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The exports of textiles and apparel were down 1.9 per cent and 17.37 per cent respectively in July this year compared with the same period last year, reported The Hindu. The Cumulative export of textiles and apparel for the April-July 2023 period slid 13.74 per cent year-overyear. s per the Confederation of Indian Textile Industry (CITI) data, the cotton yarn, fabrics, and made-ups registered 6.62 per cent growth in July 2023 as against July 2022. However, shipment of manmade yarn, fabrics, and made-ups, jute products, carpets, handicrafts, and apparel items registered negative growth. Textile products worth a total of USD 1,663 million were shipped last month compared with USD 1,695 million last July. Apparel exports were USD 1,381 million in July 2022 and USD 1,141 million last month. Sanjay Jain, Indian Chamber of Commerce chairman on textiles and Managing Director of TT Limited, said garment exports were at a “sustained low” for a year. “Retailers in the US market are destocking and demand is expected to revive. There are enquiries for garments for spring/summer 2024 for which shipments will begin early next year. Cotton yarn exports usually look up in September-October. India expects a good cotton crop next season. If cotton prices remain competitive, exports will revive,” he said.
Source: KNN
Texport Industries, a leading Indian textile manufacturing firm, has announced its enrolment as a member of The Fashion Pact, a nonprofit consortium encompassing one-third of the global fashion industry’s volume. The Fashion Pact, a worldwide endeavour, unites fashion, textile companies, suppliers, and distributors, all devoted to a core set of major environmental goals centred around halting global warming, restoring biodiversity, and safeguarding the oceans. Originally initiated as a directive from French President Emmanuel Macron to Kering Chairman and CEO François-Henri Pinault, The Fashion Pact was introduced to Heads of State at the G7 Summit in Biarritz. It is a collaborative coalition led by CEOs, with the intention of accelerating and amplifying impact on climate, biodiversity, and oceans through collective action. By becoming an active participant in this unified undertaking, Texport aims to fortify its dedication to sustainable practices and contribute to the global movement towards an eco-conscious fashion industry. According to Texport Industries, the company commits to key undertakings such as climate, oceans, and biodiversity. Texport Industries further informed that it is dedicated to achieving net-zero greenhouse gas emissions by 2050. The company will undertake measures to curtail its carbon footprint, including the transition to renewable energy sources and the integration of energy-efficient technologies across its operations. Further, recognising the fashion industry’s impact on global oceans, Texport Industries pledges to minimise adverse effects. The company will proactively work towards ceasing the release of hazardous chemicals and microplastics into water bodies, while advocating responsible water usage throughout its supply chain. As far as commitment to biodiversity is concerned, Texport Industries acknowledges the significance of preserving biodiversity and vows to safeguard natural ecosystems. The company will strive to responsibly source raw materials, promote sustainable agricultural practices, and contribute to the preservation of biodiversity hotspots. Through its collaboration with other industry leaders within The Fashion Pact, Texport Industries is taking a proactive stance in shaping a more sustainable future for the fashion sector. The company understands that meaningful change and reduction of environmental impact within the fashion value chain require collaboration, innovation, and responsible business practices. “We are thrilled to join The Fashion Pact and work together with other industry leaders to address the pressing environmental challenges facing our industry,” commented Shailesh Goenka, Director at Texport Industries, adding, “At Texport Industries, sustainability is a core value, and this partnership reinforces our commitment to integrating sustainable practices throughout our operations. We look forward to leveraging the collective expertise and resources of The Fashion Pact to drive meaningful change and contribute to a more sustainable future.”
Source: Apparel Resources
Women-run MSME customers availed Rs 430 crore worth of loans accounting for a significant portion (24%) of overall loans (total disbursals of close to Rs 1,900 crore in FY 2023) to MSMEs, according to the NeoGrowth Impact Report 2023. It also stated that over 2600 womenowned MSMEs availed business loans in the last fiscal. Released annually, the 9th edition of the NeoGrowth Impact Report showcases the transformative influence of the company’s loans on the lives of MSME borrowers, alongside its commitment to sustainable business practices, digital integration and fostering an inclusive credit ecosystem while maintaining the highest level of governance. The data covered in the report pertains to FY 2022-23.
Achieving UN’s Social Development Goals NeoGrowth’s approach to lending is centred on creating a positive impact by setting a distinctive standard for financial inclusion in India. Its business activities are aligned to 6 out of 17 United Nations SDGs. The company claims to have delivered on key UN SDGs including Good Health and Well-being; Gender Equality; Industry, Innovation and Infrastructure; Decent Work and Economic Growth in terms of value and volume. The 17 social development goals are the key objectives set by the United Nations in 2015 towards sustainable development and were created to serve as a “shared blueprint for peace and prosperity for people and the planet now and into the future”. The company disbursed close to Rs 500 crore to MSMEs in Tier-II cities. Almost 50% of the total loans were advanced to emerging small businesses that have been in operation for less than or equal to 5 years. Based on an impact survey conducted with over 250 NeoGrowth customers across 7 cities, 84% of respondents were self-starters, who were the first in their families to establish a business. The interviewed MSME owners witnessed an 18% increase in female employees post availing a business loan from NeoGrowth. Almost 1/4th of the MSMEs expanded their business with the loan. “At NeoGrowth, we are not only building a sustainable, inclusive and purposeful ecosystem for MSMEs in India to bridge the credit gap but also achieving six important social development goals set by the United Nations, thereby contributing towards holistic growth. MSMEs are driving the growth of India’s economy and will continue to spearhead the realisation of India’s USD 5 trillion economy vision,” Arun Nayyar, Managing Director & CEO of NeoGrowth said in a statement. The Company crossed the Rs 2,000 crore Assets Under Management (AUM) mark as on June 30, 2023, at the end of the first quarter of FY 2023-24. Present in 25+ cities and catering to 75+ MSME industry segments, NeoGrowth has disbursed over USD 1 Billion since its inception.
Source: Economic Times
To hold big companies accountable for delaying payments of small business a rating agency needs to be formed to give score to the big firms who treat MSMEs poorly, said T.K. Arun, Former Editor, the Economic Times (ET). Addressing a seminar on Reducing the Cost of Litigation for MSMEs organised by FISME recently, he mentioned agencies are required to be built to hold the companies accountable for non-payment. The senior journalist spoke about how the GST was taken as a curse by everyone, but it turned out to be for the betterment of trade. Expressing his views at great length in ET’s edit page on Wednesday, he said that rating would impact the big company’s reputation, credit-rating score and ESG rating. He is of the opinion that the rating agency should also rate GoI and state governments for revealed, as opposed to claimed, ease of doing business, depending on how fairly government departments and stateowned enterprises transact with small companies. Outlining the struggles MSMEs face in accessing bank loans, he pointed out that MSMEs get hardly 15% of their finance from banks and rely on expensive credit from NBFCs and informal sources. Delivering the special address on the occasion last week in Delhi, he emphasized that the ESD component enforces penalties on organizations based on their inability to compensate vendors. He proposed that arbitration presents a more effective method for resolving such issues. Additionally, he pointed out the contradiction between the Government's pro-business stance and its inadequate treatment of vendors. Arun concluded his address by underscoring the potential of leveraging existing resources to bridge the gap between the government and vendors. Morever In his edit, Arun suggested that the solution for delayed payments is a combination of institutional accountability, technology and the threat of reputational damage for errant Megcorps.
Source: KNN
Gokaldas Exports Ltd., a Bangalore-based garment manufacturer and exporter, said demand for apparel would remain sluggish during the first half of FY24 as the global economy continued to be anaemic.In his market commentary, Sivaramakrishnan G, Vice Chairman and Managing Director, Gokaldas Exports said global retail offtake has been slow during the first quarter of FY24, resulting in overall imports of major consuming markets like the U.S., U.K. and the EU declining significantly, primarily owing to inventory overhang with the customers. “Apparel import data showed a year-over-year decline for April and May 2023 of 26% for the U.S. and 20% for U.K. and Europe. Weak retail demand in autumn winter ‘22 due to inflationary trends, high interest rates and a mild winter contributed to excess inventory impacting offtake for this year,” he elaborated in a regulatory filing. While the global economy remained anaemic, the good news was that it could only get better, he said adding, “We are optimistic about revival of the business in H2 and are bullish on the long-term prospects of our company.”Moves like India negotiating FTA with Canada and EU have the potential to open up large markets for preferential trade, Mr. Sivaramakrishnan anticipated.
Source: The Hindu
With industrial production and trade weakening, the global recovery is slowing after a robust rst quarter performance, but the Indian economy is gathering momentum in the second quarter of 2023-24, the Reserve Bank of India (RBI) has said in its monthly bulletin for August 2023 which was released on Thursday. The chapter on the “State of Economy” in the bulletin said that the uptick in ination in its June reading mutated in July, with the unprecedented shock to tomato prices spilling over to prices of other vegetables, the bulletin noted further. At the same time core inflation witnessed a moderation, and headline ination is expected to average well above 6 per cent in the second quarter of the current scal, the chapter said. It went on to note that domestic drivers such as private consumption and xed investment are offsetting the drag from the contraction in exports. “Fixed investment in India responds positively to higher GDP growth, real non-food credit growth and economic policy certainty, ” the chapter noted. On the supply-side, the adverse impact of the energy price shock on manufacturing output has been dissipating. The buoyancy in the services sector activity is expected to sustain going forward, the chapter noted. Another chapter on “Agriculture’s Dependency on Monsoon Rainfall in India” said that while the impact of south west monsoon rainfall on agricultural production is found to be statistically signicant, it has moderated over time, suggesting an increased resilience of agriculture to monsoon shocks. “Irrigation mitigates the adverse consequences of monsoon deciency, suggesting the need for enhanced public spending on irrigation, ” the chapter noted further.
Source: The Statesman
The MSME sector has crossed the figure of 13 crore jobs generation including more than 3 crore women workers, said MSME Minister Narayan Rane in a post on X (formerly Twitter). The 13 crore jobs were reported by MSMEs registered on the Udyam registration portal. “Under the leadership of respected Prime Minister Shri @narendramodi ji, the MSME sector has crossed the figure of 13 crore employment generation. The 13 crore people, included more than 3 crore of women workers. Under the guidance of the Prime Minister, the MSME sector is promoting world-class startups and entrepreneurs in a big way, thereby creating new livelihoods across the country,” the post read.According to the data from the Udyam portal at the time of filing this report, 13.15 crore employment has been generated by 2.33 crore registered MSMEs, of which 2.26 crore were micro-enterprises, 5.64 lakh were small units and 53,083 medium enterprises. On the other hand, as per the National Sample Survey (2015-16) cited in the MSME Ministry’s annual report last fiscal year, the MSME sector comprising 6.33 crore units reported 11.10 crore jobs (360.41 lakh in manufacturing, 0.07 lakh in non-captive electricity generation and transmission, 387.18 lakh in trade and 362.82 lakh in other services) in the rural and the urban areas across the country.Importantly, former MSME minister Nitin Gadkari in 2020 had targeted an additional 5 crore jobs in the MSME sector by 2025. According to the government data, post-Covid, 63,248 people working in the MSME sector had lost their jobs between July 1, 2020 and July 20, 2022. This included 19,862 jobs lost in FY21, 42,662 in FY22, and 724 till July FY23, as per data shared by Bhanu Pratap Singh Verma, Minister of State in the MSME Ministry in the Rajya Sabha on July 26, 2022. The job losses were respectively reported across 2,870 Udyam-registered MSMEs that were shut between July 1, 2020, and March 31, 2021, followed by 6,222 MSMEs shutting in FY22, and 175 Udyam units that got closed between April 1 and July 20 this financial year, FE Aspire had reported.
Source: Financial Express
INTERNATIONAL
1,022 exhibitors from 13 countries and regions are occupy four halls and 100,000 sqm gross at the National Exhibition and Convention Center at the Intertextile Shanghai Home Textiles 2023 which opened on 16th August 2023 in Shanghai. This much-awaited Autumn Edition of Intertextile Shanghai Home Textiles returned to its regular format, as a comprehensive platform held separately from Messe Frankfurt’s other autumn textile fairs. From 16 – 18 August 2023, the fair offering global buyers a well-rounded sourcing experience for the upcoming seasons. Complementing the strong lineup of exhibitors over all three days, a varied selection of fringe events communicate key insights, offer industry specific inspiration, and facilitate cross-sector exchanges for fairgoers. Positioned as the gateway to Asia’s home living, the fair is taking place in adjacent Halls 5.1, 5.2, 6.1, and 6.2, and feature product categories covering the entire home and contract textile spectrum. Next week, more international participants will cross paths at the fairground than at the previous Autumn Edition. Buyers from 66 countries and regions have already pre-registered for the show, while a range of high-profile international brands are preparing to showcase their latest innovations. Multiple exhibitors will gather according to origin, with three country and region pavilions a must-see for fairgoers seeking exotic home textiles: Belgium Pavilion: premium products on show include bedding fabrics and sets, curtains and curtain fabrics, sofa covers, upholstery, and much more. With the pavilion set to feature a number of Belgian brands, its highlighted exhibitors are Libeco and Love Home Fabrics. Taiwan (China) Pavilion: multiple Taiwanese exhibitors, including JWL Fabrics Co Ltd, Maxland Home Textile Industrial Co Ltd, and Vanttex International Co Ltd, will demonstrate specific examples of the varied applications of their home textiles. Türkiye Pavilion: organised by Uludag Textile Exporters’ Association (UTIB), the pavilion will showcase a range of curtains, upholstery fabrics, and other home textiles, from suppliers such as Aleran Tekstil Insaat Gida Sanayi Ve Ticaret Ltd Sti, Küçükçalik Tekstil San Ve Tic A S and Weavers Tekstil San Ve Tic A S. Beyond the pavilions, buyers can easily locate their desired home and contract textiles via conveniently placed product zones, covering categories such as curtain and curtain fabrics; sun protection and window shades; upholstery and sofa fabrics; furniture leather; bedding and editors; loungewear and bath; and rugs. Wideranging suppliers from China and beyond will showcase their various products, featuring international exhibitors such as Elastron – Leather & Fabrics, Morgan and PT Sinar Continental; and wellknown domestic manufacturers including Hangzhou Aico Home Textile Co Ltd, Huatex International (Hangzhou) Co Ltd and Zhe Jiang Maya Fabric Co Ltd. Fringe programme: keeping fairgoers up-to-date with range of industry developments Business exchange at Intertextile Shanghai Home Textiles will once again be supplemented by multiple concurrent events, for home textile players to learn more about the latest industry innovations, as well as upcoming design trends. These include: International Intertextile Trend Forum 2023–2024: held in the afternoon of day one, the event will be hosted by a prominent member of the ‘2023 – 2024 Intertextile International Lifestyle Trend’ trend committee, Mr Shen Lei, joined on the panel by multiple designers. They will discuss various impacts on designs, such as sustainability’s effect, the influence of emerging technologies, and international integration and localised expression. IKASAS Japanese Home Design Gallery and themed seminar: the leading Japanese furniture brand IKASAS will utilise a display area to illustrate its unique design philosophy, by showcasing innovative furniture products that predominantly align with contemporary trends. The company’s founder, Mr Akiyuki Sasaki, will delve deeper into his design views in a seminar held on the morning of day one. The New Power of Healthy Home Decoration Environment: a first-time collaboration with CRECC Full Decoration Council, the cross-sector conference in Hall 5.1 on day two will welcome keynote speakers from the real estate industry, to discuss topical insights at the intersection of realty and home textiles. The audience will come away with a widened scope of the different applications and demands of home textiles, and an ability to more accurately identify business opportunities within the property market.
Source: TECOYA TREND
The Bangladesh Government has unveiled the National Tariff Policy 2023, incorporating measures to apply anti-dumping duties, countervailing duties, and safeguard duties on imported goods, all aimed at fostering the advancement of domestic industries even as the inaugural policy, issued by the World Trade Organisation division of the Commerce Ministry on 10th August, strives to streamline Bangladesh’s import and export tariffs. This is as per reports, which added that addressing the harmonised product duty valuation, the policy underscored the necessity of maintaining uniform duty rates to uphold transparency even if it permitted the imposition of regulatory duties, mixed duties, and seasonal duties in emergencies. The new tariff policy for 2023 places a primacy on the interests of micro, small, and medium enterprises. The gradual phasing out of the practice of calculating duty rates based on minimum import values is recommended within the policy. Streamlining the procedure for accessing bonded warehouse facilities for both direct and deemed exports is a crucial focus of the policy, with an emphasis on simplicity and transparency. Importers of industrial raw materials, who import with the intent of manufacturing goods for both local consumption and export markets, are granted the privilege of utilising bonded facilities. However, the condition is that a minimum of 70 per cent of the imported raw materials must be allocated for exportoriented purposes.
Source: Apparel Resources
As brands look to meet growing demands and concerns of the consumer for more recycled material usage, the fashion industry has continued its consideration and the use of recycled polyester material (rPET). Turning away from virgin plastic products is essential for a sustainable future, with brands — both decades-old and start-ups — delivering lower impact products by implementing rPET into their lines. It is, however, extremely important to make sure brand manufacturing partners use authentic rPET which meets the most specific standards. rPET testing is highly encouraged in all industries, to verify each product contains the amount of rPET that is claimed, increasing the quality of recycled materials in the market. Qualitative and quantitative testing helps ensure transparency and authenticity throughout the manufacturing process, while also building a level of trust with consumers who have become extremely conscious of the impact of their buying habits. Current technology behind rPET chemical testing relies on detecting a specific substance: isophthalic acid (IPA), which is used in the making of plastic drink bottles — the primary source of raw material for recycled polyester. IPA is added during bottle manufacturing process to give them the desired shape and transparency. When these bottles are recycled, a small percentage of IPA is lost, but the remaining amount can serve as a “marker” to confirm whether plastic bottles were used to manufacture the given batch of rPET, and to assess approximate content of recycled polyester in the fiber. While not without limitations, IPA-detection-based chemical testing is one of the best approaches to obtain laboratory evidence for backing your rPET claims, and provides a high degree of confidence when backed with traceability measures at other stages of the supply chain. Utilizing reports from rPET testing to substantiate the use of recycled products in their products, brands can level-up, delivering on a commitment to commitment to reducing waste. This can be particularly impactful on younger-generation consumers, who are increasingly concerned about the environment, and more likely to support sustainable brands. rPET testing is an important step in substantiation of green claims, supporting a lower impact fashion industry. To most effectively understand the need for testing rPET in global manufacturing, consider the following factors regarding the practice:
Pricing — One of the most notable challenges with the use of rPET is its relatively higher cost compared to virgin polyester — some 40 to 50 percent. Yes, it may deter some manufacturers, but the process is worth so much more to the efforts of a sustainable future. With the utilization of rPET, manufacturers are actively contributing to the reduction of plastic waste and supporting a circular economy. Testing for rPET content allows brands to ensure they get what they pay for, guaranteeing the quality and authenticity of the recycled material.
Demand is greater than supply — While demand for recycled material continues to rise, supply has not been able to keep up, only heightening the concern about authentic rPET. Testing, accompanied by product traceability, ensures manufacturers are receiving and properly administering the material through each step in the manufacturing process, from sourcing and purchasing, to bulk delivery of the recycled material. Mitigate the risk of supply chain issues and potentially, unknowingly, using virgin polyester.
Avoid greenwashing — Greenwashing, or misleading “green” claims, is a simple way to spin minimal efforts to seem more eco-friendly. rPET testing allows brands to demonstrate their efforts with transparency and actual, tangible data. Manufacturers must demonstrate transparency and substantiation regarding their use of rPET. Investing the proper time and finances into rPET ensures a genuine approach to providing a product that’s produced authentically.
Documentary traceability is not enough — Yes, documentation may provide valuable insights into the origin and processing of rPET, but it does not provide real-time confirmation of material authenticity. Testing rPET at critical steps ensures the material used meets your desired quality standards — brands can enhance their control over the supply chain, minimizing the risk of counterfeit or mislabeled rPET Testing strengthens substantiation, provides essential data to monitor progress in meeting recycling targets, builds consumer trust and makes the process as cost effective as possible. It is important to test rPET at each critical step in the manufacturing process to ensure its quality, authenticity, and adherence to sustainability goals.
Source: Textile world
The world's second-biggest fashion retailer H&M (HMb.ST) has decided to gradually stop sourcing from Myanmar, it told Reuters on Thursday, as reports of labour abuses in garment factories in the country increase. H&M became the latest brand to cut ties with suppliers in the country after Zara owner Inditex (ITX.MC), Primark (ABF.L), Marks & Spencer (MKS.L) and others. "After careful consideration we have now taken the decision to gradually phase out our operations in Myanmar," H&M said in an email to Reuters."We have been monitoring the latest developments in Myanmar very closely and we see increased challenges to conduct our operations according to our standards and requirements."
Source: The reuters.com
British retailer Marks & Spencer raised its profit outlook on Tuesday, saying demand in stores had helped it to win new customers for its clothing, home and food businesses, sending its shares up sharply. The 139-year old group, whose shares have risen 66% so far this year, said it now expected profit growth in its full 2023-24 year, having previously forecast a small decline. Its shares jumped 8%. Like other major British retailers, M&S has benefited from robust consumer spending despite a cost of living crisis that has entered its second year, driven by 14 consecutive interest rate rises designed to tackle stubbornly high inflation. But the high street stalwart has also benefited from its focus on providing high quality food, which has helped to win over shoppers who are less keen to dine out, and well-priced fashion ranges that are refreshed more regularly. The unexpected statement, which promised "a significant improvement" against previous expectations when it publishes interim results in November, helped to raise the share prices of other retailers including Next and the owner of Primark. Clothing group Next upgraded its profit forecast earlier this month, lifting it for the second time in three months. M&S said in the first 19 weeks of the year like-for-like food sales grew over 11%, while clothing & home sales were up over 6% on the same basis. Group operating margin "continued to be robust". It did warn however that considerable uncertainties about the economic outlook remained, and there was a risk that the consumer market would tighten as the year progressed.
IN FASHION Under CEO Stuart Machin, M&S is seeking to build a more resilient business with a focus on the quality and value of its clothing and food, heavy investment in technology and e-commerce, and a radical overhaul of its store estate. Once the destination for most British households to buy school uniforms, bedding, food and underwear, M&S has for years struggled to win over younger, fashion-conscious customers while retaining its reputation for high-quality basics such as jumpers that is demanded by its older clientele. But investments in the speed at which it can deliver new fashion ranges has won plaudits in the fashion press, helping a retailer that has a presence on most British shopping streets to regain a sense of style. Investments to lower the price of certain food items, while also still offering high-quality wine and meal deals for those shoppers looking to stay at home more, has also boosted sales. Clive Black at Shore Capital, the house broker, said sentiment around M&S had taken a long time to improve after other turnarounds failed to materialise, but he lifted his profit outlook by 9%.
Source: The retail.economictimes.indiatimes.com
The National Board of Revenue (NBR) in Bangladesh has simplified the licensing rules for the C&F agents even as, regarding the transfer of a customs agent license to an inheritor, the new requirements stipulate that applicants must hold a higher secondary certificate and successfully pass an oral eligibility test, claimed media reports while adding these provisions are detailed in the revised section 19 of the Customs Agent Licensing Rules for 2020. Previously, the criteria for becoming a customs agent license inheritor demanded candidates possess a graduate certificate and pass a written examination, which was criticised by leaders of the Federation of Customs and Forwarding (C&F) Agents, who felt it was a violation of the fundamental rights. Responding to these concerns, the National Board of Revenue (NBR) revised three sections of the Customs Agent Licensing Rules for 2020 even as this revision was formalised through a gazette notification released on 9th August. The Federation of Bangladesh Customs Clearing and Forwarding Agents Association had been advocating for changes to certain rules within the Customs Agent Licensing Rules since their inception in December 2020. The NBR addressed these demands by amending sections 15, 19, and 23 of the rules. In accordance with the newly revised section 23, customs authorities now possess the authority to permanently revoke licenses or impose penalties on customs agents involved in evading customs duties, either inadvertently or intentionally. The customs licensing authority, held by an additional commissioner or deputy commissioner at customs station offices, allows the accused customs agent a 15-day window to defend against allegations before any license cancellation or penalty imposition.
Source: Apparel Resources
