The textile industry in a sweet spot to grab the opportunity to become manufacturing hub thrown open by the geopolitical developments. Addressing a gathering at the centenary year celebration of the Cotton Association of India on Tuesday, Piyush Goyal, Minister of Textiles, Commerce and Industry, said the cotton textile industry contributed significantly to achieve merchandise export target of $400 billion last year. Indian textile industry accounts for about 10 per cent of overall merchandise exports. India produces one-fourth of global production and cotton trade employs 65 lakh people directly and indirectly.
New pacts
New free trade agreements signed by India with UAE, Australia and the new ones under discussions will help boost exports and open up immense opportunity for textile industry.
While the prospects of the textile industry look rosy, he said there are many challenges in the cotton trade and the foremost being the yield. While the yield in India at 460 kg per hectares, it is at about 1,850 kg per hectares in China, Brazil and Turkey. “I would urge the textile industry to collaborate with foreign partners to help farmers increase production,” he said. Globally, farmers are working on artificial intelligence-based technology to improve productivity and spraying operation since cotton crop is more sensitive to pest attacks, said Goyal. The government on its part is working along with agriculture ministry to introduce innovative solutions and some of the initiative under consideration is to promote high density planting, drip irrigation, rainwater harvesting, inter-cropping. The industry has many challenges such as building a common brand, developing common rules, common contracts, building a system of traceability of cotton using blockchain technology to improve the entire cotton ecosystem, he said.
Focus area
The textile and apparel industry needs to focus on sustainability. The industry can tie-up with the International Cotton Researchers Association for doing the research. The industry should also strengthen arbitration and consolation process. We have International Cotton Association that provides arbitration in UK, but it will be a costly affair for Indian textile industry. The textile industry should set up something like that in India. It should also modernise the ginning and pressing process. Unless the cotton production is increasing, India will lose its self-sufficiency tag given the pace at which the demand is growing.
Source: Business Standard
Industry stakeholders must submit suggestions for tweaks in the duty structure, rates and broadening of tax base on both direct and indirect taxes by November 5. The Union Budget for the next fiscal year starting April will likely be tabled in the parliament on February 1 of next year. India's finance ministry has asked for suggestions from industry and trade associations regarding the country's direct and indirect taxes, as it kickstarted stakeholder consultation for the federal budget for the next fiscal year. The industry's demands will need to be backed up with justifications, which the finance ministry may include in the budget if they find merit in them, the ministry said. Industry stakeholders must submit suggestions for tweaks in the duty structure, rates and broadening of tax base on both direct and indirect taxes by November 5. The Union Budgetforthe next fiscal year starting April will likely be tabled in the parliament on February 1 of next year. The ministry said the industry should point out 'positive externalities' arising out of the recommendations, since the government is working to phase out tax incentives, deductions and exemptions while simultaneously rationalising direct tax rates. As for indirect taxes, the request for correcting inverted duty structure for any commodity should be supported by value addition at each stage of manufacturing. Industry stakeholders have also been asked to submit suggestions on easing compliance burden, providing tax certainty and reducing litigation.
Source: Economic Times
• In a sign of slowing demand amid geopolitical turmoil, the wait time for berthing of ships at India’s largest and busiest port in Kandla has slipped from 7-9 days to less than a day, shippers and exporters said In a sign of slowing demand amid geopolitical turmoil, the wait time for berthing of ships at India’s largest and busiest port in Kandla has slipped from 7-9 days to less than a day, shippers and exporters said. They also warned there could be more stress on the trade front during the winter, mainly due to the weakening demand from Europe, India’s second-largest export market. The Kandla port in Gujarat handles the largest share of traffic among all the major ports in the country. The cargo volume handled at the Kandla port was 127 million tonnes (mt) during the last fiscal. In terms of traffic handled, the Kandla port is followed by the Paradip port in Odisha and Jawaharlal Nehru Port Trust (JNPT) in Navi Mumbai. Moreover, container freight rates have gone down sharply. You can imagine the extent of falling demand by the fact that freight rates in the busiest route from Asia to the US have fallen from $17,000 per container three months ago to $2,500," he added. An exporter serving the India-West Africa route said freight rates have fallen from $140 per container to $80-90, adding the rates are on the decline not just in select routes but everywhere. “Supply has declined in all products, not only in a few products. Moreover, there has been an export curb on a number of commodities such as wheat, rice and steel. So, that has had an impact," another exporter said. Queries sent to the ministry of commerce and industry remained unanswered till press time. Narendra Goenka, chairman of the Apparel Export Promotion Council, said exports of textiles and ready-made garments are likely to decline by 10-15% in the last quarter of the current fiscal, with orders slowing down sharply. “While India is in a fairly strong economic position, demand is severely affected in advanced economies due to the geopolitical situation and high-interest rates. Therefore, the last quarter of the fiscal may see a 10-15% decline in apparel and textile exports," said Goenka. He said the EU market is turning out to be more negative in demand than the US. “While US orders are seeing a small reduction, the decline in the EU is quite significant. Buyers are holding their orders or deferring them," he said. Europe is staring at a crisis in energy and cost of living. European energy prices have spiked given the uncertainty caused by the war in Ukraine and the continent’s plans to wean itself from crucial supplies of Russian oil and gas. Europe now faces the prospect of sky-high household utility bills, power cuts and disrupted industrial activity. Ajay Sahai, director-general and CEO of the Federation of Indian Export Organizations (FIEO) said demand is definitely down for high-value products but is up for low-value products. “At this point, we expect a little dent in high-value exports, while I feel that volumes remain intact. We also feel there will be increasing opportunities for India with respect to trade with Russia. We expect that we will end the year with around 12% growth, taking exports close to $470 billion," Sahai said. He said while demand in EU is definitely down, the US hasn’t seen much drop. “In many recent export shows in the EU, buyer response is extremely lukewarm," he said. The government estimates export growth to slow to 7.3% in the remaining seven months of the fiscal from 17.7% in the first five months till August, assuming outbound shipments to touch $470 billion in this fiscal from $422 billion last year. Moderation in global supply chain bottlenecks is visible in the New York Federal Reserve’s Global Supply Chain Pressure Index, which was down to an 18-month low as of 22 August. Sanjay Budhia, managing director of Patton Group, an engineering products firm, said orders to US are seeing a dip due to accumulation of inventory with the buyers after the easing of shipping lines. “Demand has been deferred. There was some kind of over-ordering due to various factors, including uncertainty in China, non-availability of containers, and everyone was in a panic mode as they were unsure when orders would come. So, they have a lot of inventory. Now, they want to use this material for a month or two; by December, we expect demand to normalize," said Budhia, who is also chairman of the CII national committee on exports and imports.
Source: Live Mint
Justice Sinha allowed claimants of pending payments from OTM to submit their claims to the Office of Liquidator before the next date of hearing. The Orissa High Court on Tuesday fixed November 15 for deciding State government’s plea for permanent stay of winding up of state-owned Orissa Textile Mills (OTM) at Choudwar which was closed 31 years ago. Justice Arindam Sinha fixed the date after the Official Liquidator informed the court that the State government has deposited Rs 115 crore in addition to the Rs 35 crore deposited earlier. On August 2, the State government had stated before the Court that it would no longer pursue the sale of the assets of OTM. Instead, the Handlooms Textiles and Handicraft department is ready to put in Rs 150 crore for obtaining permanent stay on winding up of the company. Justice Sinha allowed claimants of pending payments from OTM to submit their claims to the Office of Liquidator before the next date of hearing. The Office of the Liquidator had earlier filed an affidavit indicating that the total dues that remain to be cleared by the State government was Rs 147.67 crore, while Rs 97 crore and Rs 20.30 crore of it were dues of employees and Provident Fund respectively. The liquidation process of OTM was started under the Company Judge of the High Court in March 2002 after the State government filed a petition for it after closing the unit in June 2001. The court had recalled the order for fresh auction of the company along with its assets on June 28, 2022 after several attempts to auction it off failed over the decades. OTM was declared a sick industrial company by the Board for Industrial and Financial Reconstruction (BIFR) in 1993. BIFR recommended a Rs 37.22 crore revival and modernisation package for the mill in 1998. But the government opted to declare closure of the mill when its worth went in the negative with accumulated loss of over Rs 100 crore and liabilities well over Rs 40 crore.
Source: New Indian Express
Ease of Doing Business for MSMEs: The new Textile and Garment Policy 2022 focuses on making the state as the global textile hub, attracting Rs 10,000 crore investment and generating 5 lakh jobs, Rakesh Sachan, UP Handloom and Textile Industry Minister said. Ease of Doing Business for MSMEs: The Uttar Pradesh (UP) government on Monday announced that it would provide a 25 per cent subsidy on purchase of land and up to 100 per cent exemption on stamp duty for setting up textile units in the state as part of its new policy, as per a report by the Indian Express. The move comes across as an effort to attract Rs 10,000 crore investment for the textile sector to turn the state into a global textiles hub. “Making the state as the global textile hub, attracting Rs 10,000 crore investment and generating 5 lakh jobs are the main focus of this new policy,” UP Handloom and Textile Industry Minister Rakesh Sachan said. He informed that the government on Monday issued an official order for the new Textile and Garments Policy 2022. The new textile policy will offer a 25 per cent subsidy on the purchase of land from industrial development authorities or other development authorities in UP for setting up textile units. The rule would be applicable in all districts except Gautam Budh Nagar in Noida, where the subsidy would be 15 per cent. At the same time, the subsidy would be limited to 10 per cent of the total cost of the project. However, the subsidy would be given only when the textile unit would start production within five years of purchase of land. The minister said 1,000-acre textile parks would be developed in Lucknow and Hardoi districts under the Prime Minister Mitra Park scheme and the land for the project has been identified. “Except Gautam Budh Nagar, textile and garment units set up in all districts would get 100 per cent exemption from stamp duty. In Gautam Budh Nagar, textile units would receive 75 per cent exemption. Meanwhile, textile parks being established under the PM Mitra Park schemes would get 100 per cent exemption from stamp duty but private developers would get 50 per cent exemption on stamp duty,” he added. An incentive has been earmarked for the developers of textile parks under the PM Mitra scheme – a subsidy of Rs 2 per kilovolts in the electricity tariff would be provided to them for five years, subject to a maximum of Rs 60 lakh per year per textile park. Keeping employment as top priority, the power subsidy would be given on the condition that the textile park provide remuneration to a minimum of 50 people. Giving a boost to silk production in the state, the policy also offers 100 per cent stamp duty exemption on setting up silk production and threading units. Not just that, it also offers a capital subsidy, which includes a 25 per cent subsidy for purchase of plant and machinery for textile and garment units. The units that will be set up in Bundelkhand and Purvanchal region would be able to avail an additional 10 per cent capital subsidy, although the subsidy amount has a maximum cap of Rs 100 crore per unit. Besides, the policy also offers financial assistance to investors in development of infrastructure for their units. In fact, for units being developed on undeveloped land, the government would provide 50 per cent reimbursement on the cost of development of water pipelines, electricity lines, affluent plants, roads etc upto maximum of Rs 3 crore per unit. Further, the new textile and garment units would also give 100 per cent exemption on electricity duty for the period of 10 years
Source: Financial Express
As tightening monetary policies slow Western economies, Indian exports face an arduous road ahead As India’s trading partners opened up for business, the country’s merchandise exports recovered rapidly in 2021. But as tightening monetary policies aim to slow Western economies, India’s exports have begun to feel the heat. In the year ended March 2021, India saw a total of $291 billion of merchandise exports. This increased to $419 billion in March 2022, with engineering goods and petroleum products accounting for much of the gains. Gems and jewellery, chemical products and textiles are other significant contributors. (More recently electronic goods have also picked up but from a low base.) But starting in March, month-on-month numbers started slowing from their peak of $42.2 billion. It is now clear that exporters are facing hurdles on account of the slowdown in the developed world. Adapting to changing demand as well as coping with a depreciating currency will be their key challenges. In some areas in India, most notably specialty chemicals, there has been a push from manufacturers to replace capacity in China. In others, like electronics manufacturing and textiles, government, productionlinked policies aim to boost export numbers. The most prominent slowdown has come from engineering goods that include products such as auto components, cars, machinery and steel. This has seen the biggest slowdown in August 2022, declining from $9.6 billion to $8.2 billion. Engineering goods fell from 28.8 percent of total exports in August 2021 to 24 percent in August 2022. Part of the fall could be on account of falling raw material prices for metals that are immediately passed on to buyers. But sales of finished goods like twowheelers are also down. Bajaj Auto saw a 33 percent export decline in the month of September. “With the high probability of recession in the West, the market for legacy products for auto component companies could be under threat,” says Harshbeena Zaveri, vice chairman and managing director of NRB Bearings. She points out that those that adapt to newer technologies in the hybrid and e-mobility space should fare well as accelerating demand quickens new platform launches. At the same time, an uptick in oil prices has put pressure on India’s current account. So far this fiscal year at $318 billion imports are up 45 percent from the same period last year. As oil prices hover at $90 a barrel, India’s oil import bill stood at $92.6 a barrel in October, according to the Petroleum Planning and Analysis Cell. Petroleum products made up 28 percent of imports in August 2022, up from 20.8 percent in August 2021. A depreciating rupee also pushed up the cost of petroleum products for Indian consumers. Going forward, Indian exporters will have to brace themselves for soft demand for their products. Orders usually come in with a twoquarter lag and the true picture will only be known once the festive season is over in the West. Suvodeep Rakshit, senior economist at Kotak Institutional Equities, points out instances in the past when slowing economies saw an instantaneous policy reaction from central banks in the form of lower rates; that is unlikely to happen this time. Falling commodity prices on account of a recession is probably the only boon that India can count on.
Source: Financial Express
The members of the US-India Strategic Partnership Forum had encouraging words to say about Uttar Pradesh, helmed by Chief Minister Yogi Adityanath. They were seemingly impressed with the infrastructural development in the state and conducive environment for investment. President of US-India Strategic Partnership Forum (USISPF) Mukesh Aghi said what Uttar Pradesh has achieved since 2017 is unprecedented. The splendid work done by the chief minister in the field of law and order and infrastructure development could not have been imagined in Uttar Pradesh till some time ago, he said. “Many US companies investing in China are looking towards Uttar Pradesh. The upcoming Global Investors’ Summit is going to be very useful in this regard. The USISPF is ready to host the chief minister in the United States for the global roadshow ahead of the summit. This visit will be of immense success in its objectives. A ‘US-UP Strategic Partnership Forum’ will be formed on the lines of USISPF for the overall development of Uttar Pradesh,” he added. Chief sustainability officer, Renew Power Foundation, Vaishali Sinha said: “In the midst of the ever-increasing environmental challenges, the world is on the verge of adopting renewable energy. The climate of India is favourable in terms of solar energy. If concerted efforts are made, it can become a global leader in the field of solar energy. We have seen the policies of Uttar Pradesh. The climate here is conducive to our investments. We are eager to participate in the fulfillment of the noble goal of making Uttar Pradesh self-reliant in the energy sector. We are planning a big partnership with Uttar Pradesh.” Former foreign secretary Kanwal Sibal said: “If China’s economy is at its peak today, America has played a big role in it. Strategic relations between India and USA have strengthened in the new era. Uttar Pradesh should try to take direct advantage of this. Uttar Pradesh, under the leadership of Chief Minister Yogi Adityanath, has the potential to play the role of a growth engine in the nation's economic progress.” CEO of Standard Chartered Zareen Daruwala said: “We have a significant presence in the banking sector of the world. We have studied the improving environment and purchasing power of the common man in Uttar Pradesh, the investment-friendly policies of the government, and the excellent industrial environment in the state in recent years. We are planning to start our business partnership with Uttar Pradesh. I would suggest that the government should focus on encouraging the textile industry here. We have to focus on branding the product of small local entrepreneurs by providing them financial incentives. This sector is also a major source of employment generation.” Chairman of SpiceJet Ajay Singh said: “Uttar Pradesh and our relationship has been strong since the beginning. We are currently working on a plan to develop a major cargo hub at the Jewar Airport. This project will help Uttar Pradesh take the country’s exports to new heights.” Head of public policy, META (Facebook), Rajeev Agrawal said: “We are working on a plan to leverage our significant presence as a leading social media platform for skill enhancement of entrepreneurs of the state. According to the plan, we will help entrepreneurs of five districts to become digitally literate in the first phase. We will connect with the digital market, even those whose business is not online. Efforts will be made to expand it in the entire state in a phased manner.” CEO of Bank of the West Nandita Bakshi said: “I have experienced the positive change in UP during my journey from Lucknow airport to here. It is a matter of pride to be a participant in the development of a big and important state like Uttar Pradesh. The large population here can meet the huge requirements of the industry today. My best wishes for the success of the Global Investors’ Summit.”
Source: Pragati Vadi
Onboarding of Weavers & Artisans on Digital Market Platform Indian Institute of Management (IIM), Sambalpur as per MoU with Flipkart has launched the On-board process for Master weavers and Artisans in Digital Marketing platform. The program was attended by 28 Master weavers & Artisans from Bargarh and Sambalpur districts and people from media and local communities. The program was graced by Prof. Mahadeo Jaiswal, Director, IIM Sambalpur;Mr. Akash Mishra, Director, Government Affairs, East Region Flipkart Group; Dr. Subhransu Acharya, CGM SIDBI; Ms Monisha Banerjee, IAS, DM & Collector, Bargarh; Ms Ananya Das, IAS, DM & Collector, Sambalpur; Dr. Surendra Meher, Master Weaver; Shri. Ramkrishna Meher, Master Weaver. An MoU with SIDBI and IIM Sambalpur was also signed for Entrepreneurial capacity building for master weavers and artisans. The MoU is signed by Director, IIM Sambalpur and CGM, SIDBI. Speaking on the occasion, Prof. Mahadeo Jaiswal, Director, IIM Sambalpur, highlighted that “IIM Sambalpur is promoting focus on building entrepreneurial capacityfor the country and to access the global market. In IIM Sambalpur we think about the whole community and its education. We think about how to make Indian companies global, which is aligned with the vision of the Prime Minister. When Britishers came to India, India was the most affluent country with 22% of the world’s GDP, and when they left it was 5%. Now we are again back to the top five but we need to do a lot more. In Sambalpur, creators, artists, and weavers can be the epicentre of entrepreneurship. Artists are the pioneers of innovation. Just like Silicon Valley, we have Silk valley here, and Shlipikar Valley here. Just like five elements of nature, there are five partners that have to collaborate: An eminent institution, IIM Sambalpur; entrepreneurs who are the master weavers; venture capitalists; government support; and lastly a digital platform i.e., Flipkart.” Additionally mentioned that” There will be three stages-1st stage aims at digital logistics and access to the market. 2nd stage aims at building competitive capacity and bringing the handloom of different states, analyzing and expanding the project nationwide. 3rd stage aims at tying up with the global market and commercialise the handloom worldwide “. Speaking on the occasion, Mr. Akash Mishra, Director, Government Affairs, East Region Flipkart Group; highlighted, “Started the speech by thanking all the dignitaries present at the event. Also, mentioned the efforts of Flipkart in the upliftment of lesser-known art skills in the country. Also mentioned the evolution of technology and how the market has shifted from offline to online stores. In the last years of covid, the online market has grown by more than 100%. This MoU will help artisans and weavers to onboard their products in the online market and congratulated all the artisans and weavers for their onboarding in the online market”. Speaking on the occasion, Dr. Subhransu Acharya, CGM SIDBI, highlighted,” Artisans and weavers are not getting the opportunity to grow in the national market and this MoU will help them in placing them on a nationwide scale. There are new projects which have been signed for the formalization of MSME Units. The evolution of entrepreneurship in the country has given many opportunities to various industries and IIM Sambalpur will be contributing greatly with the help of the latest technology. Currently, we lack formalization and digitalization which are the two essential qualities for growth. MSME provides a 30% contribution to the GDP, therefore, we need to focus on that. Also, we need to focus and grow in the cluster. Also added, It’s difficult for artisans and weavers to onboard on big digital platforms like Flipkart and Amazon, and this MoU will give them the opportunity and equal rights. IIM Sambalpur will play a major role in achieving this feat”. Ms.Monisha Banerjee, IAS, DM & Collector, Bargarh, said,” Development of supply and diversification of market are the key areas that need to be worked upon. Online platforms are extremely important and we are accustomed to online platforms. The real beauty and authenticity of the Sambalpuri handloom is not known to people. We need to present the story and efforts of making these products. About 17,000 artisans and weavers are present in Bargarh only, therefore, we need to have more workshops till each and every artisan knows the diversification of the products. Our artisans and weavers are not able to put out their stories and IIM Sambalpur along with NIFT will contribute majorly to achieve this”. Ms. Ananya Das, IAS, DM & Collector, Sambalpur,said,” The need of spreading the awareness and importance of Sambalpuri handloom on a nationwide scale. There is a whole story of a handloom family of 3-4 months making a single Sambalpuri saree. Customers will pay a premium for a product once they get to know the authenticity of the product and the story behind making it. Once the MoU gets well structured, Flipkart should focus on presenting the real efforts and story behind making those, so that customers will get attracted to the product. Also added, IIM Sambalpur along with Flipkart and SIDBI will take these regional products to a national scale”. Speaking on the occasion, Shri. Surendra Meher, Master Weaver, ” Thanked IIM Sambalpur for inviting and being a part of such an event which will uplift the local artisans and weavers. Artisans and weavers don’t have the required resources and this MoU will help them to grow. Also, reflected on the beauty and importance of handloom and stressed saving this skill and art of Sambalpuri textile. Mentioned that partnership with SIDBI will definitely help the artisans and weavers community to grow at the national level. He ended his speech by thanking all the dignitaries on behalf of all the artisans and weavers”. Speaking on the occasion, Shri. Ramkrishna Meher, Master Weaver, said,” It’s a big thing that an institute of national importance like IIM Sambalpur is thinking and taking efforts in providing the necessary platforms to artisans and weavers. Textile and Handloom is different. Every cloth is textile but handloom is processed and created by hand. Every member of the handloom manufacturing family contributes to create the product. Handloom has historical importance associated with Odisha, with the help of Flipkart and SIDBI, Sambalpuri handloom will get national importance. Digitalization, Computerization and Globalization will be the key for the development of this industry and IIM Sambalpur will be contributing greatly”. The event concluded by stating the objectives, i.e.” 1. To strengthen the small businesses/ micro-enterprise ecosystem of various craft clusters across the state and country in general and Bargarh/ Sambalpur/ Sonepur districts handloom cluster in specific by undertaking strategic initiatives in the medium to long term. 2. Strengthening the clusters by fuelling a culture of entrepreneurship and helping the budding and the second generation of weavers & craftsmen to establish professional enterprises. 3. Facilitating access of MSME to various support services for business facilitation. 4. Making supply chains more competitive. 5. Helping clusters become self-sustainable& develop the select clusters as role models” IIM Sambalpur, with its core values of Innovation, Integrity, and Inclusiveness, is focused on nation-building and is committed to contributing to the country’s development. The Institute is now working on developing solutions for artisans, weavers, & small businesses to help them grow, thrive & compete with the increasingly competitive market through digital platforms.
Source: Pragati Vadi
Switzerland’s ambassador to Egypt Yvonne Baumann hosted a reception on Wednesday celebrating a historic textile machinery export transaction between Switzerland and Egypt. “Switzerland and Egypt share a history of fruitful collaboration in the textile sector, which dates back to the 19th century. This most recent agreement is in line with the two countries’ tradition in this field, and I am certain that Egypt will incorporate it into it successful strategy to further increase its exportation of high-quality textiles,” the ambassador said. The deal, signed in December, saw Credit Suisse and several other banks sign a €355 million deal with the Cotton & Textile Industries Holding Company (CTIHC) under the auspices of the Ministry of Public Business to supply contracts between the CTIHC and select Swiss textile machinery manufacturers such as Maschinenfabrik Rieter AG. Representatives from Credit Suisse and the Swiss Export Risk Insurance (SERV) visited the first factory to receive the machines as part of the agreement, the al-Mahalla textile factory, prior to the reception. SERV alongside Egypt’s Ministry of Finance backed the deal. This momentous deal aims to help Egypt modernize its textile industry while benefiting the Swiss textile machinery industry by broadening its export strategy plans.
Source: Egypt Independent
Fabric constituted 78.75 per cent of the total textile exports of the world’s largest textile exporter China during the first half (H1) of 2022. It exported fabric worth $37.183 billion in this period, while its total textile exports were valued at $47.217 billion. Numerous small garment-exporting countries are dependent on China for upstream products. China prefers exporting value-added products. The country exported yarn worth $8.130 billion in the period which was 17.22 per cent of the total textile exports. Its fibre exports, valued at $1.903 billion, were mere 4.03 per cent of the total textile exports, according to Fibre2Fashion’s market insight tool TexPro. China exported man-made textile products worth $30.585 billion in January-June 2022, which was 64.78 per cent of its total textile exports. It shows the dominance of China in the man-made textile industry. Man-made textiles mainly comprise polyester, viscose, and acrylic products. China’s cotton textiles exports were valued at $10.218 billion (21.64 per cent) in the period under review. The exports of textiles made from wool and animal hair were at $1.175 billion (2.49 per cent), silk at $482.902 million (1.02 per cent), flax at $384.881 million (0.82 per cent), true hemp at $2.527 million (0.01 per cent) and others at $4.364 billion (9.24 per cent), as per TexPro.
Source: China.org
Shein Exchange has been launched with the goal to meet community demand by providing a one-stop destination for customers to become active participants in circularity and promote the benefits of purchasing pre-owned clothing over new items. The fast-fashion online retailer SHEIN is the latest brand to move towards a circular fashion model with the launch of its recent platform SHEIN Exchange. It is an integrated online peer-to-peer resale destination to buy and sell previously owned products. The new feature is currently available to all US customers with plans to expand to other global markets next year. SHEIN Exchange was created in partnership with Treet, a resale technology platform creating circular fashion experiences for a number of fashion retailers. The pilot version of SHEIN Exchange in the US is part of SHEIN‘s larger commitment to address the ongoing issues of textile waste and build a future of fashion that is more circular. By driving its community to buy or resell on SHEIN Exchange, the brand aims to influence and promote mindful consumption among its customers, ultimately extending the life of as many items as possible. Last month, the fast-fashion brand committed to reducing supply chain emissions by embedding Science-Based Targets as part of its sustainability management. Adam Whinston, global head of ESG at SHEIN, said in statement that the brand’s goal is to make resale “just as easy and convenient as buying something brand new” along with setting a cultural movement around circularity in motion with SHEIN‘s own community. He added: “At SHEIN, we believe that it is our responsibility to build a future of fashion that is equitable for all, while also accelerating solutions to reduce textile waste. We’re calling on our community to mobilize and keep previously owned clothing in circulation for as long as possible. By harnessing the reach and the influence of our growing community, we believe that shopping resale can become the new normal in our industry.” The launch of the platform is said to have been inspired by SHEIN‘s community of customers who communicated an interest in resale destinations where they could buy and sell previously owned SHEIN products without the barrier of high platform fees that is usually required. With this new feature, the customer has to just login the SHEIN app and the interface will pre-populate their previous purchases – making list-to-sale quick and easy. This year, SHEIN also became a signatory of World Circular Textiles Day, a coalition of brands, suppliers and other organizations who share a mission to shift the fashion and textiles industry toward full circularity by 2050. The announcement follows the recent Channel 4 documentary that aired on the broadcaster’s website last night. It highlights the Chinese fast-fashion brand’s success story, with allegations being made on the violation of work ethics and human rights. Based on the claims made in the documentary, SHEIN‘s garment workers were being paid as little as three pence per garment through 18-hour shifts. SHEIN did not respond to Just Style’s request for a comment on this matter.
Source: Just Style
