INTERNATIONAL
NATIONAL
The UGC has directed the institutions imparting textile education to develop a curriculum for technical textiles. This directive has been issued as part of the National Textiles Mission, an initiative by Ministry of Textiles which aims to promote the technical textiles sector. The Textile Ministry has also issued ‘General guidelines for enabling of academic institutes in Technical Textiles’. The ministry will fund the HEIs to upgrade the labs and train the faculty to teach the subject. New courses on technical textiles will help students to boost their productivity in textiles industry, increase exports and sustainability. Increasing demand Technical textiles are engineered products with a definite functionality, which finds its use in industries such as automobiles, construction, healthcare, and geotextiles and more. In addition to this, there also exists a domain of smart textiles and such textile material can be used to make clothes that get adjusted as per the environmental and climatic conditions. Smart textiles can be used in designing the special clothing for the army personnel deployed in adverse climatic zones. As part of pursuing a course on technical textiles, students would be introduced to the concept of geotextiles. This type of textile material is used in providing the proper layering to roads which is essential to prevent the water seepage. The institutes will introduce short courses offering credit of 1-2, at the UG and PG level. Engineering, Design, and Fashion Technology students are eligible for the courses. Offering practical training As per reports, the government has allotted a financial outlay of Rs, 1,480 crore for 2020-21 to 2023 -24 academic session to implement the National Textiles Mission. The course is being introduced with the aim to promote technical textiles. The government has announced four components — Research, Innovation and Development; Promotion and Market Development; Export Promotion and Education Training, and Skill Development, under education, training and skill development measures for promotion of technical textiles. Speaking to Education Times, SR Shah, head, department of Textile Chemistry, Maharaja Sayajirao University, Vadodara, says, “We would modify the existing curriculum of textile streams and include the concepts of technical textiles for textile processing technology and other functional textile courses. In addition to this, we are in the process of starting short-term courses on technical textiles once they get approval from the governing body of our university,” says Shah. “The curriculum for these short-term courses would be decided by the expert committee of our department,” he adds. The chemical modification of textile eventually enhances its usability. For instance, if cotton produced genetically acquires antimicrobial and absorbency properties, it becomes usable in the healthcare sector. The aim is to equip the students in chemical processing to increase the utility. “Textile Engineering and Chemical textile students will have to study 60% theory and 40% of practical work, based on the revised curriculum,” adds Shah. Gujarat and several other southern states are a hub of textile industries. The new courses in the textile sector will boost productivity and sustainability by skilling the students. Elangovan N, former director, NIFT Kannur (Kerala), says, “There is an urgent need to develop the curricula relating to technical textiles in the institutes that are located around the textile hubs of the country as students residing in these areas need to be skilled in this domain. It is also essential to upskill students in this emerging domain as the industry needs technically skilled manpower. The technical textiles should have been in focus much earlier. Students also need to be motivated to pursue courses related to technical textiles as it is an emerging field.”
Source: Times of India
With the Central Government focussing strategically on the Infrastructure sector, the Indian economy is at the cusp of growth. This will have a better impact and will play a significant role in the advancement of the country. India’s Union Budget 2023-24, which was announced by respectable Finance Minister Nirmala Sitharaman had a significant focus on improving the overall infrastructure ecosystem, be it the creation of a robust road network, railroads, or airports or by simply creating disruptive projects. The central government has done a commendable job by focusing its synergies on the infrastructure industry. A budget of spending over $1.4 trillion, through the ‘National Infrastructure Pipeline’ projects, on infrastructure has been planned for the next five years A well-time-bound development plan can be met by 2025 through India’s goal of achieving $5 trillion. The Government of India (GoI) has launched initiatives such as Make in India and Production-Linked Incentives (PLI) schemes to boost the growth of the infrastructure sector To begin with, the capex spending on transportation and logistics sectors by the government has increased to Rs 10 lakh crores, which is roughly about 3% of our GDP. This move would have a ripple effect on multiple industries including the textile sector which could benefit from a smooth and sustainable infrastructure model. The government has also made an extensive capital allocation to modernise the overall transport systems of our country which would go a long way in improving the standards of our supply chain infrastructure. This is critical for the textile industry in terms of empowering SMEs, MSMEs and retail as well. The textile sector, specifically, is well poised to reap the rewards of the robust growth in infrastructure which would further help to address the challenges of this industry. Reforming schemes like the PM Mitra Park Scheme would aid the sector in terms of ‘ease of doing business’ that can help India transform from only a traditional textile industry to an MMF (man-made fibre) hub and technical textile in the world. Recently, Union Commerce Minister Mr Piyush Goyal announced an investment of Rs 4,455 crores under the PM Mitra scheme which would lead to the creation of seven mega textile parks that would streamline multiple verticals from spinning, weaving and dyeing to printing and garment manufacturing. The government plans to invest over Rs 70,000 crores to set up these parks, leading to a massive employment generation of over 20 lakh jobs. Additionally, the PM GatiShakti scheme, which was launched in 2021, is specifically aimed at creating multimodal connectivity to aid the last-mile infrastructure across industrial and economic zones to the remotest parts of the country. This would bring down transportation costs of the textile industry significantly aiding in faster growth and expansion, especially when it comes to garment exports. These strategic initiatives would lead our country to achieve a faster pace of economic growth which is pegged to be around 7%, which is extremely commendable when you compare it with the current global economic uncertainties. Post the pandemic, the Indian economy has already risen to become the fifth largest in the world with the average per capita income almost doubling in the same period. Lastly, the Union Budget announced in February 2023 focused on making India an ‘Atmanirbhar’ economy by empowering lowerincome people and raising capital outlay. This would not only help us increase retail consumption levels but would also increase industrial growth as well.
Source: Financial Express
In an era when almost every week brings in new trends and styles and new items are being made available for people to buy at the cheapest rates, consumers are having to update their wardrobes constantly. However, fast fashion is quickly becoming one of the biggest waste contributors. To address this, Hyderabad-based startup, ‘Holywaste by Oorvi Sustainable Concepts’, which is best known for giving a new lease of life to flower waste is moving to the textile and dry waste category. Finding a sustainable way to dispose of post-consumer waste, especially for versatile and widespread materials such as textiles and fabrics, has always been a challenge. The first step in the initiative for the startup was collecting the dry waste material, which they conducted on March 25 and 26. One of the co-founders, Maya Vivek, tells TNIE, “After the success of our last project, we were looking for possibilities in the post-consumer waste space. We collaborated with a Chennai-based company, Wasted 360 Solutions, and Gaiaa Living. In the first part of the initiative, we organised the drive, during which we collected around 500 kg of textile and fabric waste.” Like with any other waste, sorting and segregation are the first steps in the plan, says Maya. “The first category is high-end branded clothes, which we are looking to sell to thrift stores. The second category of clothes will be sent to the community sales where we sell them at bulk prices,” she adds. While environmental impact and protection are a big part of their culture, the desire to effect social change is also high on their list. “As we received a lot of clothes for children, we will be donating them to the orphanages and the less fortunate. The rest will be transferred to the fabric recyclers or the up-cyclers who can make something new of the waste,” she mentions. Understanding that even small efforts can create big change, Maya states that they will be looking for local recycling establishments to cut down on the carbon footprint caused by transportation. Speaking on textile pollution, she says the impact is quite huge as most of them are not made of cotton or natural fibres. Polyester and nylon remain in landfills as long as the plastics, and take a similar time to decompose. Hence there is a need to tap into effective management of textile waste, she adds.
Source: New Indian express
India’s foreign trade is expected to cross the USD 1.6 trillion mark this fiscal despite global economic uncertainties, economic think tank GTRI said in a report. The Global Trade Research Initiative (GTRI) said the USD 1.6 trillion would be about 48 per cent of India's nominal GDP of USD 3.4 trillion for the fiscal year ending March 2023. The higher trade-to-GDP ratio also speaks of high trade openness which the country practices, GTRI co-founder Ajay Srivastava said. According to their analysis of the data by the think tank, the growth rate in the exports of services would be higher than that of goods Higher growth rate in services exports compared to the outbound shipments of goods has improved overall performance of India's exports, he said. India's overall exports of goods and services during April-March 2023 are estimated to reach USD 755 billion, exhibiting a positive growth of 11.6 per cent over the same period last year (April-March 2022). The report said that India's merchandise exports during the fiscal are likely to increase by about 5 per cent to USD 442 billion. Similarly, services exports are estimated to grow by 22.6 per cent to USD 311.9 billion in 2022-23. "India's foreign trade (exports and imports of merchandise and services) is estimated to cross USD 1.6 trillion or 48 per cent of India's nominal GDP of USD 3.4 trillion for the fiscal year ending March 2023," it added. In 2021-22, India's foreign trade stood at USD 1.43 trillion. Despite sectoral weaknesses, high trade figures underline the emergence of trade as an important component of the Indian economy, it said. Key sectors which are expected to register healthy growth include basic and processed agriculture products; fish, meat, dairy; petroleum items, chemicals, diamonds, machinery and automobiles. The top export destinations include the US, UAE, the Netherlands, China, Bangladesh, Singapore, the UK and Germany. On the outlook for exports during the next fiscal, Srivastava said that 2023 will make most countries turn inward to stay safe from the global headwinds, not of their creation. "Indian exports will be moderately impacted by weak global demand and recession in large economies but will gain as the domestic economy looks resilient and exports from high growth sectors like electronics are picking up almost for the first time," he added. Further, the report said that the estimated value of exports of petroleum products and coal this fiscal year would be around USD 98.2 billion, an increase of over 41 per cent. Similarly, the country's outbound shipments of electronics, and electrical machinery are expected to grow by about 36 per cent to USD 27.4 billion. The commerce ministry is scheduled to release the trade data for 2022-23 on April 15.
Source: Economic Times
India’s long-delayed, refreshed Foreign Trade Policy has finally been unveiled. The new policy, announced on Friday by the Union Minister for Commerce, Industry and Textiles Piyush Goyal, has made bold to set an ambitious target of reaching $2 trillion in total exports (goods and services combined) by 2030. With the government currently estimating exports to have crossed $760 billion in the fiscal year just ended on March 31, the policy projects a near tripling in outbound shipments of goods and services over the course of seven years. And when one compares this growth goal with the 75% expansion achieved over the last seven years since 2016, the magnitude of the aspiration suggests vaulting ambition. To be sure, the last three years have been unprecedented, with first the COVID-19 pandemic and then Russia’s invasion of Ukraine disrupting global trade momentum. Still, the last three years, when India put its trade policy reset on hold, also provided policymakers a unique opportunity to take a fresh approach to delineating the contours of its trade policy goals. The end result is long on statements of intent. The National Trade Facilitation Action Plan, for instance, lists aims to achieve that are essential and laudable but in no way novel: an improvement in the ease of doing business through reduction in transaction cost and time, a reduction in cargo release time, and a paperless regulatory environment. In a nod to India’s WTO obligations, the shift from incentives to an enabling regime of duty remission and exemption schemes to facilitate duty-free imports of inputs required for boosting exports has been near complete. Most of these schemes including the https://www.thehindu.com/opinion/editorial/long-on-intent-the-hindu-editorial-on-indias-foreign-trade-policy/article66691754.ece 2/2 Latest News RoDTEP (Remission of Duties and Taxes on Exported Products), RoSCTL (Rebate on State and Central Taxes and Levies), AA (Advance Authorisation) and EPCG (Export Promotion Capital Goods) have been around for a while and the policy has just tweaked some of the terms of implementation to improve adoption. In the key sector of apparel and clothing, for instance, the facility of self-declaration has now been offered across the board to all exporters. A one-time amnesty has also been offered, giving exporters more time to avail of both the AA and EPCG schemes. And acknowledging the substantial surge in online trade, the policy devotes a whole chapter to ‘Promoting Cross Border Trade in Digital Economy’ including moves to facilitate the establishment of dedicated e-commerce export hubs. Still, with global trade largely becalmed and the services sector facing headwinds of uncertainty in the key western markets, the FTP falls short in offering more substantive and sectorally targeted measures as well as a well-defined road map to meet the 2030 export target.
Source: The Hindu
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal lauded the visionary and astute leadership of Prime Minister Shri Narendra Modi over the last 9 years which has turned India into the 3rd largest StartUp ecosystem of the world. In his keynote address at the Valedictory Session of the Annual E-Summit Consortium 2023 of Visvesvaraya National Institute of Technology (VNIT), Nagpur today through virtual mode, the Minister said that India is respected and valued across the world as a centre of technology. He noted that as a nation, India has found its true respect in the comity of nations and new Bharat is offering friendship and partnership to the world. India is moving relentlessly on the path of becoming the largest economy of the world while ensuring the growth is sustainable and inclusive, Shri Goyal said. He noted that the efforts of the government have led to successful steering of India’s economy, efficient handling of COVID pandemic and laying of foundation blocks of an emerging superpower. The Minister also appreciated VNIT for bringing together different stakeholders like investors, entrepreneurs, venture capitalists, etc. on a common forum and encouraging startups and entrepreneurship in the region. The Minister said that Indian youth are demonstrating huge talents and capabilities across the world with Indians heading global companies. He said that the journey of Atmanirbhar Bharat is powered by technology and innovation which is helping the youth become job creators rather than job seekers. He stated that over 90,000 startups registered with the Department for Promotion of Industry and Internal Trade (DPIIT) have created a million jobs directly and many more indirectly. He appreciated the startups for providing solutions which are simple but highly effective for people & businesses; this improves Ease of Doing Business and ease of living. He also said that there is gender parity in startups as nearly half of the startups are having at least one Woman Director and women entrepreneurs are leading many successful startups. He opined that startups make India a nation of technology & ideas. The Minister highlighted the achievements of the government in good governance, e-governance, whole-of-government approach of working, National Education Policy 2020, circular economy, renewable energy, climate change, etc. He said that digital connectivity & urbanisation in smaller towns & cities is being undertaken to enable youth to work in hybrid mode catering to the demand of Indian technical & managerial talent across the world. The Minister said that it is significant that India’s overall exports in FY 2022-23 is expected to be around US$ 765 Billion in the 75th year of independence, with growth in both goods & services, when the global situation is so challenging. He also mentioned that the landmark collection of Goods and Services Tax in February 2023 is the result of greater formalisation and significant growth momentum of the economy. He said that the recently released Foreign Trade Policy 2023 has several features reflecting Atmanirbhar Bharat as a powerful and strong nation ready to engage with the world as an equal. He said that the government is working for the convergence of academia, industry and investors. He opined that the way forward for India is transformation through continuous reformation resulting in a new Bharat which is aspirational and progressing at a very high speed. The Minister said that indigenous & innovative thinking is the need of the hour and the students at VNIT will take this spirit of innovation along with them across the country.
Source: PIB
The Centre has decided to delay nationwide roll-out of the labour law reforms till after the 2024 general elections. Though indications were there of further delay in the implementation of the four labour codes passed by Parliament as early as in September 2020, a section of the industry was hopeful that the government would try and notify the Codes, effective April 1 this year. The ministry of labour and employment late last fiscal year held a series of discussions with stakeholders including industry representatives and trade union leaders to build consensus on the implementation date, but these efforts did not fructify. “The talks have now come to a halt,” a source said. While the delay in notifying the rules by the state governments are holding back the implementation of the codes, labour market rigidities have already come down to an extent, with many states going ahead with steps to ease the norms. Also, firms in labour-intensive industries like textiles and clothing are now resorting to fixed-term employment, as a legitimate option. There has not been any major movement or discussion towards the implementation of the four codes. A number of states were yet to notify these codes while some continued to have some reservations. Trade unions are completely opposed to them and a consensus with them had not been reached,” noted a person familiar with the development. Trade unions have been opposed to the implementation of the codes calling them “anti-worker” and have threatened to go on strike if they are brought into effect. Previously, sources had indicated that the government had been concerned that the labour codes if implemented in a haste may see the same fate as that of the farm laws which had to be eventually repealed. A decision on implementing the Codes may now be taken only next year after the General Elections, sources indicated. As part of its reform agenda, the government had codified 29 Central labour laws into four codes – the Code on Wages 2019, the Code on Social Security 2020, Occupational Safety, Health and Working Conditions Code 2020, and the Industrial Relations Code 2020. Since labour is a subject on the concurrent list of the Constitution, both the Centre and the states can frame laws and rules. The government has been keen on an allIndia implementation of the codes and has been hoping that all states will come on board. Also read: At Rs 1.61 trillion, March GST collections up 22% on year A few states are understood to have given their final nod to the rules for the labour code. The Maharashtra Cabinet is understood to have approved the rules relating to the Industrial Relations Code in March. Earlier in January this year, the government had through a notification directed the administrator or Lieutenant Governor of union territories including National Capital Territory of Delhi, Andaman and Nicobar Islands, Dadra and Nagar Haveli and Daman and Diu Chandigarh, Puducherry and Lakshadweep to formulate rules under the Industrial Relations Code, 2020. As of 13 December 2022, 31 States also have pre-published the draft rules under the Code on Wages, 28 States under Industrial Relations Code, 28 States under Code on Social Security, and 26 States under Occupational Safety Health and Working Conditions Code. A final notification would be required to implement them.
Source: Financial Express
Ministry of External Affairs on Saturday announced that trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies. This comes a day after the ministry of commerce launched the Foreign Trade Policy (FTP) 2023, reiterating its commitment to make the rupee a global currency. Ministry of External Affairs in a statement said, "Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies. This follows the decision by the Reserve Bank of India in July 2022 to allow settlement of international trade in Indian Rupee (INR). This initiative by RBI is aimed at facilitating the growth of global trade and to support the interests of the global trading community in Indian Rupee (INR)." External affairs ministry further said, "India International Bank of Malaysia (IIBM), based in Kuala Lumpur, has operationalised this mechanism by opening a Special Rupee Vostro Account through its Corresponding Bank in India i.e. Union Bank of India." Kuala Lumpur based India International Bank of Malaysia (IIBM) in a separate statement said, "IIBM now offers the facility to settle IndiaMalaysia bilateral trade in Indian Rupee (INR)...This new mechanism is also aligned with Malaysia's foreign exchange policies (FEP) as part of which Malaysian banks are allowed to undertake settlement of international trade in goods or services in any foreign currency, subject to the rules and regulations of Bank Negara Malaysia." "Under this facility, exporters and importers from India and Malaysia can now invoice the trade in Indian Rupee (INR) and achieve better pricing for goods and services traded. IIBM will facilitate the traders in Malaysia for settlement of this trade in Indian Rupee (INR). For this purpose, IIBM has opened a Special Rupee Vostro Account through its Corresponding Bank in India i.e. Union Bank of India," IIBM said. The mechanism is expected to benefit the traders on both sides as they can directly trade in Indian Rupee (INR) and save on currency conversion spreads, the bank added. India International Bank (Malaysia) Berhad (IIBM) is a locally incorporated joint venture between 3 of India's largest government-owned financial institutions namely Bank of Baroda with 40 per cent shareholding, Indian Overseas Bank with 35 per cent and Union Bank of India with a remaining 25 per cent shares. On Friday, the Ministry of Commerce and Industry on Friday launched the Foreign Trade Policy (FTP) 2023 with an aim to raise India’s exports to $2 trillion by 2023. The “dynamic and responsive” trade policy also aims to make the rupee a global currency. Commerce Secretary Sunil Barthwal said India is ready to trade in the rupee with countries that are facing currency failure or have dollar shortages. He said the government is focusing on strengthening the rupee payment system.
Source: The news.abplive.com
The 1st G20 Trade and Investment Working Group (TIWG) meeting concluded today in Mumbai in the presence of Commerce and Industry Minister, Shri Piyush Goyal. During this three-day working group meeting, over 100 delegates from G20 member countries, invitee countries, regional groupings and international organizations were present in Mumbai, the financial capital of India. The deliberations specifically revolved around accelerating global trade and investment, while simultaneously progressing towards achieving Sustainable Development Goals.The priorities related to global trade and investment, which the Indian Presidency is pursuing, were discussed on March 29th and 30th across four technical closed-door sessions. On March 29th, the deliberations focused on making trade work for growth and prosperity, and way forward for building resilient Global Value Chains (GVCs). On March 30th, the TIWG priorities on integrating Micro, Small and Medium Enterprises in global trade, and building efficient logistics for trade were discussed in the two working sessions. Theme-based experience zones on spices, millet, tea and coffee were set up at the venue, and an exhibition on textiles was also on display for the delegates to get a glimpse of India’s textile heritage. A cultural program was organized for the G20 delegates at Taj Palace, also the venue for Gala dinner hosted by India. In his press interaction Shri Goyal highlighted the theme of India's G20 Presidency that aims to promote universal values and adoption of human-centric approach. While reminiscing Prime Minister Shri Narendra Modi’s vision for India’s G20 agenda of inclusive, ambitious, decisive and action-oriented economic growth, he further stated that India chose to take up G20 Presidency during a tough geopolitical and globally critical economic environment ,since 2023 marks the 75th year of India’s independence, this is an opportune time for the country to share its ancient wisdom with the world to find a middle path. This ancient wisdom can be integrated with advanced technology for building “One Earth, One Family and One Future”. Shri Goyal added that throughout India’s illustrious past, the country has been the torchbearer of democracy, diversity and inclusion. The Union Minister restated that TIWG has an important role in formulating concrete outcomes for inclusive growth that drive trade and investment across Global South, and not among G20 member countries only. He strongly advocated for equitable distribution of the benefits of global trade by and among all countries, including developing and least developed countries (LDCs) in order to progress towards a new world that is driven by collaboration, sustainable growth and solutions-oriented mindset. Shri Goyal urged TIWG delegates to take inspiration from lotus, this year’s G20 symbol and said that lotus is revered world over for its ability to bloom unblemished in the murkiest of waters, and together we can find solutions for inclusive economic growth during these volatile economic times. On the second and third day of the TIWG meeting, while discussing priority issues, G20 member countries realized the need for collective action to integrate transparency in the administration of non-tariff measures, and cooperation among standardization bodies world over. The G20 member countries also noted that there is a need for mapping GVCs for building predictability and for enhancing their resilience.In the sessions, several member countries affirmed the need for diversification of existing value chains and accelerating the participation of firms from developing countries and LDCs for a holistic economic growth. The need for making information and finances easily accessible for MSMEs was discussed in detail during the working sessions. In addition, several countries expressed that the digital entry barriers for MSMEs should be seriously reviewed for their efficient integration with the digital trade platforms. The Secretary, Department of Commerce, Shri Sunil Barthwal remarked that the discussions in all the four sessions were enriching, and were mostly directed towards action and outcomes. Trade and investment being vital tools for enhancing local supply of goods and services, Shri Barthwal added that the aim under India’s G20 Presidency is to strengthen the shared understanding of challenges that are hindering the acceleration of global trade and investment, and collectively explore existing opportunities that can be harnessed to find common solutions-guided by this year’s motto -Vasudhaiva Kutumbakam.
Source: 5 dariya news
INTERNATIONAL
The approximately 100,000 employees in the German textile and clothing industry get more money. Employers and IG Metall agreed on this in the night to Saturday, as the General Association of the German Textile and Fashion Industry announced after 16 hours of negotiations. The collective agreement provides for income increases totaling 8.1 percent, for lower wage groups there will be at least 230 euros more. In addition, there are to be additional tax-free inflation compensation payments of 1,500 euros as well as a continuation of partial retirement under improved conditions with a term of 24 months. IG Metall had demanded an 8.0 percent pay rise over a twelve-month period. "The collective bargaining result means a noticeable relief for employees' wallets in the face of inflation," the union's chief negotiator, Miriam Bürger, announced on Saturday. With the tariff result, the companies also secured their future. The union had called for several warning strikes in recent weeks. According to the employers, this year's round of collective bargaining was one of the most difficult in recent decades. Negotiations leader Markus Simon said: "Despite very widely differing ideas, we succeeded in reaching a compromise in the end after tough wrangling. Given the tense situation in the industry, with record energy costs and the highest inflation in decades, this was a particular challenge." The announced closure of Galeria Karstadt Kaufhof stores and the insolvency of Peek&Cloppenburg are currently putting additional pressure on apparel manufacturers.
Source: Market Screener
Morocco and Cambodia have pledged to strengthen their trade ties. The two countries have agreed to organise a forum to explore business opportunities and urged their respective business communities to boost trade and investment. Cambodia exported apparel worth $5.055 million to Morocco, accounting for only 0.99 per cent of Morocco’s total apparel imports. Morocco’s foreign minister Nasser Bourita and his Cambodian counterpart Prak Sokhonn have pledged to strengthen their countries’ trade ties, although current textile trade between them is negligible. Morocco is a significant garment market, while Cambodia is a prominent garment exporter, indicating significant opportunities in the textile sector for both countries. As a result, Cambodia can explore potential opportunities in the Moroccan market by deepening trade ties. The foreign ministers recently had a discussion to improve bilateral relations. According to a joint statement issued after the meeting in Rabat, the two countries agreed to organise a forum in the near future in an effort to explore business opportunities and urged business communities from both sides to boost trade and investment. In 2022, Morocco imported apparel worth $510.828 million, with only $5.055 million, or 0.99 per cent, coming from Cambodia, according to Fibre2Fashion’s market insight tool TexPro. Turkey, China, Portugal, Spain, and Bangladesh were Morocco’s top five apparel suppliers, accounting for about 70 per cent of its imports last year. Morocco’s apparel imports increased from $4.348 million in 2021 to $5.055 million in 2022. However, the country’s apparel imports declined sharply in 2020 due to the pandemic, dropping to $4.878 million. It has yet to recover fully even after two years. The imports were $8.634 million in 2019, $5.332 million in 2018 and $4.715 million in 2017 as per TexPro.
Source: khmertimeskh
China's textile equipment production self-sufficiency level is improving, with over 80 percent of equipment now produced within the country, the China National Textile and Apparel Council said on Friday. The localization rate of key components for high-end textile equipment has surpassed 50 percent, according to the council's president Sun Ruizhe. The council will continue to guide and support relevant companies in the industry to integrate upstream and downstream industrial chain resources, focus on addressing industry, Sun said. China's exports of textile and clothing products registered stable growth in 2022, with an export volume of 323.3 billion U.S. dollars, data from the council shows.
Source: The english.news.cn
Despite global headwinds, Bangladesh's two main sources of foreign currency have seen growth in the first nine months till March of the current fiscal year, a development that came at a time when the foreign exchange reserves are depleting and the taka is under pressure of depreciation. According to Export Promotion Bureau (EPB) data released on Sunday, merchandise exports of Bangladesh grew by 8.07% to $41.72 billion in the JulyMarch period. Also, on the same day, the Bangladesh Bank reported a 4.83% year-on-year increase in remittances for the first nine months, amounting to $16.03 billion. Analysts said this growth is expected to stabilise the currency and improve the balance of payments in the months to come. Emranul Huq, managing director and CEO of Dhaka Bank, said he expects to see an improvement in the balance of payments and current account balance by the end of the fiscal year. "For the past few months, we have seen a decline in exports and imports and payment pressure was also high," Emranul told The Business Standard. He said banks have reduced their LC openings compared to before and, as a result, they hope that in the upcoming months, the cash position in the banking sector will improve. "After a few months, the foreign currency reserves, balance of payments, or trade balance may be in a favourable condition," he commented.
Export shines despite geopolitical tensions, high inflation Although Bangladesh's export earnings dropped year-on-year in March, the bigger picture shows that exports have risen by 8.07% in the first nine months of the current fiscal 2022-23 compared to the same period of the last fiscal year. This growth has been propelled by the readymade garments sector, which has seen a 12.17% growth in the same period to $38.25 billion, according to the EPB. In March, however, exports fell by 2.41% to $4.76 billion, but this was also cushioned by the garments sector, an ever-dependable saviour for Bangladesh's export economy. In the first nine months of the last fiscal year, total exports were $38.61 billion or a 33.41% growth over the year before amid the onslaughts of the Covid pandemic Meanwhile, apart from the RMG sector, almost all other major sectors registered a negative growth year-on-year. Exports of home textiles fell by 25.73% to $859.94 million, jute and jute goods by 21.23% to $698.7 million, agricultural products by 28.31% to $687.09 million and engineering products by 33.65% to $400.28 million. Exports of leather and leather products, however, grew by 2.56%. The success story of the garments sector in these trying economic times was down to foresight. Once the Covid-19 situation began to improve, garment owners focused on increasing capacity. By the time the economic outlook was positive, capacity had grown by around 20%, industry insiders said. Fazlee Shamim Ehsan, vice-president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said, "Orders are less compared to our capacity. But the increasing capacity has helped sustain our growth. The knitwear sector is playing a leading role in this regard."
Knitting together a dream According to the product-wise breakdown of the data, knitwear has performed well in the last three quarters, while also registering a 1.32% growth to $2.08 billion this March, compared to last year. Woven products, on the other hand, registered a negative growth of 3.61%, which amounts to $1.81 billion. This had a negative impact, 1.04%, on overall garments exports in March. "Because of the Russia-Ukraine war, global demand for apparels has fallen. But Bangladesh has managed to do well, owing to the knitwear sector's performance," BKMEA President Fazlee Shamim Ehsan said. On why knitwear had performed so well, he said after the war, many buyers shifted away from China – the global leader in apparel – and turned to Bangladesh. "At the same time, Bangladesh also opted for diversified products in knitwear. Manmade fibres are now used for 3-5% knitwear, reducing dependency on cotton. In our factories, we have gone for 30% manmade fibre," Ehsan, also CEO of Fatullah Apparels Limited, said. He said they had many inquiries, which he hoped would translate into more orders in the future. "Inquiries had run dry for the last few months," he said. Echoing the statement, Shahidullah Azim, vice president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said, "As inquiries were down, most factories only ran at 50-60% capacity. Now, however, the rise in inquiries is a good sign. We have to wait three to four months to cash in on this." He said most factories were facing some sort of trouble and the impact of the negative growth in March may remain for around another two months. "We fear that a number of factories will fall into financial trouble. We may approach the Bangladesh Bank for a loan to ensure that workers are paid their wages, including bonuses. We have made six monitoring teams to observe any unrest fostered due to financial troubles in some factories. So far, we haven't heard of any such thing."
Remitters send home $2b after 6 months Remittance earnings increased to $2 billion in March after six months, thanks to banks offering a higher rate for the dollar to remitters than the rate set by the Bangladesh Foreign Exchange Dealers Association (Bafeda). Bangladesh Bank data shows remittance inflow through the banking channel rose by 29.29% in March from $1.5 billion in the previous month. The remittance inflow increased through the banking channel as bankers offered a maximum Tk117 per dollar when Bafeda set the rate at Tk107, according to industry insiders. Remittance inflow has been recorded below $2 billion since September last year after the Bangladesh Bank reduced the remittance rate to Tk107 from Tk108. Mezbaul Haque, executive director and spokesman of the Bangladesh Bank, said due to the efforts of various divisions of the Bangladesh Bank and law enforcement agencies, the flow of remittance through the banking channel has increased. "We are working to reduce the demand for sending remittance through Hundi. Usually, this demand is created from under-invoicing and if we can reduce underinvoicing and over-invoicing, we can also contain Hundi," he told reporters after the bankers' meeting on Sunday. "We have advised banks to purchase dollars at the Bafeda-fixed rate. We want to maintain discipline. If someone is found to be offering a higher rate, appropriate action will be taken against them," he said.
Source: Tbs News
As Emmanuel Katrakis, EuRIC’s Secretary General, said in his opening remarks: “To boost the transition towards a circular and climate neutral economy, we need more harmonised End-of-Waste criteria at EU level, recycled content for and beyond plastics as well as design for recycling.” The day offered insights into various topics, from design as driver for recycling to enhancing the circularity of critical raw materials. One of the main points of discussion was how Europe can become more circular with the right policies by simultaneously supporting to reach a climate neutral economy. Mattia Pellegrini, Head of Unit “From Waste to Resource” at the European Commission’s DG Environment, welcomed the participants by highlighting that “the European Green Deal and its ambitious actions are priority number one of the European Commission and that when there are market failures, more recycled content targets will be established to boost recycling and the circular economy”. The afternoon concluded with a session on EU funding opportunities and parallel sessions focussing on packaging and textiles. For the latter, MEP Delara Burkhardt (S&D) stressed that “textile waste has a value and should not be considered as burden but an economic asset” while Mariska Boer, EuRIC Textiles President, gave an impulse about the EuRIC study on an LCA-based assessment for European used clothing which showcases that reusing clothing has a 70 times lower environmental impact than producing new clothing. Regarding packaging, Ioannis Antonopoulos from the European Commission emphasized the giant leap expected from the proposed regulation that will boost the sustainability of packaging products in comparison with a business-as-usual scenario.
Source: Recycling-Magazine.com
Vietnam requires a timely response to maintain its export market in the face of fluctuations occurring in the global economy, high inflation hitting many countries, and the increase in trade protectionism from importing countries leading to many difficulties for the nation's production and exports. These important contents were discussed at the Trade Promotion Conference with Vietnam's overseas trading system, which was recently organised by the Ministry of Industry and Trade. According to figures given by the General Statistics Office (GSO) under the Ministry of Planning and Investment, the first quarter of the year saw Vietnamese export turnover stand at an estimated US$79.17 billion, down 11.9% over the same period from last year. The Ministry of Industry and Trade reported that during the first quarter of the year, exports of all sectors recorded a downward trend. During the reviewed period, the world economy continued to face numerous difficulties, with the United States and the EU economies forecast to grow below 1% meaning there is a possibility of a recession. Inflation is still high in many countries, leading to the trend of monetary tightening and interest rates which are expected to continue to increase in the first half of the year. In terms of the domestic market, the trade balance is anticipated to see continued improvement, however, exports will face many common challenges from partner markets. Meanwhile, domestic market demand has not increased strongly, while inflation has tended to increase, thus affecting economic recovery and development. Faced with this situation, Vietnamese ministries and sectors, as well as the local business community are required to have timely response solutions. In order to contribute to overcoming weaknesses and regaining the growth momentum of the country's economy, Minister of Industry and Trade Nguyen Hong Dien said that it is necessary to correctly assess the situation and specify the causes in a bid to find solutions to overcome the current situation. This will ultimately help to regain the momentum of export growth abroad to ensure it is at least as high as in the same period last year. In terms of the import and export markets in the first quarter, the US made up the nation’s largest export market with an estimated turnover of US$20.6 billion. The trade balance of goods throughout the reviewed period was estimated to have recorded a trade surplus of US$4.07 billion, while in the same period last year the trade surplus was US$1.9 billion. Most notably, developed countries are increasingly paying attention to issues of consumer safety, sustainable development, climate change response, and setting up new standards and regulations related to the supply chain, clean raw materials, labour, and the environment for imported products. Some countries plan to impose additional regulations on imported goods such as carbon charges and recycling content requirements for imported goods. These therefore represent huge challenges for Vietnamese exports. However, according to Do Ngoc Hung, commercial counselor of Vietnam in the US, the nation is able to meet all requirements. “The multilateral and bilateral as well as multi-party frameworks that Vietnam and the US participate in still have things in common that can help promote increased two-way trade turnover such as Trade and Investment Framework Agreements (TIFAs). In addition, one of the main pillars that the US appreciates the Vietnamese economy is the country's commitment to achieve net zero emissions by 2050 at the 26th UN Climate Change Conference (COP26). This will be a signal that Vietnam is moving towards green products, circular economy with the goal of protecting the environment, combating climate change and creating a competitive advantage for Vietnamese exports in the future,” Hung went on to say. Tran Thu Quynh, Vietnamese commercial counselor in Canada, stated that amid the relatively gloomy outlook for the world market, Canada is still a bright spot thanks to having positive market prospects. According to local data, Vietnamese exports to the region still increased by 20% over the same period from last year. The group of 10 key products from the country to Canada still maintained a high growth rate, except for seafood, which dropped by 26%, and footwear which recorded a growth of 122% over the same period in 2022. However, Quynh also warned that a number of commodities are at risk of major impacts in the near future, including apparel products. "Specifically, garments and textiles will face competitors that have just signed an extension to enjoy generalized system of preferences such as Bangladesh, Sri Lanka, Cambodia, El Salvador, Haiti, and Egypt,” Quynh continued. Representatives of associations and industries such as seafood, coffee and cocao all noted that exports in March dropped sharply in all markets, including those in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), along with the US, the EU, and China. The primary reasons for this are the inflation and banking crisis in the US which has tightened credit, causing importers not to have enough funds to import large shipments. Furthermore, partners restructured warehouses, causing a sharp drop in import prices and a lack of orders. Along with this is a fierce competition playing out in the market, particularly with the strong rise of a number of competitors who have taken a market share of Vietnamese seafood. Similar to the coffee and cocoa industry, Do Xuan Hien, chief of Office of the Vietnam Coffee and Cacao Association, informed that coffee and cacao exports decreased in both volume and value. It can be considered very difficult for domestic enterprises to buy goods because farmers and FDI enterprises store their goods and wait for high prices to sell. The domestic purchase price is high while the export price is unstable, even falling sharply, Chien explained. Faced with that situation, the Ministry of Industry and Trade have seriously implemented the direction of the Government and the Prime Minister to closely follow the international and domestic situation, closely forecast the situation from the end of 2022 and continue to carry out many solutions to remove barriers for local businesses, helping them penetrate new export markets. In addition, the Ministry has launched a broad array of activities and solutions to stimulate domestic consumption and connect product consumption.
Source: Vietnam net
