INTERNATIONAL
Textile Raw Material Price 2016-09-01
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1012.24 |
USD/Ton |
0% |
9/1/2016 |
|
VSF |
2464.72 |
USD/Ton |
0.06% |
9/1/2016 |
|
ASF |
1886.72 |
USD/Ton |
0% |
9/1/2016 |
|
Polyester POY |
1040.69 |
USD/Ton |
-0.07% |
9/1/2016 |
|
Nylon FDY |
2365.89 |
USD/Ton |
0% |
9/1/2016 |
|
40D Spandex |
4417.33 |
USD/Ton |
1.03% |
9/1/2016 |
|
Nylon DTY |
2560.55 |
USD/Ton |
0% |
9/1/2016 |
|
Viscose Long Filament |
5597.28 |
USD/Ton |
0% |
9/1/2016 |
|
Polyester DTY |
1298.99 |
USD/Ton |
0.99% |
9/1/2016 |
|
Nylon POY |
2036.46 |
USD/Ton |
0.74% |
9/1/2016 |
|
Acrylic Top 3D |
2058.93 |
USD/Ton |
0% |
9/1/2016 |
|
Polyester FDY |
1178.45 |
USD/Ton |
0.90% |
9/1/2016 |
|
30S Spun Rayon Yarn |
3039.72 |
USD/Ton |
0% |
9/1/2016 |
|
32S Polyester Yarn |
1722.01 |
USD/Ton |
0% |
9/1/2016 |
|
45S T/C Yarn |
2403.33 |
USD/Ton |
0% |
9/1/2016 |
|
45S Polyester Yarn |
1886.72 |
USD/Ton |
0% |
9/1/2016 |
|
T/C Yarn 65/35 32S |
2261.07 |
USD/Ton |
0% |
9/1/2016 |
|
40S Rayon Yarn |
3189.46 |
USD/Ton |
0% |
9/1/2016 |
|
T/R Yarn 65/35 32S |
2380.87 |
USD/Ton |
0% |
9/1/2016 |
|
10S Denim Fabric |
1.37 |
USD/Meter |
0% |
9/1/2016 |
|
32S Twill Fabric |
0.84 |
USD/Meter |
0% |
9/1/2016 |
|
40S Combed Poplin |
1.18 |
USD/Meter |
0% |
9/1/2016 |
|
30S Rayon Fabric |
0.70 |
USD/Meter |
0% |
9/1/2016 |
|
45S T/C Fabric |
0.67 |
USD/Meter |
0% |
9/1/2016 |
Source : Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14974 USD dtd. 01/09/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The government is considering lowering excise duty on man-made fibre (MMF) in order to boost investment to meet growing demand from the synthetic textiles industry. The Ministry of Textiles is set to announce a cut in excise duty on MMF in the new policy, which is scheduled to be announced in a month. While cotton fibre attracts no duty, the government has levied 10 per cent excise duty on MMF. The MMF industry has on several occasions represented to the government seeking exemption on MMF from excise duty, arguing that the garments produced through MMF are primarily used by the economically weaker sections of society. "Yes, we are considering that (a cut in MMF excise duty), which will be announced in the new policy in a month," Kavita Gupta, textile commissioner, Ministry of Textiles, said on the sidelines of TAG 2016 — the 8th Annual Conference on Textile and Apparel Industry organised by industry body FICCI here on Friday. She was responding to a Business Standard query.
India's fibre demand is likely to more than double in 10 years on the government's increasing impetus on textiles sector for both domestic consumption and exports of readymade garments. India's cotton fibre output currently stands at 6.5 billion kg, which may go up to 8 billion kg by 2025. "There will be limited growth on cotton fibre output due to farmers' frequent changes in crop sowing pattern (for better realisation). But we have huge potential for growth in MMF," she said. MMF requirement for Indian textiles industry would jump by at least five times to 12 billion kg by 2025, from 2.5 billion kg currently, given the kind of impetus we have given to the textiles sector. Meanwhile, the government of Maharashtra is providing up to 35 per cent of working capital subsidy for new textile plants in the state.
SOURCE: The Business Standard
India is among the biggest manufacturers of textiles and apparel in the world. The sector is dominated by small and medium-sized firms that are under enormous pressure to reduce costs and produce garments quickly. When Indian Textiles Minister Smriti Irani tweeted a picture of herself recently in an electric-blue silk saree with the hashtag #IWearHandloom, her tweet was favorited more than 10,000 times and retweeted 4,000 times. Hundreds responded to Irani's request to post pictures of themselves in handloom apparel, including politicians, actors, athletes, models and designers, ahead of National Handloom Day on Aug. 7, to celebrate the humble hand-woven fabric. A symbol of India's freedom struggle, handloom attire was once regarded as fit only for politicians and villagers.
"There's a greater desire among the youth and the middle class, who are frustrated with dirty politics and crooked companies, for something better," said Arvind Singhal, chief executive of retail consultancy Technopak Advisors. "Having a greater sensitivity to people and the environment is 'in,' and people are even willing to pay a small premium for what they perceive to be ethical and responsible," he said. India is among the biggest manufacturers of textiles and apparel in the world, supplying leading international brands. But the domestic market is large too, and accounts for more than 40 percent of the industry's revenue. The sector is dominated by small and medium-sized firms that are under enormous pressure to reduce costs and produce garments quickly. Many use forced labor, while abuses including withheld salaries and debt bondage are rife, activists say. The pressure on margins trickles down to cotton farmers. More than 90 percent of cotton in India is genetically modified, and as those seeds cannot be replanted, farmers have struggled with rising input costs and lower prices for cotton.
Tens of thousands of indebted cotton farmers in the western state of Maharashtra have killed themselves in the past two decades. It was the plight of these farmers that drove Apurva Kothari, who was working in technology in San Francisco, to return to India and set up apparel brand No Nasties in 2011. The company sources organic cotton, and audits its supply chain to ensure there is no child labor and that workers receive fair wages, he said. "I simply Googled 'fair trade cotton,' then met with cotton producers," said Kothari, speaking by telephone from Goa. "They all supplied foreign apparel makers, and it was a challenge convincing them there is a market here, too. But the great reception from consumers has been a happy surprise," he said. No Nasties and Do U Speak Green are among a handful of Fairtrade-licensed clothing brands in India. They source from producers including Rajlakshmi Cotton Mills, which deals in organic and fair trade cotton and pays fair wages, and Chetna Organic, whose seed conservation project has organic "seedbanks" from which farmers can withdraw seeds. They are getting a boost from Fairtrade India, which set up office in 2013, and has stamped its distinct circular logo on a small range of products including tea, coffee, rice and sugar. It is also working with Amazon India to make Fairtrade-certified products available online. "It's been a bit of a mixed bag," Abhishek Jani, chief executive of Fairtrade India, told the Thomson Reuters Foundation. "There is a lack of technical know how, a lack of capacity, and a lack of awareness about ethical supply chains, even among big businesses. But the fact that we're invited to talk is a good starting point," he said.
Working conditions and wages in South Asia's garment industry have come under greater scrutiny since the April 2013 Rana Plaza disaster in Bangladesh, in which more than 1,100 workers died. But retailers' efforts to clean up supply chains will have little impact unless consumers in India demand more ethically produced goods, analysts say. "Most buyers are oblivious to farmer suicides or unfair wages, and don't make that connection to the clothes they wear," said Jani. "But there is clearly a segment that cares, and all things being equal, more people would probably buy an ethical product if the price point isn't too high," he said. Brands can take heart from success stories including Fabindia, said Technopak's Singhal. Set up in 1960 to market diverse craft traditions, the company appeals to both young and old consumers, the wealthy and the not-so wealthy, he said. "How do you get people to empathize and make ethical fashion relevant? It's an uphill task, but we're optimistic," he said.
SOURCE: The CS Monitor
Ludhiana-based vertically integrated textile group, Vardhman Textiles Limited, has sealed a share sale and purchase agreement ("SPA"), an amended and restated shareholders agreement, and other incidental and ancillary agreements (collectively called "Transaction Documents") envisaging sale of 2,28,02,541 equity shares held by the Company in Vardhman Yarns and Threads Limited (VYTL) aggregating to 40 per cent of the issued, subscribed and paid-up equity share capital of VYTL to American & Efird Global, LLC (A&E Global) subject to fulfillment of certain conditions. Sources in the company said that the textile giant now plans to focus on the yarn and fabric business and is eyeing organic and inorganic expansion to consolidate its presence in yarn and fabric segments. The proceeds from this stake sale would be used for expansion purpose in yarn and fabric manufacturing, he informed.
Pursuant to this SPA, the Company has sold 2,28,02,541 equity shares held by the Company in VYTL to A&E Global against a total consideration of Rs. 412.99 crores. Consequently, VYTL has ceased to be the subsidiary of the Company. A&E Global became the joint venture partner of the Company in VYTL in 2008. In 2011, KPS Capital Partners (KPS) acquired A&E Global. Since then, KPS has taken a strategic direction for the growth of A&E Global, both organically and through acquisitions of thread companies worldwide, with a view to make A&E Global a sizeable and strong global company. In line with this strategy, A&E Global expressed its desire to have a majority ownership in VYTL to consolidate the VYTL financials as required under US GAAP. The business of sewing thread is a complex business and requires significant management time and attention. In addition, the business definitely gets a boost if it is aligned to a global partner or it operates globally. In view of the Company's focus on other related textile business like yarn and fabric, it was inconceivable for the Company to spread sewing thread business in competition to the global players. Therefore, the Board of Directors of the Company decided to disinvest in favour of A&E Global as the Company has had a very good relationship with A&E Global over the last 8 years.Post this transaction, the Company now holds 6,270,639 equity shares in VYTL aggregating to 11% and A&E Global holds 5,07,35,655 equity shares in VYTL aggregating to 89% of the issued, subscribed and paid-up equity share capital of VYTL. The Company will now have a 'put option' and A&E Global will have a 'call option' on the remaining 11 per cent issued, subscribed and paid-up equity share capital of VYTL held by the Company and such put option / call option will be exercisable by the Company.
SOURCE: The Business Standard
The Commerce Minister Nirmala Sitharaman on Friday said that growth in exports will not increase substantially, but it will be slow and steady. The growth drivers would be new markets, as traditional markets have started slowing down. Speaking at the Regional Editors Conference, organised by Press Information Bureau (PIB) in Chennai, she said that in 2015-16 export was valued at $262.3 billion, lower by 15.5%. However, from June this fall was arrested and she attributed this to key developments, which was took in September last year. These are interest subvention scheme and government provided performance based incentive schemes for merchandise and services. Exports to the top 15 destinations, which are catered by Indian exporters, dropped. These includes, US, UAE, China, UK, Singapore, Germany, Belgium, France and others. New export markets, including Africa, Latin America and others were found and now the ministry is moving forward and taking measures, including signing of FTAs, to boost export to these new countries. "We are looking at signing FTAs with many countries and with Eurasia (a combined continental landmass of Europe and Asia)," said Sitharaman. It may be noted, reports stated that a joint study group has submitted its report on the feasibility of a free-trade agreement with the five-member Eurasian Economic Union (EEU) comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
India has initiated talks with EU, as UK deciding to exit the EU, a separate FTA need to signed with the country, and others for FTAs. "Exports will grow. I wont say it will grow fast, it will grow but slow and steadily. I cannot speculate on the level (growth per centage) because the global demand is not picking up. We can only hope it will increase," said Sitharaman. She said that many FTAs are pending and the government is in discussions with various countries. Commenting on growth in manufacturing, the initiatives which were taken under Prime Minister's Make in India programme, has started yielding results. The manufacturing growth in 2015-16 was 9.3% as against 5.5% in 2014-15, 5.6% in 2013-14 and 6% in 2012-13. Quoting a report, she said that India is ranked as third prospective host economies for 2016-18 and as far as global competitiveness concerned the country improved by 16 positions.
SOURCE: The Business Standard
India’s exports to the Association of Southeast Asian Nations (ASEAN) have stagnated at $ 25 billion since start of the Free Trade Agreement (FTA) with the 10-nation bloc from January 2010 while imports rose by over 33 per cent to $ 40 billion, raising a big question mark over the utility of the trade-opening pact with the common market of south east Asia, according to an Assocham Paper. Though the global slowdown also seems to have played a role in no growth in exports to the ASEAN, the same did not hold good for imports from the bloc. For the period between 2010-11 and 2015-16, the share of India’s total exports to the South East Asian region also dropped to 9.6 per cent from 10.3 per cent when the FTA came into force. “The impact on increased imports may be even more pronounced on conclusion of the current financial year since tariff is to be eliminated on as many more items as 800 under 1252 tariff lines. Tariff would have already been eliminated on 3,200 products under the Normal Track 1,” the paper highlighted.
The India-ASEAN overall FTA comprises two parts - goods and services. The agreement on goods was front-loaded, while services pact was back-loaded. The arrangement did not really help India. “Given that Indian tariff levels are generally higher than tariffs of ASEAN, India has relatively less to gain from this trade in goods agreement,” said Sunil Kanoria, president, Assocham, pressing for effective access to market of services in ASEAN for India, an area of advantage to India. In goods, India’s average rate in agriculture is more than 34 per cent against 13 per cent in ASEAN. Likewise, India’s average MFN tariffs for manufacturing goods are more than 10 per cent compared to 7.5 per cent for the opposite side. The ASEAN-India Investment and Services Agreement came into force on July 1, 2015. Though a preferential deal on services trade with the region should bring significant gains to India, the services sector is protected through strict domestic regulations and various restrictive requirements. “Reaching a consensus on liberalising domestic regulations for services licensing equivalence agreements are more time consuming and complex compared to tariff reduction modalities,” the paper added.
SOURCE: The Business Standard
Since 2008, when the G20 was formed, how has the global financial architecture evolved? And what has been India’s contribution to it?
India has a reasonably good influence in terms of global governance. For example, on BEPS (base erosion and profit sharing), India has played a very constructive, important role. We have worked with every other country, pushed for measures to tackle BEPS in every committee. We made the pitch that measures to tackle BEPS should not be restricted to just the G20, but should be implemented by other countries as well. Likewise, FATF (Financial Action Task Force). We have done the pushing, tried to push beyond G20. As a country, starting 2014, the G20 commitment in Australia was to add 2 percentage points to growth. We have our contribution. We have done a reasonable job in country-level actions that needed to be taken. We have been playing our role well. At most sherpa meetings, most members expressed pessimism about growth because things are not working out that well in Europe. Even in the US, the recovery has been rather slow. On this one, I have been repeatedly saying that my pitch always has been that not all is gloom. India is growing at 8 per cent and while China’s growth rate has declined, but 6 per cent growth on a $10 trillion economy is $600 billion. So I have been positive and maintained that we should not take an overly pessimistic view of what is happening in the world economy.
How much has India contributed to this 2 percentage point global growth?
We do not have numbers.
In this G20, what are the top three agenda items for India, which is the fastest growing economy?
One thing that we have explicitly tried to pitch through a non-paper is in the context of climate change that G20 should also push for energy conservation through lifestyle changes. I put it in one of my interventions during the sherpa meeting — When I go to New York, I see all these buildings which are lit up and the air conditioners running, but nobody is inside the building. So, simply turning off the lights and ACs in the night can save energy. On this, we have done a non-paper. Turkey has joined us in that non-paper. Second thing that we push consistently — we have not yet presented a non-paper on this — is cross-border mobility of professionals. It affects us big time. As we go forward, we will build more pressure on that. India will be the only country with excess supply of professionals. Everywhere else, there is excess demand. Our demography is such that we will have a more young workforce now than before. Every other country, including China, the workforce has started declining. Even for them, its not that the recipient countries are also worse off because of the migration. There are domestic policy implications. As other countries grow older, and more and more grey, they will need nursing and care services. We are the most likely to be able to provide that. This automatically translates into policy imperatives for us: We ought to think in terms of spending more in nursing training and education. This is one example. For this Presidency, one important agenda is sustainable development goals, we have to focus on poverty eradication. We have been helping countries in Africa and we will mobilise other countries for support. It is also our ongoing agenda to push countries to reduce the cost of remittances. We had floated a non-paper in Turkey also. On terrorism financing, we continue to push for implementation of FATF standards.
Today, world over there are concerns of protectionism. What has been India’s position on this?
Our position, first and foremost has been, multilateralism ought to take priority over other forms of trade engagement. So, we continuously push that. We therefore followed up on the Trade Facilitation Agreement and implemented it. We also push the line that we have to take a firm stand against protectionism. G20 has generally done that. Also, we push the line that regional free trade agreements should be compatible with the multilateral liberalisation and commitments made under the WTO.
The rise in regional agreements seems to suggest that multilateral talks under WTO are not really making any good progress.
There are two separate things, right. There is a whole network of multilateral trade agreements, many of which previously happened under GATT (General Agreement on Tariffs and Trade). GATT itself was a big agreement. Then the Uruguay round agreement was completed under WTO in 1994, leading up to GATS (General Agreement on Trade in Services). Then came the TRIPS (Trade-related Aspects of Intellectual Property Rights) agreement. So, there is this network of agreements that exists under WTO. WTO has to implement these. Countries can’t really violate in their national trade policy actions the commitments they have made under WTO. One big function of the WTO is to ensure that countries live by the agreements they sign. Bulk of what we do in international trade policy is governed by what we have committed to in WTO. The theory also has been that WTO is like a bicycle, unless you make forward movement, it will fall. That aspect has been at play over the last 12-13 years. We could successfully launch the Doha Development Agenda in 2001, eight years after such a big agreement was signed in 1994 and even before the full implementation of the Uruguay round agreement. Before that, of course, the Information Technology Agreement was signed in 1996. But I think, things slowed down after 2001. The main thing that we could have achieved from DDA is the Trade Facilitation Agreement. Lot of liberalisation which was part of the Doha agenda has not happened. And in the meantime, regional agreements have gained more prominence. The form has changed now. Earlier, there were all kinds of bilateral deals. Now the groups have become larger. For instance, the TPP (Trans-Pacific Partnership) has been signed, though ratification still remains. Certainly, this is a new thing. India itself is involved in RCEP (Regional Comprehensive Economic Partnership) negotiations. This is also a large grouping.
Within G20, are there doubts that the group is taking too much on its plate, moving further from coordinated monetary and fiscal actions to push global growth to include issues related to trade, climate change, etc?
This is certainly an issue. In the last sherpa meeting, one of the sherpas did raise it. I certainly was with him and said we perhaps need to have a session on stock taking. Because what happens each Presidency introduces new issues because they want to put a stamp on G20 engagements, but the old agenda continues. So that adds to it. Also, the process wise, expansion has led to process expansion. Previously, there were fewer ministerial conferences, but now under the auspices of G20, several ministerial conferences are happening. So you have labour ministers, trade ministers, energy ministers and agriculture ministers meeting. Then there are working groups on many subjects.
Then there are meetings of these G20 think-tanks, G20Business, etc. There are 100-120 meetings. So, for negotiations it creates a difficulty because certain things can be put up in working group meetings where documents are long, and while at the country level, country government is not in agreement but at the working group level some kind of agreement has been reached. This creates a bit of a problem.
SOURCE: The Indian Express
An expanded India-Chile Preferential Trade Agreement (PTA) will be signed in New Delhi next week. Confirming this, senior officials told FE: “Under the expanded PTA, 86% of India’s exports to Chile will get covered with concessions, which is likely to result in doubling of our exports in the near future.” Talking to FE, Andres Barbe, ambassador of Chile to India, said, “The inking of the agreement, which was scheduled for later this year, has now been preponed. Instead of Eduardo Frei, extraordinary and plenipotentiary ambassador on special mission to the Asia-Pacific of Chile coming here for the signing, it will be at an ambassadorial level in New Delhi.” Barbe said, “The trade agreement would be in the interest of both the countries. We want Chilean products to come to India and Indian products to reach our markets.” Chile has offered tariff concessions on agricultural products, organic & inorganic chemicals, pharmaceuticals, plastic & rubber articles, textiles, apparel, articles of iron/steel & copper, machinery & equipment.
India’s export basket with Chile is diversified and keeping in view the wide variety of tariff lines offered by Chile. India has offered concessions to Chile on 1031 tariff lines at an eight-digit level with a margin of preference (MoP) ranging from 10% to -100%. Under the expanded PTA, of the 1,798 tariff lines, Chile has offered 100% MoP on 556 tariff lines, 80 % MoP on 736 tariff lines, 60% MoP on 291 tariff lines and 30 % MoP on 215 tariff lines. Today, Chile is India’s 4th largest trading partner in the LAC (Latin America and Caribbean) region. India’s bilateral trade with Chile stood at $2.64 billion during 2015-16 with exports of $0.68 billion and imports $ 1.96 billion. A PTA between India and Chile was signed in March, 2006. The said PTA came into force with effect from August, 2007. During 2006-07, Chile was ranked 51st as an export destination for India. Bilateral trade during 2006-07 was $2.3 billion. Trade dynamics changed after the PTA came into force from September 2007. Bilateral trade registered a growth of 58.49% from 2006-07 to 2014-15. Bilateral trade during 2014-15 stood at $3.65 billion with exports at $0.57 billion and imports at $3.08 billion respectively. “Almost 91% of trade between the two countries is in commodities, specifically copper, which is close to $1.7 billion, comes to India,” Barbe said. Copper is the main import commodity on which the Indian side has offered 50% MoP. “The MoP of 50% on copper has been offered to Chile keeping in mind that the refined copper is an intermediary, which is an important input for many sectors of our economy. The demand for this item is expected to grow exponentially beyond current domestic capabilities,” said a government official. Since 2007, India and Chile have had a PTA, but bilateral trade has fallen to $2.87 billion. “In 2009, we agreed to start negotiations for widening the agreement, which would include new products, subject to tariff preferences, and deepening in matters related to Rules of origin, sanitary & phytosanitary measures, and technical barriers to trade (TBT),” the diplomat added. Andrés Rebolledo, director general for international economic relations, foreign affairs ministry, Chile, “Considering the significant size and growth of the Indian market, there is great potential for fruits from Chile to increase their market share. The expanded PTA will increase preferential tariffs for both countries. Chilean fruits that will benefit from this process include avocadoes, clementines, grapes, apricots, cherries, nectarines, raspberries, cranberries and kiwis.”
SOURCE: The Financial Express
India and Egypt on Friday vowed to take their economic and trade ties to the next level. Both countries have set a bilateral trade target of $8 billion in the near future from the current $3 billion. During a bilateral meeting between Prime Minister Narendra Modi and Egyptian President Abdel Fattah al-Sisi, who is a three-day visit here both leaders noted the importance of trade expansion and diversification, according to a joint statement issued after the meeting. “We recognised that strong trade and investment linkages are essential for economic prosperity of our societies. We, therefore, agreed that increased flow of goods, services, and capital between our two economies has to be among our key priorities … We are also aiming at expanding defence trade,” the Prime Minister said during a joint media briefing. There are currently 52 Indian companies operating in Egypt of which 25 are joint ventures with a total investment of $3 billion across a wide range of sectors.
Great potential
As a $286-billion economy with around 89 million consumers, which is the second largest in Africa, Egypt has tremendous potential as an economic partner, according to a note by FICCI. The two leaders also agreed to collaborate in the field of information and communications technology, agriculture, biotechnology, renewable and non-conventional energy and skills development and urged the private sector to invest heavily in these sectors. “To diversify the portfolio of economic engagement, we will also deepen our cooperation in agriculture, skill development, small and medium industry and health sectors,” Modi said.
Kerry meets al-Sisi
US Secretary of State John Kerry, who postponed his departure from India,met the Egyptian President here on Thursday night. Both sides discussed at length several bilateral and regional issues, including Syria, Libya, and Middle East peace. “Secretary Kerry stressed that Egypt remains a strategic partner of the United States. On Libya, they discussed how the United States and Egypt can cooperate to support the Government of National Accord and counter violent extremism in the region. “Secretary Kerry also welcomed the Egyptian government’s efforts to undertake critical economic reforms supported by the International Monetary Fund,” said Mark Toner, Deputy Spokesperson, US State Department.
SOURCE: The Hindu Business Line
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 43.71 per barrel (bbl) on 01.09.2016. This was lower than the price of US$ 45.23 per bbl on previous publishing day of 31.08.2016.
In rupee terms, the price of Indian Basket decreased to Rs. 2926.43 per bbl on 01.09.2016 as compared to Rs. 3029.76 per bbl on 31.08.2016. Rupee closed stronger at Rs. 66.95 per US$ on 01.09.2016 as against Rs. 66.98 per US$ on 31.08.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on September 01, 2016 (Previous trading day i.e. 31.08.2016) |
Pricing Fortnight for 01.09.2016 (Aug 11, 2016 to Aug 29, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
43.71 (45.23) |
46.20 |
|
(Rs/bbl |
2926.43 (3029.76) |
3095.40 |
|
|
Exchange Rate |
(Rs/$) |
66.95 (66.98) |
67.00 |
SOURCE: PIB
Cotton Made in Africa (CmiA) is an initiative of the Aid by Trade Foundation (AbTF) that helps African smallholder cotton farmers in Africa to improve their living conditions works with 67 spinning mills, ginned 700,000 tons of cotton for use textile production. This year use of cotton up a sizable 71 percent over last year’s 408, 415 tons. Roughly 30.5 million textiles went to market with the CmiA seal. CmiA published its interactive annual report discussing progresses and profits for 2015 on Tuesday stated that this year more people are using cotton that helps support African smallholder farmers than last year. As of 2015, the company has trained over 750,000 smallholders, a 57 percent increase over last year’s 476,450. The training ensures both an increase in yield and income, establishing a solid foundation for the future of the individual smallholders’ and their careers.
Despite its sustainable label, CmiA said that because of the demand alliance it has built, textile companies can buy Cotton Made in Africa at going global market prices. And despite challenging conditions in the European markets, characterized by high price sensitivity among companies and even lower awareness of sustainable textiles among consumers, CmiA held its ground well on the international stage. This year, CmiA added ASOS and Danish Bestseller group, to the list of those using the cotton, and both are using the cotton and processing it in Africa. CmiA also expanded on its cotton tracking system, where now partner companies, spinning mills, and other stakeholders in the sector can enter their order information and other relevant data directly into the system. By doing this, it simplifies the workload and increased the level of transparency. Making the system even more user-friendly, customers can also receive information directly from the system about the movements of their CmiA products.
Customers in the textile production sector also expect much greater transparency from their suppliers and therefore the possibility of traceability, PwC auditor Hendrik Fink said. This does, of course, have something to do with reputation, but more and more companies have also set themselves the target of systematically minimizing risks in their supply chain. The U.K.’s Bonprix, which has already been using Cotton Made in Africa, set itself a goal of producing textiles with only sustainable raw materials by 2020, a large portion of which will be CmiA. Head of corporate responsibility and quality services for Bonprix, Stefanie Sumfleth, said that with CmiA’s help, they are significantly reducing their harmful ecological impact, in particular with regard to emissions and water consumption in cotton cultivation. The Cotton made in Africa initiative has set itself the goal since 2005 to sustainably improve the living conditions of cotton farmers in Sub-Saharan Africa. Cotton made in Africa teaches the cotton farmers about modern, efficient, and environmentally friendly cultivation methods that help them improve the quality of their cotton, yield higher crops, and thus earn a better income.
SOURCE: Yarns&Fibers
Pakistan posted increase in its bed wear exports by 5.64 percent during the first month of current financial year as compared to the exports of the corresponding month of last financial year. While during the month of July, it exported about 27,183 tonnes of bed wear worth $ 167.665 million. According the data of the Pakistan Bureau of Statistics, during the month of June it recorded bed wear exports at 25,054 tonnes costing $ 154.89 million. Meanwhile, exports of tents, canvas and tarpaulin increased by 18.28 percent and about 1,712 tonnes of these items worth $5.557 million were exported. The exports of tents, canvas and tarpaulin were recorded at 1,208 tonnes of $ 4.69 million during the month of July. The exports of art, silk and synthetic textile witnessed an increase of 4.8 percent last month as compared to the exports of the same month last financial year. However, during the period under review exports of other textile materials increased by 5.89 percent as about 33.770 million earned by exporting the other textile materials. On the other hand during first month of current financial year, towel exports decreased by 16.20 percent and reached at $ 56.965 million as compared to the exports of $ 67.19 million of the corresponding month of last year. It may be recalled that during the first month of current financial year, textile exports registered decrease of 3.85 percent as compare to the exports of same period last year.
SOURCE: Yarns&Fibers
