NATIONAL
Rimtex to showcase technological solutions at India ITME 2022
INTERNATIONAL
Rimtex, one of the leading suppliers of textile machinery equipment and accessories in the Indian market, will be showcasing its innovative and future-oriented technological solutions at India ITME 2022 to be held at the India Exposition Mart Ltd, Greater Noida from December 8-13. Rimtex will present its products in Hall – H10, Booth – A12. At India ITME 2022, Rimtex will be showcasing its entire range of products, and will let the visitors understand and experience the innovations. Rimtex is a leading spinning can supplier in India and is recognised for its continuous innovation and market-enhancing technological solutions. It is the only company that holds patents for spinning can design – its UCC, ASH, DUO and SUMO spinning cans are creating waves across the spinning industry in the world, the company said on its website. The company’s other products include material handling systems like trolleys and crates. Recently Rimtex entered the industry 4.0 arena with the concept of Sliver Intelligence, known as Wizcan. Also, at ITM 2022 in Turkey, it unveiled the Motorised Sliver can Movement vehicles, and entered the intra-facility locomotive market. India ITME 2022 is a one-stop platform for engineering solutions and technology for the textile industry. It is expected to host more than 1,800 exhibitors in 22 Chapters and over 1,50,000 visitors over the 6 days.
Source: Fibre2Fashion
Though the cost of living deteriorated in the aftermath of the global mayhem, India is still performing significantly better relative to nations ‘supposed to be the epitome of sound macro management’, a State Bank of India report said. Despite global uncertainties, India seems to have done quite well in managing cost of living compared with others, it noted. The US job market is still quite strong and the Federal Reserve may have to do a little more rate hikes to have a firm grip on labour market, SBI said in its latest Ecowrap report. India remained remarkably resilient with 72 per cent of the $14.7 billion capital outflows till July 29 in fiscal 2022-23 having already been recovered. Portfolio inflows in FY23 in November have been strong at $4.1 billion and are still counting.
Source: Fibre2Fashion
A World Bank report published last week revealed that remittance flows to India from its migrant workers are on track to gain 12 per cent to reach a record USD100 billion for the year. Remittance growth in 2021 from a year earlier was 7.5 per cent. That puts its inflows far ahead of Mexico (USD60 billion), China (USD51 billion), the Philippines (USD38 billion), Egypt (USD32 billion) and Pakistan (USD29 billion), positioning the country to retain its spot as the world's top recipient of remittances. Such foreign remittances make up almost 3 per cent of India's GDP. At a regional level, remittances to South Asia grew an estimated 3.5 per cent to USD163 billion in 2022. However, there is large disparity across countries. While remittances to India is projected to increase 12 per cent, Nepal's will only grow 4 per cent and the remaining countries (Including Sri Lanka, Pakistan and Bangladesh) is expected to see an aggregate decline of about 10 per cent. The easing of flows reflects the discontinuation of special incentives some governments had introduced to attract flows during the pandemic, as well as preferences for informal channels offering better exchange rates. 2022 also marks the year several short-term and longer-term trends that were obscured by the pandemic were catalytic in stimulating remittance flows to India. Firstly, it was observed that there was a gradual shift in Indian migrants' key destinations from largely low-skilled, informal employment in the Gulf Cooperation Council (GCC) countries to a dominant share of high-income countries like the United States, United Kingdom and Asia-Pacific countries such as Singapore, Japan, Australia and New Zealand. Between 2016-17 and 2020-21, the share of remittances from the United States, United Kingdom, and Singapore increased from 26 per cent to over 36 per cent, while the share from the 5 GCC countries (Saudi Arabia, United Arab Emirates, Kuwait, Oman, and Qatar) fell from 54 to 28 per cent. With a share of 23 per cent of total remittances, the United States surpassed the United Arab Emirates as the top source country in 2020-21. About 20 per cent of India's emigrants are in the United States and the United Kingdom. According to the US Census, of the approximately 5 million Indians in the United States in 2019, and the Indian diaspora in the United States is highly skilled with 43 per cent of Indian-born residents of the United States had a graduate degree, compared to only 13 per cent of US-born residents. The structural shift in qualifications and destinations has accelerated growth in remittances tied to high-salaried jobs, especially in services. During the pandemic, Indian migrants in high-income countries worked from home and benefitted from large fiscal stimulus packages. Post-pandemic, wage hikes and record-high employment conditions supported remittance growth in the face of high inflation. Secondly, the economic conditions in the GCC (30 per cent share of India's remittances) also played out in India's favour. The majority of the GCC's Indian migrants are blue-collar workers who returned home during the pandemic. Vaccinations and the resumption of travel helped more migrants to resume work in 2022 than in 2021. GCC's price support policies kept inflation low in 2022, and higher oil prices increased demand for labour, enabling Indian migrants to increase remittances and counter the impact of India's record-high inflation on the real incomes of their families. Thirdly, Indian migrants may have taken advantage of the depreciation of the Indian rupee against the US dollar (10 per cent between January and September 2022) and increased remittance flows. On a global level, the rise of global remittance flows is predicted to be 4.9 per cent in 2022. Remittance flows to developing regions were shaped by several factors in 2022. Besides the determination of migrants to help their families back home, a gradual reopening of various sectors in host countries' economies expanded many migrants' income and employment situation. On the other hand, rising prices adversely affected migrants' real incomes and remittances. Growth in remittances is expected to moderate to 2 per cent in 2023, as GDP growth in high-income countries continues to slow. Downside risks remain substantial, including a further deterioration of the war in Ukraine, volatile oil prices and currency exchange rates, and a deeper-than-expected downturn in major high-income countries. For South Asia, remittance flow is predicted to slow to 0.7 per cent. Remittance costs remained high during the second quarter of 2022, at twice the Sustainable Development Goal (SDG) target of 3 per cent. According to the World Bank's Remittance Prices Worldwide Database, the global average cost of sending USD200 was 6 per cent in the second quarter of 2022, not very different from a year previous. Among developing country regions, the cost was lowest in South Asia, at about 4.1 per cent, while Sub-Saharan Africa continued to have the highest average cost, about 7.8 per cent. Migrant workers play an important role in the economy of their host country and this is something the World Bank feel is important and that host countries should have policies to help them. "Migrants help to ease tight labour markets in host countries while supporting their families through remittances. Inclusive social protection policies have helped workers weather the income and employment uncertainties created by the COVID-19 pandemic. Such policies have global impacts through remittances and must be continued," said Michal Rutkowski, World Bank Global Director for Social Protection and Jobs.
Source: Business-standard
North India’s cotton yarn market witnessed a bearish trend today as cotton prices were not feasible for the textile industry. Buyers are following the wait and watch approach and avoiding bulk buying. Yarn prices declined in Delhi as weaving industry was cautious about buying. Panipat’s recycled yarn was stable, but cotton comber and recycled fibre eased. In Delhi, the demand for cotton yarn from domestic and export markets was low. Cotton yarn eased by ₹5 per kg for most of the counts and varieties. “Every linkage of the textile value chain remained in the wait and watch mode. They are waiting for raw materials prices to go down. Buyers are only buying yarn to fulfil their immediate needs,” a Delhi-based trader told Fibre2Fashion. In the Delhi market, 30 count combed yarn was traded at ₹290-295 per kg (GST extra), 40 count combed at ₹320-325 per kg, 30 count carded at ₹270-275 per kg and 40 count carded at ₹305-310 per kg, according to Fibre2Fashion’s market insight tool TexPro. Ludhiana market’s cotton yarn prices were steady as mills and traders were following the wait and watch approach. A trader from Ludhiana market said, “The textile value chain is still uncomfortable from costlier cotton and poor demand.” In the market, 30 count cotton combed yarn was sold at ₹285-295 per kg (GST inclusive). 20 and 25 count combed yarn were traded at ₹275-285 per kg and ₹280-290 per kg respectively. Carded yarn of 30 count was steady at ₹260-270 per kg, as per TexPro. Panipat’s recycled yarn market was stable, but trading activities improved due to the wedding season. According to a trader, yarn prices are unlikely to improve in the region, but demand was looking better as wedding season has boosted the money flow. Recycled polyester fibre weakened after the price cut announced by Reliance Industries Ltd (RIL). 10s recycled yarn (white) was traded at ₹90-95 per kg (GST extra). 10s recycled yarn (coloured - high quality) was traded at ₹105-110 per kg, 10s recycled yarn (coloured - low quality) at ₹80-85 per kg and 20s recycled PC coloured (high quality) at ₹105-110 per kg. 30 recycled PC coloured (high quality) ₹145-150 per kg. 10s optical yarn was priced at ₹100-110 per kg in the market. Comber prices were ruling higher at ₹148-150 per kg. Recycled polyester fibre (PET bottle fibre) was at ₹75-77 per kg. Cotton comber was traded slightly higher due to poor supply and recycled polyester fibre eased by ₹2 per kg. North India’s cotton prices eased by ₹200-250 per maund of 37.2 kg in the last couple of days. The arrival was noted at 23,000 bales of 170 kg in north India. According to local traders, farmers were reluctant to sell their crop at the current low prices. Muted demand from the garment industry is not supporting the current cotton prices. Cotton was traded at ₹6,550-6,625 per maund in Punjab, ₹6,450-6,550 per maund in Haryana and ₹6,700-6,750 per maund in upper Rajasthan and ₹64,000-67,000 per candy of 356 kg in lower Rajasthan.
Source: Fibre2Fashion
The Free Trade Agreement (FTA) between China and Mauritius has failed to boost mutual trade between the two countries. China’s apparel and home textile exports to Mauritius have remained low despite the FTA that came into effect in January 2021. Traditionally, China is an exporter country for Mauritius with respect to apparel and home textiles trade. China’s home textile exports to the country were recorded at $10.851 million in H1 2020 which came down to $6.722 million in H1 2022. The shipment stood at $8.261 million in H2 2020, $5.492 million in H1 2021, $9.814 million in H2 2021 and $6.722 million in H1 2022. The FTA came into effect in H1 2021 when the exports fell compared to the preceding periods. The annual exports amounted to $15.306 million in 2021, $19.112 million in 2020, $14.270 million in 2019, $14.409 million in 2018 and $12.870 million in 2017. The country exported home textiles worth $12.552 million to Mauritius in the first ten months of this year, according to Fibre2Fashion’s market insight tool TexPro. China does not import home textiles from Mauritius in significant quantities. China’s apparel shipment to Mauritius was at $4.830 million in H1 2020 which came down to $2.519 million in H1 2022. The shipment amounted to $4.536 million in H2 2020, $4.638 million in H1 2021, $3.071 million in H2 2021 and $2.519 million in H1 2022. Apparel exports amounted to $7.710 million in 2021, $9.367 million in 2020, $16.011 million in 2019, $19.290 million in 2018 and $9.635 million in 2017. The shipment peaked in 2018, years before the FTA was implemented, and continued to go downwards in the following years. Apparel exports from China to Mauritius were recorded at $4.846 million in the first ten months of 2022, as per TexPro.
Source: Fibre2Fashion
China’s road logistics price index has remained stable as it stood at 103.3 in November 2022, which is a 1.8 per cent year-on-year (YoY) increase, as per a survey carried out by the China Federation of Logistics and Purchasing and the Guangdong Lin’an Logistics Group. The country’s sub-index for full truckload logistics price—mainly measuring bulk commodity and regional transport—jumped 1 per cent YoY to 102.9, according to various Chinese media reports. Stable prices in November 2022 were ascribed to different causes such as the market regulation mechanism and promotion of e-commerce shopping. However, excessive market capacity and demand slowdown were also noted.
Source: Fibre2Fashion
BGMEA President Faruque Hassan called on Custom House to deliver faster and more simplified services to RMG exporters. “Given the stiff competition in the global apparel market, shorter lead time will help RMG factories to become more competitive in the export market. If custom clearance procedures are made more simplified and quicker, it will save time in shipping export goods,” he said during a meeting with AKM Nurul Huda Azad, Commissioner, Custom House, Dhaka. BGMEA Directors Asif Ashraf, Abdullah Hil Rakib, Additional Commissioners of Custom House, Dhaka Kazi Farid Uddin, and Md. Moshiur Rahman were also present at the meeting held at the Custom House on December 4. They discussed issues related to the RMG industry, particularly the problems being faced by RMG exporters with regard to custom house services. BGMEA President Faruque Hassan said the RMG industry has set a target of achieving 100 billion dollars from exports by 2030, the journey of which requires holistic approach and support from the government. “As we are aiming higher growth to increase our global market share in the coming days, faster and easier import-export services will be required to reduce lead time and cost,” he said. He sought all-out support from the Custom House to take the RMG industry to a new high. Custom Commissioner Nurul Huda Azad listened took note of the issues discussed in the meeting and assured of cooperation and support in this regard.
Source: Textile today
