INTERNATIONAL
Textile Raw Material Price 2016-05-24
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1018.11 |
USD/Ton |
-0.45% |
5/24/2016 |
|
VSF |
2040.80 |
USD/Ton |
0.15% |
5/24/2016 |
|
ASF |
1923.26 |
USD/Ton |
0% |
5/24/2016 |
|
Polyester POY |
1003.61 |
USD/Ton |
0% |
5/24/2016 |
|
Nylon FDY |
2228.54 |
USD/Ton |
0% |
5/24/2016 |
|
40D Spandex |
4380.77 |
USD/Ton |
-0.35% |
5/24/2016 |
|
Nylon DTY |
2098.80 |
USD/Ton |
0% |
5/24/2016 |
|
Viscose Long Filament |
1111.98 |
USD/Ton |
0% |
5/24/2016 |
|
Polyester DTY |
2480.40 |
USD/Ton |
0% |
5/24/2016 |
|
Nylon POY |
5691.95 |
USD/Ton |
0% |
5/24/2016 |
|
Acrylic Top 3D |
1259.28 |
USD/Ton |
0% |
5/24/2016 |
|
Polyester FDY |
2068.27 |
USD/Ton |
0% |
5/24/2016 |
|
30S Spun Rayon Yarn |
2778.05 |
USD/Ton |
0% |
5/24/2016 |
|
32S Polyester Yarn |
1694.30 |
USD/Ton |
0% |
5/24/2016 |
|
45S T/C Yarn |
2442.24 |
USD/Ton |
0% |
5/24/2016 |
|
45S Polyester Yarn |
1831.68 |
USD/Ton |
0% |
5/24/2016 |
|
T/C Yarn 65/35 32S |
2136.96 |
USD/Ton |
0% |
5/24/2016 |
|
40S Rayon Yarn |
2930.69 |
USD/Ton |
0% |
5/24/2016 |
|
T/R Yarn 65/35 32S |
2228.54 |
USD/Ton |
0% |
5/24/2016 |
|
10S Denim Fabric |
1.35 |
USD/Meter |
0% |
5/24/2016 |
|
32S Twill Fabric |
0.81 |
USD/Meter |
0% |
5/24/2016 |
|
40S Combed Poplin |
1.16 |
USD/Meter |
0% |
5/24/2016 |
|
30S Rayon Fabric |
0.69 |
USD/Meter |
0% |
5/24/2016 |
|
45S T/C Fabric |
0.68 |
USD/Meter |
-0.22% |
5/24/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15264 USD dtd. 24/05/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The textile industry in Surat has lost Rs 250 crore in two days following an indefinite strike called by transporters to protest crackdown by the civic body on godowns in residential areas. Over the past few days, the Surat Municipal Corporation has sealed 100 textile godowns in residential areas, and on Tuesday served notice to 70 others at Umarwada in the city. Acting on complaints by the residents for causing nuisance and traffic problems, the SMC started crackdown on godowns in residential areas of the city. Leaders of the transport association, so far, have failed to meet municipal commissioner Milind Torwane. When contacted, Torwane said, he was busy due to Chief Minister Anandiben Patel’s visit to the city and would meet the transporters on Wednesday.
Textile transporters begin indefinite strike in SuratWanted: A Pied Piper for Surat textile godowns!Strike at Surat textile units enters 4th dayTextile industry in Surat feels the heat of Telangana crisisTransport strike enters 7th day,no respite for Kanpur tradersStir costs Surat textile industry Rs 90 crore a dayTextile transporters begin indefinite strike in SuratWanted: A Pied Piper for Surat textile godowns!Strike at Surat textile units enters 4th dayTextile industry in Surat feels the heat of Telangana crisisTransport strike enters 7th day,no respite for Kanpur tradersStir costs Surat textile industry Rs 90 crore a dayTextile transporters begin indefinite strike in SuratWanted: A Pied Piper for Surat textile godowns!Strike at Surat textile units enters 4th dayTextile industry in Surat feels the heat of Telangana crisisTransport strike enters 7th day,no respite for Kanpur tradersStir costs Surat textile industry Rs 90 crore a day
Following the strike, over 350 trucks of the Surat Market Transporter Association have not left the city for the past two days. The association has also stopped taking bookings from textile traders. “We will continue the strike till we get justice. We are ready for a compromise, but they (SMC) should guide us or show some place where we can shift our businesses. The SMC is not listening to us… Today, we got support from Surat Textile Traders Association, and even parcel contractors and labour contractors,” said Surat Market Transport Association president Yuvraj Deshle. However, according to the municipal commissioner, the transporters will have to find new godowns on their own.
Federation of Surat Textile Traders Association leader Manoj Agrawal said, “We support the ongoing strike called by the transporters. The SMC should have given them some more time. The entire chain into the textile industry has been disturbed as our finished products of sarees and dress materials are stuck in transport godowns. In the last two days, the industry has faced a loss of Rs 250 crore. We have met the transport association members and have assured them our support.”
SOURCE: The Times of India
The Union government has withdrawn the notification on guidelines for Bt cotton technology which placed a cap on royalty for new genetically modified (GM) traits, and has invited comments and suggestions of stakeholders on the matter before taking a final call. The decision to withdraw the notification came five days after it was issued. The notification was stoutly opposed by the crop biotech industry. Biotech industry body ABLE-AG, which has members like Monsanto, Mahyco, Syngenta, DuPont Pioneer and Bayer BioScience, had opposed the government's notification saying that decision would be a "huge blow" to the innovators in agri-biotech industry. The guidelines, notified by the Agriculture Ministry on May 18, capped the royalty for new GM traits at 10 per cent of the maximum sale price of the Bt cottonseeds – a move that could affect Monsanto's India operations. “The notification regarding guideline for Bt cotton technology issued on May 18, 2016, will be put in the public domain for the period of 90 days, in the same form for comments and suggestions of all stakeholders,” the Agriculture Ministry said in a press release on Monday.
According to the notified guidelines, after the initial five years, royalty would reduce by 10 per cent of initial value every year. If the GM technology loses its efficacy, the technology provider would not be eligible for any royalty. The guidelines also prescribed a new format for sub-licensing agreements that all seed technology providers would have to sign with the seed companies. If such an agreement is not signed within next 30 days, all old agreements would be considered invalid, the notification said.
SOURCE: Fibre2fashion
ALL Global Union affiliates in India discussed strategies and shared experiences of organising precarious workers in the textile, garment and leather sector, in a union building workshop earlier this month in Bangalore. Organising precarious workers is a key priority for IndustriALL’s union building project in the textile, garment, shoe and leather sector in South Asia. Various initiatives taken by IndustriALL and its affiliates to combat precarious work and defend workers’ rights were discussed at the workshop, it said in a press release. Winning workers’ confidence in unions is a major challenge faced by union rganizes. Social security for precarious workers has been a key demand pursued by unions. In the absence of secure work, union intervention in enabling precarious workers to obtain government sponsored social security schemes have made a positive impact in organising workers. In various places, unions are also facing challenges of dealing with factory closures, particularly tanneries, due to environmental regulations. Precarious workers are left with no compensation or alternative employment opportunities in such situations. Unions decided to take up factory closures on a case-by-case basis and fight for appropriate compensation and alternative employment opportunities for precarious workers.
Participants also discussed the benefits and drawbacks of industry-wide and company-specific collective bargaining agreements. Addressing the workshop Apoorva Kaiwar, regional secretary of IndustriALL urged participants to build union power at plant level. She said: “In today’s scenario the textile, garment and leather industry is witnessing a rapid growth, but the workforce is facing the serious challenges of precarious jobs. Migrant, young and women workers are becoming the face of the workforce in this sector and we need to rganize them in a way suitable to the next generation workers.” Details of IndustriALL’s global framework agreements with H&M and Inditex and the means to use them to defend workers rights in their supply chain were highlighted in the workshop. Key union partners of the project SEWA, NTGLWF, INTWF, INGLWF, HMS NCR, TWFI and INTUC Kolkata took part in the workshop. Participants resolved to bring more precarious workers into the trade union fold, IndiustriAll said in the release.
SOURCE: Fibre2fashion
India's commercial contract with Iran for development of Chabahar port has come not a moment too soon for the government. Notwithstanding its presence at Pakistan.s Gwadar, where it has developed and acquired operational control of the port, China has also looked to invest in the development of Chabahar port. Only last month, a Chinese consortium visited the Chabahar free trade zone and expressed interest in developing the port and also building an industrial town there. The head of the Chinese consortium which visited Chabahar was quoted as having said that Chinese companies were eager to invest in the strategically located port. This followed the visit by Chinese President Xi Jinping to Iran in January this year when the two countries mentioned in their joint statement development of ports as one of the areas where they could have tangible cooperation. The intergovernmental MoU signed by Union minister Nitin Gadkari last year for developing Chabahar was also seen as India's response to the interest shown in the Iranian port by China Harbour Engineering Company which runs the Gwadar port in Pakistan. India had to move quickly in the past few months not just to sign the contract between IPGPL (India Ports Global Private Limited) and Iranian firm Arya Banader but also a confirmation statement between EXIM Bank and Central Bank of Iran confirming availability of credit up to Rs 3,000 crore for the import of steel rails and implementation of India's Chabahar port commitment.
According to Indian officials, the contract envisages India's investment and participation in the first phase of Chabahar port which involves development of two terminals and five berths with multi-cargo capacity. The contract also comes with specific timelines for its implementation. India's desperation to seal the contract, in fact, also stemmed from Iran's own conduct in the past few months with Tehran seemingly playing both ends for a while. Even after India had signed the MoU for developing Chabahar last year, Iran's ambassador to India Gholamreza Ansari had warned that India needed to look at benefiting from business opportunities in Iran, once the international sanctions on Tehran were lifted, and not waste time in "cheap negotiations". The Sistan and Baluchestan governor, Ali Osat Hashemi, hosted another Chinese delegation at Chabahar in October 2015 and announced that Iran would be glad to work with Beijing and provide it with lucrative business opportunities as it had always stood by Iran. He had said he would discuss investment possibilities in Chabahar with both China and Pakistan. Any sizeable presence of the Chinese in Chabahar will be resented by India even as Beijing's presence grows elsewhere in Iran. Unlike India, Iran has welcomed China's Maritime Silk Road initiative and, compared to its annual trade volume of $9 billion with India, Iran's trade with China stands at $52 billion. According to many in the government, Chabahar is also important for India to break free from its strategic encirclement by China, which not only controls the Gwadar port but has also restored its presence in Colombo and Hambantota in Sri Lanka. It is with Japan that India would like to work with for connectivity in India's neighbourhood and NEW DELHI will closely look at the outcome of PM Shinzo Abe's visit to Tehran a few months from now. While there is no official confirmation yet, Japan is said to be contemplating developing the port and an industrial complex in the free trade zone. When asked about the likely involvement of Japan in Chabahar, foreign ministry joint secretary handling Iran, Gopal Baglay, said there could be synergies in promoting regional connectivity. but added that it would depend on how comfortable Iran was with it.
SOURCE: The Economic Times
Chabahar Port agreement with Iran is a landmark development that will help Indian companies boost their engagement in Central Asia and also significantly reduce the transportation cost, industry chamber Ficci said. "Prime Minister Narendra Modi's outreach to Tehran has infused vigour into the momentum to develop connectivity, infrastructure and in India's energy security goals," the industry body said. India and Iran yesterday signed a bilateral pact to develop the Chabahar port for which India will invest USD 500 million, during Modi's visit to the Persian Gulf nation. The key agreement signed was a contract for development of Phase I of the Chabahar port on the southern coast of Iran by an Indian joint venture. "The signing of commercial contract for the Chabahar Phase 1 will open a route to land-locked Afghanistan and cut transport costs/time by third," Ficci said. Chabahar port, located in the Sistan-Balochistan Province on the energy-rich Persian Gulf nation's southern coast, lies outside the Persian Gulf and is easily accessed from India's western coast, bypassing Pakistan. The development of the port "will help Indian companies enhance engagement in Iran and gain access to Afghanistan & Central Asia. In the long run Chahabar will also serve as the point of origin for the proposed Iran-Oman-India pipeline," the chamber pointed out. "A multiplier effect rests on the possibility that other international investors may also see the rationale of this important investment, thus paving the way for creation of a strategic bulwark that facilitates greater flow of people and goods among the three countries, as well as in the region and contributes to economic growth of Afghanistan," Ficci said. India and Iran had in 2003 agreed to develop Chabahar on the Gulf of Oman outside the Strait of Hormuz, near Iran's border with Pakistan. "The bilateral agreement to develop the Chabahar port and related infrastructure signed by Prime Minister Narendra Modi and Iranian President Hassan Rouhani, underlines the extraordinary strategic opportunities that present themselves for India in the region," Ficci noted. The chamber said it "sees PM Modi's timely visit to Iran setting the stage for boosting trade in a big way. The 12 MoUs signed between the two countries cutting across culture, science & technology, exchange of info & knowledge and many another aspects of economic engagement, as a significant effort to build enduring partnership".
SOURCE: The Economic Times
Indian entities -both in private and public sectors -have projected investment worth $22 billion (nearly Rs 1.3 lakh crore) in Iran's Chabahar free trade zone area. Chemicals, petrochemicals, steel and fertilizer are some of the major sectors, besides Indian railways, that have estimated huge potential investments. Soon after moving ahead with the proposal to go ahead with the MoU on Chabahar after coming to power, the Centre had prepared a report on the "port-led industrialisation and opportunities in Chabahar" last year detailing the projects.
Nitin Gadkari has claimed that investment of over Rs 1 lakh crore can happen there. According to the report, maximum investment of at least Rs 1.17 lakh crore would be in the chemical and petrochemical sectors, followed by nearly Rs 7,000 crore in the fertiliser sector. A consortium of Rashtriya Chemicals and Fertilizer, Gujarat State Fertilizers & Chemicals and Gujarat Narmada Valley Fertilizer & Chemicals are keen to set up an ammonia urea plant there. Plans are afoot to build a 0.5 million tonne aluminium smelter plant as well.
SOURCE: The Economic Times
Commerce and industry minister Nirmala Sitharaman will be meeting industry leaders, including Boeing India’s Pratyush Kumar and Fortis Healthcare’s Malvinder Mohan Singh, in the next few days as part of the ministry’s renewed push to investments under ‘Make in India’ and pledge to further improve ease of doing business. Sources told FE, Sitharaman on Monday met Aditya Birla Group chief Kumar Mangalam Birla. The renewed efforts to reach out to corporate India and further enhance engagement with various stakeholders assume significance as the country has been struggling to reverse a slide in exports. Outbound merchandise shipments contracted for a 17th straight month through April. Since the external environment continues to be gloomy, the government is also intensifying efforts to persuade domestic companies to increase investments, said a source.
SOURCE: The Financial Express
The Reserve Bank of India (RBI) is learnt to have rejected a commerce ministry proposal to use a portion of its foreign exchange reserves to give long-term loans to the Export Import Bank of India at concessional interest rates. To boost the financial muscle of Exim Bank so that it can lend to exporters at low interest rates in times of an export contraction, the commerce ministry had taken up the proposal with both the finance ministry and the RBI, sources told FE. It had even suggested that the government stand as guarantor for the funds to be made available to Exim Bank should the central bank endorse it, one of the sources said. Even the Economic Survey for 2015-16 had called for the redeployment of the capital at RBI’s disposal for recapitalising the state-run banks, which was promptly dismissed by its governor Raghuram Rajan. The ministry was also of the view that the RBI should offer the funds to Exim Bank at the same rate at which the central bank deploys its reserves, especially in US securities. India’s foreign exchange reserves stood at $361.99 billion as of May 13, just short of an all-time high of $363.12 billion reported in the previous week, according to RBI data. The reserves are enough to cover 10 months of imports.
Already, high borrowing costs are hurting exporters while a poor capital base and lending limits of the Exim Bank have severely undermined its abilities to finance large projects overseas, a core mandate of the bank. Earlier, Exim Bank officials had lost out on opportunities to finance some projects, including a Larsen & Toubro-led consortium’s bid for a $1.5-billion metro contract in Saudi Arabia and a $600-million road contract in Doha by L&T. The RBI allows the Exim Bank to lend only 10 times of its net-owned funds (Tier-I capital, or core-equity capital) within a year, while China’s Exim Bank has a leverage ratio of 77.5 times. The bank’s net-owned funds were to the tune of R6,359 crore as of March 31. China’s Exim Bank is believed to have lent $300 billion, far higher than that by its Indian counterpart. Consequently, Exim Bank of India is unable to compete with the Chinese in financing projects abroad. Moreover, according to the Federation of Indian Export Organisations, the rate of export credit is just 2-3% in the euro zone, 5.5% in China, 2.6% in Taiwan and 6.2% in Malaysia, while in India it’s as high as 11-12%.
Stating that the RBI is next only to Norway’s central bank in holding a high portion of equity (capital, retained earnings and contingencies) with itself — around Rs 8 lakh crore now including unrealised gains — the Economic Survey had said even if the RBI were to trim the equity-asset ratio to 16% (the median of a representative sample of central banks), considerable sums could be released to public sector banks (PSBs), reducing the recapitalisation burden on the exchequer. It added that the RBI has a high shareholder equity-asset ratio of 32%. However, Rajan dismissed the suggestion, saying: “Whoever wrote that piece does not understand monetary policy economics or the monetary balance sheet of banks.” Rajan explained that if the RBI gives extra money to the government, it will basically reduce the central bank’s ability to buy government bonds directly. As such, the government is struggling to fulfil the promise of providing fresh capital to the tune of Rs 70,000 crore to PSBs between FY16 and FY19. PSBs were to raise another Rs 1.1 lakh crore from the market, a difficult option given the piling up of bad debt.
SOURCE: The Financial Express
Deutsche Bank sees India’s gross domestic product growth at 7.8 per cent in 2017, up from this year’s 7.5 per cent, noting that the economy seems to have bottomed out. “We see an economy that looks like it has bottomed out… some indicators have been improving in the last 18 months… may be it has reached the bottom,” said Michael Spencer, the German Bank’s Chief Economist, Asia Pacific. But for this year, the growth is flattish, forecast at 7. 5 per cent, the same as last year. India’s economic challenges includes the building of judicial and legal systems, especially to settle commercial disputes for businesses.
Speaking to reporters during the bank’s annual Asia Conference yesterday, Spencer said that Indian banks’ efforts to recapitalise and improve balance sheets while sorting out non-performing loans. Overall, India remains the world’s fastest growing economy, ahead of China’s 6.7 per cent forecast for 2017 and 2016, down from 6.9 per cent in 2015, according to data released by DB. It has forecast an improving economy of the combined emerging markets in Asia at 6.2 per cent growth in 2017 as to 6.0 per cent this year and 6.2 per cent recorded in 2015. The bank sees global economy growing at 3.6 per cent in 2017, up from 3.0 per cent this year and 3.1 per cent in 2015.
SOURCE: The Financial Express
Chinese investments in India grew six-fold in 2015 to $ 870 million from the previous year while more investments are in the pipeline following easing of restrictions on Chinese firms and favourable tax rates, a state-run daily said ahead of President Pranab Mukherjee's visit. Investment in India by Chinese companies in 2015 reportedly rose six-fold from 2014, partly thanks to low investment restrictions and favourable tax and land rent policies in the country, Global Times quoted Chinese business experts as saying. China's investment in India soared to around $ 870 million in 2015, six times that in 2014, the report said noting that the figure for 2015 was also twice the amount from April 2000 to the end of 2014. Indian trade officials say that the figures reflect how Chinese investments trickled in small quantities into India. India stepped up efforts to get Chinese investments in Make in India campaign since last year. Over 300 Chinese investment officials and investors are expected to take part in India-China Business Forum to be addressed by Mukherjee in Guangzhou city tomorrow. The total FDI from China in India so far is about $ 1.24 billion, according to Indian official figures. Chinese officials say that money has been committed for a number of projects in India and the cumulative figure was expected to go up. During Chinese President Xi Jinping's visit to India China has committed $ 20 billion investments in India. India, which has liberalising the investment climate for Chinese investors by removing visa and security restrictions, is insisting for more investments from China as the bilateral trade deficit has touched over $ 48 billion in favour of China in about $ 71 billion trade last year. Chinese enterprises have been expanding their presence in India in recent years. One of China biggest banks, the Industrial Commercial Bank of China ( ICBC), had set up a special team in its Mumbai branch in 2015 to provide its Chinese clients with consultation services for mergers and acquisitions (M&As) in India. The move was taken partly because of the increasing interest in M&As among Chinese enterprises operating in the country, the Global Times report said. China's property giant Dalian Wanda Group announced in January that it would spend $10 billion in building an industrial park in north India. And in February, construction machinery manufacturer Sany Heavy Industry Co revealed a plan to invest $ One billion in India in the next decade. "More Chinese firms are showing their enthusiasm for investing in India due to its huge market potential, along with low costs and strong demand," Pang Guoteng, a research fellow at Shanghai-based M&A information provider Morning Whistle Group, said.
SOURCE: The Economic Times
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 45.89 per barrel (bbl) on 23.05.2016. This was lower than the price of US$ 46.67 per bbl on previous publishing day of 20.05.2016.
In rupee terms, the price of Indian Basket decreased to Rs. 3090.40 per bbl on 23.05.2016 as compared to Rs. 3145.62 per bbl on 20.05.2016. Rupee closed stronger at Rs 67.35 per US$ on 23.05.2016 as against Rs 67.41 per US$ on 20.05.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on May 23, 2016 (Previous trading day i.e. 20.05.2016) |
Pricing Fortnight for 16.05.2016 (28 Apr to 11 May, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
45.89 (46.67) |
43.00 |
|
(Rs/bbl |
3090.40 (3145.62) |
2859.50 |
|
|
Exchange Rate |
(Rs/$) |
67.35 (67.41) |
66.50 |
SOURCE: PIB
Ahead of the Budget next month, the All Pakistan Textile Mills Association (Aptma) has called for zero-rated tax regime for the entire textile value chain. The Pakistan Readymade Garments Manufacturers and Exporters Association, Gloves Manufacturers & Exporters Association, Carpet Manufacturers & Exporters Association, and Pakistan Hosiery Manufacturers & Exporters Association have also demanded a zero rating regime for all exporters particularly the entire textile value chain. In its Budget proposals for the fiscal year 2016-17 sent to the Finance Ministry, the Aptma urged the government to allow duty and sales tax exemption on import of raw and ginned cotton, considering the shortfall in the local cotton output. It said that the government in the last budget imposed sales tax at five per cent on the import of raw and ginned cotton. On the other hand, the local cotton remained exempted from the sales tax. Aptma said that the industry consumes around 16 million bales annually, whereas the total production of cotton in Pakistan is around 13 million bales due to which the spinning sector of Pakistan has to import around 25 per cent of its consumption requirement, majority of which is long staple and contamination-free cotton, which is not available in the country. “This cotton is used to manufacture high value yarn and in turn high added products, which are mainly exported in one form or another,” the association said. Aptma also said that in order to avoid cumbersome procedure of the sales tax refund, there should be no sales tax on raw cotton and ginned cotton at the import stage. “The aspect of levy of tax to discourage import of cotton and to encourage local cotton is not applicable, as they are not substitute of one another,” according to the proposals.
As far as Customs duty on the import of raw cotton is concerned, Aptma said that in the budget 2014/15 one per cent duty was imposed, which was further increased to two per cent in the last budget. Through budgetary measures in November 2015, the government further enhanced the duty rate by one per cent. “Due to three per cent duty, the cost of production has further increased, as the prices of local cotton also increased in tandem with the imported cotton prices,” it said. Due to the crop failure this year, the textile industry had to import more cotton as compared to the previous year; therefore, duty and tax should be exempted on the import of raw cotton. However, the Aptma has demanded 15 per cent imposition of regulatory duty on the import of yarn and fabric under the Customs Tariff Chapter 55. The proposal has been forwarded in order to save domestic industry from the onslaught of dumped imports and to provide them with a level-playing field. The association also demanded that the duty on import of manmade fibres such as polyester, viscose, acrylic and nylon be slashed to zero per cent.
SOURCE: Fibre2fashion
China remained the world’s largest investor for flat knitting machines throughout the year 2015 driven by increased demand. The shipment of electronic flat knitting machines grew by a huge 52 percent to 35,000 units from 19,000 units in 2014. However, the latest statistics from the International Textile Machinery Shipment Statistics (ITMSS) just released by the International Textile Manufacturers Federation (ITMF) also showed that shipments for new large diameter circular knitting machines dipped by 6% year-on-year to 26,700 units in 2015. Asia remained the leading investor by region for circular knitting machines with 88% of all orders shipping to the region in 2015. With 53% of worldwide deliveries China, was the single largest investor with India and Bangladesh ranking second and third with 6,500 and 3,100 units, respectively. Total sales of electronic machines amounted to 70,100 units, the highest level since 2011. Not surprisingly, Asia received the highest share of shipments with 93% of purchases. Elsewhere deliveries of new short-staple spindles plunged by nearly 8% from 2014 to 2015 while long-staple spindles and open-end rotors decreased by 61% and 6%, respectively. In contrast, deliveries of shuttle-less looms increased by 14%. The report covers six segments of textile machinery, namely spinning, draw-texturing, weaving, large circular knitting, flat knitting and finishing. The 2015 survey has been compiled in cooperation with over 140 textile machinery manufacturers, representing a comprehensive measure of world production.
SOURCE: Yarns&Fibers
The July 2016 edition of Texworld USA marks the 10th anniversary of the show and 10 years since Texworld USA partnered with Lenzing Innovation to produce the show. The twentieth edition of North America’s largest sourcing event for apparel fabric buyers, research and product development specialist, designers, merchandisers and overseas sourcing professionals invites all in join them. Held bi-annually, Texworld USA provides the opportunity to meet directly with a wide range of manufacturers from Asia, the Middle East, North America and from many other regions from around the globe to display a variety of apparel fabrics, trims and accessories for womenswear, menswear, juniors and childrens wear. More than 600 international exhibitors from 17 countries will participate in the show, which will feature three new country pavilions from Korea, Taiwan and Turkey.
In addition to Texworld USA’s complimentary educational seminars, attendees in July also have the chance to participate in three new industry boot camps organized by Lenzing Innovation. The in-depth, educational courses will focus on sustainability, marketing and social media, and the basics of starting a fashion line. Since the launch of Texworld USA ten years ago, Lenzing Innovation has been a vital supporter and partner in this event, said Dennis Smith, president, Messe Frankfurt North America. Through the impressive quality of textile mills exhibiting in the Lenzing Innovation Pavilion and a prestigious group of speakers recruited for the Lenzing Seminar Series, the North American team led by Tricia Carey has shown incredible loyalty and support for this sourcing platform. The North American Digital Textile Conference also will take place alongside Texworld USA. This full-day event will feature expert panels and seminars focused on product development, sourcing and supply chain advantages of the digital process, and the key differences between digital and analog printing that buyer need to be aware of in specifying and sourcing.
Texworld USA will collocate with Apparel sourcing USA and the Home Textiles Sourcing Expo, which together create one of the largest sourcing destinations in the United States, according to Messe Frankfurt. Apparel sourcing USA expects more than 250 international exhibitors focused on finished apparel, contract manufacturing and private label development sourcing. The brand new Trend Café will highlight apparel trends and exhibitors’ manufacturing capabilities. The show also will feature new country pavilions from Colombia and Pakistan. The Home Textiles Sourcing Expo will welcome more than 150 exhibitors that specialize in textiles and soft finished goods for home applications. The show will feature new country pavilions from Turkey, Egypt, India and Pakistan; and host a trend forum and educational seminar. They are especially thrilled to welcome four country pavilions to the show floor, said Jennifer Bacon, show director – Texworld USA, Apparel sourcing USA, Home Textiles Sourcing Expo. Egypt, Turkey, India and Pakistan will represent the best of what the show has to offer — from high quality terry cloth and Egyptian cotton to decorative cushions and hand-loomed textiles.” This is a must attend event for professionals in every facet of the industry – ready to be inspired by fabrics, influenced by the latest trends and introduced to a host of reliable, cutting-edge apparel textile companies. The shows are open from July 12 - 14, 2016, for three days of sourcing, seminars and networking at the Javits Convention Center, located at 655 West 34th Street.
SOURCE: Yarns&Fibers
Britain would lose £30 billion in exports and more than 1,700 UK firms would go bust if its fails to secure a free trade agreement (FTA) with Europe in the event of Brexit , a report has found. The study by trade credit insurer Euler Hermes said a vote for Britain to leave the EU without an FTA would see gross domestic product (GDP) fall by minus 4.3 percentage points by 2019, dealing a major blow to businesses and UK exports. It said a failure to secure an FTA after Brexit would also see export losses rocket to £30 billion by 2019 - a gap which would take 10 years to fill. It added that while the impact would be less severe if Britain secured a post-2019 FTA after leaving the EU, GDP would still fall by minus 2.8 percentage points, triggering the loss of 1,500 businesses in three years on top of the 20,300 bankruptcies each year.
Ludovic Subran, chief economist at Euler Hermes, said: "Without a free trade agreement being agreed during exit negotiations, we expect the UK to be in recession by 2019 with significant drops in GDP and sterling, hampering turnovers and profit margins for UK companies. "Even if a new trade deal with Europe is put in place, higher financing costs, divestment and a collapse in exports are set to create a challenging business environment." The research found that a Brexit vote would have a significant impact on the Netherlands, Ireland and Belgium, which all have strong exports and cross-investment ties with the UK. It added that a fall in UK GDP and depreciation of sterling following Brexit would also spark a drop in UK imports from across the eurozone. It said this would lead to 23.5 billion euros (£17.9 billion) in cumulative export losses in goods and services for the single market from 2017/19 if Britain fails to reach an FTA with Europe. Germany's export market would also suffer, the study said, with a loss of 6.8 billion euros (£5.1 billion) in goods over the period, including two billion euros (£1.5 billion) for automotive manufacturers.
SOURCE: The Belfast Telegraph
South Korea said Tuesday that it has come to an agreement with Israel to begin negotiations next month on a free trade deal that could further boost bilateral trade. The first round of negotiations is set for June 27 in Seoul. The decision was reached in a meeting between South Korea's vice trade minister Woo Tae-hee and a senior Israeli official in Jerusalem, according to South Korea. South Korea and Israel began talks on a free trade deal in 2009, but progress has been slow amid Seoul's efforts to seal free trade pacts with other major trading partners such as China. South Korea and Israel said the two countries have a high potential for cooperation in various fields including trade, investment and technology-based startups. Israeli Ambassador to South Korea Uri Gutman said last year that a free trade agreement between South Korea and Israel would help foster innovation and entrepreneurship, as both countries boast advanced technologies. Two-way trade reached some $2.2 billion in 2014, according to official data. Of the total, South Korean exports accounted for $1.23 billion. South Korea has clinched a series of free trade agreements with major trading partners, including the U.S. and China, in recent years as part of its efforts to boost growth in the country's export-driven economy.
SOURCE: The Korea Times
Following a meeting with Russia in Sochi on May 19-20, the member states of the Association of Southeast Asian Nations (ASEAN) have agreed to look at a free trade agreement with the Russian-led Eurasian Economic Union (EAEU). In their statement following the meeting, it was noted that ASEAN and Russia had agreed to improve "regional economic cooperation aimed at promoting trade and investment," and to "endeavor to increase substantially the volume of trade" between them. The statement said: "Russia put forward a proposal to launch a joint feasibility study of a comprehensive free trade area between ASEAN and EAEU. ASEAN will consider this initiative." The EAEU comprises Armenia, Belarus, Kazakhstan, and Kyrgyzstan, and Russia.
SOURCE: The Tax News
