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The price of woollen yarn was $34,733 per tonne (FOB, Italy) in May 2023, down -5.7% from the previous month. However, the export price displayed a generally flat trend pattern. The average export price climbed by 14% month over month in April 2023, which was the most notable rate of growth. Because of this, the export price increased to a maximum of $36,848 per tonne before declining the following month. The major international markets’ average pricing varied significantly from one another. Hong Kong had the highest price in May 2023 ($56,757 per tonne), while shipments to the UK had some of the lowest prices ($19,114 per tonne). Bulgaria (+2.7%) witnessed the highest rate of price growth between May 2022 and May 2023, while the costs for the other major destinations increased at more moderate rates.
Italy Woolen Yarn Exports Italian exports of woollen yarn surged to 2.2K tonnes in May 2023, up 22% from April 2023 levels. However, exports experienced a rather flat trend pattern over the time under consideration. The growth rate that was most noticeable was 65% higher in September 2022 than in the preceding month. Woollen yarn exports in value terms reached $76M in May 2023, according to IndexBox projections. Exports as a whole continue to show a largely flat trend pattern. With a month-over-month increase of 43% in September 2022, the rate of growth was at its fastest. The exports reached their highest level throughout the reviewed period in May 2023.
Italy Woolen Yarn Exports by Type The three primary types of woollen yarn exported from Italy, accounting for 92% of total exports, were yarn of combed wool, not put up for retail sale (929 tonnes), yarn of carded wool, not put up for retail sale (817 tonnes), and yarn of wool or fine animal hair, put up for retail sale (255 tonnes). These goods were followed by yarn made of coarse animal hair or of horsehair (including gimped horsehair yarn), whether or not it was put up for retail sale, and yarn made of fine animal hair (carded or combed), not put up for retail sale, which together accounted for an additional 8.2% of the market. With a CAGR of +6.0% from May 2022 to May 2023, coarse animal hair or horsehair yarn, including gimped horsehair yarn, saw the highest growth, whilst shipments of the other items showed a variety of trend patterns. The most valuable types of woollen yarn from Italy that were not offered for retail sale included combed wool yarn ($31 million), carded wool yarn ($19 million), and fine animal hair (carded or combed) yarn ($17 million), which together made up 88% of all exports. A further 12% was made up of yarn made of wool or fine animal hair that was offered for retail sale as well as yarn made of coarse animal hair or horsehair (including gimped horsehair yarn), whether or not it was.
Source: Textile value chain
Negotiating trade pacts with certain G20 countries and diversifying exports to regions like Brazil and Mexico could help India boost outbound shipments and manufacturing in the years to come, Chairman, CII national committee on EXIM, Sanjay Budhia, said on Wednesday. He said that tapping into opportunities in G20 countries is crucial for India’s economic growth and global influence. India should diversify its export markets within the G20 countries, Budhia, who is also Managing Director of Patton Group, said. He added that while traditional partners like the United States and the European Union remain important, exploring emerging markets within the G20, such as Brazil, South Africa, Indonesia, and Mexico, can open up new avenues for Indian goods and services.“Negotiating and implementing trade agreements and bilateral deals with G20 member countries may be helpful to tap potential between India and G20 countries. Such agreements can reduce trade barriers, tariffs, and regulatory hurdles, making it easier for Indian businesses to access foreign markets,” Budhia said. He also said that focusing on collaborations and partnerships in digital technology, IT services, and e-commerce with G20 nations can lead to increased exports and foreign investment. “SMEs play a significant role in India’s economy. Providing support and incentives to SMEs (small and medium enterprises) to expand their export capabilities can lead to increased exports to G20 countries,” he said, adding India’s G20 presidency is helping strengthen economic ties with the member countries in terms of increasing exports and attracting foreign direct investment. “India’s trade and investments with the G20 countries is likely to grow significantly in the coming years. India is a rising economic power with a large and growing market, and the G20 countries are some of the world’s largest economies,” he said. Further, he said that the G20 countries account for about 85 per cent of global GDP and 75 per cent of global trade and this means that India has a significant opportunity to increase its trade and investment with these countries. “Emerging economies within the G20, such as Brazil, South Africa, and Indonesia, offer untapped opportunities for trade and investment. These efforts will reduce India’s dependence on a few countries and enhance its resilience in global trade,” he added. G20 has 43 members and not 20 countries. These include 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkiye, the UK and US) and the European Union (27-member group). Three EU countries – France, Germany, Italy – are double counted. Share of G20 nations in India’s merchandise export was 64 per cent and import was 52.4 per cent in 2022. India’s leading export destinations among G20 nations in 2022 were the US (USD 91 billion), the EU (USD 87 billion), China (USD 17.5 billion), the UK (USD 14.4 billion), Turkiye (USD 10.7 billion), Saudi Arabia (USD 10 billion). The country’s leading import suppliers last year included China (USD 118.5 billion), the EU (USD 59.1 billion), Saudi Arabia (USD 43.3 billion), the US (USD 38.4 billion), Russia (USD 34 billion), Australia (USD 19.2 billion), Korea (USD 18.9 billion), and Japan (USD 13.9 billion).
Source: Financial express
Singapore and India have launched the TradeTrust Framework, a joint initiative to enable interoperable electronic Bills of Lading (eBLs) backed Letter of Credit (LC) transactions between Singapore and Indian banks and companies. This project was carried out in close collaboration between government agencies (the Ministry of Trade and Industry, the NITI Aayog, Enterprise Singapore, and the Infocomm Media Development Authority) and industry partners (DBS, ICICI Bank, Maptrasco, Jindal Stainless, and A.P. Moller-Maersk). The TradeTrust Framework is a significant milestone in the digitalisation of trade between Singapore and India, and will pave the way for more efficient, secure and transparent cross-border trade and boost economic growth for both the nations. What is it? eBLs are digital versions of the traditional paper Bill of Lading. It is a document that serves as a receipt for goods that have been shipped, and it also serves as a contract between the shipper and the carrier. eBLs are used to replace paper Bills of Lading, and they offer several advantages. First, it improves the efficiency since eBLs can be exchanged electronically, which eliminates the need for paper documents to be physically transported. This can save time and money, and it can also reduce the risk of errors. Second, enhanced security, because eBLs are stored in a secure database which makes them less vulnerable to fraud and tampering. Finally, it improves the transparency since all parties involved in a trade transaction can access the same information about the eBL, which improves transparency and reduces the risk of disputes. The TradTrust Framework is based on distributed ledger technology, which allows for the secure and transparent recording of transactions. This makes it possible to track the progress of a trade transaction in real time, and to ensure that all parties involved have access to the same information. This will help to reduce fraud and errors and improve the speed and efficiency of trade transactions. Furthermore, the framework is also interoperable with other trade finance platforms, which will facilitate trade between Singapore and India. The launch of the TradeTrust Framework is expected to boost trade between Singapore and India’s small and medium-sized enterprises (SMEs), which are key drivers of economic growth in both countries. In the past, trade between Singapore and India was often hampered by the lack of trust and transparency. This was due to the use of paper-based documents, which were often lost or misfiled. The framework will help to address this challenge by providing a secure and transparent platform for trade transactions. Though digitalised trading is already being carried out by a number of banks and companies in Singapore and India, the present framework is expected to be further adopted by more businesses in the coming years, as it becomes the standard for trade finance in the region. By making trade transactions more efficient, secure and transparent, the framework will help to boost economic growth in both countries. The proposed innovative framework is interoperable with other trade finance platforms. This means that it can be used to connect businesses in Singapore and India with businesses in other countries as well. Further, this measure is expected to be used by a wide range of businesses, including banks, SMEs and large corporations. The launch of the TradeTrust Framework is a significant milestone in the digitalisation of trade between Singapore and India. Saravanan is a professor of finance and accounting at IIM Tiruchirappalli, and Williams is an analyst at Sernova Financial.
Source: The Hindu business line
Nigeria is seeking historic partnerships with Indian businesses to expand its investments in the country, especially at a time when Nigeria is experiencing rapid economic growth. A panel of Nigerian Cabinet ministers made this announcement during an event organised by the Confederation of Indian Industry (CII) on Wednesday.The ministers of foreign affairs, finance, commerce, telecommunications (telecom), and others emphasised that Africa’s largest market is diversifying rapidly. According to the High Commission of India in Nigeria, over 135 Indian-owned and operated companies are estimated to be the second-largest employers in Nigeria, after the country’s federal government.Nigerian Finance Minister Wale Edun highlighted several government initiatives, including the removal of multiple, confusing, and inefficient foreign exchange windows to create a single foreign exchange market. Additionally, the government has taken a hard stance on corruption and cleaned up the country’s finances by removing a subsidy that previously accounted for 2 per cent of gross domestic product (GDP). Nigerian Foreign Affairs Minister Yusuf Maitama Tuggar encouraged Indian medium-sized family businesses to enter the Nigerian market, arguing that the country has effectively cut down on political and financial risks, which are the main concerns for such businesses. He also pointed out the successful track record of elections and power transitions in Nigeria since 1999.“We have had seven successive successful elections since 1999. There have been successful transitions of power between individuals and political parties. In an unfortunate situation where a President died in office, his Vice President won over one election and later lost another,” he stressed. On the financial front, he mentioned the existence of numerous sectoral funds that serve as incentives for investment, such as the Nigerian Midstream-Downstream Gas Development Fund.Nigerian Minister of Industry, Trade and Investment Doris Nkiruka Uzoka-Anite announced that Nigerian carrier Air Peace has launched a direct flight from Lagos to Mumbai, making India the only Asian country with a direct flight to the African country.Nigerian President Bola Ahmed Adekunle Tinubu, who was the first foreign leader to arrive in Delhi for the Group of Twenty Summit, held a roundtable with Indian industrialists organised by CII to discuss government policies and the concessions and facilitations offered by the Nigerian government to potential investors. Nigeria’s High Commissioner to India Ahmed Sule confirmed that the country, with a population of 220 million, is easing business regulations.Indian companies have invested approximately $19.3 billion in Nigeria, with active involvement in pharmaceutical, telecom, power and transmission, manufacturing, retailing of consumer goods, construction, and air services. Bilateral trade stood at $11.8 billion in 2022-23, down from $14.9 billion in the previous year, mainly due to reduced crude oil imports from Nigeria.
Stronger telecom ties
Nigeria is keen on leveraging Indian technology, especially in the telecom sector, as it seeks to digitise services and deepen ties with Indian businesses.Nigerian Telecom Minister Olatunbosun Tijani expressed interest in India’s technological expertise, particularly in the India Stack, a collection of open APIs and digital public goods introduced by the Indian government, such as Aadhaar, Unified Payments Interface, CoWin, DigiLocker, UMANG, and Government e-Marketplace, among others. “One of India’s largest operators (Bharti Airtel) is quite big in Nigeria. Globally, it is the second-largest market for it. We are now at a point where the government wants to digitise services. We have a unique opportunity to reimagine how the entire system of government and public services are delivered digitally,” he said.Tijani revealed that Nigeria had signed a memorandum of understanding with the Ministry of Electronics and Information Technology to enhance knowledge transfer regarding the India Stack. “There is a lot that we can learn from what you’ve done in India with the India Stack approach, which gives a high level of openness and innovation to thrive. That’s something we find extremely exciting,” he added. Telecom and information services contribute to 20 per cent of Nigeria’s GDP, and investments in the sector are on the rise. Nigeria aims to achieve 50 per cent fibre optic cable penetration within three years and aims to make 95 per cent of its population digitally literate within the next four to five years.
Source: Business-Standard
India is hopeful of G20 leaders adopting a common template with well-defined measures for regulating cryptocurrency during the summit, government sources said on Friday. The summit, with the participation of the heads of 17 member nations along with the heads of invited nations and multilateral bodies, is scheduled to take place this weekend in the national capital. COMMENT NOW “Consensus is almost there but is subject to approval by leaders,” a top source said. A joint synthesis paper,
Source: The Hindu business line
In a significant stride towards economic cooperation, Nigeria has obtained investment commitments totalling nearly $14 billion from various Indian companies and the Indian government. The Nigerian President Bola Tinubu aims to spur development in key sectors like steel, petrochemicals, power generation, and defence through these partnerships.Indian heavyweights like Jindal Steel and Power have made significant investment commitments in Nigeria. The company plans to inject $3 billion into Nigeria's steel industry, diversifying the West African nation's reliance on oil production. Indorama Corp, another Indian firm, intends to pour an additional $8 billion into expanding its existing petrochemical facility in Nigeria. Skipperseil Ltd and Bharti Enterprises have each pledged to invest $1.6 billion in Nigeria over the next four years. The funds will be primarily channelled into constructing power generation plants to strengthen Nigeria's energy infrastructure. Bharti Enterprises will also contribute $700 million towards undisclosed projects in Nigeria. In a mutually-beneficial agreement, the Nigerian government has given the nod to a $1 billion partnership with the Indian government. This deal is designed to bolster the Defence Industries Corporation of Nigeria, with the goal of achieving 40% self-sufficiency in the manufacturing and production of defence equipment within a three-year time frame. These commitments were formalised under the Nigeria-India presidential roundtable and conference, which aims to drive global capital into Nigerian infrastructure projects. President Tinubu, who is slated to attend the G20 summit in New Delhi later this week, hosted these talks. His attendance at the summit follows an invitation from India, the current holder of the rotating presidency of the G20 bloc. Tinubu expressed optimism for potential investors, stating that Nigeria offers unparalleled returns on investments. The West African country aims to focus on investment-led growth, moving away from borrowing to finance its infrastructure and job creation needs. "We are ready to give you the best returns for investment possible, there's nowhere else like our country," Reuters quoted Tinubu as stating.
Source: Live mint
The government has projected aggregate investments of Rs 2,44,000 crore to set up 81,000 circuit kms (CKm) of transmission lines for evacuation of 500 giga watt (GW) renewable energy by 2030 even as it plans to supply power from Gulf to Singapore. “We plan to evacuate up to 500 GW renewable energy (RE) from RE rich areas like Ladakh, Rajasthan and also areas of wind energy in Tamil Nadu and Gujarat to facilitate seamless transfer of power across the country,” said Ajay Tewari, additional secretary, ministry of power. Speaking at a seminar on ‘Transnational Grid Interconnections for One Sun, One World, One Grid (OSOWOG)’ organised by Power Grid Corporation of India (Powergrid), Tewari said the country has one of the largest synchronous interconnected electricity grids in the world. “We have the expertise in this and we will take it forward to connect India on both the sides — east and west. For which, we are having talks with our partners in the Gulf and in Singapore for direct connectivity,” he said. Power transmission system in the country is geared up to provide RE across the country including Nepal, Bangladesh, Bhutan, Myanmar and also Sri Lanka, he said, adding that interconnections with Singapore will also ensure energy security to Andaman and Nicobar Islands. Power minister RK Singh, through a video message, said that the concept of transnational grid interconnections is founded on the basic fact that the sun never sets and that round-the-clock (RTC) renewable energy will be essential to transition to net zero. “But for RTC, renewable energy storage is necessary and storage is expensive. We had a bid for 1,000 MWh of storage capacity and the rate came to Rs 10 per kWh. Other option is OSOWOG or the transnational grid. “The idea is to connect countries in different time zones so that when solar energy is produced in one time zone it can be used in other time zones where the sun has set. This will do away with the need for storage,” he said.While RTC renewable energy will be cheaper, it will also do away with the need to establish extra capacity for reserves if countries are connected across time zones, he added. India, which has committed to have 50% of its power generation capacity from non-fossil fuel by 2030, already has 186 GW non-fossil capacity. Another 88 GW is under construction and 50 GW has been planned. “By 2030, our total capacity will be 770 GW and 50% of that is 350 GW. We will meet the target for sure. In fact, we will cross it. By 2030, I expect 65% of our capacity to be non-fossil,” he declared.
Source: Financial express
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Passion matters! Everyone interested in “an innovative, informed, and sustainable future” for the global textile community can make an impact by participating in AATCC committees. AATCC has provided standards development, testing materials, educational resources, and professional networking to the global textile industry for more than a century. And it’s all done by volunteers! Committee meetings are free and open to all who want to learn more or get involved.
Administrative Committee Meetings AATCC members determine the direction of the Association. Attend virtual Administrative Committee Meetings to learn or lead new projects for conferences, membership, education, and more. There is no fee to attend, and your input is welcome. The fall series includes a joint meeting with the ASTM D13 liaison subcommittee as well as technical committees on statistics and editorial review. Whether you are a math nerd, a language fanatic, or just a textile fan, there’s a place for you in an AATCC committee!
Research Committee Meetings Join AATCC members and other industry stakeholders to help develop and revise standards and testing materials used around the world. Attend in person to take visit the AATCC Technical Center and labs, connect with colleagues over lunch, and more. If travel isn’t an option, you can still join meetings remotely. Meetings are open to all—no membership or fee required. Several committees will be seeking new officers for 2024. If you’re looking for leadership experience, an opportunity to boost your reputation as an expert in your field, or a way to give back to the industry, this is your chance! The Fall 2023 Research Committee Meetings include free lunch Tuesday and Wednesday, plus a networking reception Tuesday evening. A complete schedule of meetings and events is posted online. Advance registration is appreciated to facilitate planning.
Get Involved AATCC committee meetings are working meetings. They are also an opportunity to meet people from across industry and around the world. Whether the discussion focuses on defining sustainability or choosing the location for an upcoming conference, there is always something new to learn and room to share.
Source: Textile world
Beaulieu International Group will turn the spotlight on geotextile products with sustainability benefits to support progress in resilient civil engineering projects at the 12th ICG Rome from 18th -21st September 2023. Visitors are invited to Stand #56 for developments from Beaulieu Fibres International (BFI) and Beaulieu Technical Textiles (BTT) following the roadmap ‘ROUTE 2030, Destination: zero environmental footprint’ of Beaulieu International Group. Discover options to target fossil carbon reduction by choosing PPbased staple fibres or woven geotextiles that are among the lowest in carbon footprint for geosynthetics. “12 ICG Rome is bringing the geosynthetics and geotechnical engineering community together to present their recent experiences and developments. As a materials solution provider at the front end of the value chain, our industry role is to come forward with durable solutions as the whole geosynthetics industry has focused on the sustainable use of geosynthetics in a variety of innovative as well as consolidated applications. “Geosynthetics, Leading the Way to a Resilient Planet”, is a pertinent conference theme which we are proud to support,” comments Jefrem Jennard, Sales Director Fibres.
Lowering impact with HT8 Fibres For manufacturers of nonwoven geotextiles, BFI offers PP fibres with > 25% carbon footprint reduction compared to the European standard PP fibres, generating 1.48 kg CO2/kg PP fibres. A step further is to accelerate the replacement of fossil carbon in engineered fibre applications by choosing its ISCC Plus certified bioattributed MONO-PP with a negative carbon footprint. For construction projects, nonwoven geotextiles made with hightenacity HT8 fibres are proven to secure a longer service lifetime and reduce the environmental impact, as they offer high mechanical performance at a reduced weight.
New finished engineering textiles Roy Kerckhove, Sales Director Technical Textiles, adds: “Geotextiles provide highly versatile, durable and natural resource-saving alternatives in large infrastructure works, and offer durable protection in erosion control and waste/water management projects. We are continuously developing our finished engineering textiles with proven sustainability-enhancing benefits, while taking concrete steps to reduce our own environmental footprint.” BTT’s woven geotextiles provide a wide range of functions, including separation, filtration, reinforcement and erosion control, and are among the most sustainable in the industry. Depending on weight, the carbon footprint of its woven geotextiles (m ² ) ranges between 0.37 and 1.40 kg CO2 eq./m ² . They also minimize the use of natural resources for more sustainable infrastructure development. Case studies such as at the Ostend-Bruges airport highlight significant CO2 reduction on the jobsite by replacing the transport of 960 trucks of gravel with 3 trucks of woven geotextiles, and by extending the runway’s life span. The ICG launch of its new line Terralys MF woven filtration geotextiles with monofilament boosts the performance of a common solution in building layers that require high water flow rates. Hightenacity extruded polypropylene tapes and monofilaments are interwoven to form dimensionally stable and highly permeable geotextiles. These new filtration geotextiles provide greater resistance to dirt and biological clogging. They allow water to travel freely while reducing soil erosion when employed as a separation and stabilizing layer.
Environmental Product Declarations As of September 2023, all PP staple fibres and woven geotextiles will have Environmental Product Declarations (EPD) based on LCAs. Each EPD is an essential tool for communicating and reporting on the sustainability performance and helps carbon-conscious customers in their purchasing and decision making. Registered EPDs are globally recognized, publicly available and free to download through EPD Libraries. The engagement to sustainability is rooted in Route 2030 . Sustainability improvement is key to the long-term strategy of Beaulieu International Group, and it is committed to supporting the geotextile industry by targeting and accelerating change and communicating the sustainable performance of its products. Beaulieu will steadily accelerate and achieve further milestones.
Source: Textile value chain
Foreign Minister Dr AK Abdul Momen has sought Indonesia's assistance in capacity building regarding the extraction of maritime resources that have remained mostly untapped in Bangladesh despite their enormous potential, reports UNB. Foreign Minister Momen held a meeting with Indonesian Minister of Maritime Affairs and Fisheries Sakti Wahyu Trenggono in Jakarta recently. At the meeting, Minister Trenggono expressed Indonesia's commitment to provide all out support and cooperation to Bangladesh in reaping maximum mutual benefit from blue economy including through joint cooperation in the field of marine science and marine biotechnology. Both ministers emphasized on sharing technology and technical know-how on marine culture, deep-sea fishing, long-line fishing and seaweed culture etc. They agreed to initiate exchange programs to share expertise and best practices in cultivating Sea Bass and fishing Tuna. Indonesia has also offered assistance in combating traditional and non-traditional security challenges in Bangladesh’s territorial water such as unlawful exploitation of marine resources, piracy and polluting the marine environment. Both ministers recognized that illegal, unreported and unregulated fishing (IUU) was one of the several factors that has serious consequences, not only on a country’s economy, but also on the marine ecosystems of a region. During the meeting, Foreign Minister Momen highlighted Bangladesh’s socioeconomic progress across the board including in food security. The ministers emphasized the importance of collaborative efforts to improve disaster response using modern technology. Momen also sought Indonesia's assistance in acquiring advanced technological features, including a realtime vessel tracking system via satellite. Rear Admiral (Retd.) Md. Khurshed Alam secretary of Maritime Affairs Unit at the Ministry of Foreign Affairs and Md. Emdadul Islam Chowdhury, director general (United Nations) of MoFA joined the Foreign Minister while Indonesian Ambassador to Bangladesh Heru H. Subolo accompanied Minister Trenggono among other senior officials on both sides
Source: The financial express
