INTERNATIONAL
Textile Raw Material Price 2016-07-07
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1016.33 |
USD/Ton |
0.74% |
7/7/2016 |
|
VSF |
2047.60 |
USD/Ton |
0.37% |
7/7/2016 |
|
ASF |
1883.20 |
USD/Ton |
0% |
7/7/2016 |
|
Polyester POY |
1028.28 |
USD/Ton |
0% |
7/7/2016 |
|
Nylon FDY |
2167.17 |
USD/Ton |
0% |
7/7/2016 |
|
40D Spandex |
4259.61 |
USD/Ton |
0% |
7/7/2016 |
|
Nylon DTY |
5573.36 |
USD/Ton |
0% |
7/7/2016 |
|
Viscose Long Filament |
1247.99 |
USD/Ton |
0% |
7/7/2016 |
|
Polyester DTY |
2025.18 |
USD/Ton |
0% |
7/7/2016 |
|
Nylon POY |
2055.08 |
USD/Ton |
0% |
7/7/2016 |
|
Acrylic Top 3D |
1138.89 |
USD/Ton |
0% |
7/7/2016 |
|
Polyester FDY |
2391.36 |
USD/Ton |
0% |
7/7/2016 |
|
30S Spun Rayon Yarn |
2690.28 |
USD/Ton |
0% |
7/7/2016 |
|
32S Polyester Yarn |
1666.48 |
USD/Ton |
0% |
7/7/2016 |
|
45S T/C Yarn |
2398.83 |
USD/Ton |
0% |
7/7/2016 |
|
45S Polyester Yarn |
1778.57 |
USD/Ton |
0% |
7/7/2016 |
|
T/C Yarn 65/35 32S |
2690.28 |
USD/Ton |
0% |
7/7/2016 |
|
40S Rayon Yarn |
2824.79 |
USD/Ton |
0% |
7/7/2016 |
|
T/R Yarn 65/35 32S |
2167.17 |
USD/Ton |
0% |
7/7/2016 |
|
10S Denim Fabric |
1.32 |
USD/Meter |
0% |
7/7/2016 |
|
32S Twill Fabric |
0.80 |
USD/Meter |
0% |
7/7/2016 |
|
40S Combed Poplin |
1.14 |
USD/Meter |
0% |
7/7/2016 |
|
30S Rayon Fabric |
0.67 |
USD/Meter |
0% |
7/7/2016 |
|
45S T/C Fabric |
0.66 |
USD/Meter |
0% |
7/7/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14946 USD dtd. 07/07/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Surat's MMF sector that contributes to around 40 per cent of nation's MMF fabric demand with daily production of MMF fabric in the city pegged at four crore meter has been facing issue over import of under invoiced Chinese fabrics, which resulted in around 45 percent of the weaving units-around over three lakh powerloom machines have shut down in the last three months. This has been due to dumping of under-valued Chinese fabrics at the cost less than Rs8 per meter. In the last one year, nearly around eight crore meter of Chinese fabrics have been dumped in various parts of the country. During the recent visit of Union commerce minister Nirmala Sitharaman to Surat, their issue has been finally heard at the top level. The Ministry of Textiles, Government of India, has asked the textile commissioner to gather details on the state of Surat's man-made fabric (MMF) sector from the textile associations and Southern Gujarat Chamber of Commerce and Industry (SGCCI). Industry sources said that the textile commissioner's office has sought data on the number of powerloom units closed in the last few months, decrease in the production of MMF, workers rendered jobless, production of yarn and finished fabrics. Pandesara Powerloom Weavers Federation (PPWF) president Ashish Gujarati said that in Pandesara GIDC, only 70 percent of the weaving units are operational at the capacity less than 60 percent, while the rest have shut shops. Around 90 percent of the units are not getting job-work from the traders. All the individual weaving associations in the city have been asked to submit details to the textile commissioner's office. They have already sent the report. South Gujarat Textile Processors' Association (SGTPA) president Jitu Vakharia said that due to Chinese fabrics and depleting demand of polyester fabrics in the country, most of the textile dyeing and printing mills are without job-work. Due to the shutdown, there would be around 1.5 lakh workers who are currently jobless. Most of them have moved out of the city to their hometowns in Bihar, Uttar Pradesh and Odisha.
SOURCE: Yarns&Fibers
To protect India Inc against unrestricted inflow of goods from China and other members of the proposed Regional Comprehensive Economic Partnership (RCEP), New Delhi is planning to suggest moderation of import tariffs on goods instead of total elimination of duties in the on-going negotiations. A submission against tariff elimination is likely to be made by India in the forthcoming inter-sessional meeting in Jakarta this month, according to an industry official privy to deliberations in the government on the matter. “Following meetings with the industry on sensitive areas, there is an increased feeling within the Commerce Ministry that the country is not ready to deal with zero tariffs in most areas. While there is no running away from lower tariffs once a country gets into a free trade pact, zero tariffs can be disastrous,” a Commerce Ministry official said.
Alternative approach
The official told BusinessLine that New Delhi was planning to make a submission on an alternative approach to tariff cuts in goods in Jakarta as it was uncomfortable with the pressure being exerted by other members, especially China, to agree on tariff elimination on a wide range of products. “But we are to yet take a call on the ‘peak level’ of tariff that we would want to propose,” the official said. The peak tariff rate would indicate the floor below which import duties would not be reduced and could be subject to negotiations if other members agree to India’s proposals. India’s proposal could see stiff opposition from other members including the 10-member ASEAN which is pushing for a duty-free trade bloc. Other members of the 16-member RCEP include Japan, South Korea, Australia and New Zealand. The meeting in Jakarta scheduled on July 18-19 is crucial as attempts will be made to arrive at the final numbers for duty cuts and sectoral liberalisation so that the RCEP meeting of Trade Ministers next month could work towards concluding the pact.
New approach
India’s decision to take a re-look at the RCEP negotiations and move away from tariff elimination is in sync with a new approach to free trade pacts that the Commerce Ministry had started exploring a few months ago. Faced with several complaints from the industry on the negative fall-outs of free trade pacts signed so far with partners such as Japan, South Korea and the ASEAN (where it has agreed to gradual tariff elimination on most products), the Commerce Ministry came up with a model for future trade pacts where duties would not fall below five per cent. Although RCEP has already been under negotiations for long and India had not initially planned to oppose the zero-tariff formula, the growing pressure in the negotiations from all members, including China, to offer zero tariffs on most products being traded with the region, is forcing it to change its stance.
SOURCE: The Hindu Business Line
America's National Cotton Council (NCC) and the China Cotton Textile Association (CCTA) have signed an agreement to foster enhanced communication between the two parties. With a focus on quality, the two groups will explore opportunities to jointly promote both US raw cotton and US-manufactured yarn, as well as Chinese cotton, in an effort to combat the growing competition from synthetic fibres. The agreement was signed in Beijing during a recent visit of an NCC leadership delegation to share information with the Chinese cotton/textile industries and update them on the US cotton industry, the NCC said in a press release.
Coordinated by the NCC's export promotions arm, Cotton Council International (CCI), the visit was the seventh US cotton industry delegation to China since the establishment of the US-China Cotton Leadership Exchange Programme by the NCC and the China Cotton Association (CCA) in 2006. This ongoing exchange was initiated by a Memorandum of Understanding signed that year promising cooperation between the two countries' cotton industries. In Beijing, delegation members heard presentations from the China Cotton Association (CCA), the CCTA and the China National Textile and Apparel Council regarding current challenges facing the cotton market. In Hubei Province, the US delegation met the Hubei Provincial Cotton Association and visited the Hubei Yinfeng Logistic Park. The group toured Xiantao's cotton fields and Xiaogan's textile mill. In Shanghai, they toured CCI's office, met Zhangjiagang Entry-Exit Inspection and Quarantine Bureau and toured its cotton laboratory. The group also visited the Zhangjiagang bonded cotton warehouse and Zhangjiagang Zhongrong Logistics Company, a bonded port warehouse. The delegation was led by NCC Chairman Shane Stephens, a warehouseman who serves as vice president of Cotton Services and Warehouse Division for Staplcotn Cooperative Association in Greenwood, Mississippi. “We were pleased to gain a better understanding of the challenges facing the Chinese cotton industry, which traditionally has been a strong importer of US raw cotton,” Stephens said. “I believe this mutual exchange of information solidified our relationship with this important consumer of US cotton and provided an opportunity to demonstrate the US cotton industry's continued commitment to meeting the needs of our customers”.
SOURCE: Fibre2fashion
India’s economy may grow at a slightly slower pace of 7.4 per cent this fiscal amid weaker global demand and risk aversion, says an HSBC report, flagging “methodological concerns” in computation of official GDP data. According to the global financial services major, some of the factors that are weighing on the economy include weaker global demand, banking sector risk aversion, sluggish domestic private investment, gradually climbing oil prices, and statistical auto-correction in growth prints. “All considered, we expect GDP growth to slow gently from 7.6 per cent last year to 7.4 per cent in 2016-17 and further to 7.2 per cent in 2017-18,” HSBC said in a research note, adding that despite lower prints, this will be among the best growth performances globally.
According to HSBC, the GDP data are “fraught with methodological concerns” and once it made some adjustments, the actual growth was 6-6.5 per cent, 150 bps below the official estimate. It further noted that some of the growth overestimation — around 80 bps — could auto-correct over the next six quarters. Meanwhile, the factors that are likely to support GDP numbers, going forward, include government wage hike-led urban consumption demand, normal monsoon-driven rural revival and monetary transmission of previous policy rate cuts powered by domestic liquidity. “We expect growth to gather pace over the medium term (2-5 year horizon) as the impact of reforms starts to unfold,” it said. The risks to India’s medium-term growth outlook include insufficient and delayed rains impacting rural income, loss of momentum in ongoing banking sector reforms, and more severe-than-expected political and economic contagion from the UK’s EU referendum, HSBC said. On the Reserve Bank’s policy rate stance, it said a final 25 bps repo rate cut in the October-December quarter of 2016 is likely if early showers are sufficient and bring down the recent increase in food prices. In the June policy review meet, RBI Governor Raghuram Rajan kept interest rates intact, citing rising inflationary pressure, but hinted at a reduction later this year if good monsoon helps ease inflation. The industry is still hopeful of further rate reduction from the central bank to boost investment.
SOURCE: The Financial Express
In order to iron out administrative differences between the Centre and states over the proposed goods and services tax (GST) regime, the Central Board of Excise and Customs (CBEC) has formed a committee to identify the key concerns and sort them out through dialogue. The issues include administrative threshold as well as revisionary powers. “There are a lot of square brackets or what are called unresolved issues with respect to the proposed GST, which may create hassle for the taxpayers. Therefore, the committee has been formed to look into each of these issues and take them up with the states,” said a government official. The empowered committee of state finance ministers in a meeting in Kolkata last month discussed the model GST draft law, which was also made public for comments. The committee is headed by GST member Ram Tirath. The states have strongly pressed for all administrative powers, including assessment, scrutiny and passing of orders, for entities with annual turnover up to Rs 1.5 crore. This will essentially mean that almost all service tax cases, barring those of big entities, will remain with the states. This has not gone down well will many central agencies. Moreover, for entities with annual turnover of more than Rs 1.5 crore, both states and Centre are likely to have assessment powers.
States, including Gujarat, Maharashtra, West Bengal, Tamil Nadu and Karnataka, are pressing for authority over tax assessment and dispute resolution for entities with annual turnover up to Rs 1.5 crore. According to states, this will ensure that small businesses are not harassed because of dual control. Central official pointed out that the draft model GST law was not final and further changes could be made considering feedback from all stakeholders, including the public. The Centre also ceded to the states’ demand of revisionary powers for three years, compared with three months in the current central law. According to the central indirect tax laws, senior officials can revoke the order passed by the junior authority within three months, as against three to five years in case of some states. This move could lead to an increase in uncertainty for the tax assesses, resulting in harassment in some cases. The draft model GST law proposes that revisionary powers could not be invoked, if “more than three years have expired after the passing of the decision or order sought to be revised”. “Some things are good in central acts and some in state acts. However, GST seems to be incorporating the worst of the two, with states unwilling to relent to Centre’s recommendations. Centre has a better system of review,” said an officer.
Lack of parity is another contentious issue. At the state level, one commissioner-equivalent officer will handle entire GST-related work, whereas Centre will have much senior officials and chief commissioners in states for the unified indirect tax regime. “Chief commissioners have a service of 30-32 years as against 16-17 years for state commissioners. How can they be put at par? In case of litigation, there could be duplication. With two levels of officers, whose order becomes binding is a concern,” another official pointed out. Centre also pressed for a higher GST exemption threshold of Rs 25 lakh annual turnover, but ceded to states’ demands of a lower one at Rs 10 lakh in the draft model law. According to government data captured two years ago, while units between Rs10 lakh and Rs 25 lakh annual gross revenue comprised 60 per cent of total dealers, they contributed to just two per cent of average national tax revenue. In fact, Chief Economic Advisor Arvind Subramanian batted for an even higher threshold at Rs 40 lakh in his GST report to ensure compliance while minimising the burden on small taxpayers. Currently, small-scale industries, with an annual turnover of up to Rs 1.5 crore, are exempted from central excise duty, while that for VAT and service tax stands at Rs 10 lakh.
SOURCE: The Business Standard
The rupee extended its upmove against the US dollar in the past week. A rally of over 2 per cent in the benchmark stock market indices in the past week supported the rupee. The currency rose to a high of 67.15 on Monday against the dollar. However, it reversed lower and shed some of the gains made during the week. It closed on a mixed note at 67.40 on Thursday, up 0.34 per cent for the week.
Data releases
In the absence any fresh events in the coming week, the currency movement is largely expected to be influenced by the key economic data releases. The coming week is packed with a series of important data releases on the domestic front. The Index of Industrial Production (IIP) and the Consumer Price Index (CPI) numbers will be released on Tuesday. The CPI had surged to 5.76 per cent in May from 5.4 per cent in April. A higher CPI number for June will dash the hopes of further rate cut from the Reserve Bank of India, which will be negative for the markets. The rupee might come under pressure in such a scenario. India’s trade balance data and the Wholesale Price Index (WPI) numbers are also due for release next week.
Dollar outlook
The dollar index (96) has been stuck inside a sideways range between 95.3 and 96.7 for about two weeks now. The 200-day moving average of around 96.5 is continuing to restrict the upside for the index, while below 96.5 the index can continue to be range-bound for some more time. A breakout on either side of this range will then decide the next leg of move. A break below 95.3 can drag it to 94. On the other hand, only a strong break and a decisive weekly close above 96.75 will boost the bullish momentum in the index for a fresh rally to 98 or 98.2.
Rupee outlook
The rupee has a key near-term support at 67.6. Inability to break below this support can take it higher in the near term. There is a strong possibility of the rupee strengthening to 67 in the near term, as long as it trades above 67.6. A move between 67 and 67.6 is likely in such a scenario. If the rupee manages to break above 67, it can strengthen further to 66.8. The presence of the important 200-day moving average resistance at 66.79 can cap the upside in the short term. The rupee is less likely to breach this key short-term hurdle. On the other hand, if the currency declines below the immediate resistance at 67.6, it can fall to 68 and 68.2 in the short term. A strong close below 68 will increase the danger of the rupee revisiting the previous low of 68.85 recorded in August 2013. It will also keep the medium term bearish outlook intact. The region between 67 and 66 is a strong medium-term resistance zone. There is a strong likelihood of the rupee falling to fresh lows over the medium term as long as it trades below this resistance zone.
SOURCE: The Hindu Business Line
UK business minister Sajid Javid will call on Commerce and Industry Minister Nirmala Sitharaman tomorrow and discuss ways to strengthen trade and economic ties between the two countries. “Secretary of State for Business and President Board of Trade, UK – Sajid Javid to call on Smt @nsitharaman tomorrow,” Commerce and Industry Ministry said in a tweet. The meeting assumes significance in the backdrop of Britain’s decision to exit from the European Union, with which India is negotiating a comprehensive free trade agreement. With this decision, India will have to rework the proposed agreement. The British minister is also set to hold talks with senior management of Tata Steel in Mumbai in connection with the sale of its unit in the UK. CII President Naushad Forbes had recently said that there is a lot of merit now in negotiating a separate free trade agreement with the UK. The bilateral trade between India and the UK stood at USD 14 billion in 2015-16 as against USD 14.33 billion in 2014-15. India has received USD 23.10 billion FDI from Britain during April 2000 and March 2016.
SOURCE: The Financial Express
A Free Trade Agreement between India and the UK could be easier to accomplish at a bilateral level following Britain’s exit from the EU, according to Indian industry leaders. The Confederation of Indian Industry (CII) led its annual delegation to London this week to take stock of ‘The Future of UK-India Economic Relations’ and said there was general consensus that Brexit opened up the possibility of new opportunities. “With Britain’s departure from the EU, India will have to negotiate a Free Trade Agreement with the UK which may be easier to accomplish at a bilateral level… This could well be the best era for our industries to collaborate,” CII Director-General Chandrajit Banerjee said, adding that there was “political drive and willingness” on both the sides. His views were echoed by CII President Naushad Forbes, co- chairman of Forbes Marshall Private Limited. “India-UK relations will sustain with or without Britain’s relationship with the EU and will only thrive and prosper in the years ahead,” Forbes said.
Pointing out that India had been negotiating an FTA with the EU for over nine years and had been stuck in a couple of areas of concern for India, he said, “Many of these issues will instantly go away between India and the UK. It would be an agreement that would be almost made in heaven”. UK Minister of State for Universities and Science Jo Johnson said such a bilateral agreement would be on the agenda and sought to reassure Indian industry leaders against any fears over the business climate in the UK following Brexit. “We have so many strengths in our bilateral relationship, on which we must now rapidly build… It has been very frustrating that the EU-India FTA has been so slow in making progress and has suffered several pauses. I sincerely hope that tighter bilateral trade agreement between the UK and India can make rapid progress,” he said. “I want to reassure you about any uncertainty as the UK enters a new phase of its relationship with the EU… more than ever we are going to be an outward looking, adventurous, optimistic country,” Johnson said. Indian High Commissioner to the UK Navtej Sarna said the political underpinning for the economic relationship between India and the UK was strong and that uncertainties should not have any adverse effect as business “thrives of uncertainties” and a “planned roadmap” for the relationship already exists.
SOURCE: The Financial Express
Indian garment exporters may soon start shipping their products to Iran. This, after a delegation led by the Commerce Ministry and accompanied by over half a dozen industry officials recently met their Iranian counterparts in Tehran to discuss a host of issues including prevailing taxes and relaxation in policy support for hassle-free export of textiles to Iran. Following the Indian delegation's visit, tax authorities in Iran have agreed to reduce import duty on textiles and apparels to a 20-25 per cent level or even lower over the next two years from the current rate of 55 per cent and 32 per cent. India has stayed away from the Iranian market mainly because of extremely high import tax. Until two years ago, an import tax of 200 per cent was levied on apparels and textiles which have been gradually slashed to 55 per cent and 32 per cent, respectively. Iran has been on India's radar as it seeks to reduce dependence on the European Union and the US for growth. “Although the United States and the European Union are important markets for us, we are exploring new markets for textiles exports to reduce our dependence on these two regions,” said Rashmi Verma, Secretary, Ministry of Textiles, on the sidelines of an event in Mumbai. She also said that India could take advantage of China's falling market share in the world's textiles and apparel segment to increase its own footprints from the existing 5 per cent. New markets have become critical for Indian textiles exporters due to falling shipments to traditional markets such as the US and the EU, which account for over 60 per cent of India's textiles and apparel exports.
Owing to preferential treatment given to the countries like Pakistan, Vietnam and Bangladesh, textiles shipped to such buyers works out to be uncompetitive for Indian exporters. Consequently, India's exports have declined over the last few years. In FY2016, India set a textiles export target of $47.5 billion, but could reach a figure of only $38 billion - $2 billion less than the previous year. Last month, the government announced a textiles export target of $50 billion for FY2017. “The targets look achievable,” said Rahul Mehta, President, Clothing Manufacturers Association of India (CMAI). Mehta said Iran's market size stands at $16 billion, of which only 40 per cent comes from domestic sources, and hence, has immense opportunities for Indian textiles and apparels exporters.
Source: Fibre2fashion
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 45.17 per barrel (bbl) on 07.07.2016. This was higher than the price of US$ 45.15 per bbl on previous publishing day of 05.07.2016.
In rupee terms, the price of Indian Basket increased to Rs. 3049.16 per bbl on 07.07.2016 as compared to Rs. 3043.20 per bbl on 05.07.2016. Rupee closed weaker at Rs. 67.50 per US$ on 07.07.2016 as against Rs. 67.40 per US$ on 05.07.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on July 07, 2016 (Previous trading day i.e. 05.07.2016) |
Pricing Fortnight for 01.07.2016 (June 14, 2016 to June 28, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
45.17 (45.15) |
46.34 |
|
(Rs/bbl |
3049.16 (3043.20) |
3127.02 |
|
|
Exchange Rate |
(Rs/$) |
67.50 (67.40) |
67.48 |
SOURCE: PIB
In the event held by VDMA Textile Machinery Association, supported by the Việtnam Textile and Apparel Association (VITAS), more than 600 business representatives and experts from Việtnam’s textile and support industries were introduced to Germany’s latest textile and apparel technologies in Hà Nội on July 5. The VDMA Textile Machinery Association groups 130 companies manufacturing textile machines and equipment with a value of 3.1 billion EUR (US$3.46 billion) in 2015. Trương Văn Cẩm, VITAS deputy chairman said that the event provided an opportunity for companies to make contact, exchange information and establish a mutually beneficial co-operation. German machinery is of high quality although its cost is high. If Vietnamese textile enterprises want to develop modern technology, they should co-operate with high-technology providers to catch up with global quality and labour productivity, Cẩm added. The deputy chairman also said that a considerable proportion of technologies in Việtnam’s textile and apparel industry needed to be replaced to improve quality, especially those supplying cloth for export garment-making. According to Thomas Waldmann, managing director of the VDMA Textile Machinery Association, due to the recently signed Trans-Pacific Partnership (TPP), Việtnam is increasingly becoming a much preferred textile manufacturing location by companies worldwide.
TPP will reduce 18,000 tariffs. Việtnam is almost a sole supplier of textiles among the TPP member countries and an important supplier of textiles and garment to big consumer markets like the US. Textile and garment exports from Việtnam to TPP markets are expected to grow by more than 10 percent this year. Boris Abadjieff, director of Exhibition and Export Marketing under the VDMA said that Việtnam is a very important market in the area of textile, there is a need for Vietnamese textile industry to invest to modernize the technology and machinery. German companies and VMAD member companies are leading in this area, and that is the reason they are in Vietnam. Phí Ngọc Trịnh, deputy director of the Hồ Gươm Garment JSC, said that the forum was a good opportunity for Vietnamese businesses as the country was integrating further and deeper into global markets with many trade agreements, including TPP, as well as the Việtnam-EU free trade agreement. VDMA Textile Machinery Association is holding a similar event in HCM City today
SOURCE: Yarns&Fibers
The Nigerian government has unveiled plans to create a production hub and offer tax incentives to revive the cotton, textile and garment (CTG) industry for sustainable economic development. Nigeria's textiles industry is virtually tottering under the onslaught of cheap imports and smuggled clothing. Measures to stimulate growth in the industry include tax incentives, harmonised tax structure, infrastructural development and financing, as well as creation of a production hub for cotton industry and Information, Communication and Technology (ICT) sector. Minister of State for Industry, Trade and Investment, Mrs Aisha Abubakar, announced these plans recently at the Textile and Garment Manufacturing Conference organised by Africa Fashion Week Nigeria (AFWN) 2016 in Lagos. She said that the government would continue to create an enabling environment to promote the ease of doing business and active participation of the private sector to boost production.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Bank of Industry (BoI) have been repositioned to implement National Enterprise Development Programme (NEDEP) goals to boost SMEs' development in the country, the Minister said. “Nurtured MSMEs can contribute to GDP, job creation and wealth for the citizens. We urge all stakeholders to contribute to economic growth by giving their best so that we can have a Nigeria that we can all be proud of,” Abubakar said. Joseph Babatunde, Head, Large Enterprises, Bank of Industry, said that the bank believes in the potential of the African textile industry, which is why it floated the one billion naira ($35.46 lakh dollars) fashion industry fund. He urged fashion entrepreneurs to exploit the opportunity of the financial assistance to promote the growth of the industry. “We need effective utilisation of the fund so that we can make the industry better. Sam and Sara, United Textile Ltd. (UNTL) are some of the projects that the bank has supported and they are performing well in the industry,” Babatunde said. He urged the government to evolve more strategies that would expand and promote the textile industry. Commissioner for Finance, Lagos State, Abiodun Akinkunmi, said that textile and garment industry has a strategic role to play in economic development. He urged local manufacturers to improve the standards and quality of their products in order to discourage the dumping of foreign textiles and garments in the country. Akinkunmi also urged manufacturers to encourage the use of local materials like adire, aso oke, animal skin, ankara as major designs that must not go into extinct in order to boost the country's GDP.
SOURCE: Fibre2fashion
Canada's first apparel and textile sourcing show, Apparel Textile Sourcing Canada (ATSC) to be held August 22-24, 2016 at the International Centre in Toronto, is to be a comprehensive trade show and conference. The trade show brings together more than 200 apparel and textile manufacturers from around the world, including China, India, Bangladesh, Mexico, the US, Honduras, Peru and other countries. “ATSC will provide attendees with new insights and up-to-date information needed to more easily and effectively navigate through the sourcing process,” the organisers said. Global industry expert Jeff Streader, who will be giving a keynote speech said, “When it comes to fashion, the demands of today's consumer have changed.” “And so, apparel manufacturers and retailers need to be more flexible and responsive to cater to shoppers 'see it now, want to wear it now' mindset in order to survive and thrive,” he added. ATSC conference speaker Avedis Seferian and CEO of WRAP will deliver a presentation on 'Protecting your Name: How Social Compliance Secures Your Business Reputation'. Seferian will demonstrate how those sourcing apparels and textiles must start thinking about social compliance as something baked into a company's normal course of doing business as opposed to being an after-thought.
SOURCE: Fibre2fashion
