INTERNATIONAL
NATIONAL
The Confederation of Indian Textile Industry (CITI) held its 65 th Annual General Meeting (AGM) on 29 th September 2023, through video conferencing. Following the 65 th AGM, the newly Reconstituted Committee of CITI elected, Shri Rakesh Mehra as Chairman, CITI, Shri Ashwin Chandran as Dy Chairman, CITI and Sh. Dinesh Nolkha as Vice Chairman for two years i.e. 2023-2025. Taking over the mantle Sh. Rakesh Mehra committed to working together towards collaborative and inclusive initiatives for the growth of the entire textile sector Mr. Rakesh Mehra, a Chartered Accountant, is the Chairman of Banswara Syntex Limited (BSL), integrated textile manufacturer & exporter of yarns, fabrics, and garments, having a turnover of Rs 1,400 crores. Did his schooling in Amritsar & Ajmer and BCom in Chandigarh. He completed his 3-year Articleship with AF Ferguson & Co, Chartered Accountants, Mumbai Mr. Mehra joined BSL in 1986 and was one of the pioneers in developing the export of Man Made Textiles out of India. He has to his credit the opening up of the fabric export business to the UK and the Yarn Export Business to Turkey. Mr. Mehra has been associated with various Industry Associations. He was elected Chairman of The Synthetic & Rayon Textile Export Promotion Council (SRTEPC) for two terms. He was President of the Indian Spinners’ Association (ISA), and Deputy Chairman of the Confederation of Indian Textile Industry (CITI). Mr. Ashwin Chandran, Chairman and Managing Director of M/s. Precot Limited, Coimbatore has been elected as the Dy. Chairman of CITI. Mr. Ashwin Chandran, a B.Sc., (Hons) Graduate in Textile Technology, UMIST, UK and a Post-Graduate (MBA) from the University of Illinois, USA, Shri Ashwin Chandran has held the position of Director in PC Racing Foundation, The Cotton Textiles Export Promotion Council, Textile Sector Skill Council He has also been the Chairman of SIMA, Member of CITI Sub-Committee on Manmade Fiber and Yarn and Technical Textiles, Chairman of Yarn Committee of TEXPROCIL, Vice-Chairman of Confederation of Indian Textile Industry (CITI), New Delhi Mr. Dinesh Nolkha, is the Managing Director & CEO of Nitin Spinners Ltd., Bhilwara. Mr. Nolkha is a fellow member of The Institute of Chartered Accountants of India and The Institute of Cost & Management Accountants of India. He had a brilliant academic career having secured 4th rank on All India Basis in ICMA Final Exams in 1991 and 43 rd Rank in ICAI Final exams in 1992. Mr. Dinesh Nolkha is a member of various industrial associations. He has served as President of Mewar Chamber of Commerce and Industry, Bhilwara, Rajasthan, and Chairman of NITRA, Ghaziabad. Presently he is Vice President of the Rajasthan Chamber of Commerce & Industry, Jaipur, Rajasthan. He has also been conferred by CA Business Leader Award by The Institute of Chartered Accountants of India.
Source: Business Dunia
Ministry of Textiles announced the launch of 02 Quality Control Orders (QCOs) for 06 items of Medical textiles and 20 items of Agro-textiles and in the Phase-II, following the due process for notification of Technical Regulations including stakeholder consultation, legal vetting, amongst others according to DPIIT, Ministry of Commerce and Industry. Medical textiles QCO encompass a range of products vital to healthcare and hygiene. The products covered under this QCO include Sanitary Napkins, Medical textiles -Shoe covers, Medical textiles - Dental bib/Napkins, Disposable baby diaper, Reusable sanitary pad/ sanitarynapkin/ period panties andMedical textiles -Bed sheet and pillow cover. Notably, Ministry of Textiles has exempted Self-Help Groups (SHGs) from the Meditech QCOs, fostering small-scale production for the essential products namely Sanitary Napkins, Baby Diapers, and Reusable Sanitary Pad/Sanitary Napkin/Period Panties. Also, for the Micro and Small (SME) industry manufacturing Sanitary Napkins, Baby Diapers, and ReusableSanitary Pad/Sanitary Napkin/Period Panties, the Medical textiles QCO shall come into force on the 01 of October 2024 providing them sufficient time to comply with QCO conformity. For the other Medical textiles items and the general industry, this Medical textiles QCO shall come into force on the 01 April 2024. The conformity assessment requirements specified in these QCOs are equally applicable to domestic manufacturers as well as foreign manufacturers who intend to export their products to India. The Indian Government is of the opinion that it is necessary so to do in the public interest to increase the standard and quality of Agrotextiles and Medicaltextiles. Agrotextiles QCO shall come into force on the 01 of April 2024. This QCO is of paramount importance to the agricultural community and aims to enhance the quality and performance of the Agro textiles products, ensuring that farmers have access to reliable & durable solutions for their agricultural needs. It encompasses a wide range of products designed to enhance agricultural and horticultural practices including the following
QCOs are essential for safeguarding the interests of consumers and supporting the growth of the Technical Textiles sector. This will strive to provide best value to the users and end consumers, thereby fostering Indian product quality that is comparable to global standards. 2 QCOs issued in 1 phase for 19 items of Geo-textiles and 12 items of Protective textiles will come into effect from 7 October 2023. In Phase-III, around 30 more Technical Textiles items in the areas of building textiles, industrial textiles, ropes & cordages among others, may be considered for QCO issuance.
Source: PIB
In keeping with the Government’s vision of “Go vocal for local”, the Union Textile Ministry said on Friday that it has excempted Small Help Groups (SHGs) from the mandatory Meditech Quality Control Order (QCOs) ambit, for the essential products such as sanitary napkins, baby diapers, and reusable sanitary pad/sanitary napkin/period panties.
Source: Daily pioneer
There are many vested interests at play to ensure that the Quality Control Order (QCO) on Filament Yarns is extended by Ministry of Chemical and Fertilisers (Department of Chemical and Petrochemicals). It may be noted here that QCO (which has been extended 6 times) for 100 Percent Polyester Spun Grey and White Yarn, Polyester Continuous Filament Fully Drawn Yarn and Polyester Partially Oriented Yarn will come into force on the 05th day of October, 2023 sans extension. The domestic filament yarn manufacturers have called upon the government not to give in to the demands of the vested interests and should remain firm on its decision of implementing the QCO in 5th October 2023. The domestic players inform that the allegations of the vested interest of unavailability of international quality of filament yarns in India is misleading and is being voiced for the benefit of few importers who rely solely on the filament yarn imports from China. The Indian filament industry has invested constantly in the state-of-the-art machines and has been continuously producing 95% of 1st grade yarns for the last 3 to 4 decades which have been used in the most critical apparel, non-apparel, automotive and technical textile segments in the most complex wearing and knitting applications. These yarns are consumed by all our high speed shuttleless looms and most modern circular and warp knitting machines within India and overseas. The Indian filament yarns are exported across the global and well received by the international user industry. The same yarn is also used by domestic customers and there have been no complaints whatso-ever. However, the cheap filament yarn imports over the years have taken a toll on the domestic yarn spinners. The domestic filament yarn industry is operating below installed capacities due to the onslaught of imports, particularly from China. Therefore, it is imperative that the government rolls out the QCO on 5th October 2023 for the subsistence of the domestic filament yarn industry and also to ensure that the Prime Minister, Mr. Narendra Modi clarion call of ‘ Aatmabirbhar Bharat’ succeeds. Infact, the government should implement QCO not only on fibres and yarns but the entire supply chain. The QCO on fabrics, garments and hometextiles will go a long-way and bring back the pristine glory of the Indian textile industry.
Source: Tecoya Trend
Exporters have sought the central government’s intervention in providing affordable and easy availability of credit to MSMEs amid global headwinds due to lack of liquidity. In a letter to Finance Minister Nirmala Sitharaman, apex exporters’ body Federation of Indian Export Organisations (FIEO) requested for the extension of Emergency Credit Linked Guarantee Scheme (ECLGS) till March 31, 2024 and restoration of interest subsidy benefit of 5 per cent to manufacturer MSMEs. It said some of the MSME sectors are affected due to a dip in exports on account of a global demand slowdown. FIEO has urged extending the ECLGS “till March 31, 2024” as it will help micro, small and medium enterprises sail through this difficult time and bounce back when the situation improves. “With interest rates firming up, MSMEs are getting credit at not less than 8-11 per cent. The subvention for the interest equalisation scheme was reduced as interest rates were coming down. However with complete change in situation, there is an urgent need to restore interest equalisation benefit of 5 per cent,” it added. MSMEs account for about 40 per cent in the country’s total exports. India’s exports declined 6.86 per cent to $34.48 billion in August, for the seventh month in a row, due to a fall in shipments from key sectors like petroleum and gems and jewellery on subdued global demand. The trade deficit (difference between imports and exports) during the month touched a 10-month high of $24.16 billion. Cumulatively, exports during April-August this fiscal contracted 11.9 per cent to $172.95 billion. India’s exports contracted 15.88 per cent in July. Exports sectors, which recorded negative growth in August, include tea, coffee, rice, spices, leather, gems and jewellery, textiles, and petroleum products.
Source: The Millenniumpost.in
Cotton, PV-dyed yarn and ready-to-stitch fabric producer Sangam India expects to achieve a revenue of around Rs 4,000 crore by 2024-25, following capacity expansion at its seven production units in Bhilwara in Rajasthan, a top company executive has said. "We recorded Rs 2,730 crore revenue in FY23, and this financial year we are expecting to touch Rs 3,000 crore. With our capacity expansion in various product categories, we are targeting close to Rs 4,000 crore revenue by 2024-25," Sangam India Managing Director and CEO S N Modani told PTI over phone. However, in this financial year the company's profit will be impacted as the market is under pressure following global economic conditions, he added. The long-term debt of the company, which employs over 1,200 people, is Rs 600 crore. The company has seven production units in Bhilwara with over 2,36,000 spindles and 3,000 rotors. It manufactures 35 million metres of PV (polyester viscose) fabric and 48 million metres of denim fabric annually. Sangam India has also introduced a seamless garment manufacturing plant with 52 knitting machines capable of creating 5.4 million items per year. "We had a capital expenditure of Rs 900 crore for expanding production capacity in a phased manner of cotton, denim, and synthetic weaving. We have already spent Rs 600 crore and this year we have plans to spend another Rs 300 crore for expansion of our production units, which will be done by December this year. "We produce 0.6 million metres of fabric daily. Our annual production includes 45 million metres of denim, 95,000 tonnes of synthetic materials, and 12,000 tonnes of cotton yarn," Modani stated. The company, he said, continuously upgrades its manufacturing facilities for consistent quality and modernises with auto-doffing ring frames in PV-dyed yarn to save energy and labour costs. "With technology integration we are able to maintain control and efficiency as we expand. We use automated systems for remote monitoring and addressing machine issues, supported by a skilled team of mechanical engineers. We focus on high-quality products, minimal rejections, and reducing delivery times through in-house processes," he added. The company exports 30 per cent of its products to 58 countries and the remaining 70 per cent of products are consumed in the domestic market, he said. Sangam India's major export destinations include Turkey, the USA, Latin America, the Middle East and Southeast Asia, said Modani. "The market conditions are tough currently, with our exports down by around 20 per cent. However, this is compensated by 10-15 per cent growth in the domestic market. We are expecting a turnaround in exports from this month onwards. With this expansion, we are looking at strengthening our existing markets, both in India as well as overseas," he added.
Source: Business-Standard
The Indian economy will grow at around 6.5 per cent in the current financial year as the country's macroeconomic situation is benefiting from the reforms that have been taken up in the last nine years by the Narendra Modi-led government, former NITI Aayog Vice-Chairman Rajiv Kumar said on Monday. Kumar further said that India needs and can grow at 8 per cent-plus as that level of economic growth is required to meet aspirations of the country's young population and to generate sufficient jobs for its workforce. "My growth projection (of India's GDP growth in FY 2023-24) is 6.5 per cent. "And I think we can easily maintain this (growth) over the next few years," he told PTI in an interview. India's GDP growth in 2022-23 was 7.2 per cent, lower than 9.1 per cent in 2021-22. According to Reserve Bank of India's projections, India's GDP is likely to grow at 6.5 per cent in the current fiscal year. Kumar further said, "Macroeconomic situation India is benefiting from the reforms that have been implemented in the last nine years. Therefore, both the external macroeconomic balance as well as the domestic ones are in good shape." He said that India's current account deficit is manageable, the country's foreign exchange reserves are sufficient to cover about 11 months of imports and the foreign direct investment flows are continuing. On the domestic side, Kumar said inflation is beginning to come down to the target levels and the government tax revenues have shown a good 16 per cent increase over last year. "So, this will take care of the fiscal situation and lead to fiscal consolidation. As a result of this improvement, the rating agencies have improved their ratings and JP Morgan has included India in its international bond indices," he said According to Kumar, the only weakness that he sees is that the private corporate investment is not yet responding in the manner that "we would expect, but that also is beginning to improve as demonstrated by the increase in bank credit growth over the last six months". Expressing concern over decline of India's exports between April and August by about 11 per cent compared to the same period last year, he said, "This reflects our age old situation which is that India's export performance is strongly correlated with the global trade performance." Kumar pointed out that as the global trade has weakened, India's exports performance has also weakened given the weak demand in Europe, the US and other developed economies. "We have to change this. We must do whatever we can to ensure that our exports have a greater share of world markets," he said. On some US-based economists' claim that India is overstating economic growth, Kumar said that the Ministry of Statistics and Programme Implementation (MoSPI) must take a firm position and give enough reasons as to why they are using the wholesale price index (WPI) deflator and not the Consumer Price Index (CPI) as GDP deflator. "And that needs to be firmly established once and for all," Kumar emphasised. Meanwhile, India's real GDP growth was 7.8 per cent on a year-on-year basis in Q1 FY24, as per the Income or Production Approach. Recently, former chief economic advisor Arvind Subramanian, in an article, argued that India's GDP is not measured from the expenditure side and measured only from the income side. This tends to over Last month, chief economic advisor V Anantha Nageswaran rejected criticism of "statistical discrepancy" in the first quarter GDP data, saying when the same statistical authority reported the severest contraction in the first quarter of 2020, the naysayers had called it credible as it suited their narrative. The article by Nageshwaran was written in light of debates over India's economic performance and economist Ashoka Mody, a Princeton University professor, raising concerns regarding the country's GDP growth rate for the first quarter of the financial year 2023-24
Source: Business-Standard
The private sector needs to cover 90 per cent of the climate mitigation investment in emerging markets and developing economies (EMDEs), excluding China, as public investment growth is projected to be limited, the IMF said in its latest Global Financial Stability Report. “Yet, EMDEs face significant challenges in attracting private capital. Many have sub-investmentgrade credit ratings, limiting their potential investor base and resulting in high financing costs. Even investment-grade-rated EMDEs may find it difficult to attract private finance for climate due to several barriers,” it added. Including China, private sector contribution could be 80 per cent of the total climate fund requirement as China has significant domestic capability to generate such funds, IMF said. The International Energy Agency (IEA) has estimated that by the end of 2030, climate mitigation investment needs will increase to about $2 trillion per year in EMDEs. This is about 40 per cent of the global investment needs. The IMF said that to achieve net-zero greenhouse gas emissions by 2050, global gross climate mitigation investment will need to reach about $5 trillion annually by 2030. The independent expert group by G20, headed by N K Singh and Lawrence Summers, in its first report, said multilateral development banks (MDBs) would need to increase their annual spending by $3 trillion by 2030, including $1.8 trillion for additional climate action and $1.2 trillion for achieving other sustainable development goals (SDGs). The IMF said further structural policies are needed in EMDEs to mobilise domestic and international private climate finance. These policies include structural reforms, strong climate policies and commitments, well-designed subsidies, and innovative financing approaches to phase out coal. “High-quality, reliable, and comparable data are a prerequisite to assess and price risks and opportunities and make informed investment decisions. A weak climate information architecture increases the risks of “greenwashing” (investments wrongly marketed or classified as climatebeneficial) and reduces market transparency,” it added. The Fund said its Resilience and Sustainability Facility (RSF) can help catalyse private capital by enhancing a country’s capacity for climate investments with a combination of policy reforms, capacity development, and longer-term financing. “Through its convening power, the IMF can bring together governments, MDBs, and the private sector to foster the financing of much-needed climate investments. The IMF can help strengthen public financial and climate investment management to support the development of a pipeline of investable projects and provide capacity development to support the collection of high-quality, reliable, and comparable climate-related data,” it added. Current methodologies of credit rating agencies do not reward middle- and lower-income countries that implement better climate policies, the IMF observed. “As long as this practice persists, the The Fund said its Resilience and Sustainability Facility (RSF) can help catalyse private capital by enhancing a country’s capacity for climate investments with a combination of policy reforms, capacity development, and longer-term financing. “Through its convening power, the IMF can bring together governments, MDBs, and the private sector to foster the financing of much-needed climate investments. The IMF can help strengthen public financial and climate investment management to support the development of a pipeline of investable projects and provide capacity development to support the collection of high-quality, reliable, and comparable climate-related data,” it added. Current methodologies of credit rating agencies do not reward middle- and lower-income countries that implement better climate policies, the IMF observed. “As long as this practice persists, the potential benefits of climate investments for credit ratings and thereby financing costs are limited,” it added. The IMF said the phasing out of coal is necessary to reach climate goals, though it is challenging as many EMDEs highly depend on coal. “Phasing out coal-fired power plants in EMDEs implies significant costs in terms of decommissioning, retirement, and social adjustments. Net financial value of coal-fired power plants is lost when such plants are retired before their expected lifespan, as capital expenditures cannot be recovered,” it said.
Source: Business-Standard
India and Bangladesh have discussed preparations to start talks for a free trade agreement between the two countries to promote economic ties, an official statement said on October 1. It was discussed during an official-level meeting of the Joint Working Group on Trade (JWG) between India and Bangladesh, which was held last week in Dhaka. The meeting "discussed a host of bilateral issues such as removal of port restrictions, ground work on commencement of Comprehensive Economic Partnership Agreement (CEPA), harmonization of standards, and mutual recognition of standards, supply of essential commodities to Bangladesh," the Commerce Ministry said. CEPA is a kind of free trade agreement, under which two trading partners significantly reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they also ease norms to promote trade in services and investments. They also deliberated upon issues related to development of road and rail infrastructure, regional connectivity through multi-modal transportation and creation/ strengthening of infrastructure in Land Customs Stations/ Integrated Check Posts, border haats. These meetings are held on an annual basis to discuss key trade related issues and explore opportunities for economic and technical collaboration, promotion, facilitation, expansion and diversification of trade between the two countries. "These meetings play a vital role in quick resolution of bilateral issues by removing trade barriers, simplifying customs procedures, improvement of infrastructure, logistics, and transit facilities to facilitate smoother cross-border trade," it said. The bilateral trade has dipped to $14.2 billion in 2022-23, from $8.13 billion in 2021-22.
Source: The Hindu
INTERNATIONAL
Fashion may not be the first industry that comes to mind when discussing global sustainability, but the clothes we wear don’t just make an impression on the street; they leave their mark on the planet as well. According to a recent report by Apparel Impact Institute, the fashion industry was responsible for about 2% of global greenhouse gas emissions in 2021. But fashion’s environmental impact isn’t limited to greenhouse gas emissions. Cotton production is water-intensive, textile dyeing and finishing contribute to global water pollution, and synthetic fabrics like polyester leach microplastics into oceans and other waters. The kicker? Some 85 percent of all textiles generated in the United States—about 14 million tons a year—end up being incinerated or in a landfill. And as the market for fast fashion continues to expand, carbon emissions from the fashion industry are projected to surge in coming years. Recognizing its outsize environmental impact, some suppliers, manufacturers, business leaders and consumers have begun to call for a more sustainable fashion industry. But for jewelry designer Jianhui Yan, sustainability isn’t a novel concern; it’s been a keystone of his work since he opened his first shop in London’s South Bank almost two decades ago. Yan recently discussed his designs and vision in “Building a Greener Planet,” part of the Columbia Jianhui Yan speaking at the “Building a Greener Planet” event. A flyer showing how Yan has transformed recycled materials into jewelry. Climate School’s roster of events for Climate Week 2023. In the interview below, I followed up with Yan to learn more about his work and what inspires his innovative approach to fashion. Can you tell us a bit about your background? What influenced your design philosophy? I was born and grew up in a small rural village during the Chinese Cultural Revolution. When I was a child and a teenager, I spent lots of time alone in the mountains. My love for plants, trees, flowers, birds and animals started then. I love nature and often get inspired by nature. So being kind to nature is always in my mind whenever I create my designs. How did you get started in fashion design, and using recycled materials in your work? In order to pay the debt for my MBA degree in England, I used to sell antiques and vintage stuff at Portobello and Spitalfields Markets in London. During that time, I started making necklaces with broken vintage pieces. From these early pieces to my recent Aqua Collection made from recycled plastic water bottles, I have been using recycled materials to create my eco-friendly designs for over 18 years. I believe the most sustainable materials are those we already have, and that sustainability is not a trend, but a mission which makes our planet greener. I have used all kinds of recycled materials to make my designs. The Next Pashmina collection, made from recycled wood, was praised by Elio Fiorucci as “the most beautiful eco-friendly design.” My recycled leather collection won a sustainability award by NY NOW in 2020. And my latest collection, Love From My Father, is made from recycled newspaper with the word “love” hand written in Chinese by my father. It is loved by people from around the world. How do you source materials for your work? Most of the time, I get rubbish, or offcuts that would be thrown away, from workshops and factories. Sometimes I also buy leftovers from factories which are discontinuing a particular line or that have gone bankrupt. If I don’t use these materials, it’s very likely most of them will end up in landfills. But for me, each piece, no matter big or small, is either poison to our planet or us if we don’t use it, or precious if we choose to use it. This website uses cookies as well as similar tools and technologies to understand visitors' experiences. By continuing to use this website, you consent to Columbia University's usage of cookies and similar technologies, in accordance with the Columbia University Website Cookie Notice. What are some of the key challenges on the path to a more sustainable fashion industry? The biggest challenge is how to make fast fashion companies care less about profit and put more attention on the pollution caused by the fashion industry. The fashion industry must face the fact that it takes enormous energy to make new materials, and that it also has an enormous negative impact on our planet, both environmentally and socially. While they are doing their best to make a profit, they also should give themselves time to think about how future generations are going to live. Do you feel that individual choices can make a difference when it comes to sustainability? Yes, absolutely. To slow these problems down and make our planet greener requires everyone’s effort. Never underestimate the impact your daily life may have on our planet, both in good and bad ways. fashion store I see people with five to 10 pieces in their hands in the queue waiting to pay. How long will these pieces last? Some may last for a month, some may last for just a week. Some might be thrown away before they are even worn. To stop the climate crisis or slow it down and buy us more time, individuals have to act and work together. I believe in “together, stronger.” Why is sustainability integral to your work? What inspires you to make sure your designs are as environmentally friendly as possible? It’s personal. My colleague and I have many nephews and nieces, and grand-nephews and grand-nieces ranging from one to 25 years old. We love them. We want to make their futures safer and greener. Almost all the artisans we have been working with have young children or grandchildren, and we feel we have a responsibility to protect our planet for these younger generations. We try to use as little energy as possible and recycle materials. We take every step with care, such as using candlelight instead of lighters to burn the edges of plastic petals after we hand cut them.
Source: The News.climate.columbia.edu
The mission of Accelerating Circularity is to create new supply chains and business models to turn textile waste into mainstream raw materials. Accelerating Circularity has created a working group, the Alliance of Textile Chemical Recyclers (ACTR), to meet and address the textile industry with a common voice to facilitate accurate information on textile chemical recycling. “We formed this collective to move chemical recycling technology forward, share common definitions, and address policies in a collaborative way to maximize the elimination of textile waste to landfills and incineration” explained Karla Magruder, Founder and President of Accelerating Circularity. “Chemical recycling technology has many benefits, including quality more similar to virgin fiber and the ability to recycle multiple times.”
ACTR plans to provide the industry with information on how textile chemical recycling can: offer solutions for diverting textile waste to landfill enable textile to textile recycling versus incineration/landfill provide sustainably sourced/circular materials support brand/retailers/producers in achieving their CO2 reduction targets provide long term price stability and consistent supply of raw materials versus virgin Members of the Alliance include founding members Eastman, Lenzing, and The LYCRA Company, as well as key innovators Circ®, Sappi, Renewcell, Infinited fiber, Worn Again Technologies, Gr3n, CuRe Technology, and OnceMore® from Sodra. As a first step, the ACTR (Alliance of Chemical Textile Recycling) is introducing a dictionary of common terms developed to educate the industry on the chemical recycling of textiles.
Source: Textile world
Inflation in the euro zone fell to its lowest level in two years in September, suggesting the European Central Bank's steady diet of interest rate hikes was succeeding in curbing runaway prices albeit at a growing cost for economic growth. Consumer prices in the 20 countries that share the euro rose by 4.3% in September, the slowest pace since October 2021, from 5.2% one month earlier, according to Eurostat's flash reading published on Friday. Inflation excluding food, energy, alcohol and tobacco -- which is closely watched by the ECB as a better gauge of the underlying trend -- fell to 4.5% from 5.3%, the biggest drop since August 2020. These readings were likely to strengthen the ECB's conviction that it had raised interest rates far enough to bring down inflation to its 2% target by 2025, after being wrong-footed by a surge that started in 2021. "Base effects played a key role in explaining the sharp fall in inflation, but the figures also suggest that underlying inflationary pressures are becoming less intense," Diego Iscaro, head of European economics at S&P Global Market Intelligence, said. "The figures reinforce the view that interest rates have likely reached their peak in the current tightening cycle." The inflation drop was broad-based, with all price categories growing at a slower pace and energy prices falling outright for a fifth consecutive month. A separate report showed German import prices -- which tend to lead consumer prices because Germany sources many intermediate products and raw materials from abroad -- recorded in August the largest year-on-year decline since November 1986.
Source: The Reuters.com
The "Polytetramethylene Ether Glycol (PTMEG) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering. The Global Polytetramethylene Ether Glycol (PTMEG) Market is poised for substantial growth, with expectations of increasing from 1.24 million tons in 2023 to 1.60 million tons by 2028, marking an impressive Compound Annual Growth Rate (CAGR) of 5.27% during the forecast period (2023-2028). Several key factors are driving this expansion, including the rising demand for thermoplastic polyurethane (TPU), growth in the apparel and clothing industry, emerging usage of spandex fibers in healthcare, and shifting trends toward bio-based products.
Key Market Highlights
Growing Demand in the Textile Industry: The textile industry, particularly in emerging economies like ASEAN countries, India, and Bangladesh, is on the rise. This growth is attributed to low manufacturing costs and the sector's significant contributions to trade, employment, investment, and revenue. The demand for high-quality stretch fabric across various textile applications is fueling the need for PTMEG. The global sporting goods industry has exhibited a remarkable recovery, with strong growth seen over the past two years, even surpassing pre-pandemic levels. China, the world's largest producer and exporter of textile materials and garments, has reported steady growth in its textile sector. Similarly, Vietnam achieved a significant milestone with USD 11.5 billion in textile exports in 2021, ranking sixth globally. India, too, has experienced increased apparel demand, driven by digitalization and growing consumer preference for foreign textile brands. As a result, the textile industry is expected to dominate the PTMEG market during the forecast period. Asia-Pacific Leads the Way: The Asia-Pacific region currently commands the highest market share, driven by the textile industry's growing demand in countries like China, India, Japan, and ASEAN nations. China, in particular, has emerged as a major market for textiles, automotive products, and paints and coatings. Companies in China, both multinational and local, are expanding their production capacities and investing in new projects to reduce import dependence. The region is also witnessing a surge in athletic apparel, accessories, and footwear sales. While multinational companies are shifting their operations away from China due to rising labor costs, the country maintains high demand for sportswear and activewear. Asia-Pacific currently stands as the largest global textile producer, with countries like China, India, Vietnam, South Korea, and Japan significantly contributing to textile exports. China, the European Union (EU), and India are the world's top three textile exporters, accounting for 68% of global textile exports in 2021. The ASEAN countries are also experiencing increased demand for PTMEG across industries such as textiles, paints, and coatings. Consequently, the Asia-Pacific region is expected to maintain its dominance in the PTMEG market during the forecast period. Polytetramethylene Ether Glycol (PTMEG) Industry Overview The global PTMEG market is moderately consolidated, with a few key players holding the majority of the market share. Notable players in the market include BASF SE, DCC (Dairen Chemical Corporation), INVISTA, Sinopec Great Wall, and HYOSUNG, among others.
Source: The Finance.yahoo.com
U.S. Senators Thom Tillis and Sherrod Brown (D-OH) led aletter (https://www.tillis.senate.gov/services/files/2F85FCB2-2CD3-4C8DA218-FF584E98D696) to President Biden to raise the alarm regarding troubling trade and economic trends with devastating implications for U.S. textile and apparel manufacturing. The letter was also signed by Senators Raphael Warnock (D-GA), Ted Budd (R-NC), J.D. Vance (R-OH), Tim Scott (R-SC), Lindsey Graham (RSC), and Ben Ray Luján (D-NM). In the letter, the senators requested that President Biden immediately convene an interagency meeting with key leadership from the U.S. Trade Representative, Department of Commerce, Department of Homeland Security, Department of the Treasury, and the National Security Council to identify the root problems, develop robust and urgent solutions, and engage directly with U.S. industry and our regional allies. “The U.S. textile industry is a vital domestic industrial base for key U.S. national security, health care, and economic priorities, and has been designated a Priority Trade Issue by Congress. U.S. textile production is the foundation of our Western Hemisphere textile and apparel co-production chain, responsible for over 500,000 U.S. jobs with $39 billion in annual shipments. Domestic producers are a critical part of the military’s warm industrial base, supplying over 8,000 items of mission critical gear and clothing annually to our war fighters, and are an essential component of U.S. health care security as our only domestic supply chain for critical personal protective equipment and other health supplies. Without a domestic textile industry, a vulnerable U.S. would be reliant on third parties to supply all of these essential products,” wrote the senators. “Unfortunately, after decades of victimization by Chinese economic and trade predation, today our domestic textile manufacturers and workers find themselves attempting to recover from the pandemic while facing unprecedented demand destruction. This is largely a result of China’s aggressive and illegal practices of transshipment, undervaluation of cheap products, forced labor, skirting tariffs and penalties, and countless other tactics that are undermining U.S. supply chains. Without urgent action, we will be unable to head off a coming disaster that will substantially undermine textile and apparel production and employment in the U.S. and throughout the Western Hemisphere,” the senators continued. “The economic situation facing domestic and regional textile and apparel supply chains is an urgent priority. We stand ready to engage with the administration through a high-level interagency process that develops an immediate, whole-ofgovernment action plan necessary to address this serious situation,” the senators concluded.
Source: The Tillis.senate.gov
Following a growing number of plastics chemical recycling announcements, the textile industry has joined the bandwagon with the launch of the Alliance of Chemical Textile Recycling (ACTR) on September 29. Plastic-based or synthetic textiles make up about 60% of textiles in Europe, where consumers discard about 5.8 million tonnes of textiles annually, around 11 kg per person. Accelerating Circularity, a U.S.-based non-profit working to create a circular value chain for textile waste, created the working group to provide the textile industry with a common voice on textile chemical recycling. The alliance’s founding members including chemical industry representatives Eastman and Lenzing, as well as textile giant The Lycra Company. Other members include Circ, Sappi, Renewcell, Infinited fiber, Worn Again Technologies, Gr3n, CuRe Technology, and OnceMore from Sodra. “We formed this collective to move chemical recycling technology forward, share common definitions, and address policies in a collaborative way to maximize the elimination of textile waste to landfills and incineration,” explained Karla Magruder, founder and president of Accelerating Circularity. The alliance’s first act was the publishing of a dictionary of common terms developed to educate the industry on chemical recycling of textiles. It includes, amongst others, definitions of various chemical recycling technologies, as well as definitions of ‘waste’ in different regions of the world. The ACTR plans to provide the industry with information on how textile chemical recycling can offer solutions for diverting textile waste to landfill; enable textile to textile recycling versus incineration or landfill; provide sustainably sourced circular materials; support brand, retailers, producers in achieving their CO2 reduction targets; and provide long term price stability and consistent supply of raw materials versus virgin.
Source: The Sustainable Plastics
Textile Exchange and the Fashion Pact’s The Biodiversity Landscape Analysis for the Fashion, Apparel, Textile, and Footwear Industry report aims to spur companies forward with relevant methods and actions by consolidating and condensing the wealth of tools, methods, frameworks and standards available. The bodies argue that fashion, textile, and apparel companies are “intrinsically responsible for protecting biodiversity” which is currently in crisis as a result of human activity. In 2023, biodiversity loss was recognised as the fourth-biggest long-term global risk by the World Economic Forum. The report, which was published in partnership with Conservation International and supported by Biodiversify, notes the fashion industry is hugely reliant on biodiversity and in 2022, a third of fibres and raw materials used by the textile industry were sourced from agriculture and forests. Biodiversify director Dr Michael Burgass says: “This report represents not just an analysis of the problem but a blueprint for change. The fashion industry has woken up to the urgent need to reduce its environmental footprint, and this report presents a clear set of recommendations to help companies cut through the complexity and take action. Working with leading brands such as Kering, our recommendations are already making a difference in parts of the market, but we need the whole fashion industry to take the issue seriously and start making changes if nature is to be protected.” While most of the textile industry’s material impacts and pressures on biodiversity relate to tier 4 — the raw material production and primary processing stage of the value chain — the report also points out the impacts on biodiversity caused by onward supply chain and life cycle stages. Key biodiversity impacts from material preparation, processing, and product manufacturing (tiers 3-1) relate to pollution from processes such as textile dyeing and treatment, or leather tanning, as well as energy use throughout manufacturing. The consumer-use phase of a textile also has impacts on biodiversity, through microfibre shedding, waterway pollution, and water and energy use from laundry.
Source: The Just-style.com
OVER the past decade, the European Union (EU) has primarily engaged in negotiations on bilateral free trade agreements (FTAs) with member countries of the Association of Southeast Asian Nations (Asean). However, the call for a comprehensive regional FTA between the EU and Asean is gaining momentum. According to a recent position paper released by the Singaporean-German Chamber of Industry and Commerce (SGC), the need for a regional EU-Asean FTA is more urgent than ever. Launched during the SGC Dialogue with Singapore’s Minister for Foreign Affairs, Dr Vivian Balakrishnan, on Sep 27, 2023, the paper explains that such an FTA would be a game changer for trade relations between the two regions. Regional FTAs offer the benefits of harmonised trade relations, improved flow of goods, diversified supply chains, and increased investment flows between member nations–factors that bilateral FTAs in comparison cannot offer as comprehensively. The position paper draws on a survey conducted among 169 member companies across the Asean region. A large majority (87 per cent) of the respondents expressed that an EU-Asean FTA would increase their competitiveness in the market. Accordingly, 85 per cent of the surveyed companies stated that an EU-Asean FTA is very important or important for their business. The EU has already laid the groundwork for a more encompassing agreement through existing bilateral FTAs with Vietnam and Singapore, and there are ongoing talks, scoping and negotiations for bilateral FTAs with Indonesia, Thailand, Malaysia and the Philippines. However, nearly two-thirds of the survey respondents would prefer a regional FTA over bilateral FTAs. Hence, while bilateral FTAs between the EU and Asean countries are useful building blocks that help strengthen ties between the two regions, such agreements should not be seen as substitutes for a region-to-region FTA in the long run. The survey further highlighted that 86 per cent of respondents face barriers to trade when exporting goods and services to Asean countries. About 85 per cent believe that an FTA would make the region a more appealing sourcing market. An integrated FTA could mitigate these barriers, providing an alternative for businesses looking to diversify their supply chains and customer bases, thus enhancing resilience in an increasingly complex global economic context. Amid fluctuating geopolitical and economic climates, the SGC suggests that both the EU and Asean could adopt an approach similar to the Indo-Pacific Economic Framework for Prosperity (IPEF) first to establish certain standards or, alternatively, sign a less comprehensive deal initially, comparable in scope to the other Asean + 1 FTAs. Such an approach could yield essential results faster and pave the way for the establishment of more thorough agreements in the future.
Source: Business times
Shorter lead times, easy availability of raw materials in the domestic market and changes in global fashion have made knitwear items the top export from Bangladesh. In July-September of the current fiscal year, knitwear item shipments rose . percent year-on-year to $. billion compared to the corresponding period in the previous fiscal year, according to data from the Export Promotion Bureau (EPB). On the other hand, exports of woven garments grew by . percent year-onyear to $. billion in July-September compared to the same period of the last fiscal year. In July-September, total RMG exports stood at $. billion. In the fiscal year -, Bangladesh exported garment items worth $. billion, a year-on-year growth of . percent. Knitwear shipments grew by . percent to reach $. billion and exports of woven garments grew by . percent year-on-year to reach $. billion. For the current fiscal year, the export target for knitwear shipments was fixed at $. billion, higher than the $. billion target set for woven items. Primarily, local spinners have been able to supply raw materials for the knitwear sector in a shorter time after international clothing retailers and brands squeezed the lead time to - days instead of the previous - days due to growing competition among retailers and brands. Given such competition, international retailers and brands want to sell goods across seasons a year instead of eight. Owing to high investment, local spinners can supply more than percent of raw materials to the knitwear sector. On the other hand, local weavers can supply only around percent of raw materials for the woven sector because of low investment. The remaining percent is met through imports, mainly from China, which is time-consuming and expensive. Additionally, production of knitwear at a low investment is possible. But in the case of woven apparel, a larger investment is required. Another major factor has been changing trends in global fashion brought on by climate change, which has led to shorter winters and longer summers in Europe. Most people, including office-goers, now prefer to wear casual outfits instead of formal clothes, mainly due to comfort. This, combined with other lifestyle changes, has seen a rise in demand for leggings, jeggings and athleisure wear. "Moreover, sweaters fall under the knitwear category although they are mainly produced by woven garment factories, " said Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association. Because of wider use of jacquard technology, Bangladesh has turned into a major sweater-exporting destination. In the last fiscal year, sweaters worth $. billion were shipped from Bangladesh. In the - fiscal, the export amount was $. billion, EPB data showed. During the Covid- pandemic, when people were confined to their homes, the demand for knitwear items from the country increased manifold. This was because while other countries were not exporting goods, most factories in Bangladesh continued operations and shipped goods globally. In recent years, Bangladesh has also been increasing exports of man-made fibre garments, causing the knitwear sector's exports to grow. "Following Covid-, the global landscape changed a lot and consumers now prefer knitted items to woven items, " said Fazlee Shamim Ehsan, vice-president of Bangladesh Knitwear Manufacturers and Exporters Association. Lower prices of knitted items also played an important part, he added. Historically, woven garment items have dominated exports. But in recent years, the knitwear sector has been dominating.
Source: The Daily Star
