INTERNATIONAL
Textile Raw Material Price 2016-08-28
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1012.5804 |
USD/Ton |
-0.15% |
8/28/2016 |
|
VSF |
2441.577 |
USD/Ton |
0.18% |
8/28/2016 |
|
ASF |
1887.354 |
USD/Ton |
0% |
8/28/2016 |
|
Polyester POY |
1044.78525 |
USD/Ton |
0% |
8/28/2016 |
|
Nylon FDY |
2351.703 |
USD/Ton |
0% |
8/28/2016 |
|
40D Spandex |
4373.868 |
USD/Ton |
0% |
8/28/2016 |
|
Nylon DTY |
2007.186 |
USD/Ton |
0% |
8/28/2016 |
|
Viscose Long Filament |
2059.6125 |
USD/Ton |
0% |
8/28/2016 |
|
Polyester DTY |
1153.383 |
USD/Ton |
0% |
8/28/2016 |
|
Nylon POY |
2553.9195 |
USD/Ton |
0% |
8/28/2016 |
|
Acrylic Top 3D |
5599.1502 |
USD/Ton |
0% |
8/28/2016 |
|
Polyester FDY |
1286.6961 |
USD/Ton |
0% |
8/28/2016 |
|
30S Spun Rayon Yarn |
3025.758 |
USD/Ton |
0.50% |
8/28/2016 |
|
32S Polyester Yarn |
1722.585 |
USD/Ton |
-0.86% |
8/28/2016 |
|
45S T/C Yarn |
2404.1295 |
USD/Ton |
0% |
8/28/2016 |
|
45S Polyester Yarn |
3175.548 |
USD/Ton |
0.47% |
8/28/2016 |
|
T/C Yarn 65/35 32S |
2381.661 |
USD/Ton |
0% |
8/28/2016 |
|
40S Rayon Yarn |
1902.333 |
USD/Ton |
-0.78% |
8/28/2016 |
|
T/R Yarn 65/35 32S |
2261.829 |
USD/Ton |
-0.66% |
8/28/2016 |
|
10S Denim Fabric |
1.3705785 |
USD/Meter |
0% |
8/28/2016 |
|
32S Twill Fabric |
0.8403219 |
USD/Meter |
0% |
8/28/2016 |
|
40S Combed Poplin |
1.1863368 |
USD/Meter |
0% |
8/28/2016 |
|
30S Rayon Fabric |
0.6965235 |
USD/Meter |
0.43% |
8/28/2016 |
|
45S T/C Fabric |
0.6695613 |
USD/Meter |
-0.22% |
8/28/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.4979 USD dtd. 28/08/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The Southern Gujarat Chamber of Commerce and Industry (SGplans to set up an extension office at Dhaka in Bangladesh with the support of Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) to promote polyester fabrics, saris and dress materials manufactured in the country's largest man-made fabric (MMF) centre in Surat. Recently, SGCCI delegation led by its president B S Agarwal had visited Bangladesh and held a series of meetings with the Bangladesh Garment Manufacturers and Exporters Association, FBCCI, Chhitgong Chamber of Commerce and Industry at Dhaka to promote synthetic fabrics of Surat.
Agarwal told TOI, "Bangladesh is the top manufacturer of readymade garments and its garment industry uses around 90% cotton. There is huge potential for Surti fabrics, including saris and dress materials. The FBCCI office-bearers have invited Surti weavers and textile processors to set up their units in Dhaka and Chhitgong." He added, "The fabric samples will be sent to the SGCCI office at Dhaka and circulated in all the garmenting units there. We also require to register our fabrics with the buyers of top world-renowned readymade garment brands. Once Surat's fabric is registered, orders will start flowing for Surti traders." He said the annual export of readymade garments to Europe and the US from Bangladesh is pegged at $28 billion. Most cotton fabric is sourced by garment manufacturers in Bangladesh from India and China. Bangladesh has free trade agreements (FTA) with all leading countries, including those of Europe and the US. "The potential of Surti polyester fabric is huge in Bangladesh. It is unexplored marke. We want our weavers and processors to set up units in Bangladesh. The FBCCI has promised us land on long-term lease for $2 per square metre per month," Agarwal said.
SOURCE: The Times of India
A two-day conference on “Industrial Textiles – Products, Applications and Prospects” is organized here by the Department of Textile Technology and Automobile Engineering of PSG College of Technology. At the inaugural, Sanjay Chatrath, president and chief executive officer of Tire Cord and Polyester Yarn, SRF Limited, said that per capita consumption of technical textiles in the country at 1.7 kg as against 10 to 12 kg in developed countries, the potential is huge for the sector. Further, non-wovens are heading for a deeper penetration in the automotives sector in addition to personal hygiene and healthcare and there is room for expansion. As far as the entire value chain is concerned, developed regions in the country seem less competitive in upper segment of the value chain of conversion, processing, and fabrication. These activities are taken up mainly by medium-scale industry which is seeing growing investment. Textile industry should set up pilot plants and there needs to be strong industry-academia interaction. Services of centres of excellence and research institutions need to be tapped by the industry. The two-day programme includes six plenary sessions to deliberate on non-wovens, composites, coated and automotive textiles, abrasive textiles, testing, etc. There are four technical sessions and 40 technical papers will be presented. Asia Pacific is the largest market for technical textiles, accounting for more than 40 percent market share. The Indian technical textile industry is growing at 20 percent year-on-year. The industry is witnessing a shift from use of conventional fibres to high performance, speciality fibres. Carbon fibre based composites are making rapid progress in not only aerospace and sports industries but also in textile equipment.
SOURCE: Yarns&Fibers
India’s first integrated textiles city is likely to come up in Andhra Pradesh. The central government has already initiated the process of identifying land, technology and expertise for the same. According to sources, Textiles Minister Smiriti Irani has spoken to Andhra Pradesh Chief Minister N Chandra Babu Naidu for providing land and other facilities. With Naidu’s Telugu Desam Party being an ally of the ruling National Democratic Alliance at the Centre, the proposal, mooted by the NITI Aayog, is likely to be accepted. Officials said Irani, along with Naidu and top officials from NITI Aayog, would visit China to get a first hand information on the working and structure of the proposed mega textile city. The city would be largely catering to the export market and build a brand for Indian textiles. China is a pioneer in building such mega textiles cities. The China Textile City in Keqiao district is one such example.
Founded in the 1980s, China Textile City is the first national professional textile market spread over a construction area of 3.65 million square metres with 29,000 companies managing 40,000 kinds of products. The textiles sector is the largest employer in the country, employing 32 million people and is critical to Prime Minister Narendra Modi’s plans to create jobs in the country. It announced a special package for the sector in June aimed at improving India’s competitiveness, which would lead to greater production. The reforms, in turn, are expected to generate 10 million new jobs in the textiles sector in three years. The package is estimated to cost Rs 6,000 crore, which includes funds for additional five per cent duty drawback for the garments sub-sector. The government will also bear the cost of employers’ contribution under the Employees’ Provident Fund scheme for new employees of the garment sector earning less than Rs 15,000 a month for the first three years. The government is also working on a revamped national textiles policy, which is expected to be placed before the Cabinet soon. The draft policy focuses on achieving $300 billion exports and 35 million new jobs by 2024-25. India exported $36.25 billion worth of textiles and related goods in 2015-16 — a 2.4 per cent decline from 2014-15.
SOURCE: The Business Standard
India's first textile university will be set up at Surat for which the Gujarat government will provide funds worth Rs.800 crore - Rs 900 crore. The aim of the university is to provide all kind of support including technology, research and development (R&D), skilled manpower etc. Purpose of the university will be to create a complete eco system for the textile industry in Gujarat and India. It will guide the government in policy making for the industry. The textile industry will support the government in this endeavour. Chandan Chatterjee, director of the Centre for Entrepreneurship Development (CED), a government of Gujarat organization said that their aim is not to just fulfill academic requirements of textile industry. This will serve in a many ways like support in R&D, policy making skill manpower training and all. For that they will tie up with various centres of excellence and other national and international institutes as per the requirements. Chatterjee said that the university will build on over 250 acre land in Surat. The construction work for the university will start in early phase of next year and it will be operational in one and a half years.
SOURCE: Yarns&Fibers
India’s manufacturing sector may witness higher growth during the July-September quarter buoyed by improvement in export prospects and domestic demand, even as the hiring outlook remains subdued, according to a survey. The latest quarterly survey by Ficci on manufacturing outlook for the second quarter also finds that the interest rate paid by the manufacturers still remains high and sticky. Uncertain economic environment, unfavourable market conditions, competition from imports, delayed clearances, inadequate infrastructure (especially availability of power) and cost escalation are some of the major constraints affecting the expansion plans of the industry, the poll noted. The survey had earlier indicated a slowdown for the first quarter of 2016-17, which seems to be waning. The proportion of respondents expecting higher growth during July–September quarter has risen to 55 per cent as against 53 per cent for April–June quarter 2016-17, although, it remains much below the percentage of 60 per cent for January–March quarter of the previous fiscal.
Manufacturing sector in India continued with its uptrend and hit a four-month high in July, backed by stronger upturn in new business orders. The Nikkei Markit India Manufacturing Purchasing Managers’ Index (PMI) – a composite indicator of manufacturing performance – rose to 51.8 in July from 51.7 in June. A reading above 50 denotes expansion while one below means contraction. The slight improvement in the outlook for manufacturing production in second quarter of 2016-17 is attributable to various factors including somewhat better outlook for exports compared to previous quarters, and better outlook on domestic demand front too, the survey pointed out. Export outlook for manufacturing in September quarter improved slightly as against the expectations for the first quarter. The proportion of respondents expecting higher exports in the second quarter rose by 5 percentage points to 41 per cent as against 36 per cent in 2016-17. However, hiring outlook remains subdued in manufacturing in coming months as three quarters of the participants in second quarter of 2016-17 are unlikely to hire additional workforce in next three months. The proportion remains almost similar to that recorded for June quarter (76 per cent). Moreover, average interest rate paid by the manufacturers still reportedly remains high and sticky. The rate is as high as 15 per cent as per the survey with average interest rate at around 11.5 per cent per annum. The survey mapped expectations of manufacturers for thirteen major sectors namely auto, capital goods, cement and ceramics, chemicals, electronics & electricals, food products, leather and footwear, machine tools, metal and metal products, metal forging, paper products, textiles and technical textiles and textiles machinery. Responses have been drawn from 308 manufacturing units from both large and SME segments with a combined annual turnover of over Rs 4 lakh crore. The milder improvement for the quarter gets reflected in terms of investment as for Q2, 73 per cent respondents reported that they do not have any plans for capacity addition for the next six months, as against 75 per cent respondents in previous quarter.
Based on expectations in different sectors, the survey suggests that eight out of thirteen sectors were likely to witness low to moderate growth (less than 10 per cent). Five sectors, namely capital goods, cement and ceramics, chemicals, metal forging and paper products are likely to witness strong growth of over 10 per cent in Q2 2016-17. About 49 per cent respondents reported higher order books for the July–September quarter 2016-17 which is more than that of the previous quarter (38 per cent). Average capacity utilization for the total manufacturing sector is around 76 per cent for Q1 2016-17, marginally above the 74 per cent for Q4 2015-16, the poll revealed. Inventory levels remain high with 82 per cent respondents maintaining either more or same levels of inventory as their average inventory levels. This is higher than previous quarter, where 76 per cent respondents reportedly carried either same or more than their average levels of inventory. The cost of production as a percentage of sales for product for manufacturers in the survey has risen as 49 per cent respondents reported cost escalation while only 16 per cent reported lower production costs.
SOURCE: The Financial Express
Positioned as a major investment destination to the world, India is targeting to increase its bilateral trade with the US to $500 billion from current levels of over $100 billion, in the near term. According to a recent joint report by PwC and Indo American Chamber of Commerce (IACC), bilateral relations between India and the US have been cemented further in the last two years with increased issuance of visas, visits by dignitaries, initiatives to combat terrorism, as well as trade. "Both countries now aspire to increase bilateral trade to the tune of $500 billion from the current $100 billion plus annually," the report said. Further, it said that 10 sectors like aerospace and defence, banking, financial services and insurance, chemicals, dedicated freight corridors, energy and infrastructure have immense potential not just for domestic growth, but also for strengthening India's position as a global business hub. Other sectors mentioned in the report are ports and inland waterways, oil and gas, pharmaceutical and digitisation. These 10 sectors are earning good dividends through the joint efforts of Indian government and industry, the report said. "Activities in India are at an all-time high. India continues to open up its sectors to global companies with reforms such as raising FDI limits, dropping licenses and regulatory barriers, and inviting high-tech solutions," PwC' US Business Group partner Dwaraknath E N said. "The high rate of economic growth and projections for coming years indicate that India will continue to be a preferred investment destination," Dwaraknath said. As per the report, India continues to remain the world's largest arms importer, accounting for 14 per cent of the global imports in 2011-2015, with the US being one of its biggest suppliers. "US is the second largest trading partner of India with a growth potential of bilateral trade increasing to $500 billion in the near future," IACC secretary general Ranjana Khanna said. "The driver for India's economic growth will be trade. During the last couple of decades, the economies of China, Germany, Japan, Korea have all been driven by trade," Khanna added.
SOURCE: The Economic Times
The two-day Saarc Finance Ministers meeting focused on promoting double tax avoidance and improving trade relations among member nations, said Economic Affairs Secretary Shaktikanta Das, who represented India. “The focus of discussion was on economic issues and fostering a customs union, promoting double taxation avoidance between the Saarc nations, improved connectivity between the Saarc countries, increasing volume of trade, developing supply chain linkages between the Saarc countries,” he told reporters on the sidelines of an event here. The Saarc Finance Ministers meeting concluded yesterday in Islamabad. Finance Minister Arun Jaitley did not attend the conference because of political reasons. The South Asian Association for Regional Cooperation (Saarc) is a regional inter-governmental organisation. Its member states include Afghanistan, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka. Das added there was special focus on the Saarc Development Fund and its funding. “India has been a major contributor to the fund. We have given $100 million and so far the emphasis has been social sector projects. “About 11 projects are under implementation currently and now the attention is on infrastructure and economic projects to be financed from the fund,” he said.
SOURCE: The Financial Express
India’s overseas shipments finally came out of rough waters last month, after 18 months, when it increased by 1.27%. But data released for July 2016 shows exports contracting by 6.84% due to decline in shipments of engineering goods and petroleum products. As good news in exports become more of an exception than a norm, a paradoxical picture is emerging in Vietnam. While India’s exports witnessed a decline of 17% in 2015 over 2014, Vietnam’s exports grew phenomenally by 24%. Further analysis shows that India’s average annualised export growth during 2011-2015 had a negative growth of 2.5%, in tandem with world growth; however, during the same period, Vietnam had an export AAGR of 17.9%. Infact, its exports have almost doubled, from $97 billion in 2011 to $187 billion in 2015.
Non-resource based manufacturing: Fortune hasn’t suddenly started favouring Vietnam; rather, it is the success of a strategic bid to build its manufacturing sector that led to its strong export growth. The harbinger of Vietnam’s exports has been the $65.8 billion exports of electrical and electronic equipments, constituting 35% of its total exports. India, on the other hand, exported just $7.9 billion of the same. In fact, Vietnam earned nearly $17 billion from exports of mobile phones and spare parts in the first half 2016 alone—21% of its total exports.
Amongst Vietnam’s top 10 exports in 2015, just 4% constituted resource-based products, while in India’s case, it was 30%. This has inevitably been exposing India’s export performance perennially to the vagaries of commodity-price cycles. Hi-tech exports: While India often ends up comparing itself with China, where high-tech manufacturing exports as a share of total exports in 2014 stood at 25% as compared to India’s 9%, Vietnam, one-tenth the size of Indian economy, had a share of 27%. The High Technology Law devised in Vietnam provides corporate interest rates as low as 10%, and is a major draw for investors. Trade agreements: Vietnam has been proactive in engaging in FTAs. As on date, there are nine FTAs. The big ones in pipeline are with the EU, the ASEAN Economic Community and the Trans-Pacific Partnership, all of which will be game-changers for the Vietnamese economy. India, on the contrary, hasn’t been able to leverage its 13 FTAs. Infact, some of these are reportedly harming the domestic industry, and the government is contemplating reopening negotiations. Some FTAs—the ones with Sri Lanka, Nepal, Afghanistan, and Bhutan—don’t provide access to any sizeable market. Going forward, India must ascertain that FTA benefits include efficiency gains.
FDI: FDI has been the engine of export growth for Vietnam. Though, India saw a total capital investment of almost $190 billion in 2011-2015—compared to Vietnam’s $81 billion—given its size, the latter has reaped significant benefits, including job creation. According to Vietnamese government data, FDI helped export goods equivalent to around 65% of the total exports in 2015, up from 41% in 2009. This upsurge in FDI could also be seen as a corollary to the slew of trade agreements that have been signed by the country, and may also divert some of the FDI inflows from China.
Doing business: In July 2016, Vietnam removed almost 3,500 regulations, as part of its new Law on Investment, that only allows the central government to decide on investment requirements. The move is expected to dramatically reduce the existing red tape. According to the World Bank’s Ease of Doing Business rankings, Vietnam ranks 90, while India ranks 130.
Learning for India: All these factors go some way to explain why Vietnam is experiencing consistent exports growth, unscathed by the global recession. May be India can learn from the Vietnamese growth story and boost its exports. Who knows “Made in Vietnam” may become more ubiquitous than “Made in China”, leaving the Indian dream in limbo. As the global economy takes an inordinate time to recover, India needs to have its house in order. An enabling environment which facilitates investment and production of globally competitive high value added products is the way ahead for India. India like Vietnam can still leverage on the cost of skilled labour.
SOURCE: The Financial Express
Bullish on expanding economic ties with India, the US today said bilateral trade has reached USD 109 billion and it will get a further boost from new reforms including GST even as it flagged persisting concerns American firms have on issues related to business climate in the fast-growing economy. US Commerce Secretary Penny Pritzker, who will be on a 3-day India visit from tomorrow, also said that travel and tourism and sub-national engagement have been identified as two new areas of focus to drive commercial cooperation between the two countries in 2017, under which the focus would shift from India and the US to Chennai and Charleston. She said the Obama Administration in the past seven-and- a-half years has made significant progress toward realising the potential of what could be one of the largest commercial relationships in the world. “Our two countries enjoy a thriving trade and investment relationship. US-India bilateral trade reached USD 109 billion in 2015, up from USD 37 billion in 2005. “US and Indian companies are also investing in each other’s economies at record levels. In 2015, US investment in India reached more than USD 28 billion and Indian investment in the United States reached more than USD 11 billion. In fact, US affiliates of Indian-owned firms now employ more than 52,000 workers in the US,” Pritzker told PTI in an interview. She exuded confidence that “India’s rapidly growing economy and the Modi government’s ambitious reform agenda, including the landmark Goods and Services Tax, passage of the recent national bankruptcy law, and liberalised foreign direct investment limits in key sectors, point toward a deeper economic relationship in the years ahead.”
Asserting that there is a tremendous potential for the US and India to achieve even more together, the Secretary said she is particularly excited over two new areas of focus that will drive their cooperation in the coming year — travel and tourism and subnational engagement. She described increasing the number of travelers who move between the US and India as a significant commercial opportunity. More than 1 million people travel between the two countries each year. “While that figure is strong, there is certainly potential for growth,” she added. On sub-national engagement, Pritzker said: “Both US and Indian states play a vital role in driving economic growth and setting business climate policy. Companies choose to invest in Charleston, South Carolina or Chennai just as much as they select the US and India.” Pritzker said Prime Minister Narendra Modi’s commitment to host the 2017 Global Entrepreneurship Summit will highlight India’s strong culture of innovation on the global stage and provide Indian entrepreneurs with an exceptional opportunity to meet with top investors and network with their international peers. Pritzker, who has been the US Secretary of Commerce for over three years and is a key member of President Barack Obama’s economic team, will be travelling to India for the second US-India Strategic and Commercial Dialogue and the US-India CEO Forum.
During the visit, she will meet Indian entrepreneurs and participate in an event celebrating US-India cooperation on travel and tourism. India and the US have decided to be Travel and Tourism Partner Countries in 2017. On whether the Modi government has delivered on its target of improving ease of doing business score and the feedback from the US companies operating in India, she said: “We welcome Prime Minister Modi’s ambitious efforts to improve India’s business climate and enable greater trade and investment. The recent passage of the Goods and Services Tax, for example, is a truly historic accomplishment with potentially far-reaching benefits for the Indian economy and our expanding bilateral trade and investment partnership with India.” She added: “However, the GST is just one in a series of steps the Indian government has taken to improve the ease of doing business in India. Since taking office in 2014, the Modi government has passed the national bankruptcy law, raised foreign direct investment caps in sectors including defense and insurance, established commercial courts, and ratified the WTO Trade Facilitation Agreement. “On infrastructure, the Modi government has established Special Purpose Vehicles for smart cities, promoted municipal bonds for urban development, and launched a National Infrastructure Investment Fund. We applaud these reforms and urge the Government of India to prioritise their full implementation.” She further said that while the US companies have responded positively to these efforts, they also continue to raise concerns about persistent business climate issues that impede greater trade and investment between our two countries.
Pritzker said: “These include unclear tax policies, burdensome regulations, inadequate protection and enforcement of intellectual property rights, and onerous localization requirements. Companies seek a more transparent and predictable policy environment, including consistent notice and comment procedures in the rule-making process, in order to plan investments and inform long-term business decisions. “Industry also sees promising opportunities to facilitate trade further through streamlining complex and cumbersome customs processing procedures, implementing a single-window approach to government licensing, and increasing predictability and efficiency in government approvals and inspections related to cross-border trade.”
SOURCE: The Financial Express
With the Pakistani government allowing residents and firms to invest in foreign companies with prior approval of the State Bank of Pakistan (SBP) vide SBP circular FE-12 dated September 1, 2001, eleven Pakistani companies have invested Rs 664.02 million abroad in textile-related businesses during the last five years. The 11 textile companies, including Colony Industries (Pvt) Limited, Nishat (Chunian) Limited, Sapphire Finishing Mills Limited, Nishat Mills Limited and Pakistan Bedwear Exporters Association had invested Rs 664.02 million from 2012 to 2016 in American and other counties' textile firms. US Apparel & Textile Mills Limited invested $0.2 million in US Apparel & Textile, Saudi Arabia, on September 12, 2012. Naveena Exports Limited did $0.050 million investment in its liaison office in Bangladesh on September 12, 2012, while the SBP had formally given its approval on December 3, 2013. Pakistan Bedwear Exporters Association invested $0.629 million in its liaison office in Paris, France, which was approved on December 9, 2013. Sapphire Finishing Mills Limited invested $0.229 million in Sapphire Finishing Mills Limited, Norway. The SBP approved this investment on March 10, 2014. Moreover, Nishat Mills Limited invested also invested $0.05 million in foreign firms.
By virtue of this circular, the SBP allowed the below listed companies to invest in textile-related businesses abroad during the last five years. Colony Industries (Pvt) Limited had invested $4.500 million in its wholly owned subsidiary and the State Bank of Pakistan (SBP) had given the approval on April 5, 2012. EssaTex Industries invested $0.216 million in EssaTex LLC, Dubai, UAE, while the SBP had given the approval for this investment on August 31, 2012. Nishat (Chunian) Limited invested $0.110 million in Nishat Chunian USA Inc, New York, and the SBP approved his proposal on December 11, 2012. Nishat Mills Limited invested $0.200 million in Nishat UAE, LLC, and the SBP allowed this on December 13, 2012. Sabir Textile Mills Limited invested $0.050 million in Ideal Textile Corporation USA, and it received the approval from the SBP on May 14, 2012. Siddiq Sons Limited invested $0.090 million in its branch offices in Canada, UAE and the US, and the SBP had given the approval for this purpose on June 25, 2012.
SOURCE: Yarns&Fibers
The third edition of China Trade Fair Egypt a three-day fair, held at Cairo International Convention Center, kicked off on 25th August has registered 100 percent growth in exhibitor number, featuring 500 Chinese leading companies and over 20,000 products. Looked like a mini-China, the fair gathered hundreds of Chinese business men showing their products at the hall that was decorated with red slogans and signs, reflecting a taste of Chinese culture. Zhou Chunxiang, project manager with Meorient international exhibition company which organized the exhibition said that this is the third China Trade Fair in Egypt, the growing exhibitor number reflects the keen interest of Chinese supplier to do business with their Egyptian counterparts. They hope to build a platform not only in Egypt, but also in Africa and the Middle East to help the Chinese companies enter the market and satisfy the demand in the regions. The exhibition provides the buyers and sellers with different kinds of services, including a market matching zone, translation and consultation. The close ties between China and Egypt enjoy a further strength where such fairs made it possible for Egyptian traders to interact with quality manufacturers from China, and at the same time give more opportunities for Chinese companies to start business in North Africa's most populous country.
Key product sectors at the show include textile and garments, home appliances, lighting, building material, gifts, household, hardware, tools and food. Mohammed al-Sayyed, an importer of home curtains, has reached a business deal with a Chinese company in less than half an hour. He said that this was the fastest business deal ever done as an importer, adding that the exhibition helped him save money as he planned to travel to China to order some products for his business in Egypt. China Trade Fair is a series of trade show held in nine countries including Poland, Turkey, South Africa, Jordan, Brazil, Kazakhstan, Egypt, the UAE (Dubai) and India; it is a part of the official platform of China-proposed Belt and Road Initiative.
SOURCE: Yarns&Fibers
The 16th Textile Asia International Exhibition organized by the Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) was inaugurated by Federal Minister for Information and Broadcasting Senator Pervaiz Rasheed. The PRGMEA in collaboration with Ecommerce Gateway Pakistan is organising this mega textile exhibition second time in Lahore, where more than 35,000 trade and corporate visitors are expected to visit during three days. PRGMEA chief coordinator Ijaz Khokhar said that the three-day mega event is going to provide the textile industry a best opportunity where more than 315 international brands from around 27 countries are displaying their products in more than 515 stalls. This year over 50,000 people are expected to visit the exhibition including 550 foreign delegates from trade and corporate sector will also mark the event. The event will provide an effective platform for collaborations to the textile sector’s SMEs, majority of which are located in Punjab, having no financial capacity to attend international exhibitions. Since the China-Pakistan Economic Corridor (CPEC) has opened up a world of opportunities for both Pakistan and China, the focus is on linking Chinese small manufacturing enterprises (SMEs) to Pakistani SMEs.
PRGMEA senior vice chairman Sohail A Sheikh observed that the local textile sector’s whole chain has also been invited to attend this country’s largest textile show. The exhibiting countries include Austria, China, Czech Republic, France, Germany, India, Italy, Korea, Taiwan, Turkey, UK and USA. The Management of Apparel has also been invited to participate in the fair. Ecommerce Gateway Pakistan president Dr Khursheed Nizam said that the international Textile & Garment Machinery Show is the only UFI (Paris) approved event of the industry in South Asia, which provides enormous opportunities of learning, information sharing, mutual cooperation and combined projects to all the stakeholders in the most apt sector of Textile in Asia. The International Textile Asia Trade Show is one of the most and enduring events to be held for the last 15th successive years. Textile Asia International Exhibition will run from August 27 to 29 at Lahore Expo Centre.
SOURCE: Yarns&Fibers
The Fourth round of talks to finalize the draft of free trade agreement (FTA) between Pakistan and Thailand will take place in the second week of September in Islamabad, said a senior official in the Ministry of Commerce. The two sides have agreed to sign the FTA after a detailed assessment of the markets in both the countries. This time, the meeting will be followed by consultations with the business community for finalizing the list of commodities and the timeframe for tariff cut. At present, the value of bilateral trade is about $1 billion, 85% of which is in favour of Thailand. The two sides want to double the existing figure within three years of signing the FTA. Pakistan and Thailand developed consensus on inking the FTA because the former wanted to gain access to markets of the Association of Southeast Asian Nations (Asean). On the other hand, Thailand wants to enhance trade with South Asian states as well as with the Central Asian nations. Pakistan is already its second largest trading partner after India in the region. The two countries have set up working groups for trade in goods, rules of origin, legal and institutional issues, customs procedures and trade facilitation, technical barriers to trade, sanitary and photo-sanitary measures and trade remedies. The agreement will also eliminate both tariff and non-tariff barriers and increase investment opportunities for both countries.
Pakistan has already inked FTA with Malaysia, which has been operational since 2008 and preferential trade agreement with Indonesia, which has been working since September 2013. Both the countries will sign the FTA by the end of this year, the ambassador of Thailand had stated earlier in Lahore. However, sources in the Ministry of Commerce said that it is unlikely that FTA negotiations will reach a conclusion this year. Most probably, it will materialise by May next year. The Ministry of Commerce believes that in addition to the textile and clothing sector, agriculture and food group products can also be easily exported to the Asean region under the FTA with Thailand. Besides, there is also potential for export of hospitality-related goods, leather goods, light machinery, sports goods, surgical goods, vegetables, fish and marine food. Major import products from Thailand include electronics, machinery, chemical goods, fabrics, vehicles and parts, air conditioners and parts, and plastics.
SOURCE: The CCF Group
