Freight rates in India have increased for products including textiles and parcel/loose goods on-month in September 2022, while freight availability for textiles was flat onmonth. Overall freight rates inched up on-month in September, according to the panIndia freight index (CRISFrex) by global analytics company Crisil. A large part of the increase was because of freight rates of fast-moving consumer goods/durables (FMCG/FMCD) rising slightly with the onset of the festive season across the country. In September 2022, freight rates of about 81 per cent of the combinations increased/decreased within 1 per cent of last month’s freight rates, said Crisil. Slight increase in freight availability and freight rates improved free cash flow (FCF; preequated monthly instalment, or EMI) of transporters on-month in September. However, the industry’s FCF share vis-à-vis operating cost was steady on-month at approximately 20 per cent.
Source: Fibre 2 Fashion
Grasim Industries Ltd., a flagship company of the Aditya Birla Group, ranks amongst the top publicly listed companies in India. Incorporated in 1947, it started as a textile manufacturer. Today, it has evolved into a leading diversified player. It is a leading global producer of Viscose Staple Fibre (VSF) and Viscose Filament Yarn (VFY), the largest chlor-alkali, advanced material, linen yarn, and fabrics producer in India. The ITMF founded in 1904 is the international forum of the global textile value chain from fiber to finished products. Its members are from textile and apparel-producing countries representing approximately 90% of global production. “By joining ITMF, Grasim Industries Ltd. will join associations and companies from different companies from around the world that are active in the entire textile value chain like fibre, textile, garment, home textile, textile machinery or chemical producers as well as other organisations and companies affiliated with the textile industry. Such an exclusive exposure to such companies will provide additional insights and a unique access to international network. On the other hand, ITMF and all ITMF members will benefit from Grasim’s extraordinary expertise and experience. The mission of ITMF is to bring together like-minded people on ITMF’s platform for a better understanding of the dynamics of global trends and for sharing best practices. The ITMF Annual Conference 2022 which took place in Davos, Switzerland, proved this once again”, stated Dr. Christian Schindler, Director General of ITMF. Mr H.K Agarwal, Managing Director of Grasim Industries Ltd, said that: “Today, increasingly, businesses will need to go beyond the ordinary and serve as catalysts for driving system level change to build solutions that meet the exacting demands of the emerging world. This requires us to work closely with our partners and co create smart solutions that meet these demands. The ITMF offers a brilliant eco system consisting of industry leaders, experts and key stakeholders from the global textile industry. This partnership enables Grasim to engage with and benefit from a valuable platform that brings together members constituting the entire value chain in Textiles from across the world. Grasim looks forward to actively participating in ITMF activities.”
Source: Indian Express
External Affairs Minister S Jaishankar on Tuesday said that India and Australia's defence, security collaboration has contributed significantly to a free and open IndoPacific. External Affairs Minister S Jaishankar on Tuesday said that India and Australia's defence, security collaboration has contributed significantly to a free and open IndoPacific. Jaishankar, who is on a two-day visit to Australia, on Tuesday had an instructive morning with the Australian Armed Forces. The US, India and several other world powers have been talking about the need to ensure a free, open and thriving Indo-Pacific in the backdrop of China's rising military manoeuvring in the region. "Spent an instructive morning with the Australian Armed Forces. Our defence and security collaboration contributes significantly to a free and open Indo-Pacific," he tweeted along with a picture. Addressing a joint press conference here with his Australian counterpart Penny Wong, Jaishankar on Monday said he had a "very useful, very productive and very comfortable discussion" on a range of bilateral and global issues. Wong said that Australia and India have recognised that the Indo-Pacific region is being "reshaped" both economically and strategically and underlined that the partnership with India is a "critical part" of shaping the region. "We can only build and sustain the region we want by working with others, including by working in partnership with India and for Australia, this partnership is a critical part of shaping the region we want," Wong said on Monday. China claims nearly all of the disputed South China Sea, though Taiwan, the Philippines, Brunei, Malaysia and Vietnam all claim parts of it. Beijing has built artificial islands and military installations in the South China Sea. Jaishankar received a warm 'Tiranga welcome' on his visit to Australia on Sunday as India's tricolour lit the country's old Parliament House in Canberra. This is his second visit to Australia this year. The first visit was in February 2022 when he attended Quad Foreign Ministers' Meeting in Melbourne.
Source: Business Standard
The two delegations also reviewed the progress of negotiations for the India-UAE Bilateral Investment Treaty. Months after they forged a free trade agreement (FTA), India and the UAE have now held talks to set up a mechanism to undertake bilateral trade in national currencies. It was part of the deliberations at the 10th meeting of the UAE-India High Level Joint Task Force on Investments, which was held in Mumbai, the commerce ministry said on Tuesday. The meeting was co-chaired by commerce and industry minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, member of the Executive Council of the Emirate of Abu Dhabi. The Reserve Bank of India, in July, allowed banks to firm up appropriate mechanisms to settle international trade in the rupee. However, large banks are yet to put in place such a mechanism. Both the sides also reviewed the UAE’s request to provide tax incentives to select sovereign investment entities under the existing UAE-India Tax Treaty to enhance the flow of investments into this country, according to the ministry’s statement. New Delhi has agreed to provide the necessary support to the UAE Fast Track Mechanism in India to ensure speedy resolution of pending issues and any difficulty faced by UAE companies and banks operating in India. Both the sides also decided to continue talks on the adoption of the Unified Payment Interface (UPI) as a common digital payment platform in the UAE, referring to the ongoing discussions between the RBI and Central Bank of the United Arab Emirates. The two delegations also reviewed the progress of negotiations for the India-UAE Bilateral Investment Treaty. “Both sides noted that much progress could have been achieved since the commencement of the negotiations, and therefore reiterated their commitment to accelerate the process for an early conclusion of a balanced and mutually beneficial agreement,” according to the ministry statement. So far, as many as twelve rounds of negotiations have been concluded. The two economies also held deliberations on ways to bolster bilateral investments in sectors, including food security, manufacturing, infrastructure, energy and technology. Both agreed to explore establishment of “efficient and integrated Single Window Solutions and Virtual Trade Corridors” to reduce costs and time involved in trade and investment related procedures. A similar fast-track mechanism will be set up in the UAE to address issues flagged by the Indian investors in the UAE, and to assist Indian firms invest and expand their presence there. The India-UAE Comprehensive Economic Partnership Agreement (CEPA) entered into force on May 1. Both are aiming to raise bilateral trade (goods and services) to $115 billion in five years from about $60 billion in the pre-pandemic year. According to the pact, the UAE will allow as many as 99% of Indian goods (in value term) at zero duty in five years from about 90% in the first year. Similarly, India would allow duty-free access to 80% of goods from the UAE now and it would go up to 90% in ten years.
Source: Financial Express
Synopsis In a letter dated September 6, the Department of Economic Affairs has asked the ministries to give a detailed explanation on the pace of asset monetisation. In FY22, the Centre managed to exceed its target of Rs 88,222 crore by achieving Rs 96,000 crore largely driven by mines auctions, NHAI road assets and power sector assets. The Finance Ministry has asked various ministries and departments to give a report on the progress of Asset Monetisation during the pre-budget consultations starting from October 10. In a letter dated September 6, the Department of Economic Affairs has asked the ministries to give a detailed explanation on the pace of asset monetisation. In FY22, the Centre managed to exceed its target of Rs 88,222 crore by achieving Rs 96,000 crore largely driven by mines auctions, NHAI road assets and power sector assets. For the current fiscal year, the Centre has set a target to raise Rs 1.62 lakh crore from asset monetisation. Achieving this target remains critical to push for the capex and to stick to the fiscal path. Last month, the Finance Ministry in its Monthly Economic Report had suggested for vigorous asset monetisation at all levels to weather the global headwinds and increased expenditure. However, by September 15, ministries were able to raise only Rs 26,800, much below the expectation level of the centre. The Finance Ministry will use the pre-budget meeting to nudge ministries to speed up their monetisation drive. The pre-budget meeting started today to decide on the revised estimates (RE) of expenditure for the ongoing financial year and the fund requirement for 2023-24. The month-long deliberations would continue till November 10, as per a notification of the Budget Division ofthe finance ministry. The centre will finalise the Revised Estimates by January 11. The Budget 2023-24 is likely to be presented on February 1, during the first half of Parliament's Budget session.
Source: Business Standard
The rupee slipped 1 paisa to 82.41 against the US dollar in the morning trade on Tuesday amid the strengthening of the American currency and sustained foreign fund outflows. The rupee slipped 1 paisa to 82.41 against the US dollar in the morning trade on Tuesday amid the strengthening of the American currency and sustained foreign fund outflows. Moreover, a weak trend in domestic equities and risk aversion sentiment among investors weighed on the local unit. At the interbank foreign exchange, the domestic unit opened at 82.35 against the dollar, then pared the gains to 82.41, registering a loss of just 1 paisa over its previous close. In a highly volatile session, the local unit also touched 82.33 against the American currency in initial deals. On Monday, the rupee slipped 10 paise to finish at a fresh lifetime low of 82.40 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent to 113.27. Brent crude futures, the global oil benchmark, fell 0.28 per cent to USD 95.92 per barrel. "RBI sold more than a billion dollars yesterday to protect against a fast depreciation in Rupee, allowing some respite to importers who could start panicking after a fall of 10.50 per cent in its value this year," said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors. The range for the day is expected to be between 82.20 to 82.80 as Asian currencies fall from their recent highs, Bhansali noted. Markets await US CPI data and Indian CPI data for further cues. In the domestic equity market, the 30-share BSE Sensex was trading 158.97 points or 0.27 per cent down at 57,832.14, and the broader NSE Nifty fell 50.35 points or 0.29 per cent to 17,190.65. Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 2,139.02 crore on Monday, according to exchange data.
Source: Business Line
The IMF expects China’s growth to hit 3.2% in 2022 and 4.4% in 2023, down by 10 basis points and 20 basis points, respectively, from its July forecasts. The International Monetary Fund (IMF) on Tuesday trimmed its FY23 growth forecast for India by 60 basis points from its July projection of 7.4% to 6.8%, its steepest cut for any major economy barring the US. IMF’s move follows the World Bank slashing its FY23 growth projection for India to 6.5% last week, from 7.5% predicted earlier. Most other agencies, too, have been lowering their India forecast in recent weeks. The Reserve Bank of India also recently cut its projection modestly from 7.2% to 7%. The IMF stated that the move reflects “a weaker-than-expected outturn” in the June quarter and “more subdued external demand”, indicating that exports will be hit. However, it retained its FY24 growth forecast at 6.1%. The IMF has kept unchanged its 2022 growth projection for the global economy at 3.2% but scaled down the 2023 projection by 20 basis points from the July forecast to 2.7%. In its latest World Economic Outlook, the multilateral body said: “As storm clouds gather, policymakers need to keep a steady hand. The global economy continues to face steep challenges, shaped by the lingering effects of three powerful forces: the Russian invasion of Ukraine, a cost-of-living crisis caused by persistent and broadening inflation pressures, and the slowdown in China.” “In short, the worst is yet to come, and for many people 2023 will feel like a recession,” it added. The revised forecasts for India follow weaker-than-expected 13.5% growth in the June quarter and growing external headwinds, particularly the tightening of interest rates by key central banks. Nevertheless, India will continue to remain the world’s fastestgrowing economy. IMF expects India’s retail inflation to shoot up to 6.9% in FY23 before easing to 5.1% in the next fiscal, compared with 5.5% in FY22. Similarly, the country’s current account deficit will jump to 3.5% in FY23 and 2.9% in FY24, against 1.2% in the last fiscal. The IMF has revised down its US growth projection for 2022 by 70 basis points to 1.6% but raised its forecast for the Euro area by 50 basis points to 3.1%. However, the 2023 forecast for the Euro area has been cut by 70 basis points to 0.5%, while that of the US maintained at 1%. The IMF expects China’s growth to hit 3.2% in 2022 and 4.4% in 2023, down by 10 basis points and 20 basis points, respectively, from its July forecasts. Interestingly, the IMF now expects Russia’s growth rates to beat its July projections by 260 basis points for 2022 and 120 basis points for 2023. Still, it forecast that the Russian economy will contract by 3.4% in 2022 and 2.3% in 2023, thanks to its war with Ukraine.
Source: Financial Express
The United Nations' Development Programme (UNDP) joined on Tuesday the chorus of institutions and charities warning that a serious debt crisis is now taking hold in the poorest parts of the world. The United Nations' Development Programme (UNDP) joined on Tuesday the chorus of institutions and charities warning that a serious debt crisis is now taking hold in the poorest parts of the world. In a new report, the UNDP estimated that 54 countries, accounting for more than half of the world's poorest people, now needed immediate debt relief to avoid even more extreme poverty and give them a chance of dealing with climate change. "A serious debt crisis is unfolding across developing economies, and the likelihood of a worsening outlook is high," the report published on Tuesday said. The warning comes as the International Monetary Fund and World Bank hold meetings in Washington this week amid rising global recession worries and a crop of debt crises from Sri Lanka and Pakistan to Chad, Ethiopia and Zambia. Achim Steiner, UNDP administrator, urged a string of measures, including writing off debt, offering wider relief to greater numbers of countries and even adding special clauses to bond contracts to provide breathing space during crises. "It is urgent for us to step up and find ways in which we can deal with these issues before they become at least less manageable and perhaps unmanageable," he told reporters. Without effective debt restructuring, poverty will rise and desperately needed investments in climate adaptation and mitigation will not happen. The UNDP's report also called for a recalibration of the G20-led Common Framework - the plan designed to help countries pushed into financial trouble by COVID-19 pandemic restructure debt. Only Chad, Ethiopia and Zambia have used it so far. Its proposal was to expand the Common Framework's eligibility so that all heavily indebted countries could utilise it rather just the 70 or so poorest countries, and for any debt payments to be automatically suspended during the process. "Both will act as an incentive for creditors to participate and to maintain a reasonable timeline, and it could also remove some of the hesitancy caused by rating fears for debtor countries," the report said. It also recommended creditors should have a legal duty to cooperate "in good faith" in a Common Framework restructuring and that countries could offer to take eco-friendly measures to encourage creditors to write their down debt. "It makes a lot of sense," the report said. "Not only have these countries contributed the least to, but bear the highest cost of, climate change".
Source: Business Standard
The 10th edition of Intex South Asia, which is one of the prime International Textiles Sourcing Show of South Asia will be held in New Delhi from December 8 to 10, 2022. MSMEs have a distinct participation option to exhibit under MSME Textiles Pavilion. The three-day event will help participants showcase and promote their company’s innovative, fashionable and sustainable textile products. www.citiindia.org 11 CITI-NEWS LETTER It will provide a platform to connect with potential buyers from India and other international markets, build stronger relationships with industry stakeholders. Intex South Asia is firmly established as the largest international textile sourcing show of South Asia with over 9 successful shows organised across the key textile & apparel countries of Sri Lanka, Bangladesh and India since 2015. It aims to fulfil the growing demand for innovative and trendy fabrics and accessories for one of the biggest apparel manufacturing region in the world. Fibres, Yarns, Apparel Fabrics, Denim Fabrics, Clothing Accessories, Dyes & Chemicals etc., are some of the major exhibiting categories.
Source: KNN India
On October 13-14, 2022, the EURATEX in partnership with the ATP is all set to organise the 10th European Textile & Apparel Convention in Porto, Portugal. The convention will also mark the 24th Textile Industry Forum for Portugal. The conference will address and explore solutions to turn quality and sustainability into a source of competitiveness. The Porto Convention – titled Sustainability meets Competitiveness: How to Square the Circle? – will look at how companies can anticipate the new European regulatory framework, embrace innovation, and develop a business model where sustainability becomes a source of competitiveness and growth. In the current economic, social and political environment, Europe is facing many challenges: increased energy prices, unforeseen inflation and climate change, which add to the day-to-day challenges of running a business. Embracing the European Union’s commitment to a green and digital transformation, the textile industry needs to also move towards a new circular economy where recycling is at the core of the design process supported by digitalisation, innovation and new skills, and creativity, EURATEX said in a press release. The Porto Convention, the most important event at European level for the textile and apparel sector, will see representatives of national and European institutions, leading experts from the industry and like-minded entrepreneurs come together to discuss ideas, share experiences and find solutions to face common challenges. On October 13, the event will see the intervention of a keynote speech by Pedro Siza Vieira, former minister for the Economy and Digital Transition of Portugal, and two CEOs panels addressing the themes of communicating and financing sustainability - ‘How to Measure and Communicate about Sustainability’ and ‘Show me the money – financing sustainability’. The afternoon will see four workshops with industry experts for a hands-on experience addressing the themes of Extended Producer Responsibility (EPR) in Textiles, Digital Product Passport, Recycling Textile Waste and Labelling Textile. Finally, the second day of the convention will offer the participants the opportunity to visit local textiles companies and the CITEVE research centre to further understand the European textile context in practice. The visit will include: Têxteis J.F. Almeida, RIOPELE, and TMG Automotive.
Source: Fibre 2 Fashion
TITAS, trade show for innovation in textile applications will return to Taipei, Taiwan from October 12-14, 2022. The 26th Taipei Innovative Textile Application show, known as TITAS will take place in Hall 1 of Taipei Nangang Exhibition Center. 367 exhibitors from across the globe are expected to participate in the show, which is the only textile innovation trade show in Taiwan. Besides the exhibitors from domestic textile & apparel industry, there is also an important number of international exhibitors including Cotton USA, Microban, HeiQ, Ommi Srl and UK-based Alchemie Technology. The US, Italy, Japan, South Korea, Hong Kong, the UK, Switzerland and Sweden are among the nations with exhibiting companies. While domestic visitor attendance will be high, with thousands of visitors already registered, many more are expected from the rest of Asia, Europe and the US. Key global brands make up an important portion of the visitor list. What’s more, the Sustainable Fashion Show, hosted by Taiwan’s Ministry of Culture will join TITAS 2022, connecting local textile manufacturers to fashion designers and others along the fashion value chain. Innovation at its heart The eagerly anticipated event has an overall focus on innovation, with efforts particularly concentrated across five key areas. These are: 1. Sustainability in textiles As sustainability becomes more prevalent than ever before, the exhibitors will focus on adopting eco-friendly materials and manufacturing processes for cleaner production, circularity, reducing carbon emissions and achieving zero discharge of hazardous substances. 2. Functional applications Following in the growth of the technical textiles market, the event will spotlight added value textiles and apparel with multifunctional purposes for key application areas such as sports, outdoor, fitness and health and wellbeing. 3. Personal protective equipment (PPE) In the aftermath of the Covid-19 pandemic, TITAS and its exhibitors will focus on the development of personal protective and medical textile products using advanced textile technology. 4. Intelligent manufacturing Digitalisation is paramount if the textile industry is to adapt to changing market and consumer needs. At TITAS 2022, the industry will come together to showcase hi-tech automation systems and solutions to enhance production efficiency, streamline processes and provide value-rich data that will, in turn, increase manufacturing margins. 5. Smart textiles Another high-growth area of the textile market, TITAS will look at the increasing research and development around smart textiles and how companies are combining cloud computing and wireless communication technology to provide detective capability in textile applications. Key exhibitors Sustainability x Functional Applications Among the many exciting exhibitors at TITAS 2022, include many looking to reduce their carbon footprint. Far Eastern New Century focuses on sustainability with its most recent textile innovations. It will present brand new materials and product solutions this year at TITAS. For example, the company will promote its FENC® TOPGREEN® rTEX Spun Yarn. This yarn is made from textile waste from the factory floor. The result is a 100% recycled pre-consumer polyester and 100% recycled pre-consumer cotton yarn that is free from any chemical treatment. Additionally, FENC® TOPGREEN® Bio3 PET utilises LanzaTech cutting-edge biotechnology that transforms industrial waste gas into low carbon MEG, which then turns into brand new polyester, the company says. Capturing and reusing carbon emission, FENC® TOPGREEN® Bio3 PET Filament and Textiles reduces the company’s carbon footprint. With another nod to sustainability, Formosa Plastics Group’s exhibition theme for the 26th edition of TITAS is a “Circular Recycling Universe.” Combining the concepts of circular economy and the Metaverse, Formosa Plastics Group focuses on using technology to harness a wide variety of different renewable and recyclable natural materials, says the company. Through these efforts, the Group says it has improved its product mix, creating a circular economy and allowing carbon reduction and green energy to truly become a part of people’s lives. Zig Sheng says its sustainable yarn lowers manufacturers’ carbon footprint. Its Netup nylon, made from recycled fishing net, Revert nylon, a low-carbon recycled yarn which turns nylon waste into nearly 2,400 tons of yarn every year, and its high flexibility, low fibre-shedding yarn, Soufflex are great ways to improve environmental footprints. Eclat Textile Co will be exhibiting under its new value proposition ‘Materials with purpose’, as it continues to grow in to the activewear sector. The company’s Primefit Zero material is a stretchy textile with a fine furrow structure composed of highly compressed strands of flexuous yarns. They maximize its stretch capabilities and inhibit the loss of elasticity for a longer life cycle, the company says. It is also 100% recyclable. With net zero carbon emissions in mind, TITAS exhibitor LIBOLON has developed a green circulation concept through water circular economy, green recycling fibre products such as its RePET® eco-friendly polyester recycled yarn and its ReEcoya® recycle dope dye yarn. Shinkong Synthetic Fibers Corporation is another TITAS exhibitor working towards carbon neutrality. At the show, the company will focus on sustainable topics, including its yarn made from recycled garments. Using specialised technology, Shinkong is getting rid of textile waste by taking garments, that would otherwise have gone to landfill or be burned, back to the material stage to elongate the lifecycle of the yarn. The company will also be showcasing its biodegradable polyester yarn. It is also working on initiatives to develop its carbon neutrality. Sustainability x Intelligent Manufacturing Circularity is a theme that runs through many exhibitors at TITAS. New Wide Group says it is looking to create a carbon-neutral circular supply chain in the textile and apparel industry. The company has set up digital “Intelligent manufacturing data control centres” (IDCC) at its factories in Changzhou (China) and Phuoc Dong (Vietnam) to track production and performance data in real-time to achieve an efficient, smart and sustainable manufacturing process. New Wide says it applies the Higg FEM and vFEM modules and is verified with international environmental certifications such as bluesign, OEKO-TEX Standard 100, etc. At TITAS, New Wide has organised four topic zones: Desert Explorer, Ocean Flow, Optimised Performance and Creative Community. These zones focus on highperformance fabrics including anti-bacterial, breathable and extraordinary wicking functionalities around eco-fashion. The company will also focus on its Naia™ Renew technology – a new age eco-friendly and luxurious fabric of di-acetate cellulose. Meanwhile, exhibitor Everest Textile Co, will promote its innovative and sustainable technology for environmental protection. Everest develops innovative high-performance and sustainable fabrics, including carbon capture, bio-based, recycling and bio-based composite PET high performance products, the company says. It will also showcase its carbon capture polyester yarn, bagasse bio-based polyester yarn, E-2000 recycled polyester composite bio-based polyester eco yarn, recycled fishing net nylon yarn, recycled high tenacity nylon 6,6 (Cordura® re/cor®), Morphlon® Waste Shoe material recycled yarn and pineapple fibre yarn. What’s more, the Taiwan Textile Research Institute (TTRI) will exhibit research and development projects in high-end textiles, environmental sustainability, digital innovation and smart textiles and training. Their highlighted products include deodorisation polyester masterbatch and fibre, 2DF high colour fastness dope dyed fluorescent fibres, PCM-long term thermal control technology, generic ECO elastic conductive slurry, precision exercise assistant clothing and force detecting and responding textiles etc. the organisation says. TITAS exhibitor OSHIMA Taiwan is a leading smart equipment supplier to the garment industry. In partnership with the TTRI and textile producers, OSHIMA says it has developed “the first truly capable domestic fabric inspection machine”. This development will be on show at TITAS 2022. OSHIMA EagleAi is the first AI fabric inspection machine to master knitted and stretched fabrics while simultaneously maintaining fabric tension within 2%, says the company. It continues: “Our neural network has already learned all the most common fabric flaws, including flux spots, flux contamination, colour spots, colour contamination, filth, oil contamination, holes, knots, folds and colour differences, weft defects, warp defects, hooked yarns, among others.” Averaging an overall accuracy rate of more than 90%, an accuracy rate of 94% and a recall rate of 86%. The biggest advantage however is that the technology can detect over 70% of unfamiliar fabrics in four hours or less, even without prior fabric data input. Functional Applications x PPE The demand for protective textiles with functions of safety protection, comfort & aesthetics has been increasing. TITAS showcases a variety of protective textiles for medical use, special clothing and sports. For example, Tex-Ray Industrial Co, has been dedicated to research and development, especially in smart textiles and functional, antimicrobial and sustainable materials. The company showcase their latest innovations including their patented high-resolution and environment-friendly printing technology HD ECOPRINT, revolutionary eco-dyeing process Ecoloration technology, T-Fresh Antimicrobial Materials Series and so on. To do its bit to protect the ocean, SINGTEX® Industrial Co, a manufacturer of functional fabrics, will launch the 13th generation of S.Café® at TITAS 2022. The S.Café® Ocean, environmental technology ocean coffee yarn takes recycled PET bottles from the ocean and combines them with coffee yarn technology (TW I338729). The company says this reduces waste but the yarn also has odour control and quick drying properties. w The company will also promote its STORMFLEECE® fabric at TITAS. STORMFLEECE® replaces the traditional knitted fleece with single-layer weave fleece. The compact structure of the weave fabric can reduce the flow of microfibres into the ocean during the washing process and uses solution dyed technology to save water resources, according to SINGTEX®. Additionally, the company’s STORMEGA® product uses fabric to create an air layer. This 3D air layer can capture and maintain body temperature without using fleece. Also at the show, Light Textile is showcasing its LIGHTEMIS® technology, launched in 2021. This is a fine denier yarn combined with elastic with reflective properties. It can be used in apparel and footwear, providing safety in the dark with high comfort, the company says. Educational sessions deliver innovative technology TITAS held a number of forum and seminars related to circular textiles and sustainability and has invited both local and foreign experts to discuss on issues about circular economy in the textile sector as well as textile technologies. In addition to the Circular Textiles Forum “Taiwan Textile Industry on Its Way toward a Circular Future”, there are also 10 professional seminars on textile technologies that help for technical knowledge share. In addition, there will be 10 product launch activities and fashion shows presented by Taiwan Paiho and Cotton Council International, among others. Integrating physical and virtual marketing to maximize business prospects A hybrid event, TITAS’ online visitors are also well thought of. TITAS adopt various digital technologies to create a digital, interactive and intelligent exhibition format. • TITAS VR Online exhibition hall: a live version of the physical exhibition presenting both panoramic and detailed views of the Show. Launched this year, this new feature aims to provide a reality experience of the show tour to those international professionals who are not able to attend TITAS. Viewers can virtually visit to exhibitor’s individual booth and access relevant information including company profile, e-catalog and contact info. • TITAS Online Show: this 24/7 online platform serves as a marketplace for visitors to source the latest products from TITAS exhibitors – anytime and anywhere in the world. In addition to general product categories, products are also classified under five themes including Personal Protective Equipment, Functional Applications, Sustainability, Smart Textiles and Intelligent Manufacturing, and Trend Zone. The Trend Zone online show will run concurrently with the physical show, from 13 October – 14 November 2022. • TITAS Live Stream: live interviews of selected exhibitors on their innovations together with a guided tour of their booth during the Show on YouTube, Facebook and TITAS website. TITAS was selected as a demonstration field of the EXPO-TECH Pilot Project for Digital Exhibitions of the Bureau of Foreign Trade, introducing the following digital technologies to enhance the interactive experience of visitors: • 3D Hologram Hybrid Booth: TITAS introduces new VR tech hologram booth with 3D modelling which adopts unique holographic display of 3D textile models and interactive gesture recognition technology. The technology enables visitors to view and feel the authenticity of the fabrics, while overseas exhibitors can showcase as they are in a live setting. • Intelligent Manufacturing Interactive Immersive Space: this space is designed to display six intelligent manufacturing processes including dyeing and finishing, production management, CAD design, cutting & printing, sewing & bonding, packing via VR technology. The interactive projection mapping walls combine advanced projection technology, touching technology together with digital interaction and space design, this area provides visitors with an immersive exhibition experience.
Source: Textile World
The country’s export-oriented apparel sector is heading for a gloomy situation due to the production disruption amid severe supply shortage of gas and electricity. According to the Export Promotion Bureau, Bangladesh’s RMG exports fell 7.52 per cent in September for the first time in 13 months, with exporters and experts predicting a further decline due to production disruption. If Bangladesh cannot produce and deliver the current orders on time, the confidence of international buyers will also decline amid falling demand for textile products in the global market, they said. Exporters reported that production in many RMG factories had dropped by at least 40 per cent after the gas and electricity supply situation deteriorated sharply in recent weeks. ‘We are worried over the gradual deterioration of the energy situation as most of the exporters are facing trouble producing the existing orders due to the shortage of electricity,’ said Bangladesh Garment Manufacturers and Exporters Association vicepresident Md Shahidullah Azim. He said that the situation was particularly worrisome for the industry as businesses were not getting any assurance from the government when the crisis would be over. ‘As per the government direction, we have continued staggered holidays for industrial hubs and we have also announced two weekly holidays, but the supply situation of electricity and gas did not improve,’ Azim said. He anticipated that both export earnings and foreign reserves would fall amid the uncertainty over gas and electricity. Bangladesh’s export earnings in the financial year 2021-22 stood at $52.08 billion, and the readymade garments sector accounted for 82 per cent, or $42.61 billion, of the total earnings. In the midst of the slide in foreign currency reserves, both the export earnings and the remittance inflow decreased significantly in September 2022. Exporters said that export earnings witnessed negative growth in September after more than a year as demand for apparel products decreased in the global market due to the high inflation caused by Russia’s invasion of Ukraine. Remittance inflows fell 10.84 per cent to $1.53 billion in September, the third month of the current financial year, from $1.72 billion in the previous year. They also said that Bangladesh’s manufacturers had been failing to produce and ship the orders due to the shortage of electricity and gas, even though the global buyers had decreased their orders by 20–30 per cent due to inflationary pressure. On October 2, BGMEA president Faruque Hassan sent separate letters to the prime minister and state minister for power, energy, and mineral resources demanding a supply of uninterrupted gas and diesel at a reduced price for the apparel sector. The BGMEA president requested the prime minister to readjust the diesel price on the local market in line with the price fall of the item in the international market. Faruque said that the demand for diesel was increasing in the readymade garment sector as factory owners were forced to use generators to keep production uninterrupted in their units amid frequent and prolonged power cuts. The price of diesel was Tk 80 a litre in 2021, which was raised to Tk 109 a litre in 2022, the letter said. Considering the continuation of employment generation, foreign currency earnings, and economic development, the trade body demanded the supply of diesel at the readjusted price for the export-oriented RMG factories. In his separate letter to the state minister for power, energy and mineral resources, the BGMEA president said that production in the export-oriented factories had been severely affected due to a severe shortage of gas. He said that exporters had failed to maintain shipment deadlines and were facing costly air shipments to maintain them. The BGMEA president demanded an uninterrupted supply of gas for the RMG sector. ‘The shortage of gas and electricity hit the production of the RMG sector hard. The situation has deteriorated more in the past couple of weeks and many of the factories have been forced to announce holidays for two to three days in a week,’ Mohammad Hatem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association, said. He said that exporters had been failing to produce the existing orders. Hatem said that production in his own factory was suspended for four days in the past week due to the lack of fabrics. Production in spinning and dying mills decreased by more than 50 per cent in the recent time which created a shortage of fabric for the knitwear sector, he said. ‘Export earnings in September decreased due to fewer orders from global buyers, but the earnings would decrease more in the coming months due to the production disruption caused by the shortage of electricity and gas,’ Hatem said. He also feared labour unrest due to the shortage of electricity and gas, saying that many of the workers in the knitwear sector do their job on a piece-rate basis and their earnings would fall if production fell. Hatem also said that the earnings of other workers had also decreased as the energy shortage squeezed the scope for overtime duty. ‘Factory owners are also worried over the payment of workers’ wages in the coming months amid the production disruption,’ he added. Amid the weak demand in the global market for apparel products, supply disruption would also create problems for the country’s RMG sector, former World Bank Dhaka office chief economist Zahid Hussain said. He said that the government should make it its priority to keep industrial production uninterrupted as the disruption would lower the level of confidence of global buyers. Zahid said that if the shortage of gas and electricity in the industry continues, Bangladesh will lose its share of orders being diverted from China. ‘Though the ongoing uncertainty is global, the situation will affect the economy and employment in Bangladesh,’ he said. The confidence of export-oriented industries will be boosted if the government announces its initiative to make all the power plants fully operational, the economist said. ‘We do not see any hope to run textile businesses smoothly in the near future in the country as we are not getting assurance from the government that the crisis will end soon,’ Md Fazlul Hoque, senior vice-president of the Bangladesh Textile Mills Association, said. He said that the production in spinning mills decreased by 60 per cent and spinners were failing to ship their existing orders. ‘We request the government to give the textile sector businesses an exit policy as it is not possible to survive with no gas and no production for months,’ Fazlul added.
Source: Newage Bangladesh
COMMODITIES TO BE TRADED: • Gold and cotton might be the maiden commodities • Copper and other common industrial metals are in the list • Perishable items might be the last to be traded, as those involve a stronger market The Chittagong Stock Exchange (CSE) submitted its draft rules for the country's maiden commodities exchange to the Bangladesh Securities and Exchange Commission (BSEC) on Tuesday. The draft rules, which are subject to the approval of the market regulator, have been framed in collaboration with the project consultant Multi Commodity Exchange of India (MCX). The rules include an outline of how the new marketplace will be built, operated and governed. Following the approval, the port-city bourse would prepare the regulations concerned for further details of the way the commodity exchange would run. According to the schedule, the regulations are set to be finalised by November so that the maiden commodity contract can be traded by April 2023, said CSE Deputy Manager (Business Development) Md Faisal Huda who is the member secretary of the bourse's commodity exchange team. The CSE appointed the MCX as its project consultant on 12 April this year. Commodity Exchange A commodity exchange is a marketplace where producers, traders and users of preselected commodities meet for buying and selling. In modern days, they meet on electronic trading screens even without seeing or knowing each other just like the stock market. Instead of instant deliveries of the traded commodity, the commodity exchanges prefer to float standard contracts with a future expiry date when the seller is compelled to deliver the sold commodity of standard quality and quantity, and the latest buyer is compelled to take the deliveries. Commodity brokers act on behalf of their clients to facilitate the transactions and deliveries while warehousing, clearings and settlement of the trades are also taken care of by relevant entities. The CSE is working to build a complete commodity exchange ecosystem in the country eying the establishment of all its pillar entities. However, it takes time even up to a decade mainly due to the gradual development of business feasibility. CSE Acting Managing Director Md Ghulam Faruque told The Business Standard that his exchange is planning to open commodity trading with non-delivery futures contracts that would be settled in cash after expiry. For example, a contract to buy or sell one gram of gold is scheduled to expire on 30 June. The contract is made tradable at the beginning of the same year. Buyers may buy and hold one or multiple contracts from the market or even sell it off to another buyer in the commodity exchange platform. Whoever holds the buy contract on 30 June would be entitled to get the delivery of the gold. Since the delivery involves lots of processes and needs a matured ecosystem, the CSE would start with non-delivery, cash settlement futures contracts, said Ghulam Faruque. In that case, commodity exchanges would settle the contract through cash payments between the buyers and sellers, based on the last-moment market price of the contract. Faisal Huda said trading of non-delivery contracts might sound meaningless initially, which is not true. The contracts help price discovery of the underlying commodity, let buyers-sellers hedge against price volatility, and cater to the need for investable liquid asset classes where money can be deployed for a return and withdrawn any time, Huda said. In the MCX, over 80% of futures contracts are settled in cash while only the actual users of commodities tend to take the deliveries upon contract expiry. Gold and cotton might be the maiden commodities as the two have both an efficient international market and enough users in the country, said CSE officials. Copper and other common industrial metals are on the list of low-hanging fruits with enough feasibility for the proposed port-city commodity exchange. Perishable items might be the last commodities to be traded there as those involve a stronger market and settlement infrastructure. Trading commission in the commodity exchange would be similar to the stock market trading commission, according to Huda. CSE is also planning for intraday trading which means a contract can be bought and sold repeatedly on the same day.
Source: TBS News
