India International Textile Machinery Exhibition (ITME) is the ideal platform for textile manufacturers to source, as well as learn about, the latest textile technologies. Successfully serving the Indian textile industry for more than eight decades, textile machinery company A.T.E., which stands for air, water, and energy, and its principals will return as participators at ITME 2022 from December 8–13, 2022 a IEML in Greater Noida, India. With more than 2000 square feet of space at ITME 2022, A.T.E. and its principals will showcase leading edge textile technology products and solutions like spinning, fabric forming, and processing at stall H10B8, according to a press release by A.T.E. In addition, the company will also display automation for textile machinery, effluent treatment, nonwovens, synthetics, carpets, and much more. A.T.E.’s own pavilion of more than 500 square feet carries 20 textile processing principals such as Fong’s, Monforts, Zimmer, Osthoff Senge, Mahlo, CEIA, Danti Paolo, Color Service, Guarneri Technology, and more. A.T.E.’s pavilion will also house business units such as HMX (heating and cooling solutions), AxisValence (electrostatic control and defect detection systems), A.T.E. Automation division (automation, machine upgrade, and core/slub yarn systems), A.T.E. HUBER Envirotech (wastewater solutions), and EcoAxis (industrial IoT solutions). TeraSpin has its own stall which will display A.T.E.’s world-class spindles, drafting systems, cradles, and inserts. A.T.E. offers a package of machinery for processing woven, knit, denim, terry fabrics, and technical textiles. The representatives of all the company’s principals will be available at its pavilion to discuss the latest technology for processing various substrates. This ITME 2022, Trutzschler will showcase spinning, card clothing, nonwovens, and manmade fibres at H10A3. The Karl Mayer Group will present the ISOWARP sectional warping machine at H15C10D9. Teraspin will showcase all new spindle and drafting components for ring frames at H10B8. Axis Valence will present electrostatic discharging and charging, 100 per cent print and surface defect detection, and spot viewing at H1A1B2, added the release. ColorService will showcase systems for automatic powder dyes storage, auto weighing, and dyes dissolution at H1A1B2. Mag Solvics will introduce systems for fabric inspection, yarn tenacity, cotton quality testing, and more at H10E11. De Chang Textile Tech will display compact spinning and components at H10B8.
Source: Fibre2Fashion
India and the United Arab Emirates held wide-ranging discussions on Tuesday on strengthening energy and food security linkages amid geopolitical upheavals. They also discussed launching bilateral trade in the national currencies, rupee and dirham. External affairs minister S Jaishankar met the foreign minister of the UAE, Sheikh Abdullah bin Zayed Al Nahyan, in Delhi. The meeting was also attended by the UAE minister of state for international cooperation, Reem Al Hashimy, and India's foreign secretary Vinay Kwatra. The foreign ministers appreciated the progress in bilateral relationship, especially in trade, investment, consular matters, education and food security, and discussed expanding partnership in these sectors, said officials. The ministers noted that bilateral trade has shown appreciable growth under the Comprehensive Economic Partnership Agreement (CEPA), which came into force on May 1. India's exports to the UAE from April-September increased 24% year-to-year to $16 billion while India's imports increased 38% year-on-year to $28.4 billion. On food security cooperation under I2U2 (India-Israel-US-UAE), a delegation led by the CEO of ADQ visited India in October to take discussions forward with different stakeholders. IIT Delhi has held meetings with its Abu Dhabi partner, ADEK, for establishing IIT Delhi campus in Abu Dhabi. Both sides have taken forward their discussions on other areas of cooperation, including energy, healthcare, defence, space, climate change, skills, fintech and startups. On Tuesday, the foreign ministers also exchanged views on the global situation and various regional hotspots as well as cooperation between the two countries in the United Nations Security Council. Both India and UAE are currently non-permanent members of the UNSC.Both countries are also discussing making use of UPI as a payment platform for remittances from the 3.5 million strong Indian community in the UAE.Under I2U2, both countries are discussing investment of $2 billion from the UAE to develop food corridors in India and another $300 million for building a 300 GW hybrid (wind and solar) power plant. The UAE has been invited to attend the G20 Summit as a special invitee.
Source: The economic times
After the announcement of the passing of the Free Trade Agreement (FTA) with India by the Australian parliament, Union Minister of Commerce and Industry Piyush Goyal on Tuesday said that the initial size of bilateral trade between India-Australia can go up to around USD 45-50 billion in the next 5-6 years. While addressing the presser, Goyal said, "Initial size of bilateral trade between India-Australia Economic Cooperation Trade Agreement (IndAus ECTA) can go up to around USD 45-50 billion in the next 5-6 years." It is a landmark moment for Australia and India, would like to congratulate the PMs of India and Australia for achieving this significant milestone today. These are 2 democracies with shared interests on the world stage," Goyal said. Earlier today, Australian Prime Minister Anthony Albanese announced that the country's Free Trade Agreement (FTA) with India has passed through its Parliament."BREAKING: Our Free Trade Agreement with India has passed through parliament," Albanese tweeted. It is pertinent to mention that the Australia-India Economic Cooperation and Trade Agreement (ECTA) was signed on April 2. During the conference, Goyal said this is the first time in "Australian history" that they're giving duty-free import on 100 per cent of items. He further said that this is also the first Trade Agreement with a developed country after a decade. Talking about the relationship shared between Prime Minister Narendra Modi and the Australian government, Goyal called it a "strong bond" and said that the FTA is a big recognition of India's growing stature and capabilities that businesses provide to the world both in goods and services. "The textile sector will benefit. Gem and jewelry sector are also excited as they will be able to sell their high-value jewelry in Australia," the minister said. "The wine industry has welcomed this trade. The Indian wine industry will grow. The Indian wine industry would be able to export Indian wine to Australia," he added. He also said that with the FTA, the pharma industry will get a big boost as medicines have already gone through a rigorous approval process from the USA. And the UK will have a fast-track mechanism to get approval in the Australian regulatory system. "Visas for Indian chefs and Yoga instructors along with the assurance that every child who goes from India to Australia will be given an opportunity for employment there. STEM graduates, doctoral students will get 4 years of work visa in Australia. Postgraduate will get 3 years' work visa," he added.
Source: The economic times
Having adequate raw materials and a large workforce, India is poised to grab the opportunity in the global readymade garments market. Indian readymade garments exports are expected to surpass the USD 30 billion mark by 2027, thus translating into a 4.6 to 4.9 per cent share in world exports as against the current share of around 3 per cent, said rating agency CareEdge in a report. The Indian readymade garment exports have been stagnant at around USD 15-17 billion in the past five years ended 2021. "India has a very good presence across the cotton textile value chain from fibre to fabric, while it has a limited presence in man-made fibre, which is expected to get a boost by expected FTA with the UK and production-linked incentive scheme. Furthermore, having presence across entire-value chain reduces transportation costs and lead time, thereby providing a cost-effective solution to the customers," said Krunal Modi, Associate Director - Corporate Ratings in the report. With free-trade agreements, it said India's share in UAE and Australian markets are expected to increase and the trade pact with the UK would be a game changer as it will create a level playing field. "Currently, India has a market share of 4-5 per cent in EU and UK as Bangladesh, Vietnam and Pakistan have a tariff advantage of around 10 per cent vis-a-vis India in some of these markets," the report said. Due to its declining competitiveness and the 'China Plus One' sourcing strategy adopted by global brands and retailers, China is expected to continue losing its share in the global markets, which could be beneficial for India. Countries such as China, Bangladesh, Vietnam, Germany, Italy, Turkey, Spain and India dominate the export market, with China accounting for a lion's share of 33 per cent of the total exports backed by high labour productivity along with economies of scale.
Source: The Economic times
India’s Department of Consumer Affairs has launched a framework for safeguarding and protecting consumers’ interests from fake and deceptive reviews in e-commerce. Department of Consumer Affairs secretary Rohit Kumar Singh along with senior officers of the department and the Bureau of Indian Standards (BIS) launched the framework titled Indian Standard (IS) 19000:2022 Online Consumer Reviews—Principles and Requirements for their Collection, Moderation, and Publication. The standards will be applicable to every online platform which publishes consumer reviews, and will initially be voluntary for compliance by all e-commerce platforms. BIS will also develop a Conformity Assessment Scheme for the standard to assess compliance, according to a press release by the Indian ministry of consumer affairs, food, and public distribution. The guiding principles of the standard are integrity, accuracy, privacy, security, transparency, accessibility, and responsiveness. The standard prescribes specific responsibilities for the review author and the review administrator. For the review author, these include confirming acceptance of terms and conditions and providing contact information and for the review administrator, these include safeguarding personal information and training of staff. Once made mandatory, if required, the violation of the standards by any entity may be considered as an unfair trade practice or violation of consumer rights and a consumer may submit such grievances to the National Consumer Helpline, Consumer Commissions, or the Central Consumer Protection Authority (CCPA). The standard provides for responsibilities of organisations including developing a code of practice and necessary stipulations for terms and conditions like accessibility, criteria, and ensuring content does not contain financial information, etc. The standard also provides for methods for verification of the review author through email address, identification by telephone call or SMS, confirming registration by clicking on a link, using captcha system, etc to check the traceability and genuineness of the review author. With respect to moderation, the standard provides for both automated and manual moderation and provides checks for analysing the review content. As regards to publication, the standard includes considerations for the review administrator at the time of the publication process and after the publication process. The accuracy of the review, default display, and weightage of ratings are defined in the publication process, added the release. The standard is expected to benefit all stakeholders in the e-commerce ecosystem i.e., consumers, e-commerce platforms, sellers, etc. It will help usher in confidence among consumers to purchase goods online and help them take better purchase decisions. Taking cognisance of the impact of fake and deceptive reviews and protection of consumer interest in e-commerce, the consumer affairs department had constituted a committee to develop a framework for checking fake and deceptive reviews in e-commerce on June 10, 2022. The committee included various stakeholders including e-commerce companies, industry associations, consumer organisations, and law chairs.
Source: Fibre2Fashion
The proposed free trade agreement (FTA) between India and the UK is a high priority for both the countries and the next round of negotiations for the pact is slated to happen next month, commerce and industry minister Piyush Goyal said on Tuesday. He said that things are progressing well and it will yield good results. "We are all very well aware that it was progressing very fast until we had a little bit of a blip because of political happenings in the other country. Fortunately, we have a stable government. I believe in office now (in the UK) and I am already in touch with my (UK) counterpart. We are working together to possibly have an in person meeting also very soon but our teams are already engaged. Next month, the next round of negotiations are slated to happen," Goyal said here at a steel industry event. He said that industry support is required for the agreement and it should be a fair, equitable and balanced FTA. He also said that there should not be any strict timelines to conclude negotiations for an FTA as such agreements have to be thought through and carefully calibrated and negotiated. "With UK we are doing a comprehensive deal like the UAE ....I assure you that it is a high priority of both countries. It has been reiterated in the meeting of the G20," Goyal said. India and Britain launched negotiations for the FTA in January with an aim to conclude talks by Diwali (October 24), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. Reduction or elimination of customs duty under the pact would help Indian labour intensive sectors like textiles, leather, and gems and jewellery to boost exports in the UK market. The UK is seeking duty concessions in areas like Scotch whiskey and automobiles. So far, five rounds of talks are already completed between the officials of the two countries till July. The bilateral trade between the two countries increased to USD 17.5 billion in 2021-22 compared to USD 13.2 billion in 2020-21. India's exports stood at USD 10.5 billion in 2021-22, while imports were USD 7 billion. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. India's main exports to the UK include ready-made garments and textiles, gems and jewellery, engineering goods, petroleum and petrochemical products, transport equipment and parts, spices, metal products, machinery and instruments, pharma and marine items. Major imports include precious and semi-precious stones, ores and metal scraps, engineering goods, professional instruments, non-ferrous metals, chemicals and machinery. The UK is also a key investor in India. New Delhi attracted foreign direct investment of USD 1.64 billion in 2021-22. The figure was about USD 32 billion between April 2000 and March 2022. In the services sector, the UK is one of the largest markets in Europe for Indian IT services. PTI RR HVA
Source: The Economic times
European Union has imported €137.8 billion worth of goods from Russia in the period from January 2022 to July 2022, which is 3.4 per cent of EU’s total imports, compared to 3.6 per cent in 2021, as per Destatis, Germany’s federal statistical office. Germany’s imports from Russia accounted for 2.6 per cent of its total imports in the same period. In 2021, Germany’s imports from Russia had been 2.4 per cent of its total imports. The fact that Russian goods accounted for a higher share of total German imports is due to the strong price increases for raw materials and energy products. Germany was also the most important exporter of goods to Russia in all of EU, said Destatis on the basis of data from Eurostat, the statistical office of the EU. Bulgaria was the EU member state whose imports from Russia accounted for the largest share of total imports from January to July 2022. In that period, Russian goods accounted for 11.5 per cent (€3.6 billion) of total imports to Bulgaria. Estonia came second with a percentage share of 9.7 per cent (€1.4 billion) and Finland ranked third with 8.9 per cent (€4.8 billion). In 2021, Lithuania had been the EU member state whose imports from Russia accounted for the largest share of total imports (11.9 per cent). This proportion fell to 8.5 per cent in the period of January to July. Finland and Estonia also reduced their imports of Russian goods as a percentage of total imports. In 2021, these had accounted for 11.7 per cent in Finland and 10.6 per cent in Estonia. In contrast, the share of Russian imports increased sharply for Bulgaria (2021: 7.6 per cent of total imports).
Source: Fibre2Fashion
Retail sales volumes in Great Britain rose by 0.6 per cent in October, following a fall of 1.5 per cent in September 2022 (revised from a fall of 1.4 per cent). Retail sales values, unadjusted for price changes, rose by 1.8 per cent in October 2022, following a fall of 1.4 per cent in September 2022, said the Office for National Statistics (ONS). When compared with the pre-COVID-19 level in February 2020, total retail sales were 14.2 per cent higher in value terms, but volumes were 0.6 per cent lower. Compared with the same period a year earlier, retail sales volumes fell by 6.1 per cent in the three months to October 2022, while sales values rose by 4.7 per cent. In the three months to October 2022, sales volumes fell by 2.4 per cent when compared with the previous three months. This is the lowest three-month on three-month growth rate since March 2021, when restrictions were in place. Clothing stores sales volumes rose by 2.5 per cent in October 2022, 3.7 per cent below their February 2020 levels. Department stores sales volumes fell by 0.3 per cent over the month of October 2022, ONS added. Non-store retailing sales volumes rose by 1.8 per cent in October 2022, following a fall of 2.5 per cent in September 2022. However, since early 2021, sales volumes had a broad downward trend as the wider economy reopened and people could return to shopping in stores. Non-store retailing refers to retailers that do not have a store presence. While the majority is made up of online retailers, it also includes other retailers, such as stalls and markets. Online spending values fell by 0.7 per cent in October 2022, because of strong falls across non-food sub-sectors. The value of online spending fell while retail sales as a whole rose, so the proportion of online sales fell slightly to 26.1 per cent from 26.5 per cent in September 2022. The proportion of retail sales online has remained broadly consistent at around 26 per cent since May 2022.
Source: Fibre2Fashion
The US imported apparel worth $3.513 billion in the first three quarters of 2022. Trousers and shirts were the biggest contributors in Cambodia’s shipments to the US with a share of 31.06 per cent ($1.091 billion) of the total imports during the period under review. Along with jerseys, trousers and shorts contributed more than half of the total imports. The import of trousers from Cambodia by the US was around one third of its total imports. Jerseys contributed 21.62 per cent ($759.570 million) in the same period. Both products collectively made up for 52.68 per cent share of the total imports. The other top items were babywear (8.31 per cent), nightwear (7.77 per cent), shirts (4.84 per cent), T-shirts (3.98 per cent), innerwear (3.52 per cent), dresses (3.26 per cent), coats (2.62 per cent) and swimwear (1.48 per cent), according to Fibre2Fashion’s market insight tool TexPro. The imports during the first nine months of this year reached $3.590 billion, thus surpassing the total imports of $3.522 billion in 2021. US’ imports from Cambodia have maintained a healthy growth year after year, which was not dampened by the COVID-19 disruption either. The imports were recorded at $2.164 billion in 2017, which grew to $2.447 billion in 2018 and $2.730 billion in 2019. They further increased to $2.953 billion in 2020 and jumped to $3.522 billion in 2021, as per TexPro.
Source: Fibre2Fashion
Though Goldmans Sachs Research experts have long believed that the energy crisis will push the European economy into recession this winter as surveys and production data point to a sizeable slowing in energy-intensive industries and high inflation will reduce real household incomes, they now see a shallower recession as the hard data have remained resilient. The rebalancing of the gas market has also reduced the risk of energy rationing and governments have provided significant fiscal support, they say. They forecast that the Euro area economy will contract by only 0.7 per cent from the fourth quarter (Q4) 2022 to Q2 2023 (versus 1.1 per cent before). Europe’s gas supply situation remains fragile, fiscal policy will probably slow growth in 2023-24 as the energy support winds down, and the gas crisis is likely to leave substantial supply-side damage, they say. Goldmans Sachs Research, therefore, foresees a muted recovery. We now look for area-wide growth of -0.1 per cent for 2023 and 1.4 per cent for 2024, close to consensus over the next two quarters, but slightly below for the remainder of 2023 and early 2024. It expects Germany and Italy to be more affected by the energy crisis than France and Spain. Rising sovereign yields, high debt and weak growth leave Italy’s new government on a narrow fiscal path, highlighting medium-run fiscal vulnerabilities. It expects euro area inflation to peak in December given continued energy pass-through and strong underlying momentum. Core inflation is likely to ease gradually over 2023 as goods price inflation cools. While data revisions now suggest a slightly smaller UK contraction in the second half this year, the company continues to look for a deeper recession in the UK than in the euro area given weak momentum, less fiscal support and supply-side constraints.
Source: Fibre2Fashion
Though Goldmans Sachs Research experts have long believed that the energy crisis will push the European economy into recession this winter as surveys and production data point to a sizeable slowing in energy-intensive industries and high inflation will reduce real household incomes, they now see a shallower recession as the hard data have remained resilient. The rebalancing of the gas market has also reduced the risk of energy rationing and governments have provided significant fiscal support, they say. They forecast that the Euro area economy will contract by only 0.7 per cent from the fourth quarter (Q4) 2022 to Q2 2023 (versus 1.1 per cent before). Europe’s gas supply situation remains fragile, fiscal policy will probably slow growth in 2023-24 as the energy support winds down, and the gas crisis is likely to leave substantial supply-side damage, they say. Goldmans Sachs Research, therefore, foresees a muted recovery. We now look for area-wide growth of -0.1 per cent for 2023 and 1.4 per cent for 2024, close to consensus over the next two quarters, but slightly below for the remainder of 2023 and early 2024. It expects Germany and Italy to be more affected by the energy crisis than France and Spain. Rising sovereign yields, high debt and weak growth leave Italy’s new government on a narrow fiscal path, highlighting medium-run fiscal vulnerabilities. It expects euro area inflation to peak in December given continued energy pass-through and strong underlying momentum. Core inflation is likely to ease gradually over 2023 as goods price inflation cools. While data revisions now suggest a slightly smaller UK contraction in the second half this year, the company continues to look for a deeper recession in the UK than in the euro area given weak momentum, less fiscal support and supply-side constraints.
Source: Fibre2Fashion
