MSMEs’ share in India’s exports till August in current fiscal nears FY22 level: Govt data
Rising rates may pose risk to MSME loan portfolio
India ITME 2022 showcases over 1,600 machines & 69 products
Indian Prez gives Energy Conservation award to Zenitex's Viral Desai
India's export destinations: Netherlands and Brazil leapfrog ahead
India, Australia aim to finish trade talks by September
Centre, Punjab split over textile scheme
Is trade fragmentation a cause for concern?
Tamil Nadu to set up six thematic industrial parks to support MSMEs: Report
How economic headwinds are keeping Indian businesses from expanding their exports
Final Review: Empowering Textiles – India ITME 2022
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NATIONAL
The share of MSME exports in the country’s total exports stood at 42.67 percent as of August 2022 in the current fiscal, nearing the FY22 share of 45.03 per cent, according to the data from the Directorate General of Commercial Intelligence & Statistics shared by the minister of state for MSMEs Bhanu Pratap Singh Verma in a written reply in Rajya Sabha on Monday. India’s overall exports (merchandise and services combined) for the April-August 2022 period was estimated to be $311.82 billion, up 19.72 per cent over the same period last year, according to a commerce ministry statement. However, the FY22 exports share of MSMEs was down from 49.35 per cent share in FY21 and 49.77 per cent in FY20 even as India’s total exports jumped to $669.65 billion in FY22 from $497.90 billion in FY21. “Commodity prices and commodity exports including petroleum, steel and other metals, and food grains have jumped record high recently. In these segments MSMEs are not the key players while non-MSME exporters account for exports of petroleum products, steel, food grains etc., who have probably done exceptionally well and hence the overall share of MSME exports has come down due to this,” Ajay Sahai, Director General & CEO, Federation of Indian Export Organisations had recently told FE Aspire. Nonetheless, MSME exports had increased by 21.8 per cent from $155.9 billion during FY20 and 31.9 per cent from $143.9 billion during FY21 to $190 billion during FY22, according to the data shared by Verma in July this year.Among the top 10 export destinations for Indian MSMEs in FY22 were the US ($54.7 billion), UAE ($13.4 billion), Hong Kong ($9.93 billion), the UK ($7.54 billion), Germany ($7.19 billion), China ($5.16 billion), Belgium ($4.73 billion) France ($4.20 billion), the Netherlands ($4.24 billion), and Italy ($3.84 billion).
Source: financial express
A rising interest rate may pose a risk to the micro, small and medium-sized enterprises (MSME) portfolio of lenders considering that a floating interest rate is applicable to these borrowers, say analysts. “A lot of MSMEs are operating in the export market. So, if there is a slowdown in the global economy, these entities could see an elongation of working capitals or a decline in their revenues,” said Anil Gupta, Senior Vice President & Co-Group Head, ICRA. “Rising interest rate would have a larger impact on MSMEs because unlike in the case of most retail loans, MSME loans are linked to a floating interest rate,” he added. These comments come when a recent report from CRISIL Ratings indicated that around 43% of MSMEs would be unable to return to their pre-Covid-19 margins in 2022-23(April-March) due to high inflation, high interest rate, and depreciating rupee. “MSMEs typically sit at the lower end of bargaining power and for them, passing on higher costs emerging due to higher interest rates is always behind the curve,” said Siddharth Mahanot, co-founder, Indifi Technologies. In fact, bank loans to micro and small enterprises rose 20.4% year-on-year in September. Loans to medium enterprises rose 31% year-on-year. The MSME sector’s total loan demand is pegged at Rs 69.3 trillion, with less than 15% of the demand being catered to by the formal lending segment, a recent press release by venture capital firm BLinC Invest showed. Nevertheless, more private banks and non-bank lenders are likely to consider lending to the default-prone MSME sector going ahead, the press release said. All in all, bankers remain confident that the stress in their MSME portfolio will be limited as they banks have not completely passed on Reserve Bank of India’s (RBI) repo rate hikes on to their borrowers. “Since June, the repo rate has gone up by 2.25%, but the effective interest rate hike to an MSME is only 1-1.25%. So, the hike interest rate has not come as a sudden shock to customers,” said Shyam Mani, head-non-resident Indian and small, and medium-sized banking, CSB Bank.“So, as of now, we are not seeing any risk as far as the portfolio is concerned. We are not seeing any trend of customers moving into special mention accounts as of now,“ he added. Nevertheless, analysts remain cautious on the impact of the rising interest rates and broader macro-economic environment on asset quality on lenders. “The last few rounds of interest rate increases have been absorbed without any significant impact on MSMEs cashflow. But further rate increases in future can cause stress resulting in more pre-closures and balance transfers,” Anuj Pandey – chief risk officer, U GRO Capital said.
Source: financial express
The India International Textile Machinery Exhibition (ITME) 2022, a leading textile engineering and technology B2B exhibition hosted at India Expo Centre and Mart in Greater Noida, UP, showcased over 1,600 machines and unveiled 69 new products with participation from 68 countries. Around 87,400 unique visitors, totalling 1,10,000 footfalls over six days, enjoyed an array of activities at the venue. Concurrent programmes included technical discussions, CEO conclaves, industry awards, a wildlife photo gallery, alumni meetings, and government-industry interactions, which enhanced the experience of participants, according to a press release by India ITME. After a gap of six years, the event recorded a high flow of quality visitors which included industry members, technocrats, academicians, students, and government officials apart from delegations from 13 countries led by senior officials who are looking to engage with India as a sourcing and trade partner for developing their textile industry. The event was inaugurated on December 8, 2022, with a traditional Indian lamp lighting ceremony as well as Ganesh Vandhana and singing of the national anthem attended by S Hari Shankar, chairman, India ITME Society; Ketan Sanghvi, honorary treasurer; Sanjay Jayavarthanavelu, chairman and managing director, Lakshmi Machine Works Ltd, and past chairman; Sanjiv Lathia, past chairman; Anuj Bhagwati, chairman and managing director, ATE; and Rakesh Kumar, chairman, India Exposition Mart Ltd along with other dignitaries. The high-profile technology and engineering exhibition for textiles witnessed participation from leading Indian institutes for textile engineering such as the Veermata Jijabai Technological Institute (VJTI) Mumbai and DKTE Ichalkaranji where Memoranda of Understanding (MoU) were signed for knowledge exchange with the Swiss Textile Machinery Association and Italian Textile Machinery Association, paving the way for collaboration not only in business but also in technical education. Eminent panellists from Aachen University, Germany, professor Thomas Gries, chairman, ITA, RWTH; Philipp Huber, RWTH Aachen; Kumar Jois, RWTH Aachen; Shantanu Bhat, RWTH Aachen; Gözdem Dittel, RWTH Aachen; and Justin Kühn, RWTH Aachen, flew down to speak on the latest technology topics. Other renowned speakers included Uday Gill, CSO, Indorama; Dr. PKC Bose, MD, Enercon Braz Costa, CITEVE, Portugal; Gurudas Aras, strategic consultant; Ranjit Sasi, India head, Reverse Resources; Khusbhu Maheshwari; Anurag Gupta, MD, Usha Yarns; Dr. Asim Tewari, IIT B; Dr. Rajalakshmi Natarajan, IIT Dharwad, Saatchi Doshi, Programme; Devyani Hari, director of the Centre for Responsible Business (CRB); Dr. Mohit Raina, Raina Industries Pvt Ltd; Dr. Asim Tewari, IIT Bombay; and Prashant Agrawal, Wazir Advisors. The topics discussed by the speakers included Transformation through Collaboration to Achieve Sustainability; Hydrogen Storage Systems–Trends in Europe and India; Role of Carbon in Fuel Cell Technology and Energy Conversion Devices; Fibre-based Materials for Future Energy Applications; From Fibres to Component: What Hydrogen Storage Technology has to do with Textile Technology?; Composites and Technical Textiles for Energy Efficient Building; Multifunctional Textile Reinforced Concrete Structures for Building Applications; Strategic Innovation in Textile Value Chain; Need of Composites in the Energy Sector; Learnings from the Transformation in the Apparel and Textile Industry in Portugal; and Accelerating Innovations for Circular Textiles. India ITME Society facilitated an interaction between industry and policy makers through the CEO Conclave coordinated by Avinash Mayekar, Suvin. This session was attended by Rohit Kansal, IAS, additional secretary, ministry of textiles, government of India (GoI); P Sathasivam, ex-chief justice of India and former governor of Kerala; Prajakta L Verma, IAS, joint secretary, ministry of textiles, GoI; Rajeev Saxena, joint secretary, ministry of textiles, GoI; and Roop Rashi Mahapatra, textile commissioner, GoI. The industry sectors were represented by T Rajkumar, chairman, Confederation of Indian Textile Industry; M Sankar, president of textile machinery division (TMD) (operations), Lakshmi Machine Works Limited; and Arun Kumar Garodia, chairman of the Engineering Export Promotion Council of India (EEPC). The six-day event carried forward its theme ‘Empowering Textile Through Technology’ by encouraging indigenously developed innovations and research by Indian companies. ‘Appreciating the Best of the Industry’, which is the second edition of ITME awards, felicitated companies like Lakshmi Machine Works Ltd (LMW), Rabatex Industries, Texfab Engineers (India) Pvt Ltd, ColorJet India Ltd, Lakshmi Card Clothing Manufacturing Company Private Limited, and SA Pharmachem Pvt Ltd for their quality products. Giving importance to gender equality, women entrepreneurs were also lauded for their success in an industry dominated by men. Deepa A Kumar, founder and managing director, Yashram Lifestyle Brands Pvt Ltd and Neha Jhunjhunwala, director, Sarla Performance Fibers Ltd, were selected for the women entrepreneurship award. Proving to be a responsible industry body, India ITME Society not only encouraged modern innovations and technology but also provided inspiration for the traditionally skilled artisans of the nation. Santoshi Kewat, master weaver, Maheshwari Creations, Madhya Pradesh, and Kumari Raita, Soura Development Agency, Odisha, were felicitated for the categories of the Best Master Weaver and Restoring Traditional Skills, respectively. Dr. Rekha Ramakrishnan of the Sasmira Institute was felicitated under the category of Research Excellence. The jury panel consisted of stalwarts of the Indian industry—Uday Gill, group chief strategy officer, Indorama Ventures Ltd; Updeep Singh, president and CEO, Sutlej Textiles and Industries Ltd; Manohar Samuel, advisor, R&D, Reliance Retail; Gurudas V Aras, India consultant to the ITA group, Germany; R Anand, partner, Eastern Engineering Company; Dr. Manisha Mathur, joint director, Sasmira; Sanjiv Lathia, past chairman of India ITME Society; Ketan Sanghvi, honorary treasurer; and Hari Shankar, chairman, unanimously recommended SP Oswal for the honour of the ‘Textile Maestro of Industry’. A technical symposium by VJTI, Mumbai on the theme of ‘Reduce-Reuse-Recycle: State of the Art in Textile Sector’ was well appreciated and received by officials as well as the industry. ITME 2022 offered a platform for showcasing pan-India culture, including North Eastern folk art music and dance performances combined with a live music event and fashion show displaying Maheshwari sarees created using traditional handlooms by women master weavers of Madhya Pradesh. The platform gave global exposure to Indian handicrafts and traditional rural artisans. The work of well-known wildlife photographer Hari Santharam was also on display at the exhibition, added the release. The six-day marathon event has set the foundation for the upgradation and modernisation of the textile industry of India, which is the second largest employment generation sector after agriculture. It also has motivated and enhanced the confidence of the Indian textile engineering industry to cater to the demands of the domestic as well as global market. Showcasing the digital prowess of India, this edition of India ITME digitalised all its services and provided event catalogues, visitor guides, help desk assistance, the exhibitor manual, etc digitally to reduce paper usage due to printing.
Source: Fibre2Fashion
Zenitex’s Viral Desai, known as the greenman, has been awarded the National Energy Conservation Award 1st prize in the textile sector. NECA is the highest honour in the field of energy conservation in the country. This prestigious award given by the ministry of energy was presented to him by President Draupadi Murmu at Vigyan Bhavan in Delhi. This is Viral Desai’s sixth National Award and third from the President of India. This national honour is awarded to people and organisations working for energy conservation in various sectors of the country, in which Viral Desai's company Zenitex from the textile sector got the first place from across the country, which spread a feeling of happiness in the textile sector in Surat and across Gujarat, the company said in a press release. In this regard, Viral Desai said, “Once again we got the first position in the field of textiles, which is cause for pride, for not only us, but the entire state of Gujarat. Finally, under the leadership of Prime Minister Narendra Modi, Gujarat is the first to make a solid start in the direction of renewable energy and energy conservation.” He further said, “India is going to be a role model for the whole world in terms of energy conservation and climate change in the coming years. So, it is a matter of great pride that we are getting an opportunity to contribute to this great cause in this era of Amrit Kaal.” It is worth mentioning that Viral Desai has already received four awards for his commendable work in the field of environment and energy conservation, in which he stood first in the country thrice. Many international organisations have also honoured him with international honours. The 'Satyagraha Against Pollution and Climate Change' campaign launched by him received tremendous response at the national level.
Source: Fibre2Fashion
Netherlands and Brazil have jumped ahead from their previous positions on India's list of export destinations in the ongoing fiscal, a TOI report showed. Citing commerce department data, the report highlights that the Netherlands is now India's third-largest export destination. Brazil, India's 20th biggest export destination between April and October 2021, is currently in the eighth position. US & UAE remain on top. Exports to Tanzania have grown three times to $2.4 billion in the ongoing fiscal so far. Over 80% in exports from India are on account of more petrol and diesel shopped to the African nation. While India's total exports have risen 12.5% to over $263 billion, oil product exports have soared around 70%. While several countries have reduced their dependence on Russia-refined oil products, India, which has seen a sharp spike in crude imported from Russia, is seen to be processing it and exporting to many countries, especially in Europe. India's exports saw a marginal growth of 0.6 per cent to USD 32 billion in November, according to the data released by the government. Exports of the country stood at $31.8 billion in November last year. Imports rose 5. 4 per cent to USD 55. 9 billion in November as compared to $53 billion in the corresponding month a year ago, the data showed. Trade deficit widened to $23. 9 billion during November month. India's overall export, which included both merchandise and services, stood at USD 58.22 billion in November, which showed a 10 per cent growth over the same period last year.
Source: Economic Times
With the interim trade deal between India and Australia set to come into force on 28 December, the two countries are aiming to complete negotiations for the Comprehensive Economic Cooperation Agreement (CECA) agreement by September next year, two people aware of the development said.The September deadline for CECA negotiations with Australia gains significance as general elections in India, expected in 2024, could disrupt trade talks with a number of countries including Australia. Trade negotiations with the UK which were supposed to have been completed by Diwali this year were delayed due to political uncertainty in the UK.“The biggest threat to completing the deal before 2024 actually does not have anything to do with trade policy. There is a worry that the Indian system will lose its ability to engage during G20 (presidency) and once political parties start to move into campaign mode," the first person quoted above added.About 10 years after negotiations first started and then paused, both the countries managed to sign an interim trade deal this year. The India-Australia Economic Cooperation and Trade Agreement (ECTA) is expected to double trade between the two countries in the next five years. However, experts are of the view that a comprehensive trade deal would be crucial for Indian exporters to take better advantage of the free trade agreement with Australia. Australia is expected to seek more duty cuts on its wine from India in the CECA negotiations after China sharply raised tariffs on Australian wine. China raised tariffs on Australian wine by over 200% following tension between the two countries. “The duty structure decided on wine in the ECTA negotiations was pretty comprehensive. We are not looking to ease it further during the comprehensive trade negotiations. We aim to complete the CECA negotiations by the end of next year," the official said.As part of the interim FTA, Australia agreed to allow duty-free wine imports from India and in return New Delhi agreed to reduce tariffs on Australian wines with a minimum import price of $5 per bottle from 150% to 100%, and gradually to 50% in 10 years. Duty on bottles priced at $15 or more will be reduced from 150% to 75%, and to 25% over 10 years. “Anything that looks like it might have anything to do with farmers may become impossible. Australia is also unlikely to do a deal that doesn’t have something for farmers in it. So that is a risk of derailing. The fact that we have environmental and labour standards in other free trade agreements points to the fact that this is an important part of Australia’s trade policy," the first person aware of the development added.The labour-intensive Indian textile and apparel sector is set to gain big from the trade deal as the sector will enjoy zero-duty access to the Australian market.Queries sent to the commerce and industry ministry remained unanswered till press time.
Source: live mint
Punjab is unlikely to get a mega textile park under a central scheme to bring scale and efficiency in textile manufacturing, with the state and Centre yet to agree on making land available for the scheme. The Aam Aadmi Party (AAP) state government had planned the park near Mattewara forest in Ludhiana, but scrapped it later. A central government official said the state is yet to propose an alternative area. A Punjab government official said the state wants an assurance that it would get the park before it starts acquiring 1,000 acres, a key criterion under the ₹4,445 crore Mega Integrated Textile Region and Apparel (PM MITRA). “Punjab is yet to propose an alternative land parcel for a textile park. About 13 states have sent 18 proposals. Some states have proposed multiple land parcels and we will soon finalize seven parks," a central government official said. Among states that have shown interest are Andhra Pradesh, Assam, Gujarat, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana. Commerce minister Piyush Goyal recently indicated that the Centre may announce the names of seven parks after the winter session of parliament. “We have communicated our willingness to offer 1,000 acres of land for the textile park, but will they (central government) give us the textile park? We have given 2-3 options," an official with Punjab’s Department of Industries & Commerce said. “We had communicated to the central government that we will provide an alternative land parcel from the earlier one," he said. “What if we acquire 1,000 acres for the textile park and we are not given the park? We will be at a loss. The central government has to take a call if they will give us the textile park".
Source: live mint
The International Monetary Fund in its Regional Economic Outlook released recently has predicted trade fragmentation as a serious challenge that may have a huge implication on global trade, especially for emerging economies. Trade uncertainty has been witnessed over the last few years since the US-China trade restriction episode started in 2018. The Ukraine war has further exacerbated the situation with uncertainty over trade relations between countries, which may in turn change the trade episodes globally. The possible implications highlighted especially for Asian economies are sluggish investment, and an increase in unemployment affecting the labour market seriously.
Possible tools of trade fragmentation
The traditional trade policy tools may find their space again among trade relations in a different form, targeting those trade partners who are in an unfavourable group. This includes tariff, where the Government collects revenues from imported goods, export subsidies, where the payment to a firm or individual that ships goods abroad by origin country, import quotas, where only certain firms are allowed to import a certain amount of goods, export credit subsidies, which provide subsidised loans to aid exports, national procurement where the government or strongly regulated firms purchase domestically produced goods even if they are more expensive than imports and finally red-tape barriers which twist inter alia normal health, safety, and customs procedures to raise obstacles in trade. These tools may be reintroduced as “old wine in a new bottle”.
An analysis of possible implications
Economic theory validates the fact that free trade improves social welfare, makes exports cheaper, provides easier entry into export markets, ensures business stability and utilises a country’s comparative advantage through specialisation. Any distortion in the free trade scenario may have an effect on social welfare. At the same time, the price elasticity of demand and supply of goods and services may also have a key role in the context of trade fragmentation. The centrality and strategic importance of the particular industry from which goods are exported is indeed another key component. The key aspect is how intensive is a trade-related industry connected with other industries and what is the contribution of such an industry to domestic economic growth. The small and big economies’ impact due to trade fragmentation is another major area for investigation. The key aspect thus to be considered is would policy affects goods’ price, which feeds back onto the trade scenario. It indeed is interdependent on bargaining power in a trade agreement and what could a jurisdiction offer to foreign countries to lower your cost of trade with them. However, if there is a negative impact due to trade fragmentation, the social welfare and inequality aspect comes into the picture raising fiscal and public debt concerns.
How is India placed?
India has comprehensively embraced the strategy of Atmanirbhar Bharat with a key focus on improved productivity with leading firms across the world producing goods in India. India is also placed in a good geopolitical environment wherein it is open to all its trade partners in a favourable trade environment. The size of the Indian economy especially the economies of scale it enjoys in key items which are exported adds to its advantages. This is evident from India’s exports of merchandise and services performing robustly, overcoming to a great extent its widening trade deficit and an increase in net investment income payments over the last few years. The latest trend of exports from India specifically in August 2022 are mostly to the United States ($6.72 billion), United Arab Emirates ($2.82 billion), Netherlands ($1.34 billion), Brazil ($1.12 billion), and Turkey ($914 million). India imported mostly from China ($9.42 billion), United States ($4.74 billion), Saudi Arabia ($4.34 billion), Russia ($4.32 billion), and United Arab Emirates ($3.91 billion) according to OEC.world. The products exported were mostly petroleum products followed by pearl, precious and semiprecious stones, drug formulations, biologicals, gold and other precious metal jewellery, and iron and steel, in which India has a comparative advantage over other countries in processing and manufacturing of these commodities. The automotive sector which witnessed high growth over the years shall continue its economies of scale in its operation which may add to India securing comparative advantage over other economies in its export sector and so is its textile sector. The recent phenomena of trade emerging in the form of ‘value chain trade’, which significantly differs from conventional cloth-for-win trade; may have a vital role to play in future global trade strategy. India is slowly emerging as a key destination of this value chain strategy that cannot be undermined. The proposed trade fragmentation may have an insignificant impact on global value chain (GVC) strategy as India’s contribution is necessarily required for manufacturing competitive products. India’s competitiveness in its service sectors adds to its advantage. However, the impact of trade fragmentation on small Asian economies needs detailed examination for a plausible conclusion on the same. Another noteworthy fact is that pursuant to Covid 19 and Ukraine war, the fiscal scene of jurisdictions across the world has worsened due to expansionary fiscal policies coupled with high inflation due to the rise in oil prices. The trade fragmentation practices may further fuel this scenario to rise in prices of goods due to a shortage of competitive goods. Thus, the jurisdictions may necessarily have a second thoughts before devising fragmentation policies and the need of the hour should essentially be to enhance international competitiveness, expand market access and protect investment security across jurisdictions. The World Trade Organisation and other joint platforms like the G20 forum have thus a key role to play to address divergence of issues if any, among nations.
Source: financial express
Tamil Nadu Industrial Development Corporation Limited (TIDCO), a government agency for industrial development is looking at developing six thematic industrial parks in the state to support the micro, small and medium enterprises (MSMEs), as per a report by The Hindu citing B. Krishnamoorthy, Additional Secretary and Project Director, TIDCO. Speaking about the key projects at a conference on Aerospace and Defence Manufacturing Technologies on December 16, Krishnamoorthy said that the government will develop six parks – two in Chennai, three in Coimbatore and one space park at Kulasekarapattinam in Thoothukudi, according to the December 17 report. The conference was organised by the Tamil Nadu Technology Development and Promotion Centre of the CII (Confederation of Indian Industry). The official further informed that the state government, through SIPCOT (State Industries Promotion Corporation of Tamil Nadu Limited), currently had approximately 35,000 acres of land and was also considering acquisition of around 10,000 acres in the next five years to develop the six thematic industrial parks. “The creation of the thematic industrial parks will provide a plug-and-play ecosystem to the companies planning to expand or set up new facilities related to aerospace and defence manufacturing,” Krishnamoorthy said. M. Ponnuswami, chairman, MSME and Ease of Doing Business Sub-Committee, CII-Southern Region, said, “With the Atmanirbhar Bharat Mission, Tamil Nadu has been ranked no. 3 in the country in the ease of doing business. The possibilities of the state being ranked first in the coming years is higher as it supports the micro, small and medium enterprises in the aerospace and defence sector.” During the conference, Rajinder Singh Bhatia, president, defence, Bharat Forge, an automotive and defence industries forging company, and chairman of its aerospace subsidiary, Kalyani Strategic Systems said, “Five years ago, India had 6,000 start-ups, and not one of them was in the defence sector. Just last year, India had 9,000 start-ups, of which 900 were in the defence sector. This surge in the start-ups is due to The Innovations For Defence Excellence (iDEX) programme that changed the very landscape of this sector.” An initiative by the Union Ministry of Defence, iDEX aims to boost innovation and technology in Defence and Aerospace by engaging Industries including MSMEs, start-ups, individual innovators, R&D (Research and Development) institutes, etc. Meanwhile, the state government also announced that farmland would not be acquired to establish the industrial park in the Annur and Mettupalayam taluks of Coimbatore district amid local farmers’ protest, said The Hindu in another report on December 17.
Source: financial express
Indian companies are striving to expand their exports over the coming years, as the government focuses on trying to narrow the trade deficit and countries diversify their supply chains geographically. “I think there’s generally a realisation that India has to play a larger role in the global supply chain,” says Adarsh Sharma, managing director of consultancy Primus Partners. The coronavirus pandemic helped to accelerate this process, he says. However, India’s exporters are facing headwinds amid fears of a global recession and currency fluctuations, which could hamper businesses in the near term, analysts say. With India’s export contribution to global trade still relatively low, this leaves enormous scope for growth this decade. Merchandise exports from India have the potential to more than double to $1 trillion in 2028, up from $418 billion in the financial year to March 2022, according to Bain & Company. This is helped by factors including diversification, government initiatives to bolster manufacturing in the country and greater investment into the sector. Among the companies looking to capitalise on the opportunity is Godrej Process Equipment, which manufactures equipment for the oil and gas sector. The company is part of one of India’s oldest conglomerates, Godrej Group. “We have supplied to 36 countries so far and targeting to reach 40 by next year,” says Hussain Shariyarr, senior vice president and business head of Godrej Process Equipment. Exports make up about 40 per cent of the company’s business and the target is to eventually increase it to as much as 80 per cent, he adds. To help expand its exports, Godrej has invested in expanding its manufacturing facility in Dahej in the western state of Gujarat. “The business has been enhancing its capacity and capability to focus on and expand its global footprint,” Mr Shariyarr says, adding that the company’s exports slumped during the pandemic, but overseas business is recovering. “With the prospects of major global projects in the Middle East and America, we are gradually getting more export business,” he says. Along with industrial machinery, products including chemicals, pharmaceuticals, electronics, automotive and textiles will play a key role in India’s exports growth, according to Bain & Company. Although India is the world’s fifth-largest economy and S&P Global Ratings projects it will overtake Germany and Japan to move up to third place by 2030, Bain’s research shows that its export contribution to global trade is only 1.6 per cent. As part of India’s efforts to expand its trade, it has been working on free trade agreements. New Delhi is in the process of negotiating a free trade agreement with the UK, which it hopes will boost exports of textiles, food products and jewellery, among other goods. The South Asian country’s free trade agreement with Australia will come into effect on December 29. Earlier this year, India and the UAE signed a Comprehensive Economic Partnership Agreement, which is aimed at increasing the total value of bilateral trade in goods to more than $100 billion within five years. Delhi-based Pansari Group, which manufactures wheat flour and edible oils along with other food products, has started exporting its goods in recent years. The company now ships its products to more than 60 countries, including the GCC region, Canada and Australia. “Our experience this year has been mixed,” says Pansari Group director Shammi Agarwal. “In the first two quarters, we saw a major hike in the number of wheat exports as Russia stopped its wheat exports due to its conflict with Ukraine, and the world looked towards India to manage the supply chain. “Later, due to the ban imposed by the government on wheat exports, the numbers declined.” This year, the Indian government placed bans on exports of wheat and wheat flour in an effort to cool domestic prices, as crops were affected by heatwaves. “Currently, a lot of subsidies are suspended and duty fees are applied to control domestic food prices, which is right and beneficial for Indian customers,” says Mr Agarwal. “We expect that by next year [when] these rules are modified, it will boost exporters’ benefit and the export numbers will rise.” However, he points out that one of the biggest challenges exporters face in India is changeable government policies. “The foremost challenge every Indian exporter faces is currency fluctuations — changes in dollar value,” Mr Agarwal says. Alongside concerns about foreign exchange movements, an uncertain outlook for the global economy and inflation scenario is weighing heavily on Indian exporters’ minds. The International Monetary Fund has warned that the global economic outlook has been getting gloomier since it issued its last projection in October, when it cut its 2023 global growth forecast to 2.7 per cent from 2.9 per cent. Several economists now project that global growth will slip below 2 per cent in the coming year. “Next year predictions are a drop in sales and turnover with recession looming,” says Meenakshi Kalsi, managing partner at Metro and Metro Shoes, which exports its footwear to markets in Europe and the US. Other worrying factors include Russia’s war in Ukraine, which is causing geopolitical instability and the unpredictability of materials from China and the cost of freight transports due to fluctuations in fuel prices, Ms Kalsi says. Aditya Gupta, founder of The Rug Republic, which exports its handcrafted Indian rugs to 85 countries, has similar concerns. The company has reported a 25 per cent decline in earnings in 2022, as consumers shift their spending preferences to travel and socialising, he says. “I expect 2023 to be slower than 2022 because of the economic situation looming on the world with high interest rates and low GDP [gross domestic product] growth,” says Mr Gupta, adding that the company’s main markets are Europe and the US. “Bleak global demand continued to weigh on exports in addition to the various export restrictions,” says Madhavi Arora, lead economist at Emkay Global Financial Services in Mumbai. India’s exports grew modestly in November, official data shows. Merchandise exports totalled $31.99 billion last month, up 0.59 per cent from a year earlier. This followed a contraction of 16.7 per cent on the year in October for India’s exports. “The underlying trend remains weak,” says Sonal Varma, chief economist for India and Asia (excluding Japan) at Nomura Holdings, a global financial services group. India’s low exports are a challenge for the country’s trade and current account deficits — although imports have also been moderating recently amid factors including lower oil prices. “We expect the current account deficit to narrow to 2.5 per cent of GDP in 2023 from 3 per cent in 2022, but funding this deficit will still require large debt and equity inflows,” says Ms Varma. Boosting exports would help to address the imbalance. I think from an India standpoint, it’s going to be a two way, or rather two-pronged strategy, not just looking at increasing exports, which brings in the dollar, but also looking at import substitution,” says Mr Sharma of Primus Partners. “As a country, we have a huge dependency on imports of goods and commodities. Working on ensuring that Indian goods meet the quality and various standards set by overseas markets is another hurdle for the country and companies to work on. “We see the Indian produce is also getting better and better, to be able to match the demand and the quality standards of the other countries,” says Sharath Loganathan, co-founder of Indian fresh food supply chain company Ninjacart, which is backed by US retail giant Walmart. The company has expanded internationally, with the launch in September of an import-export platform. “There’s a lot of opportunity, but there’s a lot more to do,” Mr Loganathan says.
Source: The National News
India ITME 2022 a prestigious textile engineering and technology B2B Exhibition hosted in IEML, Greater Noida, U.P. showcased 1600 + Live machinery and unveiled 69 new products with participation from 68 countries. 11th edition of India ITME displayed a never before quality standard and success in terms of amenities for exhibitors and visitors setting new benchmark for exhibitions in India. 87,400 unique visitors totaling to 1,10,000 footfalls over 6 days enjoyed an array of activities at the venue. Concurrent programs included technical discussions, CEO conclave, industry awards, wildlife photo gallery, alumni meet and Government to industry interactions enhancing the experience and raising the excitement of participants. After a gap of six years, the event recorded a high flow of quality visitors which included industry members, technocrats, academicians, students and government officials apart from the delegations from 13 countries lead by senior officials of respective country who are looking to engage with India as sourcing and trade partner for developing their textile industry. 8th December 2022 the event was opened in accordance with Indian tradition of lamp lighting, Ganesh Vandhana & national anthem attended by Mr. S. Hari Shankar, Chairman, India ITME Society, Mr. Ketan Sanghvi, Hon. Treasurer, Mr. Sanjay Jayavarthanavelu, Chairman & Managing Director, Lakshmi Machine Works Ltd and Past Chairman, Mr. Sanjiv Lathia, Past Chairman Mr. Anuj Bhagwati, Chairman & Managing Director, ATE, Mr. Rakesh Kumar, Chairman, India Exposition Mart Ltd. along with other dignitaries who joined the simple ceremony.The high-profile technology & engineering exhibition for textiles witnessed participation from leading Indian institutes for textile engineering such as VJTI Mumbai, DKTE Ichalkaranji where MOU’s were signed for knowledge exchange with Swiss Textile Machinery Association and Italian Textile Machinery Association, paving way for collaboration not only in business but also in technical education. Eminent Panelists from Aachen University, Germany, Prof. Thomas Gries, Chairman, ITA, RWTH, Mr. Philipp Huber, RWTH Aachen, Mr. Kumar Jois, RWTH Aachen, Mr. Shantanu Bhat, RWTH Aachen, Ms. Gözdem Dittel, RWTH Aachen, Mr. Justin Kühn, RWTH Aachen, flew down to speak on latest technology topics. The other renowned speakers included Mr. Uday Gill, CSO, Indorama, Dr. PKC Bose, MD, Enercon Mr. Braz Costa, CITEVE, Portugal, Mr. Gurudas Aras, Strategic Consultant, Mr. Ranjit Sasi, India Head, Reverse Resources, Ms. Khusbhu Maheshwari, Mr. Anurag Gupta, MD, Usha Yarns, Dr. Asim Tewari, IIT B, Dr. Rajalakshmi Natarajan, IIT Dharwad, Saatchi Doshi, Programme, Devyani Hari, Director Centre for Responsible Business (CRB), Dr. Mohit Raina, Raina Industries Pvt Ltd, Dr. Asim Tewari, IIT Bombay & Mr. Prashant Agrawal, Wazir Advisors.
The topics included by them included.
India ITME Society facilitated an interaction between industry and policy makers through CEO Conclave coordinated by Mr. Avinash Mayekar, Suvin. This session was attended by Shri Rohit Kansal, IAS, Additional Secretary, Ministry of Textiles, GoI, Shri P. Sathasivam, Ex-Chief Justice of India & Former Governor of Kerala, Ms. Prajakta L. Verma, IAS, Joint Secretary, Ministry of Textiles, GoI, Mr. Rajeev Saxena, Joint Secretary, Ministry of Textiles, GoI, Ms. Roop Rashi Mahapatra, Textile Commissioner, GoI. Industry sector were represented by Mr. T. Rajkumar, Chairman, Confederation of Indian Textile Industry, Mr. M. Sankar, President- Textile Machinery Division TMD (Operations), Lakshmi Machine Works Limited , Mr. Arun Kumar Garodia, Chairman Engineering Export Promotion Council of India (EEPC). The six-day event carried forward its theme “Empowering Textile Through Technology” encouraging indigenously developed innovations and research by Indian companies. “Appreciating the best of the industry’ the 2nd edition of ITME awards felicitated companies like Lakshmi Machine Works Ltd. (LMW) , Rabatex Industries, Texfab Engineers (India) Pvt. Ltd., ColorJet India Ltd. Lakshmi Card Clothing Manufacturing Company Private Limited, S. A. Pharmachem Pvt Ltd for their outstanding products. Giving importance to gender equality women entrepreneurs were also lauded for their success in an industry dominated by men. Ms. Deepa A Kumar, Founder & Managing Director, Yashram Lifestyle Brands Pvt. Ltd. & Ms. Neha Jhunjhunwala, Director, Sarla Performance Fibers Ltd. were selected for women entrepreneurship award. Proving to be a responsible industry body, India ITME Society not only encouraged modern innovations and technology but also provided inspiration for traditional skills and artisans of the nation. Under the category of best Master Weaver, Ms. Santoshi Kewat, Master Weaver, Maheshwari Creations, Madhya Pradesh & under category of Restoring Traditional Skills Ms. Kumari Raita, Soura Development Agency, Odisha were felicitated. Under the Category of Research Excellence – Dr. Rekha Ramakrishnan, SASMIRA Institute was felicitated. The prestigious jury panel comprised of the stalwarts of Indian industry Mr. Uday Gill, Group Chief Strategy Officer, Indorama Ventures Ltd, Mr. Updeep Singh, President & CEO, Sutlej Textiles and Industries Ltd, Mr. Manohar Samuel, Advisor, R&D, Reliance Retail, Mr. Gurudas V Aras, India consultant to the ITA group, Germany, Mr. R. Anand, Partner, Eastern Engineering Company, Dr. Manisha Mathur, Joint Director, SASMIRA, Mr. Sanjiv Lathia, Past Chairman of India ITME Society, Mr. Ketan Sanghvi, Hon. Treasurer, Mr. Hari Shankar, Chairman unanimously recommended for Mr. S.P. Oswal for the honour of ‘Textile Maestro of industry’ of Indian textile industry. A Technical symposium by Veermata Jijabai Technological Institute, Mumbai on the theme of “Reduce-Reuse-Recycle State of the Art in Textile Sector” was well appreciated and well received by officials as well as industry. The organizer India ITME Society executed a seamless & flawless exhibition taking care of all round growth and progress of Indian textile industry creating opportunities for business, education, women, research etc. Amidst high voltage negotiations and discussions, art and culture also was given its due place whereby an evening of cultural Programme with dance, music and Fine Dine was organized for exhibitors. Once again working towards creating opportunities Pan India, North East folk art music and dance combined with fashion show and live music showcasing Maheshwari Sarees create using traditional handlooms by women Master Weavers of Madhya Pradesh were presented to global audience. The platform gave global exposure to our handicraft and traditional artisans especially women weavers from rural area of our Country. For those who enjoyed wildlife and photography as array of photographs captured by well-known photographer by Mr. Hari Santharam was on display which was enjoyed by one and all. The six-day marathon event definitely set the foundation for upgradation and modernization of the textile industry of India which is the 2nd largest employment generation sector after agriculture. It also has motivated and enhanced the confidence of Indian textile engineering industry in their capabilities to cater to the demand of domestic market as well as competing in the global market. India ITME 2022 opened the possibility and opportunities for overseas machinery manufacturers to tap the gaps in India and also connect with many buyers spread across 68 Countries. The 11th edition of India ITME truly proved that it is a business platform which empowers and motivates the industry to the next level. Showcasing the digital prowess of India, this edition of India ITME event digitalized all its services and provided event catalogues, visitor guide, help desk assistance, exhibitor manual etc. digitally reducing the print activity and thus saving quantum of paper usage. The mega event concluded on a high note of enthusiasm empowering all its participants, infusing vibrancy into the industry facing geo-political turbulence amidst other challenges.
Source: textile world
INTERNATIONAL
The European textiles industry has expressed its concern regarding the drastic loss of Europe’s competitiveness and demanded urgent action to save the industry as well as tackle the energy crisis at the recent European Council (EUCO) summit. Recent trade data indicates that imports to the European Union (EU) have grown tremendously in 2022 (+35 per cent year-to-date). The chain of factors determining the sharp decline in Europe’s competitiveness is twofold. First, the energy cost in Europe is more than six times higher than in the US, China, and neighbouring countries. This factor alone has almost erased the business case for producing in the EU, according to a joint press release by the European Apparel and Textile Confederation (EURATEX), European Silk Association (AIUFASS), European Man-made Fibres Association (CIRFS), European Disposables and Nonwovens Association (EDANA), European Federation of Cotton and Allied Textiles Industries (EUROCOTON), and the International Fur Federation (IFF). At present, many textiles and clothing companies are producing at net loss or have shut down production. The industrial conditions have worsened in such a way that there is no business case to invest in Europe or buy products produced or processed in the EU. Secondly, while the EU is passive and extremely slow in articulating a credible and effective response to the energy crisis, Europe’s main international competitors and trade partners (China, India, and the US respectively) have developed comprehensive state-aid frameworks for their domestic industry despite not being affected by this crisis at all. The latest example is the $369 billion scheme of the Inflation Reduction Act rolled out by the Biden administration. It is also evident that the surge in imports goes in parallel with the surge of natural gas price. It is expected that energy prices will remain high and volatile, opening the door for imports to gain substantial market shares in the EU. The chart indicates the development of the Title Transfer Facility (TTF) until September 2022 since Eurostat data for the four quarter (Q4) of 2022 has not been published yet. EURATEX is aware that the market situation has eased somewhat since in the past months, but the crisis remains because gas prices are still extremely high in comparison to last year. This suggests that the current loss of competitiveness of the EU manufacturing will not be recovered even with lower energy prices, unless measures are taken to correct the unlevel playing field on which the EU industry has to operate in the international markets. Only with an ambitious and comprehensive relaunch plan at the EU level, Europe will be able to restore its credibility as a global manufacturing powerhouse and investments. If the status quo is maintained, not only will the EU not be able to recover its competitive position on the global business stage, but it will also fail its plans to reach zero-net emissions and achieve circularity. It is evident that these ambitions—that Europe’s industry is passionately supporting—need massive capital investments. However, in the current scenario one can only expect an investments diversion to markets where governments are actively supporting those investments and energy costs are much lower—regardless of their fossil- or non-fossil origin. European textile industry members—the whole value chain, from fibres, nonwovens, to fabrics, clothing manufacturers—are facing unprecedented pressure deriving from the current geopolitical situation, the new macroeconomic conditions, and unfair competition from third states. The situation is going to worsen if no emergency action is taken, especially because a recession is expected in the coming months. The main structural component of the EU manufacturing are small medium enterprises (SMEs). These are economic actors that are particularly exposed to the current crisis as they do not have the financial leverage to absorb the impact of energy prices for much longer. Urgent EU action is needed to ensure their survival. EURATEX has called on EU political leaders in the European Commission, in the European Council, and in the national capitals to raise ambitions and adopt a comprehensive approach at the EU level. Energy, state-aid, and trade policy must be brought together in a single strategy with concrete emergency solutions and with a clear SME dimension. A meaningful price cap must be adopted on natural gas wholesales, that should be ideally no higher than €80/MWh. In parallel, it should also be ensured that electricity prices are brought to a sustainable price level, added the release. The European posture on state-aid needs a change even temporarily. An ambitious plan of investments and state-aid in green technologies to support the industrial transition should be rolled out. Access to finance and markets must be safeguarded for all those actors who are capable and willing to invest in Europe, on the basis of reciprocity. In these challenging times for geopolitical stability, ensuring strong trade ties with Europe’s traditional allies and partners is of utmost importance. The roll-out of an investment and state aid plan should not interfere, but rather support, the dialogue with the US (and other partners) and the deepening of Europe’s trade and investment partnership. Such a dialogue should be accelerated in the context of the Trade and Technology Council (TTC) as well as at World Trade Organisation (WTO) level.
Source: Fibre2Fashion
Cambodia's economy is forecast to grow 5 per cent this year and 5.4 per cent in 2023, constrained by slowing demand in its main export markets in Europe and the United States and by economic conditions in China, the International Monetary Fund (IMF) said. Following a regular IMF consultation, it said growth would be underpinned by policy support and a pickup in tourism, but that would be dampened by external conditions and the impact of price rises on consumer spending. Inflation surged due to increases in fuel and fertilizer costs, while demand for products from Cambodia, a manufacturing centre for textiles and footwear for major global brands, had slowed in the second half of 2022, as had the real estate market, the IMF said in a statement. It expects inflation to peak this year and fall in 2023, however, adding there were high risks to its growth outlook for Cambodia. "Uncertainty around the outlook is particularly high, and risks are tilted to the downside," it said. "The most pressing risks are from rising private debt, conditions in key large economies, and inflation."
Source: Channel news Asia
Make, consume, throw away - the destructive economy has had its day, as we all know. Pioneering initiatives by the sportswear and outdoor industry underscore that the sector is increasingly rethinking - and investing in sustainable circular models. The sportswear industry was one of the first industries to invest in circular themes. With the aim of finding answers to the myth of infinite resources at unchanged prices and delivery times. Nature serves as a model, in which raw materials grow, transform and become nutrients again. A closed cycle in which nothing is lost. It must be ensured that as much of the product as possible is reused after use. The industry is becoming increasingly aware that this principle can be implemented industrially: "60 percent of leading fashion companies have already invested in the circular economy or plan to do so by 2024," states the State of Fashion 2022 study by Business of Fashion and McKinsey & Company.
Things are happening in Europe
As the latest fashion study by McKinsey & Company ("Scaling up textile recycling in Europe - turning waste into value") shows, new legislation and global initiatives are being intensively discussed, and Europe-wide frameworks are also being launched. Key players - including the French RTW Association, Copenhagen Fashion Week, Taskforce Fashion, Camera Nazionale della Moda - are uniting in the European Fashion Alliance to achieve Cradle to Cradle milestones.In addition, institutes and organizations such as the Ellen MacArthur Foundation or the CETI (European Center for Innovative Textiles) offer solutions, training and visions for the circular transformation. Thanks to these measures and the pioneering French AGEC law, Europe is taking a powerful step forward on the road to the circular economy. Recycling and upcycling are much more efficient as circular economy tools when used holistically in a closed loop. That is why fabric manufacturers are participating in systemic approaches with short cycles, which represent the greatest achievement of the circular economy.
Solutions for waste management
Fraud-prone waste management is an enormously large piece of the puzzle in the circular economy. Innovative solutions already exist: for example, Reverse Resources, the SaaS platform co-founded by Nin Castle (SaaS stands for Software as a Service), monitors the tracking of waste, as well as the issues surrounding the recognition of fabrics and materials. Reverse Resources is already working with major international textile suppliers to combat the lack of data and address various other challenges, such as ensuring social standards. On the other hand, reselling stock is the most flexible point to handle. Multinational Spanish fashion group Mango has just invested in start-up Recovo, and LVMH has supported the creation of Nona Source from the beginning - both are sales platforms for fabric remnants in various quantities. Other solutions such as Moreloop or Upcybom were created with the goal of managing waste in the production phase, including a community spirit and some good AI tools. Dyes, components, and the many steps of the procurement process are at the core of the circular economy; digital solutions to improve our procurement practices are therefore inevitable.
From "Made in" to "Remade in
Made in" to "Remade in" is about the circularity of production. Fabric manufacturers or remanufacturers have the opportunity to build a full circular network for fabrics. This is exactly why Spinnova, the New Cotton Project or other industrial engagements such as Renaissance Textile or the investments of Eastman and Loop Industries in France were initiated. T-REX (Textile Recycling Excellence) is also an experiential project supported by the European Union and led by twelve key players from across the value chain (including Adidas, Infinited Fiber Company, Fashion for Good, Veolia). Household waste is collected and classified to describe the entire recycling process of polyester, polyamide and cellulosic materials into new garments. In this way, both sustainable and economic business models for the entire supply chain will be identified.
Goal: Improve cycle at brand level
The fashion industry is also asking how to improve the cycle at the brand level. Some brands have decided to roll up their sleeves internally and partner with SaaS platforms for rental logistics. Picture, Decathlon, Go Sport and Oakley are already using them to improve their D-to-C short-loop systems. Sporteed, Barroders or Everide, which lead the market in Europe, are driving a growing number of cradle-to-cradle (C-to-C) second-hand purchases. Everide is going even further by sponsoring the first second-hand gear adventure for the Ladevant brothers' low-carbon footprint project. Sealocker, for example - the Internet portal that rents surfboards - recently won an innovation award at the 2022 EuroSIMA Surf Summit. And Akewatu, with its mixed marketplace model for new and used surf products, is a gem to follow.
Source: The ispo
The office of the US trade representative (USTR) recently announced a nine-month extension of 352 product exclusions in the China Section 301 Investigation that will expire at the end of this year. These exclusions were initially reinstated on March 28, 2022, and the extension will help align further consideration of these exclusions with the ongoing comprehensive four-year review. USTR asked interested persons to submit comments on the tariff headings containing these exclusions through the USTR portal in the four-year review, which closes on January 17 next year. The March 28 determination reinstated 352 of the 549 eligible exclusions. The reinstated product exclusions applied as of October 12, 2021, and were extended till December 31 this year. The products include specific types of duffel bags made predominantly of man-made fibres and polyester; covers of leather designed for use with telecommunication device; silk fabrics containing 85 per cent or more by weight of silk or of silk waste other than noil silk; yarn of cashmere or camel hair, carded but not combed, not put up for retail sale; woven dyed fabrics of 100 per cent textured polyester filament yarn; woven fabric of 100 per cent textured polyester filaments; woven dupioni fabric; polyester filament tow; and polypropylene fibre tow. These also include specific types of woven dyed fabrics wholly of spun polyester; non-woven fabrics of polyethylene terephthalate; rugs of hand-knotted pile of nylon and polypropylene; woven dyed embroidery fabrics; long pile knit fabrics of acrylic pile on polyester ground; and knitted or crocheted fabrics of artificial staple fibres.
Source: Fibre2Fashion
Inflationary pressures are proving persistent, with consumer price index (CPI) inflation remaining high in many nations, according to Fitch Ratings. Annual CPI inflation rates have risen further in recent months in the United Kingdom, Germany, France, Italy, Australia and Japan and remain at historically high levels in the United States, Spain and Canada. Central banks have responded by raising interest rates at a much more rapid pace than envisaged in the middle of the year as highlighted in Fitch’s latest ‘20/20 Vision’ chart pack. Energy and food prices have been key drivers but core inflation pressures have also increased. Central banks have responded with further tightening: policy interest rates have reached 4.5 per cent in the United States, 2.5 per cent in the euro zone and 3.5 per cent in the United Kingdom. Central banks in Switzerland, Australia, Canada, India, Korea, Indonesia, Mexico and South Africa have also raised rates, Fitch noted in a release. Gross domestic products (GDP) in the third quarter this year were generally stronger than anticipated despite high inflation, the rating agency noted. This was especially the case in China, South Africa and Poland, which recorded quarter-on-quarter (QoQ) growth of 3.9 per cent, 1.6 per cent and 1 per cent respectively. The United States had a non-annualised QoQ growth of 0.7 per cent, while the eurozone managed to avoid contraction, expanding by 0.3 per cent QoQ. However purchasing managers’ index balances in Europe have deteriorated in recent months and China’s activity data for October and November weakened markedly.
Source: Fibre2Fashion
