The Synthetic & Rayon Textiles Export Promotion Council

MARKET WATCH 6 JANUARY 2023

NATIONAL

Govt to soon release norms to support innovation by startups in technical textiles 

Quality control orders for technical textiles likely 

Govt hopeful of rise in FDI inflows in coming months 

Over 75 thousand approvals granted on National Single Window System Portal for various Central and State/UTs clearances 

India's cabinet approves ₹19,744 cr National Green Hydrogen Mission

Provide power subsidy to weavers in the state: UP CM Yogi 

Focus on job-creating textile sector: MP CM Shivraj Singh Chouhan 

How sustainable clothing is beholding the future of the kids wear industry 

Long wish list of Indian textile industry for Union Budget 2023-24 

107 textile items may face quality checks 

Investment worth `3,200 cr in textile sector alone, says Anmol Gagan Mann

India's Usha Yarns to boost production with new facility in 2023

INTERNATIONAL

US' logistics industry sees slight growth in December 2022

British Council scheme aims to promote sustainable R&D in apparel sector 

China unveils first 5-year plan to modernise logistics sector 

Germany's inflation rate estimated at 8.6% in December 2022: Destatis

Modest growth seen for PH garment exports in 2023 

China & Ecuador to sign free trade agreement 

Upcycled fashion for everyone, a possibility

Pakistan looking to increase cooperation, trade with Türkiye, says envoy 

Vietnam needs $676-796 mn to develop ICD network by 2030: Ministry

23 US states raise minimum wage starting Jan 1, 2023

UK PM promises to halve inflation in 2023, ensure national debt drop

China's railway cargo delivery volume rises 4.7% YoY in 2022

NATIONAL

Govt to soon release norms to support innovation by startups in technical textiles 

The government will soon release guidelines to support startups interested in undertaking research and innovation in the technical textiles segment and is contemplating a grant of up to Rs 50 lakh for approved proposals, a top official said on Thursday. Responding to a query by PTI, Secretary in the Textiles Ministry Rachna Shah said that she is hopeful that the norms will be unveiled in a month's time. "We would have an evaluation committee which would decide on approving grant for that, so the grant would be up to Rs 50 lakh, that is what we are looking at," Shah said. Hopefully within a month or so, we will be able to have the guidelines, she added. Addressing a press briefing, the secretary informed that the government is looking at measures to cut India's heavy import dependence on machinery and specialty fibre for the technical textiles sector.

Source: Economic times

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Quality control orders for technical textiles likely

The government is considering quality control orders (QCOs) for 100-odd technical textiles items as the government looks at measures to cut country's heavy import dependence on machinery and specialty fibre for technical textiles, textile secretary Rachna Shah said Thursday. These QCOs include 19 geo-tech, 12 pro-tech, 22 agro-tech and six medi-tech. Shah said over 500 Bureau ofIndian Standards have been developed on technical textiles and 40 more are in the works. She also said that the government is likely to release in the next one month, guidelines to support startups interested in undertaking research and innovation in the technical textiles segment and is contemplating a grant of up to ₹50 lakh for approved proposals. "An evaluation committee would decide on approving a grant for that, so the grant would be up to ₹50 lakh and that is what we are looking at," Shah said. Grad degree programmes the government on Thursday issued guidelines to enable new undergraduate and postgraduate technical textiles degree programmes and update existing "This will cover public-funded institutions and also private institutions having NIRF ranking. The assistance for introducing a full course in technical textiles can be up to Rs 20 crore for the PG course and up to Rs 10 crore at the UG level. At UG level, for introducing one mandatory subject and few electives, a grant of up to ₹7.5 crore may be given," the textile ministry said in a statement. A grant of ₹20,000 per student per month will be also provided to empanelled firms for providing internships to B.

Source: Economic times

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Govt hopeful of rise in FDI inflows in coming months 

The government is hopeful of an increase in foreign direct investment (FDI) inflows in the coming months despite global headwinds, a senior official of the industry department said on Thursday. The official said the number of pending FDI proposals from China are lowest at present. "Foreign inflows have an effect because of the global slowdown that we are seeing for the last 18 months... but we are hopeful (as) India has shown very great numbers compared to the rest of the countries. So, we are hoping that we would be making up for all that," said Manmeet K Nanda, joint secretary, Department for Promotion of Industry and Internal Trade (DPIIT). FDI equity inflows fell nearly a quarter to $10.3 billion in the quarter to September 2022 from $13.6 billion a year earlier. In the first half of this financial year, FDI equity inflows shrank 14% to $26.91 billion from $31.5 billion a year earlier, while total inflows were 8.8% lower at $39.09 billion in the April-September period from $42.86 billion a year ago. Nanda said investments and equity inflows usually improve towards the last quarter of a financial year. On the number of pending FDI proposals from China under Press Note 3 of 2020, she said "pendency is probably the lowest at this point in time". As per the press note, the government had made its prior approval mandatory for foreign investments from countries that share a land border with India to curb opportunistic takeovers of domestic firms following the pandemic.

Source: Economic times

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Over 75 thousand approvals granted on National Single Window System Portal for various Central and State/UTs clearances 

National Single Window System (NSWS) Portal for various Central and State/UTs clearances today hit a new milestone by crossing 75 thousand approvals. NSWS has so far received 4,20,000 unique visitors from 157 countries since its inception. More than 1,50,000 investors have used KYA (Know Your Approvals) Module of NSWS to know list of approvals they require for their specific business cases. A total of 75,599 approvals have been granted out of over 1,23,000 applications received. Out of these, 57,850 approvals have been approved by Ministry of Commerce and Industry. The Ministry of Consumers Affairs has approved 17,150 plus approvals applied through NSWS. NSWS is providing a single interface to apply for all G2B clearances from various Ministries/Departments as well as eliminating duplication of work by auto-populating form fields across different approvals based on single investor profile. NSWS has also onboarded various government schemes namely Vehicle Scrapping Policy, Indian Footwear and Leather Development Policy (IFLDP), Sugar and Ethanol Policy, National Program on High Efficiency Solar PV Modules under PLI Schemes. Under these schemes, NSWS has facilitated more than 400 investors in applying for DPIIT’s IFLDP applications, 25 Investors have applied for Registered Vehicle Scrapping Facility (RVSF) applications and 19 Investors have applied for Automated Testing Stations (ATS) applications. More than 2,000 Investors have applied for various registrations under Sugar and Ethanol Scheme of Department of Food and Public Distribution. In pursuance towards building a national single window architecture, the Union Commerce and Industry Minister Shri Piyush Goyal held a meeting with all the states and ministries on 5th December 2022, where suggestions were solicited from all the stakeholders to further streamline the entire ecosystem. The portal will progressively work to onboard more approvals and licenses, based on user/industrial feedback.  The National Single Window System was soft launched to the public on the 22nd of September 2021 by the Union Minister Shri Piyush Goyal. Currently, Investors can apply for approvals from 27 Central Ministries/Departments and 19 States/UTs on the portal. The portal is envisioned as a one-stop shop for investors for taking all the regulatory approvals and services related to investments.  NSWS initiative is an epitome of the ‘Whole of Government’ approach with different Central Ministries/Departments, States and UTs coming together to facilitate investor related clearances on a single portal, with transparency and accountability, enhancing ease of doing business exponentially.

Source: PIB

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India's cabinet approves ₹19,744 cr National Green Hydrogen Mission

India’s cabinet, chaired by Prime Minister Narendra Modi, has approved the National Green Hydrogen Mission with an initial outlay of ₹19,744 crore. The aim of the mission is to help in the decarbonisation of major sectors of the economy and India becoming energy independent. The mission also aims to make India a global hub for production, utilisation, and export of green hydrogen and its derivatives. The initial allocation of ₹19,744 crore for the mission includes an outlay of ₹17,490 crore for the Strategic Interventions for Green Hydrogen Transition Programme (SIGHT), ₹1,466 crore for pilot projects, ₹400 crore for R&D, and ₹388 crore towards other mission components. The Ministry of New and Renewable Energy (MNRE) will formulate the scheme guidelines for implementation of the respective components. The mission will result in the following likely outcomes by 2030: development of green hydrogen production capacity of at least 5 MMT (million metric tonne) per annum with an associated renewable energy capacity addition of about 125 GW in the country; over ₹800,000 crore in total investments; creation of over six lakh jobs; cumulative reduction in fossil fuel imports of over ₹100,000 crore; and abatement of nearly 50 MMT of annual greenhouse gas emissions, an official statement said. The National Green Hydrogen Mission will help in decarbonisation of industrial, mobility, and energy sectors; reduction in dependence on imported fossil fuels and feedstock; development of indigenous manufacturing capabilities; creation of employment opportunities; and development of cutting-edge technologies. Under the SIGHT programme, two distinct financial incentive mechanisms—targeting domestic manufacturing of electrolysers and production of green hydrogen—will be provided under the mission. The mission will also support pilot projects in emerging end-use sectors and production pathways. Regions capable of supporting large scale production and/or utilisation of hydrogen will be identified and developed as green hydrogen hubs. Furthermore, an enabling policy framework will be developed to support establishment of green hydrogen ecosystem. A robust standards and regulations framework will be also developed. Moreover, a public-private partnership framework for R&D (Strategic Hydrogen Innovation Partnership—SHIP) will be facilitated under the mission. R&D projects will be goal-oriented, time bound, and suitably scaled up to develop globally competitive technologies. A coordinated skill development programme will also be undertaken under the mission.

Source: Fibre2Fashion

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Provide power subsidy to weavers in the state: UP CM Yogi 

Uttar Pradesh Chief Minister, Yogi Adityanath said that power subsidy should be provided to the 2.5 lakh weavers in the state for improving their productivity and economic wellbeing. He added that the power corporation should start taking preparatory measures to offer the subsidy to weavers which, in turn, would also help in preventing electricity theft. The minister reviewed a presentation regarding the MSME Weaver Scheme and discussed issues related to the consumption of electricity and the subsidy provided to the sector with the officials.  Suggestions and feedback from weavers at key weaving business centres such as Ambedkar Nagar, Varanasi, Mau, Gorakhpur and Meerut should be taken, he added. In addition, the chief minister emphasised on increasing the use of solar power in the weaving sector.  “Currently, we are giving subsidies of up to Rs 30,000 for installing solar panels. Weavers must be encouraged similarly and work should progress on mission mode,” he said. Focusing on the usage of modern technology, Adityanath said that weavers should be encouraged to upgrade their products and designs as per market requirements, and embrace new technologies.  Meanwhile, a 1,000-acre textile park would be developed in Uttar Pardesh’s Lucknow and Hardoi districts under the Prime Minister Mitra Park scheme and the land for the project has been identified, UP Handloom and Textile Industry Minister Rakesh Sachan had said in October. Developers of the textile park will also get an electricity tariff subsidy of Rs 2 per kilovolts for a period of five years, under the PM Mitra scheme, subject to a maximum of Rs 60 lakh per year per textile park.

Source: Financial express

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Focus on job-creating textile sector: MP CM Shivraj Singh Chouhan

The Madhya Pradesh government is providing customised incentives for the employment-oriented textile and garment sector, Chief Minister Shivraj Singh Chouhan has told Business Standard. The state will showcase the sector at the upcoming Global Investors Summit to be held in Indore. Madhya Pradesh offers a 5 to 7 per cent interest subsidy on loans for machinery, rebates on discounted tariff, infrastructure development help, etc. According to the government data, the state accounts for 43 per cent of India’s and 24 per cent of world’s organic cotton production. The state has witnessed a 60 per cent compound annual growth rate in organic cotton production during the past three years. The state has more than 60 large textile mills, over 4,000 looms, and 2.5 million spindles. Indore houses over 1,200 units with apparel designing centers. Shreyaskar Chaudhary, managing director of Pratibha Syntex, said the company’s new factory in Ujjain — based completely on green technology — employs 4,000, of which 80 per cent are women. “The policies are conducive, infrastructure support is unparalleled, and skilled manpower is available,” Chaudhary said. Chhindwara-based Aid and Survival of Handicrafts Artis­ans (ASHA) works with tribal artisans only. Its founders Aarti and Rohit Rusia said the government not only should train the artisan but it should also take advantage of their skills. According to them, 30 of their team got trained at the handicraft department but they are still waiting for work. The state’s iconic Chanderi cotton and Bagh Print have been accorded Geographical Indication (GI) tag. Trident Group, Raymond, Aditya Birla, BestCorp, Gokaldas Exports, Pratibha Syntex, Indorama, and Vardhman group are some of the biggest companies that have established their unit in states. The upcoming investors summit will have a session on “Building Madhya Pradesh’s global competitiveness in textile & apparel”, where industry leaders, sector experts, and government officials will discuss and explore more opportunities.

Source: Business-Standard

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How sustainable clothing is beholding the future of the kids wear industry 

Sustainable clothing is creating a lot of waves in the fashion industry. Considering the wide gamut of advantages it has to offer, the eco-friendly way of dressing is creating a ripple even in the kids wear industry. Parents belonging to the eco-conscious age, are readily exercising conscious consumption for their kids. They are cognizant of the fact that sustainable clothing has a twofold benefit where it serves the larger cause of rendering a greener environment, and at the same time vouch for comfortable organic clothing for children. Gauging the massive opportunity lying ahead, brands are riding on the bandwagon to boost the organic kids wear market in India. Inevitably, it is spurring the demand for natural, organic textiles as parents are invariably placing a high value on fabric, texture, comfort, and ecological impact while donning their kids with the best fashion possible. Consequently, sustainable clothing permeating seamlessly into the kids apparel segment is heralding a new trend that is very likely to shape the future of the kids wear industry. We got in touch with Swati Saraf, President, Les Petits to explore how eco-friendly clothing is revolutionizing the kids wear segment as a whole

1) Organic product vouching for a comfortable fabric

The present-age parents are well aware of the health repercussions synthetic fabrics can have on the kids. Children have very sensitive skin, and in the quest to give the best to their children, natural fibers are gaining a lot of traction. Over time, people have realized the advantages of organic material manifesting non-toxic, hypo allogenic, light, and breathable traits, accounting for the perfect material to make clothing for children comfortable. Consumers are moving away from nylon, rayon, polyester, etc., and supporting organic that offers a complete package of utility, style, cost, welfare, fitness, and ethics. There is an increasing preference for 100 percent cotton and linen fabrics as they are gentle and smooth on children’s skin. Unlike synthetic materials, they are devoid of any heavy textile chemicals that can cause irritation, rashes, and allergy in kids. 

2) Durability

Children are highly active and quite often play outdoors, making it imperative for the brands to keep durability at the core of their offerings. Understanding that children’s clothes tend to get dirty very frequently, there is a need to wash the clothes almost after every wear. Going for synthetic clothes will not suffice the purpose as they very easily fade and tear away. On the contrary, opting for natural fibers last longer as they have the ability to hold the structure intact. It has also been observed that bamboo and organically produced cotton are inherently robust and long-lasting where washing has a negligible impact with no visible indication of any wear and tear. 

3) Biodegradable

Parents are quite ‘woke’ about the environmental crisis plaguing the earth. The pursuit of a sustainable environment is translating into conscious shopping habits. They are showing great value for materials that do not have a harmful impact on nature. Here, going for natural fibers under organic clothing are eco-friendly options that break down naturally. There is a lot of concern regarding the fashion industry contributing to the environmental crisis. Making use of synthetic material like polyester, acrylic, nylon, etc. account for a large amount of waste as they take around 20 to 200 years to decompose, giving rise to the issue of landfill. Whereas materials like cotton, linen, and Tencel can be recycled, reducing the pressure on the environment for disposal.  Looking at the rising consciousness around protecting the environment, it is very likely that sustainable clothing will take up the major pie in the kids wear fashion industry in the near future. It is there to shape the industry trends while vouchsafing for a sustainable future.  

Source: Economic times

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Long wish list of Indian textile industry for Union Budget 2023-24 

Indian textile industry has a long list of wishes which they expect to be fulfilled in the upcoming Union Budget 2023-24, scheduled to be presented by finance minister Nirmala Sitharaman on February 1. Suggestions and recommendations have already been submitted by various industries bodies to the minister, who will discuss further during Pre-Budget meetings. According to industry sources, various trade organisations including the Confederation of Indian Textile Industry (CITI), have submitted suggestions and recommendations to the Ministry of Finance. These bodies have suggested a scheme for promoting Traceability and Sustainability in Textile Value Chain. Traceability and sustainability have become critical for exporting textiles & apparel (T&A) products to western markets such as the UK, the EU, and the US. Since both of them are new concepts and limited technologies are available, the industry is seeking an Incentivisation Scheme for both Producers and Exporters who meet the requirement of Traceability of the inputs used, especially cotton, and Sustainability i.e., use technologies that require lower consumption of water and electricity, lower discharge of hazardous chemicals, and ensure at least 20 per cent recyclability of materials used. The government may provide funds for promoting Research & Development (R&D) on new technologies and a subsidy for users to implement these technologies. Industry bodies have also suggested prioritisation of National Textile Fund, which is mooted by the ministry of textiles with an aim to fund investments in technology upgradation and infrastructure development of the textiles and clothing industry. There is also a strong demand for raising allocation of funds of ₹7,700 crore for disbursement under the TUFS subsidy. After full year of costlier cotton, the industry made a pitch for support to tackle price fluctuations in the natural fibre. So, the government may allocate adequate funds for achieving international status for Indian cotton. The government may also consider a Cotton Price Stabilisation Fund Scheme, which may consist of 5 per cent interest subvention, reduction of margin money from 25 per cent to 5 per cent and increase of credit limit from three months to nine months. It would boost exports and enable 2-3 per cent additional growth in the industry. The industry is also urging the government to take steps for increasing production and productivity along with quality. The government may allocate adequate funds towards the same and may appropriately implement a Mission Mode approach. It will be beneficial for industry and farmers as well. Additionally, trade organisations are also the government to promote production of Extra Long Staple (ELS) cotton. Currently, the Indian industry is annually importing about 5-6 lakh bales 170 kg ELS cotton to meet its domestic requirement.

Source: Fibre2Fashion

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107 textile items may face quality checks 

The union government is considering bringing 107 technical textile items such as surgical gloves, PPE kits, bulletproof clothing, fire resistant clothing under Quality Control Order (QCO) to check imports of poor quality products and ensure better standards for these products manufactured in the country. The union government is considering bringing 107 technical textile items such as surgical gloves, PPE kits, bulletproof clothing, fire resistant clothing under Quality Control Order (QCO) to check imports of poor quality products and ensure better standards for these products manufactured in the country. “As technical textiles are manufactured to perform specific functions, ensuring quality is paramount. Quality Control Orders (QCOs) are under consideration of 107 technical textiles items. QCOs for 19 Geo-tech, 12 Pro-tech, 22 Agro-tech and 6 Medi-tech are under consideration. 48 items of Medi-tech are already covered under Central Drugs Standard Control Organisation (CDSCO) regulation," Textiles Secretary Rachna Shah said. Shah added that over 500 Bureau of Indian Standards (BIS) have been developed on technical textiles and BIS is working on developing 40 more such standards as per requirement of industry.  “One of the aims of QCOs is to ensure that products being manufactured domestically meets the quality norms and safety is ensured. Another is that if our quality is better we can cut cheap imports from elsewhere. A number of items are dumped in the country because we don’t have an alternative and it’s getting used without much public awareness. So QCOs will also create awareness," R V Mahendra Gowda, Mission Director, National Technical Textiles Mission said.  Meanwhile, Ministry of Textiles has given clearance to two guidelines: ‘General Guidelines for Enabling of Academic Institutes in Technical Textiles- for Private & Public Institutes’ and ‘General Guidelines for Grant for Internship Support in Technical Textiles (GIST)’, under the Flagship Programme of National Technical Textiles Mission (NTTM). The guidelines cover the funding of upgradation/enhancement of laboratory equipment, training of lab personnel and specialized training of Faculty members of the relevant department/specialization in the University/Institute, with respect to the undergraduate (UG) and Postgraduate (PG) degree programmes, the textile ministry said. “This will cover Public funded institutions and also private institutions having NIRF ranking. The assistance for introducing full course in technical textiles can be upto 20 crores PG course and upto 10 crores at UG level. At UG level introducing one mandatory subject and few electives, grant upto 7.5 crores may be given," the ministry added. The guidelines will put emphasis on creating an effective and world-class knowledge ecosystem to make India a world leader in the field of technical textiles in the next decade, it further added,

Source: Livemint

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Investment worth `3,200 cr in textile sector alone, says Anmol Gagan Mann

Punjab Investment Promotion Minister Anmol Gagan Mann Thursday that the state has successfully secured investments of more than Rs 3,200 crores in textiles, technical textiles and apparel sectors in the last nine months. She said that the investing companies include Sanatan Polycott, Nahar Spinning Mills and many other leading companies. She said investment of Rs 3200 crores secured in the textile sector is likely to create employment opportunities for more than 13,000 skilled workers in textile industry. She emphasised that this investment highlights the initiatives taken by the state government which is focused on creating an industrial ecosystem in the state that is conducive to business. The cabinet minister explained that the industry friendly policies of the Punjab government under the able leadership of the Chief Minister, Punjab’s connectivity in terms of roads, railways and airways,friendly labour relations with no domicile restrictions and uninterrupted power supply offer a conducive environment for businesses looking to set up their operations in Punjab.

Source: Indian express

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India's Usha Yarns to boost production with new facility in 2023

India-based sustainable textile spinning company Usha Yarns is introducing a fourth facility this year to increase production in order to meet the high demands of the textile industry for sustainable materials. Usha Yarns plans to scale up circularity with retail and fashion brands that are eager to engage in sustainability measures. Usha Yarns said in a statement: “A circular economy brings together multiple factors with the objective of recreating business models. For them to have a positive influence on social and environmental issues, it relies on tactics that are more efficient on managing natural resources and that support human development. Overall, it’s also more sustainable throughout time, while the distribution of value is more equal and long-term. "It’s a concept often associated with small-scale production since local and carefully monitored activities are the easiest way to achieve sustainability goals. But global needs point towards environmental emergencies. We’re not only upon a climate crisis with many actual consequences, but we’re a growing population that expects to reach 8 billion by the end of 2022.” The company calls for immediate and bigger actions to be taken for such problems. Usha Yarns points that while governments are slow in decision-making due to current geopolitical disruptions, private sectors like enterprises, corporations, companies, and entrepreneurs have the ability to lead the road to transformation. “The principles of circularity recognise all alternatives that redefine growth, focusing on how the benefits of an industrialised economy and business practices can change the future of capitalism. Many of the conventional profit strategies are fruitful but leave out the negative impacts of production methods. The fast fashion industry is one of the top menaces, consuming an endless number of resources while polluting at the same time,” added Usha Yarns. Usha Yarns offers a wide variety of yarns made from recycling processes, based on research and global standard quality controls. The brand enables recycling partnerships with full traceability and its recycling process is backed by advanced processes of waste management ethically aligned with UNGC principles and SBTs goals with lesser impact, the statement continued. The company’s efforts to increase productivity go hand-in-hand with its social responsibility initiatives for local education, clean-water sanitation, infrastructure, and gender equality.

Source: Fibre2Fashion

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INTERNATIONAL

US' logistics industry sees slight growth in December 2022

US’ logistics industry saw a slight growth in December 2022, as the Logistics Managers’ Index (LMI) reading of the country reached 54.6, up 1 percentage point from 53.6 of November 2022, but still well below the highs of 2021. The overall index had declined in seven of the eight months leading up to December 2022’s reading, so even the modest increase in LMI is a marked change. US’ inventory Levels were much higher for downstream than for upstream firms (62.8 to 53.3 respectively), which is indicative of the split observed in December. Essentially, downstream respondents such as retailers held higher levels of inventory and dealt with more limited warehousing as they pushed to get goods to consumers for holiday shopping, according to the latest LMI report. Transportation metrics were weak across all levels of the supply chain. Transportation utilisation was down to 48.1, marking the first time it has dipped into contraction territory since April 2020. Transportation prices contracted at a rate of 36.9, which is the sharpest rate of contraction measured for this metric in over six years of the Logistics Managers’ Index. The country’s warehousing capacity read in at 44.7 in December, marking 29 consecutive months of contraction. In addition to more investment in port storage, there continues to be consistent investment around the more expensive facilities used for last-mile delivery. Given the tightness in available warehousing capacity, an increased number of retailers utilised brick-and-mortar stores as fulfilment centres during the holidays. This high demand led warehousing utilisation to increase significantly to 64.1 in December 2022. Warehousing prices remained elevated at a rate of 72.1. This is down from the highs observed in 2021 and early on in 2022, but it is still above 70. The LMI score is a combination of eight unique components that make up the logistics industry, including: inventory levels and costs, warehousing capacity, utilisation, and prices, and transportation capacity, utilisation, and prices. Researchers at Arizona State University, Colorado State University, Rochester Institute of Technology, Rutgers University, and the University of Nevada, Reno, and in conjunction with the Council of Supply Chain Management Professionals (CSCMP) issued this report on January 3, 2023.

Source: Fibre2Fashion

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British Council scheme aims to promote sustainable R&D in apparel sector 

The British Council in partnership with the University of the Arts London Fashion, Textiles and Technology Institute (UAL FTTI) has invited proposals for its second Fashion, Textiles and Technology (FTT) New Landscapes Catalyst R&D Grant Scheme with the aim of aiding research and development in sustainable fashion and textiles between the UK and International ODA eligible countries. The pilot programme was launched in October 2021 to help fashion, textiles and related technologies (FTT) industries re-think and re-evaluate their impact on both people and planet. The new programme builds on the success of this initial pilot programme. The New Landscapes: Fashion, Textiles and Technology Catalyst R&D Grant Scheme, which is worth GBP120,000 (US$144,350) in total, will provide five collaborative grants of up to GBP6,000 cash and up to GBP15,000 in-kind support to proposals that: Grow global networks to enable development of practice, experimentation and testing of sustainable design and production solutions that inspire positive environmental change. Support small and medium-sized enterprises (SMEs) to exchange methods of designing and producing in a more sustainable and socially engaged way. Support young designers to become advocates for sustainable, ethical and socially engaged fashion, textiles and related technologies. The grant is open to all designers, design entrepreneurs, and SMEs from UK and Official Development Assistance (ODA) countries and proposal submissions are must be made by Monday, 6 February 2023. Following the release of the findings from the pilot study, professor Jane Harris, director of FTTI, said: “The New Landscapes R&D pilot report shows how much potential there is to apply established research and implement environmentally and socially responsible practices in the fashion and textiles sector at a global scale. We are truly inspired by the impact achieved through this knowledge exchange project in a relatively short period of time, as the SME case studies outline.”

Source: Fibre2Fashion

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China unveils first 5-year plan to modernise logistics sector 

China has released its first five-year plan to modernise the country’s logistics sector through 2025, according to the general office of the state council. The plan highlights the need to promote the digital transformation of the logistics sector, improve the quality and efficiency of services, and enhance the competitiveness of businesses. According to the five-year plan, China will promote the use of green packaging materials, prioritise the development of cold chain logistics, and further reduce energy use and emissions in the logistics sector. Other key measures in the plan include improving modern logistics systems by taking steps such as accelerating the digital and smart upgrading of the transportation, delivery, storage, and packaging sectors and strengthening weak links in rural areas and cold chain logistics. China, which has the world's largest logistics sector, leads all countries in terms of cargo transport volume and number of shipments. The total revenue of the logistics sector reached 12 trillion yuan ($1.74 trillion) in 2021, according to the National Development and Reform Commission (NDRC). China’s logistics sector is facing challenges, including disparities between eastern and western regions and urban and rural areas in terms of infrastructure and services offered, as well as a relatively small number of logistics businesses that compete globally, Zhang Jiangbo, deputy head of the department of trade at the NDRC, said during a press conference last week. Another key area of the plan is to lower the cost of logistics services in general by means such as implementing tax and fee cuts and resolving gridlocks troubling the sector. The significance of the sector's role in stabilising the national job market is also emphasised in the plan, as over 50 million people are now employed in logistics-related industries, Zhang added. Zhang also emphasised that the government will strengthen support for the rise of new business models in the sector and encourage job creation. Also, more steps will be taken to protect the legitimate interests of workers. The five-year plan also highlights the need to ramp up the development of international logistics networks, including improving the organisation of China-Europe freight train services, moving forward with the development of overseas warehousing and encouraging major logistics providers to improve their global service networks. According to the plan’s document, China will work towards achieving better alignment in standards for quarantine, certification, inspection, and customs clearance with other countries in order to boost international logistics services.

Source: Fibre2Fashion

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Germany's inflation rate estimated at 8.6% in December 2022: Destatis

The inflation rate for Germany is expected to be at 8.6 per cent in December 2022, compared to the corresponding period of the previous year, according to the provisional data by Federal Statistical Office (Destatis). Due to immediate assistance, the inflation rate in December is estimated to be significantly lower than in the previous months, with 10 per cent in November and 10.4 per cent in October. Based on the results available so far, consumer prices are expected to decline by 0.8 per cent compared with November 2022. The annual average inflation rate is expected to stand at 7.9 per cent in 2022, as per Destatis. Energy and food prices, in particular, increased considerably since the war started in Ukraine and had a substantial impact on the inflation rate. However, the federal one-off payment in December 2022 to cover the monthly instalment for gas and heat had a downward effect on prices.

Source: Fibre2Fashion

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Modest growth seen for PH garment exports in 2023 

A local trade group is eyeing modest growth in the Philippines’ textile and apparels exports this year amid the looming shadow of recession in key overseas markets, which include the United States. The Foreign Buyers Association of the Philippines (Fobap), an organization of buyers and exporters of garments, said this despite expectations that these global headwinds will worsen this year. “We are still hoping for a [modest increase] of 3 to 5 percent in the textile and apparel sector, with the spill over orders of other countries’ as they tend to reject small orders,” said Fobap president Robert Young. Young added that they are also expecting the local garment sector to benefit from the relocation of some garment producers in China to other states in the Association of Southeast Asian Nations region, including the Philippines. According to news reports from some western media outlets, analysts and industry experts have projected that the US will enter into recession this year, stemming from the continued policy rate hikes of the Federal Reserve in its attempt to quell inflation. Last year, Young said that fears of a recession have dampened consumer spending in key markets, most notably in the United States, causing a parallel decline in orders from foreign clients. A local trade group is eyeing modest growth in the Philippines’ textile and apparels exports this year amid the looming shadow of recession in key overseas markets, which include the United States. The Foreign Buyers Association of the Philippines (Fobap), an organization of buyers and exporters of garments, said this despite expectations that these global headwinds will worsen this year. “We are still hoping for a [modest increase] of 3 to 5 percent in the textile and apparel sector, with the spill over orders of other countries’ as they tend to reject small orders,” said Fobap president Robert Young. Young added that they are also expecting the local garment sector to benefit from the relocation of some garment producers in China to other states in the Association of Southeast Asian Nations region, including the Philippines. According to news reports from some western media outlets, analysts and industry experts have projected that the US will enter into recession this year, stemming from the continued policy rate hikes of the Federal Reserve in its attempt to quell inflation. Last year, Young said that fears of a recession have dampened consumer spending in key markets, most notably in the United States, causing a parallel decline in orders from foreign clients.The Philippine garments and textile industry exports are valued at around $1.5 billion annually according to Young. Key export markets include the United States and the European Union, as well as a number of countries in the Asian region. As for expectations on the Philippine economy, Young said that they are expecting the country to have a mild to low-mid recession, reasoning that the Philippines is not entirely trade-driven but also a remittance-driven economy. For the meantime, the Fobap official said they are praying that authorities will have an urgent response and solution to the recent fiascos, including that of the air traffic mess at the Ninoy Aquino International Airport. The airport, which serves as a crucial gateway to Metro Manila, experienced power outages and “tech glitches” according to authorities, prompting flights to get cancelled, delayed or diverted on New Year’s Day. A local trade group is eyeing modest growth in the Philippines’ textile and apparels exports this year amid the looming shadow of recession in key overseas markets, which include the United States. The Foreign Buyers Association of the Philippines (Fobap), an organization of buyers and exporters of garments, said this despite expectations that these global headwinds will worsen this year. “We are still hoping for a [modest increase] of 3 to 5 percent in the textile and apparel sector, with the spill over orders of other countries’ as they tend to reject small orders,” said Fobap president Robert Young. Young added that they are also expecting the local garment sector to benefit from the relocation of some garment producers in China to other states in the Association of Southeast Asian Nations region, including the Philippines. According to news reports from some western media outlets, analysts and industry experts have projected that the US will enter into recession this year, stemming from the continued policy rate hikes of the Federal Reserve in its attempt to quell inflation. Last year, Young said that fears of a recession have dampened consumer spending in key markets, most notably in the United States, causing a parallel decline in orders from foreign clients. The Philippine garments and textile industry exports are valued at around $1.5 billion annually according to Young. Key export markets include the United States and the European Union, as well as a number of countries in the Asian region. As for expectations on the Philippine economy, Young said that they are expecting the country to have a mild to low-mid recession, reasoning that the Philippines is not entirely trade-driven but also a remittance-driven economy. For the meantime, the Fobap official said they are praying that authorities will have an urgent response and solution to the recent fiascos, including that of the air traffic mess at the Ninoy Aquino International Airport. The airport, which serves as a crucial gateway to Metro Manila, experienced power outages and “tech glitches” according to authorities, prompting flights to get cancelled, delayed or diverted on New Year’s Day. Young also urged the government to act on prevailing prices of goods, which he described as “ridiculously high.” “It’s a bad signal to international businesses,” said Young. The Philippines’ inflation rate climbed to 8.1 percent in December from 8 percent in November, bringing the 2022 average to 5.8 percent according to the Philippine Statistics Authority. INQ

Source: Business.inquirer

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China & Ecuador to sign free trade agreement 

Ecuador and China will sign a free trade agreement (FTA) after almost a year of negotiations, Ecuadorian President Guillermo Lasso recently announced on micro blogging platform Twitter. "Our exports will have preferential access to the largest market in the world, our industries will be able to acquire machinery and inputs at lower costs," the president wrote. The FTA, negotiations for which began in February 2022, is expected to boost growth in the South American nation. China's annual bilateral trade with Ecuador is estimated at over $10 billion. It was the latter’s primary non-oil trade partner in the first half of 2022, according to the Ecuadorian trade ministry. The date for the formal signing of the deal is yet to be decided, the ministry was quoted as saying by a global newswire. The agreement, once signed, will make Ecuador the fourth Latin American country to have an FTA with China, after Costa Rica, Peru and Chile.

Source: Fibre2Fashion

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Upcycled fashion for everyone, a possibility 

Upcycling is very much in demand and has its finger on the pulse of the times. More and more fashion labels are launching collections made from leftover and rejected fabrics. Other brands go one step further and use only old textiles which would otherwise have ended up in the bin for their entire product portfolio. Even in luxury fashion, upcycling is no longer a foreign concept: French designer Marine Serre often referred to as an "eco-futurist," has advocated for a sustainable and avant-garde ever since her Fashion Week debut in 2018. Since then, she has successfully implemented upcycling in the high-end sector. But to what extent does the business model for upcycling work for fashion labels, and can it be implemented on a large scale?

A tried-and-tested concept

The basic idea behind it has been around for a long time. Many know grandmothers' tales of how they made their wedding dresses from old tablecloths and bed linens many years ago, how grandpa's shirt turned into a new skirt and how clothes for the smallest family members were sewn from other fabric remains. Today, all this would fall under the term upcycling, that is, the reuse of waste materials or used goods made into something new. From old to new – an approach that is needed more urgently than ever. Around 7.5 million tonnes of textile waste are generated in Europe every year, according to the study "Scaling up textile recycling in Europe - turning waste into value" by the management consultancy McKinsey & Company. The study says that Europeans produce an average of more than 15 kilograms of textile waste annually, the tendency rising. The Berlin labels MOOT and Avenir want to counteract this development: Turning waste into value is also their overriding goal, so they offer only upcycled products.

Going to work in bedlinens

The young brand MOOT's concept store is located in Berlin's Ostbahnhof. The abbreviation stands for Made out of Trash – upcycling is the name of the game. The space is divided into a store and a showroom, this way MOOT founders Michael Pfeifer and Nils Neubauer want to bring their products to the diverse clientele of the building but also educate and inform them. In the entrance area of the shop, five large textile bundles made of old clothes are piled high; on the opposite wall, a metre-high sign sheds light on the "Umweltsünde Fast Fashion" (the environmental sin of fast fashion). Only a few steps away, the outline of a map of Germany shows the locations of the textile sorting centres from which the label obtains its raw materials. Former bed linens now hang on clothes rails in the form of T-shirts, long sleeves and dresses in countless patterns. Old woollen blankets shine in new splendour as coats and jackets, while lashing straps are added to pillowcases to create bags The label's core idea is to integrate upcycling into everyday life with wearable products. "It is our aspiration that in the future it will be normal for people to walk the streets with a bed linen as a T-shirt and a woollen blanket as a coat, making upcycling a very ordinary part of society and fashion consumption," says co-founder Michael Pfeifer in an interview with FashionUnited. He also emphasises that upcycling has always existed. Not only in the form that was commonplace for earlier generations but also on the international catwalks. "A dress was made out of a rubbish bag in a very exaggerated way. But what is missing right in the middle is a concept that is both wearable and suitable for the masses," says Pfeifer. And that's where MOOT wants to go with its business model, to the masses. And the label's idea seems to be working. The founders started with a clothes rack full of T-shirts in April 2020. Now, the company offers more than ten products and sells clothes through various channels. The brand obtains its raw materials primarily from two large textile sorting companies, Geo-tex Textilverwertung in Quakenbrück and Textrade in Bremerhaven. Smaller quantities also come from the Deutschen Kleiderstiftung and the Berliner Textilhafen. The growth of the company and the demand for the products are evident from the rapidly increasing amount of textiles procured. Currently, four sewing factories in Berlin are transforming several hundred kilograms of raw materials into MOOT products.

Tonnes of old clothes

In the Storkower Straße, barely four kilometres from the MOOT store, a small blue sign on a bare façade points to the Berlin Textile Port, the transhipment point for all textile donations from the Berlin Stadtmission. "The birthplace of MOOT is the Berliner Stadtmission," Pfeifer recounts. There, the founders collected a hodgepodge of donated textiles, processed them and tried started testing – the result was the idea for a T-shirt made of bed linen. At ten o'clock in the morning, the first truck is unloaded with the contents of the clothing containers while four employees are still sorting the donations from the previous day. Two large halls are situated in the building, one filled to the brim with unsorted old clothes, the other with long sorting tables and countless storage boxes lined up next to it. In the colder months, up to 20 tonnes of donated clothing from the 13 clothing containers of the Stadtmission arrive here every week, explained director Annett Kaplow in an interview with FashionUnited. "80 per cent of the donated clothes inevitably end up in the bin or the recycling container for old clothes," said Kaplow, "Many donations do not have the quality that we would like for the people. They are dirty or tattered. Often there are also duvets, pillows, which we cannot pass on." In addition to dirty clothes, a lot of fast fashion also goes straight into the waste bin because of the poor quality of the fabrics. Only 20 percent of the donations are usable. The majority (ten percent) goes to charity, providing clothes for homeless and vulnerable people. Nine percent of the donations are given to the "Kiezläden", where surplus donations are sold as second-hand goods. "Anything that can't be placed with charity or in the shops, we try to sell in the material pool," says Kaplow. About one per cent of the donations end up in the material pool designed for upcycling. "This is where we find a lot of textiles with flaws that are to be repaired and recycled." The origin of the material pool lies in the oversupply of some textiles such as jeans, which cannot all be donated or sold in bulk and would otherwise also end up in landfills. Twice a week the material pool is open for a general sale, used by many students, theatre professionals and hobby sewers. But it is not only private individuals who take advantage of the wide range of textiles, from corduroy and denim to wool and fabrics by the metre. Many upcycling labels also source their materials from the textile port. Through sorting orders, brands can specify which fabrics they are looking for. "For us and the designers, the textiles are an important resource. The sorting order is a way of ordering material from us, which we pre-sort, on a larger scale," explains Kaplow.

Reusable instead of disposable

The roots of the Berlin brand Avenir also lie in the textile port: founder and designer Sophie Claussen worked as a helper at the material pool. The idea for her fashion brand came from the enormous amount of textile waste. The upcycling label still obtains a large part of its materials from the textile port through a sorting order. Claussen collects up to 15 kg of jeans on demand - preferably men's sizes with less than two percent spandex in the fabric content. However, Avenir not only obtains its raw materials from textile sorting but also incorporates leftover materials from production sites in Portugal into the manufacturing process. This allows materials left over in production from other brands and manufacturers to be processed directly. "This is not only cool for us because we can recycle the fabric, but it is also good for the other manufacturers because they can empty their warehouses," Claussen adds. So far, the label has mainly focused on made-to-order products made of denim. The orders are handmade in the studio in Berlin's Neukölln district and some models are additionally produced in small series in Portugal. In the future, the whole concept of the label might change a bit and the production in Portugal might be expanded. "You have to think about the next sensible step to be able to offer upcycling in a way that provides both exclusively, locally produced upcycling pieces and a somewhat more affordable upcycling small-series collections," says Claussen.

Matter of Price and Behavior-Gap

Both Avenir and MOOT show that different approaches to upcycling are possible, feasible and in demand. Both brands want to extend the life of textiles through their work and thus counteract the wasteful overconsumption of our time. For upcycling to work, however, it is not only the business model of the brands that is important but rather the consumers who have to rethink their needs and the way they consume. "We see a big gap in behaviour: everyone says they are sustainable and interested in sustainable clothing and concepts, but then when it comes to the everyday decisions, many tend to behave differently," says Pfeifer. In his opinion, upcycled fashion can never compete on price alone, "this is an elaborate, handcrafted commodity, and we also want to sensitise people to that. For them to also realise what value clothing actually has." Claussen also shares this view: "It's so absurd that all people want something sustainable, but then when it comes to the price, they don't feel like paying." It is clear that the approach works and that upcycling brands can bring their products made from old clothes to the mainstream on a larger and, above all, growing scale. For this to happen, however, one more thing is necessary – the consumers' commitment.

Source: Fibre2Fashion

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Pakistan looking to increase cooperation, trade with Türkiye, says envoy 

Pakistan is looking to increase cooperation and trade in the areas of textiles, construction, defense, and clean energy with Türkiye and is eyeing to raise trade volume to $5 billion from the current $1 billion within the next three to four years, Pakistani envoy to Türkiye said. Speaking to Anadolu Agency, newly appointed Pakistan’s ambassador in Ankara, Dr. Yousaf Junaid, thanked Türkiye for helping his country during the worst floods in 2022 and for diplomatic and moral support on the issue of Jammu and Kashmir – a lingering dispute between India and Pakistan, despite the UN Security Council’s Jan 5, 1949 resolution, asking both countries to hold a free and impartial plebiscite to decide the fate of the region.

Cooperation, bilateral trade

Recalling Pakistani Prime Minister Shehbaz Sharif’s suggestion of “collective research and pooling of resources” between the two countries during his last trip to Türkiye, Junaid said that the two countries have experience and expertise in several sectors including trade, defense, economy, and development. “Through utilizing complementarities and comparative advantage, both countries should enhance collaboration in key areas including in defense, digital and emerging technologies,” he said. “This is an important priority for us where a lot of work is also being done. There are several potential areas where both countries can undertake collective research and pooling of resources,” he added. Junaid said Pakistan has a skilled labor force and an abundance of natural resources whilst Türkiye has advanced technology that can be merged to become the leading textile manufacturers in the world. “Similarly, in the clean energy sector, joint research facilities could be established for the development of clean energy resources, including cheaper and better solar energy systems,” he added. Construction is another area beneficial for both countries, he said, adding: “Türkiye has decades-long experience which could be utilized by Pakistan. In this respect, TOKI is being approached to play a role.” TOKI is Türkiye's state-run housing agency. “Towards ensuring self-dependence in the defense sector, several projects are being undertaken jointly. MILGEM Corvette project is an excellent illustration of this joint collaboration,” he added. On bilateral trade volume crossing the $1 billion mark, Junaid said: “This figure is well below the true potential that the two countries carry.” “To tap the potential and feeling to do this through liberalizing the trade in key product sectors, an Agreement on Trade in Goods was signed between the two countries on Aug. 12, 2022. The agreement is being submitted to the Turkish Grand National Assembly for ratification. Once this agreement becomes operational, the bilateral concessions granted by the two sides would help achieve exponential growth in value and volumes to reach a targeted trade volume of $5 billion in the next three to four years,” he said. “Other efforts on bilateral levels to increase investment in key sectors of Pakistan’s economy such as energy, food, and consumer goods from the Turkish side would complement the efforts to increase bilateral trade between the two countries,” he added. Stating that Pakistan and Türkiye have unique relations, Junaid said: “Bonds between two countries and people are unbreakable and embedded in our common civilizational, cultural and religious ethos.”

Floods in Pakistan

Last year, Pakistan was hit by torrential rains and devastating floods that brought a third of Pakistan under water, aside from killing nearly 1,700 people, since mid-June. Over 33 million people, mainly in the Sindh and Balochistan provinces, were affected by the biblical floods, with hundreds of thousands of houses, buildings, bridges, schools, and roads washed away. “We appreciate that Türkiye was one of the first countries to respond to the flood situation in Pakistan with the immediate dispatch of relief goods. Türkiye immediately sent humanitarian aid through 15 military aircraft, 6 trucks, 13 trains, and 2 ships. Relief supplies are still being sent from Türkiye,” said Junaid. “The water has now receded but has left behind a daunting task of rehabilitation. A detailed Post Flood Damage and Needs Assessment (PDNA) was carried out by Pakistan along with international development partners. It was estimated that overall damages and losses were to the tune of $30 billion in 17 sectors of the economy. The requirement as per PDNA is $16 billion. Pakistan has been pursuing Resilient Recovery, Rehabilitation and Reconstruction Framework (4RF), reflecting priorities of the federal and provincial governments for recovery efforts,” he added. Pakistan is co-hosting an international conference on helping flood victims with the UN on Jan. 9 in Geneva “to marshal international support for the people and government of Pakistan to rehabilitate the affected population and reconstruct the damaged infrastructure in a climate-resilient manner after the devastating floods in 2022,” said Junaid. High-level participation from international organizations, such as IMF and World Bank, international NGOs, and bilateral partners like Türkiye is expected, he added.

Kashmir

Speaking on the situation in Kashmir, Junaid said that it is “very concerning from human rights and humanitarian perspective.” “The brutal suppression and killing spree of Indian occupation forces continue in the Indian-held Kashmir, in stark violation of international law which has also put the regional and global peace and security in jeopardy,” said Junaid. “India’s actions, particularly after Aug. 5, 2019, are in clear violation of the United Nations Charter, United Nations Security Council resolutions, international law, including human rights and international humanitarian law particularly the Fourth Geneva Convention. India continues to deny Kashmiris their right to self-determination – an inherent right that is also recognized by the United Nations Security Council,” he added. He also thanked Turkish President Recep Tayyip Erdogan’s statement on the Kashmir issue at the United Nations General Assembly, adding: “Türkiye’s support is a source of comfort for the oppressed people of Kashmir.”

Source: Fibre2Fashion

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Vietnam needs $676-796 mn to develop ICD network by 2030: Ministry

Vietnam would require VND15.9-18.7 trillion ($676-796 million) to develop a network of inland container depots (ICDs) by 2030, according to its transport ministry, which recently submitted the draft plan on IDC system development in the 2021-30 period to the Prime Minister Pham Minh Chinh for consideration. Ten ICDs operate now—nine in the north and one in the south. Six other inland ports were designated as ICDs, but are yet to be converted. The draft plan prioritises upgrading ICDs located on the corridors to the major seaports and border gates, including those at Hai Phong port, HCM City and Cai Mep-Thi Vai. It targets the ICD system to be capable of handling 20-30 per cent of the container transport demand for import and export by 2025 with a total capacity of 6-8.7 million TEU per year and 25-35 per cent by 2030. The ministry estimates that the country would need VND15.9-18.7 trillion ($676-796 million) to develop the system of ICDs by 2030. ICD operations lack efficiency and there is hardly any link among ICDs and logistics centres in some localities, feels the Vietnam Maritime Administration. Twenty five ICDs are under construction now or under preparation for construction and 26 others planned had not been initiated as many of those were not attractive to investors, especially those in the central region, according to a Vietnamese media report. The connectivity of ICDs in the north with seaports remained weak. The northern zone also has a smaller container transport market share—only around 30 per cent of the south’s, but most operational ICDs are in the north.

Source: Fibre2Fashion

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23 US states raise minimum wage starting Jan 1, 2023

Hourly minimum wages in 23 US states rose beginning January 1 as part of previously scheduled efforts to reach $15 an hour or to account for cost-of-living changes. More than $5 billion in pay hikes has been witnessed for an estimated 8.4 million workers, the Economic Policy Institute (EPI) estimates. Additionally, nearly 30 cities and counties will raise their minimum wage. Working conditions and low pay contributed to a rise in labour movement activity and actions by many large corporations to raise their wage floor during the last two years, the left-leaning think tank observed. The larger-than-typical increases for a dozen states come after inflation hit a 40-year high this summer, leaving families struggling to keep up with the rising costs. “Even before the pandemic, there was no county in the United States where you could affordably live as a single adult at $15 an hour,” EPI research assistant Sebastian Martinez Hickey was quoted as saying by US media reports. The pandemic also led to a structural upheaval in the nation’s labour market, creating an imbalance of worker supply and demand that still persists. Employers have found themselves short of workers for most of last year, which has pushed up average annual hourly wages in the battle to recruit and retain staff. The federal minimum wage of $7.25 per hour has not budged since 2009, and 20 states have a minimum wage either equal to or below the federal level, making $7.25 their default baseline.

Source: Fibre2Fashion

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UK PM promises to halve inflation in 2023, ensure national debt drop

UK Prime Minister Rishi Sunak recently promised to halve inflation this year to ease the cost of living and give people financial security; grow the economy, creating better-paid jobs and opportunity; ensure a falling national debt so that the future of public services can be secured; and to reduce the waiting list in the National Health Service (NHS) by March. He also assured to pass new laws to stop small boats, making sure that if anyone comes to the United Kingdom illegally, he is detained and swiftly removed. “These are the five foundations I know can build a better, more secure, more prosperous future that this country deserves,” Sunak said. The prime minister was speaking on setting out his priorities for this year for building a better future for citizens. "The government is increasing public funding in research and development (R&D) to £20 billion to enhance our world leading strengths in artificial intelligence, life sciences, quantum computing, financial services and green technology," he said. It is seizing the opportunities of Brexit to ensure the UK regulatory system is agile and supports innovation, and making sure entrepreneurial and fast-growing companies get the finance they need to expand, he added.

Source: Fibre2Fashion

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China's railway cargo delivery volume rises 4.7% YoY in 2022

China’s railway cargo delivery volume totalled 3.9 billion tonnes in 2022, which is an increase of 4.7 per cent year-on-year (YoY). The East Asian country’s railway cargo services earned 478.6 billion yuan (around $69.23 billion) in 2022—surging 9.8 per cent YoY, as per the China State Railway Group Co Ltd. China’s national railway operator projects passenger trips to cross 67 per cent YoY in 2023 and forecasts that overall transport revenue will resume to pre-pandemic levels. The nation had around 4,100 km of new railway lines put into operation last year of which more than half were high-speed railways, according to several Chinese media reports. In 2023, more than 3,000 km of new railway lines will be operation-ready and 2,500 km of these will be high-speed railways.

Source: Fibre2Fashion

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