It combines market analysis with precise predicted results and trend forecasts, as well as a competitive research solution that allows clients to make decisions based on the market’s most exceptional clarity. The market analysis of Carbon Textile Reinforced Concrete was created with a growth percentage and other connection parameters for the predicted period 2022 to 2028. Based on type and purpose, the research investigates market dynamics, overall growth, prominent drivers, challenges, opportunities, and market segmentation.The Carbon Textile Reinforced Concrete market gives a detailed overview of the segments. The study has been split into different central regions based on geography, and these areas have been further divided into intonations. To assess the competitive landscape, the Carbon Textile Reinforced Concrete market keeps a close eye on the market’s major players. General management, product definition, price analysis, mergers and acquisitions, and market partnerships are vital in the business landscape. The Carbon Textile Reinforced Concrete market research study also includes several variables that contribute to the market’s expansion. Meanwhile, the report assesses the market using several factors such as porter’s five forces, SWOT analysis, PESTLE analysis, value chain analysis, supply chain, and market attractiveness by segment and region. The marketplace for Carbon Textile Reinforced Concrete also provides extensive information on the industry’s consumers and partners.
The market is segmented based on the market’s application or product:
The market is segmented by product type:
Geographical regions are being studied via research.
The study assesses market participants and offers complete business profiles for each. The following are available in the player section:
Business location, product definition, price analysis, mergers and acquisitions, and market partnerships are all part of the competitive landscape. Furthermore, the study provides competition among businesses based on several factors such as direct competition, indirect competitive pressures, revenue, product pricing, and distribution channels.
Source: The snceagleseye
Back to Top
Output in India’s manufacturing sector increased in November 2022, as the seasonally adjusted S&P Global’s Purchasing Managers’ Index (PMI) reached 55.7, up from 55.3 in October, signalling the strongest improvement in operating conditions for three months, despite recession fears. India’s PMI in November was also above its long-run average of 53.7. Manufacturing growth was boosted by demand resilience, as companies noted the quickest increase in new orders and production for three months, according to a survey by S&P Global. A stronger upturn in factory orders helped drive the headline PMI higher in November. According to survey participants, demand strength, and successful marketing efforts boosted overall sales. Companies also reported a notable improvement in international demand for their goods, with new export orders expanding at the second-fastest pace since May. November 2022 data highlighted a seventeenth successive expansion in manufacturing production across India, as companies responded to ongoing increases in new work intakes. The upturn in output was sharp, above trend and the strongest since August. New orders and production rose at quicker rates in the consumer goods category in November 2022, with slowdowns registered at capital goods makers. Spending on inputs likewise increased midway through the third fiscal quarter of 2022, as firms strove to rebuild inventories and lift production to accommodate higher sales. Purchasing activity in November 2022 expanded markedly, and to a greater extent than in October. Despite robust demand for inputs, the rate of cost inflation softened considerably in November. The latest rise was moderate, the joint-weakest in 28 months and well below its long-run average. Subdued cost pressures facilitated a slower increase in output prices. The rate of charge inflation eased to a nine-month low, and was only slight, as the vast majority of panellists (92 per cent) kept their fees unchanged from October. There remained signs of capacity pressures among manufacturers, as seen by a further increase in outstanding business levels. That said, the rate of accumulation in November 2022 eased from October 2022 and was modest. Suppliers to the Indian manufacturing sector were able to deliver inputs in a timely manner during November, as signalled by an improvement in vendor performance compared to October. Finally, firms were confident that demand would remain strong in the coming 12 months. As a result, they foresee growth of production volumes. Sentiment improved to its highest level in close to eight years.
Source: Fibre2Fashion
Odisha Establishes Leadership In Attracting Investments Worth INR 10.5 Lakh Crores On Day 3 Of MIO Conclave 2022
At the valedictory session on Day 3 of the Make in Odisha (MIO Conclave 2022), the flagship investor summit by the Government of Odisha, organized by Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL) along with investor promotion advisor PwC and industry partner FICCI at Janata Maidan, Bhubaneswar, Hon’ble Chief Minister, Shri Naveen Patnaik announced the success of MIO Conclave 2022. He announced that the Make in Odisha (MIO) Conclave 2022 had received an overall investment proposal worth INR 10.5 lakh crores in a span of 3 days generating 10,37,701 employment potential across sectors from 741 companies. 145 proposals received were from metals, ancillary & downstream sector, 102 from agriculture & food processing, 87 from logistics & infrastructure, 41 from tourism, 37 from Information Technology, 32 from power, renewable & green energy, 28 from paper, wood and forest based industries, 22 from healthcare & pharmaceuticals, 26 from textile, apparels & technical textiles, 14 from agri-business, 10 from aerospace & defence, 10 from waste management, 7 from cement, 5 from start-ups, 2 each from education & glass, 6 from agri marketing, 1 from film & entertainment, 1 from electric vehicle and 12 from multiple other sectors along with 64 proposals from general manufacturing sector. The Conclave witnessed registration from 18785 delegates, including global leaders, industry captains, exhibitors, and participants from 11 countries which were Japan, Germany, Norway, Nepal, Bangladesh, Australia, Indonesia, Israel, China, Singapore and Thailand. Three day conclave had conducted 38 business sessions with 250+ speakers with involvement of 20 departments which came together. Around 65 MoU’s were signed at the end of Day 3 of the MIO 2022. During the MIO Conclave 2022, 10 inauguration and groundbreaking ceremonies were announced which included Ultratech Cement Ltd inauguration of cement plant at Cuttack, Astral Limited inauguration of Plastic pipes & fitting factory at Cuttack, Brittania Limited extension of existing factory of biscuits, cakes and other bakery products at Khurda Food Park, Infunex Healthcare Private Limited production at Ramdaspur, Cuttack, Jay Bharat Spices Limited ready to eat & cold storage facility at Ramdaspur, Cuttack, Vendanta Aluminium Park at Jharsuguda, Jindal Stainless Steel Park, Wonderla Holidays Limited at Khurda, Danieli Corus Refractory Solutions Pvt Ltd at Khurda and Cotton World Textile apparel manufacturing unit in Khurda. These 10 projects have a total investment value of INR 4,595 lakhs crores with investment potential of 15135 number of people. Addressing the valedictory session on day 3 of the Conclave the Hon’ble Chief Minister of Odisha, Shri Naveen- Patnaik said, “The Make in Odisha Conclave’22 has been a grand success. I am happy to announce that the Conclave has generated investment intents of Rs. 10.5 Lakh Crores with an employment potential for 10,37,701 people. Let us all work hard to implement these investments on the ground and take Odisha to a new era of industry-led growth. I thank the entire FICCI team for their support throughout the conclave cycle. I would like to give special thanks to our country partners, Japan, Norway, and Germany. I hope that we further strengthen our relationships and create more opportunities for mutual trade, commerce, and people-to-people relationships. The Make in Odisha Conclave’22 concludes today. I thank each one of you for your immense contribution. Let the juggernaut move on.” Out of the total investment received at the end of MIO 2022 Conclave, metals, ancillary and downstream sector fetched INR 5.50 lakhs crore, power, renewable energy & green energy sector fetched INR 2.38 lakhs crore, logistics & infrastructure received INR 1.20 lakh crores, chemicals, petrochemicals & plastics received INR 76K crores, manufacturing sector received INR 21K crores, tourism received INR 8K crores, IT sector received INR 8K crores, agriculture & food processing received INR 7.2k crores, paper goods & forest based products received INR 5.3k crores, cement INR 5K crores, healthcare & pharmaceuticals INR 4K crores, textile & apparel INR 2.6k crores, aerospace & defence received INR 3k crores, EV vehicles received INR 500 crores, startups received INR 280 crores, glass marble & granite INR 200 crores, waste management INR 170 crores, agri marketing received INR 121 crores, agri business received INR 94 crores, education received around INR 70 crores, film and entertainment received around 15 crores followed by other sectors received some INR 61 crores respectively. The investment summit in its 3rd leg this year witnessed various interesting sessions showcasing investment opportunities in the state and providing an opportunity for investors to interact with various stakeholders from various State Government Departments & Ministries and International markets.
Source: The Orissa diary
Back to Top
India Inc. showed a mixed financial performance in the September quarter as they faced the brunt of rising input costs. This, coupled with increased working capital and capital expenditure needs in a rising loan rate scenario, severely impacted companies’ interest coverage ratio The burden on mid-cap companies was steeper as any impact of rising interest rates gets passed on to them at a faster pace, said analysts. An analysis of 383 companies in the BSE 500 index showed the impact of higher costs on their ICR (Interest Coverage Ratio), which is a measure of how easily a company can pay interest on their debt from earnings. The ICR declined to 6.12 times in the September quarter from 7.22 times in the June quarter and 8.11 times in the year-earlier September quarter. The analysis excludes banks, insurance and financial services (BFSI) companies. The ratio is derived by dividing a company’s earnings before interest, taxes, depreciation and amortization (Ebitda) by its interest cost. A Mint analysis of 77 companies in BSE Midcaps, excluding banks and financials, showed ICR at 4.16 times in the September 2022 quarter, falling from 4.44 times in the June quarter and 5.65 times in the September 2021 quarter. Notably, it was at the lowest levels in the past nine quarters. Deepak Jasani, Head of Retail Research, HDFC Securities, said for the large-cap companies, excluding BFSI, the profit growth has remained soft. But working capital requirements rose due to high-cost inventory. The rise in interest rates acted as a double whammy, worsening the ICR. For mid-caps, working capital requirements and debtors have already been rising, with more inventory being carried forward. Thus, the impact could have been steeper for such companies, said Jasani. Rising interest rates in the last two quarters and falling margins have been key reasons for ICR for mid-caps coming under pressure, said G. Chokkalingam, founder and managing director of Equinomics Research & Advisory. He said that if considered over a longer period after covid, the capex spends have taken a back seat while interest rates were also low and there wasn’t any input cost pressure. This improved the ICR after covid. Nevertheless, it has again come under pressure as many companies in sectors such as cement, textiles, chemicals, metals, and even pharmaceuticals have seen earnings under pressure, with almost 70% of companies in the space reeling under margin pressure. The return of capex is also sighted as another key reason for pressure on ICR now. A.K. Prabhakar, Head of Research at IDBI Capital, said several chemical producers had been large borrowers to fund their expansion plans to tap growth opportunities. Many of the private defence equipment manufacturers or suppliers and vendors to large defence companies, too, have seen a significant rise in borrowing to encash the opportunities in the defence space. The same is likely to have impacted ICR, and consequently, the impact on mid-cap space is steeper as a large number of private defence and most chemical manufacturers are in the mid-cap segment. Borrowings also increased in the oil and gas sector with rising crude prices, said analysts. Most of the oil and gas refining marketing and distribution companies saw much higher working capital needs while their profitability got compressed. “We have been witnessing pressure in interest coverage ratio for corporate India despite strong topline growth as a sharp rise in input costs has led to margin pressure leading to slower operating profit growth for companies. Moreover, rising interest rates and increased capex by corporate India were leading to higher interest outflows and contributed to the decline in interest coverage ratios," said Manish Jeloka, co-head of Products & Solutions, Sanctum Wealth. He said that the impact is more profound on mid-caps as the cost of borrowings rises faster for them in a rising interest rate environment. Moreover, input cost pressures have also had a greater impact on profitability for mid-caps than large-cap companies.
Source: live mint
Back to Top
India’s factories in ICU
INDIA is the lone shining star in the middle of a global economic downturn. If you haven’t heard that on your WhatsApp group, then you would have heard it being spouted by some ‘expert’, or by your favourite prime-time news anchor. And if you look at official numbers, this assessment would appear to be completely justified. But the truth is far more complex. Take the latest GDP numbers for the second quarter of this fiscal. On the face of it, it is disappointing but not bad; 6.3% is creditable, considering that the rest of the world has been floundering. But we are coming out of a much bigger recession than most other big economies. India’s economy was one of the worst-hit by the Covid lockdowns, and we needed much faster growth to return to our normal growth path. The data looks even more weak when one takes the GVA or Gross Value Added numbers. GVA growth in the July to September period this year has been just 5.6%. Break it up a bit and the real shocker will stick out like a sore thumb: the manufacturing sector has declined by 4.3%. Adjusted for inflation, it now stands at a shade under Rs 6 lakh crore, which is almost where it was in the second quarter of 2019-20, the year before Covid hit us. This is despite the fact that there were no lockdowns this time; there weren’t even any masks to be seen anywhere. Quarterly data can fluctuate a lot and can be messy, so lot of analysts tend to look at half-yearly numbers. Even here the picture is pretty grim. In the first half of this fiscal (April to September), India’s manufacturing sector grew by just 0.1%. This is a comparison with the first half of 2021, when large parts of India were reeling under a killer ‘second wave’ of Covid. If we compare the value added by India’s factories in the April-September period in 2018 with what it is this year, the average annual growth has been just 1.3%. This is barely enough to beat India’s population growth rate. And that means, in terms of per capita availability of things made in Indian factories, we are exactly where we were in 2018 This points to a serious malaise in India’s factory sector, which belies all our dreams of Make in India. And it is a reversal of everything that India wanted to do when it became Independent. The objective was to create a flourishing manufacturing sector by increasing electricity generation and heavy industries, and setting up tariff walls to protect the domestic capitalist class. This is what we have come to know as Nehruvian ‘socialism’. In reality, it was a form of ‘state capitalism’ or ‘dirigisme’. This is evident from the fact that much of the so-called ‘socialist’ planning during the Nehru years shared a lot of its content with the ‘Bombay Plan’ drawn up by some of India’s biggest industrialists. The core proposals in the plan — signed by JRD Tata and GD Birla, among others — were that India’s economy needed state intervention and a robust public sector to help industry grow. It also argued that the only way to finance industrial growth was through ‘created money’. The plan understood that if money printing and deficit financing was done without regulation, it would lead to high inflation. So, it said ‘in order to prevent the inequitable distribution of the burden between different classes…practically every aspect of economic life will have to be so rigorously controlled by government that… freedom of enterprise will suffer a temporary eclipse.’ In other words, there was a general consensus between the captains of industry and the ‘socialist’ Nehru government on the path to be taken by post-Independent India. I am not going into the merits or demerits of this policy path; my only intention is to show that industrialisation was on top of everyone’s mind when India gained its freedom. There is little doubt that we faltered in that pursuit and there was a growing chorus in support of policy reform from the early 1980s.
Source: The tribune India
Back to Top
Notwithstanding the current headwinds and concerns over growth, the Centre is likely to remain fairly optimistic about economic prospects in the fiscal year 2023-24. According to initial projections being discussed by the finance ministry, the Centre could target a nominal GDP growth of about 11-12% in FY24 and expect gross tax collections to rise by 14-16% over FY23 Budget estimates. The projections, once finalised, will be part of the FY24 Budget. “The estimates are still under discussion but the thought process is that the economy will do better than the current fiscal as inflationary pressures are likely to ease with softening in global commodity prices as well as a more sustained recovery in economic activities,” said a source familiar with the development. The Budget had projected nominal GDP growth in FY23 at 11.1%, but given the elevated inflation, it is expected to be significantly higher at around 16-17%. The Reserve Bank of India (RBI) has forecast retail inflation at 5.2% in FY24, down from the 6.7% predicted for the current fiscal. Most agencies expect the country’s real GDP growth to fall in FY24 from the FY23 level (IMF from 6.8% to 6.1%, S&P from 7% to 6%, Moody’s from 7% to 4.8% and Nomura from 7% to 5.2%). However, the finance ministry is also upbeat about the economy and tax collections in the next fiscal. “Even with the lower inflation, it is felt that tax collections will register improved growth as economic activities normalise further post pandemic. Both direct as well as indirect tax mop-up are expected to register a robust growth in 2023-24,” said the source. Sunil Sinha, principal economist, India Ratings, said, “Inflation would be lower than this fiscal, but at the same time, the overall GDP is also unlikely to be as good as it is expected to be in 2023-24. Assuming that the real GDP is about 5.5-6% in 2023-24, then expecting a nominal GDP of about 12% is realistic.” The agency is yet to finalise its growth estimate for FY24. The FY23 Budget had pegged direct tax collections at `14.2 trillion and indirect tax nop-up at `13.3 trillion. The finance ministry expects the actual collections to be higher by about `4 trillion this fiscal than the Budget estimate. The growth in the Budget estimate for FY23 over the revised estimate for FY22 was marginal. Direct and indirect tax receipts are estimated to grow at 13.6% and 5.6%, respectively, in Budget estimate FY23 over their revised estimate in FY22. The Centre’s net (post-devolution) tax revenue increased by 11.2% between April and October 2022 to `11.7 trillion a year ago. More clarity on the Budget projections is expected in the coming weeks with the advance tax payment for the December 15 tranche and first advance estimates of GDP in January. The RBI’s monetary policy statement on December 7 will also provide revised estimates on GDP growth and retail inflation
Source: The financial express
Back to Top
Ludhiana is known for its hosiery and woolen products worldwide. The products manufactured here are exported and sent to Uttar Pradesh (UP), Jammu and Kashmir, Rajasthan, Madhya Pradesh and Bihar among others. Every year, the manufacturers wait for the winter season for orders, but this year, they are worried owing to “low sentiment” of buyers in addition to tough competition at the hands of the cut-and-sew industry coming up in UP and Bihar. In a cut-and sew industry, the labour gets the cloth, cuts and sews it for the market on cost-to-cost basis. Darshan Dawar, chairman, Ludhiana Woolen Manufacturers’ Association, said the season had never been so bad for the woolen industry as it was this year. “We are facing tough competition at the hands of the cut-and-sew industry in UP and Bihar. The labour engaged in the industry are Muslim families, with 8-10 persons in each family. They get the cloth, makes jackets, sweatshirts, etc and sells the products on minimal margins. Even though the margins are not high, they are able to sustain as they produce huge volumes,” Dawar said. Sudershan Jain, managing director, Oner, a clothing brand, said the season was low by about 20 per cent due to low sentiments of buyers after Covid. “The productions and sales are low till now, but the manufacturers are hopeful that by January and February, the sales will pick up owing to the wedding season and peak winters,” he said. One of the manufacturers said their production was about 6 lakh pieces per month, which had come down to 3.5 lakh per month. “Everything is on hold. There are many reasons for this slowdown, including overall market recession, competition with the China and Bangladesh markets, delayed winter season, etc,” he said.
Source: tribune India
Back to Top
The Parliamentary Standing Committee on Labour, Textiles and Skill Development recently submitted its 36th report on the implementation of the Pradhan Mantri Kaushal Vikas Yojana (PMKVY). It may be recalled that the PMKVY seeks to promote skill development by providing free training programmes and monetary rewards for obtaining skill certification. The aim of the programme is to remove the "disconnect between demand and supply of skilled manpower, building a vocational and technical framework, skill upgradation, building new skills and innovative thinking". A vision of a 'skilled India' is what is sought to be achieved. ndia is a country with about 65 per cent of its youth in the working age group. The only way we can possibly reap the demographic advantage is through skill development. As the standing committee report states, "It is acknowledged that skill and knowledge are the driving forces of economic development. With one of the youngest population levels, India can realise its demographic dividend through a workforce that is trained in employable skills and is industry-ready." The Ministry of Skill Development & Entrepreneurship (MSDE) has spearheaded PMKVY to drive the skilling programme across the country through the Pradhan Mantri Kaushal Kendras (PMKK), state-of-the-art training centres. The PMKVY scheme was launched in 2015 to encourage and promote skill development with an initial outlay of Rs 12,000 crore. The scheme was grant-based, providing free-of-cost training and skill certification in more than 1,800 job roles to increase the employability of youth. It was to be implemented through Centrally Sponsored Centrally Managed (CSCM) and Centrally Sponsored State Managed (CSSM) components. It is against this backdrop that the report makes significant reading. Currently, PMKVY 3.0 launched in January 2021 is in operation. The report highlights the fact that despite revisions in the scheme, the problems of the earlier versions persist. The report specifically highlights the underutilisation of funds. In the 3.0 version, only 72 per cent of the funds have been utilised. Thus, there has been low distribution and underutilisation of funds. The report has rightly pointed out that the success of the skilling programme depends entirely on the placement of skilled personnel. Under PMKVY 2.0, out of the 91.4 lakh candidates who were said to have been trained, only 21.3 lakh were placed. The ongoing version has an even poorer record — out of the 4 lakh trained, only 30,599 (8 per cent) have been placed. Obviously, either the training has made little difference to the skillset of the candidates or the or the skilling given is not in areas — in either case, it defeats the purpose of the scheme. The ministry, however, has in its report on impact assessment stated that there has been a 15 per cent increase in the mean monthly income of the trained candidates. The committee has not been too impressed with the ministry’s assessment. It observed that "the very purpose of imparting training and certifying the candidates is defeated when placement statistics is abysmally low". The need for the training programme to be aligned with industry needs cannot be over emphasised. Similarly, the report observes that gross underutilisation of funds undermines the intent of the scheme. It goes on to add, "Needless to say, the ministry ought to pay serious attention towards addressing the impediments so as to leverage the placement/self-employment of the trained/certified candidates to a sizeable extent as well as to maximise utilisation of earmarked funds." The committee has also commented on the high percentage of dropouts — nearly 20 per cent have dropped out after starting the training. The reasons ranged from the distance of the training centres from residential areas to the lack of accessibility to jobs. The report is significant in the context of the growing unemployment in India. As on Nov 22, as per CMIE, the unemployment rate was 7.72 per cent — up from the September rate of 6.43 per cent. (Unemployment rate is the percentage of people in the labour force who are unemployed, people who are willing to work but do not have a job). The unemployment rate was said to be 8.5 per cent in urban areas and 7.34 per cent in rural areas. The prime minister had in October announced a drive to fill up 10 lakh jobs. Appointment letters have been given to nearly 1,46,000 newly inducted appointees in two rozgar melas; the second mela was held on November 22. The PM highlighted the importance of skilling India's youth for a brighter future. "Today, we are emphasising the skill development of youth. Under the PMKVY, a huge campaign is going on to train youth according to the needs of the industries." The PM informed that 1.25 crore young people have been trained under the Skill India Abhiyan. The parliamentary committee’s report would suggest that the work to translate training into employable job is still some distance away.
Source: The Deccan herald
Back to Top
The Asia-Pacific region’s real wage growth has fallen this year due to severe inflationary pressure and a global slowdown in economic growth, according to an International Labour Organisation (ILO) report, which recently said the real wage growth in the region rose to 3.5 per cent in 2021, but slowed in the first half of 2022 to 1.3 per cent. Excluding heavy-weight China, the real wage growth in the region increased by much less, at 0.3 per cent in 2021 and 0.7 per cent in the first half of 2022. The severe inflationary crisis, combined with a global slowdown in economic growth—driven in part by the war in Ukraine and the global energy crisis—are causing a striking fall in real monthly wages in many countries, the report, titled ‘The Global Wage Report 2022-2023: The Impact of inflation and COVID-19 on wages and purchasing power’, said. The crisis is reducing the purchasing power of the middle class and hitting low-income households particularly hard, it said. Global monthly wages fell in real terms to minus 0.9 per cent in the first half of 2022, the first negative global wage growth recorded since the first edition of the Global Wage Report in 2008, the ILO report estimates. The striking fall in real wages in the last year of the series (2022) is mainly due to the increase in inflation that started in 2021 and has continued during 2022, it said. A cost-of-living crisis could well dominate wage trends until the end of 2023, the report added.
Source: Fibre2Fashion
Logistics networks in China mostly stayed resilient in November this year with major enterprises witnessing stable freight volume growth, said China Logistics Information Centre analyst Hu Han, while cautioning against the impact of COVID-19 as outbreaks in some major cities in late-November disrupted logistics services and brought down expressway traffic. A survey of some national logistics companies showed that their railway, road and waterway freight volume increased by 1 to 2 per cent month on month and e-commerce deliveries grew by 4 to 6 per cent, state-controlled media reported. The index tracking the warehouse storage sector dropped by 2.6 percentage points from the October figure to 44.1 per cent in November. The logistics climate index, compiled by the China Federation of Logistics and Purchasing, was 46.4 per cent in November, down by 2.4 percentage points from October. A reading above 50 indicates expansion, while a reading below reflects contraction.
Source: Fibre2Fashion
Vietnam textile sector to be more environment-friendly by 2030: VITAS
The Vietnam Textile and Apparel Association (VITAS) has set a target of helping the country’s textile and garment industry turn more environment friendly by 2030, by which the industry plans to reduce energy consumption by 15 per cent and water consumption by a fifth. In recent years, textile, garment and footwear firms have paid special attention to green growth. Apart from contributing to implementing the national strategy on green growth, a greener textile and garment industry fulfils the requirements of large textile and garment import markets in the world like the European Union (EU), said VITAS general secretary Truong Van Cam. Vietnamese textile-garment and leather-footwear firms need to raise the sustainability of their products for export to the EU after the European Commission (EC) proposed the goods must comply with ecological design criteria. This is an issue that businesses must focus on quickly deploying if they want to exploit markets like the US or EU and other large markets. This will also help businesses develop sustainably and reduce production costs, Cam was quoted as saying by a news agency. The industry's greening activities include replacing electric boilers, using rooftop solar power and reusing wastewater. A major barrier is the need for large investment, incentive policies and support.
Source: Fibre2Fashion
US economy grows steadily through fall, inflation eases a bit: Fed
A routine Federal Reserve (Fed) survey has found that the US economy grew steadily through the fall and inflation eased a bit, but many businesses expressed ‘greater uncertainty or increased pessimism’ about the outlook toward the end of the year. The survey, called the Beige Book, painted a somewhat cloudier view of the economy compared to earlier this year. The Fed said economic growth was ‘flat or up slightly’ since the last Beige Book report. More businesses said they were worried about a potential recession in 2023. Consumer spending held steady or even rose for services such as travel, but manufacturers turned in a mixed performance. Five regional Fed banks reported somewhat faster economic growth, but the rest either saw no increase or experienced slight declines. “The pace of price increases slowed,” in response to weaker demand and easing supply-chain bottlenecks, the Beige Book said. Retailers, in particular, had to cut price in some cases to sell off an excess of goods. Further progress was likely to be slow, however. “Inflation was expected to hold steady or moderate further moving forward,” it said. The increase in US inflation in the 12 months to October stood at 7.7 per cent—down from a 40-year high of 9.1 per cent in June.
The survey covers the duration from early October to the third week of November. The United States has 12 Federal Reserve banks blanketing the country.
Source: Fibre2Fashion
Turkiye's GDP rises by 3.9% YoY in Q3 2022
Turkiye’s gross domestic product (GDP) with chain-linked volume index increased by 3.9 per cent in the third quarter (Q3) this year compared with the same quarter last year. The GDP was 4 trillion 258 billion 168 million TRY at current prices in Q3 2022. Export of goods and services increased by 12.6 per cent, and imports increased by 12.2 per cent during the quarter. Financial and insurance activities increased by 21.6 per cent in Q3. The value added increased by 0.3 per cent in the industry. Seasonally- and calendar-adjusted GDP decreased by 0.1 per cent in Q3 2022 compared with the previous quarter. Calendar-adjusted GDP increased by 3.6 per cent compared with Q3 last year. The country’s GDP increased by 120.5 per cent at current prices and reached 4 trillion 258 billion 168 million TRY.
Source: Fibre2Fashion
For decades, the Chinese central government has been the main driver of China-Africa diplomacy, pumping billions of dollars into the continent’s infrastructure and trade. But while it retains control over foreign policy agenda and direction, the central government is now empowering local and provincial authorities and their companies to spearhead the next phase of China-Africa trade. One of the provinces at the centre of China-Africa trade is Zhejiang, a coastal province in eastern China home to companies that have built warehouses, industrial parks and e-commerce infrastructure in African countries. Last week, Chinese companies in Zhejiang announced a plan to bankroll 26 projects in Africa worth US$8.1 billion in a bid to boost trade with the continent. The projects included a 1 billion yuan (US$140 million) by Zhejiang Gezhi Trading, a subsidiary of Merit Link Group, and Zhejiang Yingfan Trading to build an overseas warehouse for Merit in Algiers, the capital of Algeria. The Jinhua city government said the facility was expected to serve the company’s operations in the Middle East, North Africa, and Central and Southern Africa. The deal was signed last week during the 2022 China (Zhejiang) Forum on China-Africa Economic and Trade Relations and the China-Africa Cultural Cooperation and Exchange Week in Jinhua, Zhejiang province. The event attracted 400 delegates from China and 47 African countries. Lauren Johnston, a China-Africa researcher at the South African Institute of International Affairs, said Zhejiang was among China’s richest and leading provincial hub for private-sector small and medium enterprises (SMEs) and also “one of China’s richer and more freewheeling and experimental provinces”. She said it was also home to Yiwu, the consumer goods centre that attracted hundreds of thousands of in-person and online traders from across Africa and the Middle East. Further, e-commerce giant Alibaba and its global digital commerce promotion institution, the electronic World Trade Platform (eWTP), were based in Zhejiang, with eWTP hubs in Ethiopia and Rwanda, Johnston said. Yun Sun, head of the Stimson Centre’s China programme in Washington, said Zhejiang had a long history of pushing for economic engagement with Africa. “Given Zhejiang’s industrial endowment and its prioritisation of foreign trade, this should not come as a surprise,” she said. However, Sun said “the challenge is whether China could break free from the self-imposed Covid-19 restrictions”. “At the current rate, China’s priority will have to be domestic economic growth and social stability,” Sun added. David Shinn, an expert on China-Africa relations at George Washington University’s Elliott School of International Affairs, said Chinese provinces had a history of engaging with other countries, especially in trade, investment, education, tourism, and culture. “Beijing has encouraged these contacts but retains control over foreign policy,” Shinn said. Shinn said Zhejiang had been especially active in Africa, with Zhejiang Normal University a leader in education cooperation as both the base of the Institute of African Studies and having trained more than 8,000 African students. “Zhejiang has a tourism exchange programme with Zimbabwe, Tanzania, and Ethiopia,” he said. However, Shinn said “if past practice is an indication, not all of these projects will materialise, but they nevertheless represent a significant investment”. “The ultimate goal of most Chinese provincial engagement in Africa is to make a profit.” In a recent report co-authored by Beijing-based consultancy Development Reimagined, the China-Africa Business Council (CABC) said Zhejiang had adopted a “bottom-up” interaction mechanism to promote China-Africa cooperation with the strong involvement of civil forces, including private companies, service centres, research institutes, and local chambers of commerce. In addition, as one of the first provinces in China to start implementing e-commerce, Zhejiang has also highlighted e-commerce and overseas warehousing in its cooperation with Africa. The total trade between Zhejiang and Africa reached US$43.4 billion in 2021, an increase of 17.2 per cent over 2020, placing it among the top trading partners with Africa. CABC’s report said that as one of the key manufacturing hubs and textile centres in China, Zhejiang had diverse exports to Africa, from light industrial products to a combination of mechanical and electrical products, car parts, and other industrial products. “Zhejiang imports not only commodities from Africa but also more value-added products, such as red wine from South Africa and coffee from Ethiopia,” the report said.
Source: The Scmp
Back to Top
Bangladesh's apparel shipment to US, the country's single largest export destination, rose 50.98 percent year-on-year to $7.55 billion during January-September this year, the US Office of Textiles and Apparel (OTEXA) said. With an 8.54 percent export share, the country remained the third largest apparel import source for the US. In the first nine months of this year, the US imported apparel worth $69.27 billion from around the world, reporting a 34.61 percent rise year-on-year, according to OTEXA. During January-September of 2022, US imports from China, the largest supplier of apparel to the North American country, grew 22.48 percent to hit $17.72 billion.At the same time, imports from Vietnam stood at $14.59 billion, posting an 18.51 percent year-on-year growth, OTEXA said."While China and Vietnam had the larger share of the US' total apparel import, Bangladesh saw better export growth than these countries," Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Md Mohiuddin Rubel said. "This positive trend is a result of our management of the Covid situation and the post-Covid measures that we took. Also, we did well in the area of compliance. That is why the US sourced more from us. Also, the country shifted its sourcing focus from China to different countries, including Bangladesh," he added. Among the top 10 apparel suppliers to the US, imports from India, Indonesia, Cambodia, Pakistan, and South Korea grew 53.39 percent, 54.66 percent, 46.58 percent, 40.11 percent, and 39.61 percent per cent year-on-year, respectively.
Source: The unb
Back to Top
The exporters Sunday demanded immediate refunds of Rs200 billion from Federal Board of Revenue (FBR) to avoid units closure amid liquidity crunch. Talking to a delegation of exporters led by Kaleem Ullah Anjum, Coordinator to Federal Tax Ombudsman Meher Kashif Younis said Pakistan textile industry is likely to lose global markets because of various taxes, levies, presumptive taxes and surcharges, making the exports 10 percent costlier against the regional competitors hence, it’s the dire need of the hour that government must adopt pro-exports policy to boost the exports manifolds. Meher Kashif Younis said with the withdrawal of zero rated regime and the implementation of a 17 percent GST on export oriented sector, the cost of doing business has increased to unsustainable levels. Expressing concern over unnecessary delay in payment of exporters’ sales tax refunds, after witnessing a historic hike, the textile exports fell by 15.23 percent in October mainly because of the exporters were experiencing an extreme liquidity crunch. He said textile exports are expected to increase from $19.35 billion to $25 billion this year and $50 billion over the next half decade. He said as the stuck up refunds and tax credit of export oriented industries swelled to over Rs200 billion in the current fiscal year, if not cleared timely, will cause closing down textile units as severe liquidity crunch made it impossible to continue their operations in these odd circumstances. He said data showed the refund payment order worth Rs45 billion is pending since Oct 16 with FBR while deferred sales tax refund edged upto Rs55 billion in the last half year.
Source: The nation
Back to Top
