loom pits inundated, yarn in many weavers’ households was also damaged by rains. In Western Odisha, having the largest concentration of weavers and pit looms, those from Sonepur, Barpali (Bargarh), Balangir and other areas are waiting for the pits to dry out. “Water from Mahanadi did not enter our village but as rains continued for 8 to 10 days, the pits started soaking water. Though there has been no damage to our yarn and finished fabrics, the damp loom pits will take 15 days to dry completely and till then, there will be no work for us,” said Bhagabata Meher, a weaver of Tikirapada in Sonepur district. Meher is famous for his ‘Shri Ganeet’ saree. Sonepur is known worldwide for its Bandha Kala or tie and dye textile. Officials of the Handlooms and Textiles department said the State government has two projects to address this problem. Weavers are supported for making a switch from pit to frame looms wherever possible. Second is to concrete the pit looms. Since 2013-14, 15,000 pit looms have been concreted. “At Sonepur, 5,000 pit looms have been concreted including 1,500 this year. Weavers have the option of seeking expertise for concreting the looms or doing it themselves,” said Deputy Director (Textiles), Sonepur, Shantanu Meher.
Source: New Indian Express
UK clothing brands and retailers have applauded a new framework offering developing nations lower tariffs and simplified rules of origin requirements for exporting. The UK has rolled out the Developing Countries Trading Scheme which applies to goods including clothing and food and cuts tariffs for 65 developing exporting countries. The Developing Countries Trading Scheme cuts administrative costs for businesses by reducing tariffs and bringing more countries in the scope of the most generous tariff reductions. It also cuts red tape for developing countries, for example by simplifying rules of origin requirements for the least developed nations. This helps the world’s poorest countries to export to the UK and play a more active part in fast-growing global supply chains. It also helps lower costs for UK businesses, leading to lower prices for consumers across a range of everyday products, by reducing tariffs on imports from low- income and lower-middle income countries. Increasing trade and decreasing tariffs is another way the government is supporting businesses and individuals with cost-ofliving increases.= The clothing sector has welcomed news of the new scheme. Bangladesh textile firm DBL Group’s managing director, Mohammed Jabbar, said: “These new rules will be a game changer for us. They mean we will be able to source our cotton from many more countries than we could before, which will make the business more competitive and our supply chains a lot more resilient.” Speaking to Just Style, Adam Mansell, CEO of UKFT, commented: “UKFT welcomes the recently announced DCTS. The new scheme will simplify trade for Least Developed Countries (LDCs) in particular, while still offering benefits to other developing countries. The new approach to rules of origin and cumulation for LDCs are of significant interest, and should make sourcing fashion from countries such as Bangladesh, Cambodia and Nepal much more attractive for UK brands and retailers. While the government announcement is an important step, it is worth noting that the scheme still needs to move through the legislative process and that until this is completed, the existing UK GSP rules still apply.”
Source: Just Style
The value of textile and garment exports from Pakistan increased by mere 0.67 per cent in July 2022, the first month of new fiscal 2022-23 (July-June). During the period, Pakistan earned $1.481 billion from textile and apparel exports, compared to exports of $1.471 billion in July 2021, according to latest data from Pakistan Bureau of Statistics.
Category-wise, knitwear exports rose 10.75 per cent year-on-year to $434.926 million during the period, while exports of non-knit readymade garments were up 1.14 per cent to $304.575 million. Among textiles, cotton yarn exports decreased by 20.59 per cent to $71.364 million in July 2022. Exports of cotton fabric rose by 1.42 per cent and were valued at $181.984 million during the period under review. Bedwear exports declined by 3.55 per cent to $253.991 billion during the period, the data showed. On the other side, synthetic fibre imports decreased by 35.69 per cent year-on-year to $59.384 million, while imports of synthetic and artificial silk yarn dropped 29.33 per cent to $61.152 million during the same period. Meanwhile, the value of textile machinery imports by Pakistan decreased significantly by 42.50 per cent year-on-year to $37.473 million in July 2022. In fiscal 2021-22 ending June 30, textile and garment exports from Pakistan increased by 25.53 per cent to $19.329 billion over $15.399 billion in the previous fiscal. In fiscal 2019-20, the value was $12.526 billion.
Source: Fiber2fashion
Textiles and Jute Minister Golam Dastagir Gazi will inaugurate the expo as chief guest The 21st edition of "Textech Bangladesh International Expo 2022" is going to be held along with two concurrent exhibitions in the capital from August 31. The other two expos are "18th Dhaka International Yarn & Fabric Show 2022-Summer Edition" and "40th Dye+Chem Bangladesh 2022 International Expo." The expos are organized by CEMS-Global USA, in association with CEMS Bangladesh. This four-day event will take place from August 31 until September 3 after a pause of two years at the International Convention City Bashundhara (ICCB), at Bashundhara. In a press conference on Tuesday, Meherun N Islam, president and managing director of CEMS Global, said that Textech Bangladesh International Expo could not be organized in 2020 and 2021 due to the Covid-19 pandemic physically, but they were held virtually. Now that the pandemic has subsided, CEMS-Global USA is going to organize a widescale edition of the expo, she added. Textiles and Jute Minister Golam Dastagir Gazi will inaugurate the expo as chief guest where Faruque Hassan, president of the BGMEA and Mohammad Hatem, executive president of the BKMEA will also be present as special guests. According to the organizer, the expo is the biggest and oldest international exhibition on the textile and readymade garment industry of Bangladesh with the representation of more than 260 companies with over 500 booths from 12 countries. Moreover, it will be a one-stop platform to showcase the latest developments and emerging technology for this industry. The expo will be the biggest B2B meeting place for the buyers and suppliers and will also provide an interactive platform for exhibitors to generate business through displays and direct interaction. The expo will highlight machineries related to textile, embroidery, circular knitting machines, apparel, sewing related equipment, accessories and trim, digital printing and many more. SS Sarwar, group CEO of CEMS Global USA and Asia Pacific, Tanveer Qamrul Islam, executive director, and Abhishek Das, director, international marketing of CEMS Global, were also present at the press conference.
Source: Dhaka Tribune
The Department of State applauds North Carolina State University, Gaston College, Catawba Valley Community College, and the Universidad Tecnologica Centroamericana (UNITEC) for finalizing their partnership to collaborate on joint training programs and scholarship funding for textile coproduction education and training. U.S. companies are making significant investments in developing co-production facilities that will create jobs in both the United States and Central America, which advances U.S. government efforts to create economic opportunity in the region. This agreement will strengthen supply chain security and integration, providing benefits for producers and consumers across the Western Hemisphere. The U.S. government will continue to maintain and build upon these successes by working together with other governments and the private sector to solidify and expand these productive relationships. We all benefit when we cooperate and facilitate strong, mutually beneficial public-private partnerships.
Source: STL
(China’s apparel and accessory exports have clocked US $ 99.56 billion in January to July ’22 period. The data was recently released by General Administration of Customs, China (GACC). The exports have grown by 13 per cent on Y-o-Y basis and, as per official data, garments contributed around US $ 87.96 billion of total export values. Particularly in July ’22, the exports of both apparels and accessories valued US $ 19.64 billion, noting 18.50 per cent yearly growth. Textile exports by the country too got a boost as the value reached US $ 89.79 billion during the first seven-month period of 2022. Textile products, fabrics, and yarns contributed US $ 36.90 billion, US $ 43.41 billion, and US $ 9.48 billion respectively, noting 19 per cent, 20 per cent and 11.50 per cent yearly increase.
Source: Just Style
