INTERNATIONAL
Textile Raw Material Price 2016-09-13
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1020.68 |
USD/Ton |
0% |
9/13/2016 |
|
VSF |
2494.83 |
USD/Ton |
0% |
9/13/2016 |
|
ASF |
1885.72 |
USD/Ton |
0% |
9/13/2016 |
|
Polyester POY |
1037.89 |
USD/Ton |
0% |
9/13/2016 |
|
Nylon FDY |
2409.53 |
USD/Ton |
0% |
9/13/2016 |
|
40D Spandex |
4414.97 |
USD/Ton |
0% |
9/13/2016 |
|
Nylon DTY |
5604.77 |
USD/Ton |
0% |
9/13/2016 |
|
Viscose Long Filament |
1294.56 |
USD/Ton |
0% |
9/13/2016 |
|
Polyester DTY |
2222.45 |
USD/Ton |
0% |
9/13/2016 |
|
Nylon POY |
2057.83 |
USD/Ton |
0% |
9/13/2016 |
|
Acrylic Top 3D |
1257.14 |
USD/Ton |
0% |
9/13/2016 |
|
Polyester FDY |
2596.60 |
USD/Ton |
0% |
9/13/2016 |
|
10S OE Cotton Yarn |
2004.70 |
USD/Ton |
0% |
9/13/2016 |
|
32S Cotton Carded Yarn |
3219.93 |
USD/Ton |
0% |
9/13/2016 |
|
40S Cotton Combed Yarn |
3741.50 |
USD/Ton |
0% |
9/13/2016 |
|
30S Spun Rayon Yarn |
3068.03 |
USD/Ton |
0% |
9/13/2016 |
|
32S Polyester Yarn |
1697.14 |
USD/Ton |
0% |
9/13/2016 |
|
45S T/C Yarn |
2604.08 |
USD/Ton |
0% |
9/13/2016 |
|
45S Polyester Yarn |
3217.69 |
USD/Ton |
0% |
9/13/2016 |
|
T/C Yarn 65/35 32S |
2364.63 |
USD/Ton |
0% |
9/13/2016 |
|
40S Rayon Yarn |
2610.07 |
USD/Ton |
0% |
9/13/2016 |
|
T/R Yarn 65/35 32S |
2499.32 |
USD/Ton |
0% |
9/13/2016 |
|
10S Denim Fabric |
1.37 |
USD/Meter |
0% |
9/13/2016 |
|
32S Twill Fabric |
0.84 |
USD/Meter |
0% |
9/13/2016 |
|
40S Combed Poplin |
1.18 |
USD/Meter |
0% |
9/13/2016 |
|
30S Rayon Fabric |
0.70 |
USD/Meter |
0% |
9/13/2016 |
|
45S T/C Fabric |
0.67 |
USD/Meter |
0% |
9/13/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14966 USD dtd 13/9/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The ministry of textiles has notified first of its kind scheme with unique features for Rebate of State Levies on Export of Garments (ROSL) which will apply with ‘Let Export Order’. The scheme seeks to rebate state value added tax or central sales tax on inputs, including packaging and fuel, duty on electricity generation and duties, and charges on purchase of grid power, as accumulated through the stages of production from yarn to finished garments. The ministry has notified the rebate rates for all items covered under chapters 61 and 62 of the All Industry Rates of drawback. Usually these are between one and two percent of the FOB value for those availing of the special advance authorization scheme and between three and four pe cent of the FOB value for those claiming duty drawback. The scheme will apply from September 20 onwards and valid for three years but the government can change the rebate rates any time. The rebate will be disbursed by the Customs along with duty drawback. The scheme is optional. So, the exporter claiming the benefit has to make a suitable declaration to the Customs regarding his eligibility for the rate and rebate, acceptance of the terms and conditions of the ROSL scheme, that he has not claimed and shall not claim the credit or rebate or refund reimbursement of the specific taxes that comprise the rebate of state levies under any other mechanism and also that he has constituted an ICC.
The Central Board of Excise and Customs (CBEC) has issued a detailed circular, clarifying various aspects of the scheme. It says the claim-cum-declaration of eligibility has to be made by the exporter on drawback exports at item level. The drawback exports (shipping bill or bill of export) may be standalone or in combination with other schemes. For the EDI (electronic data interchange) shipping bill, selection of the scheme code involving the ROSL scheme at the time of export shall itself amount to making a claim- cum-declaration of eligibility. For the EDI shipping bill, this shall be the only means to make the claim. If a need for a manual shipping bill arises, only then will the exporter printing the claim-cum-declaration on the shipping bill be accepted. No claim for rebate shall lie except in this manner, said CBEC. Mostly, the conditions such as realisation of export proceeds that are applicable for sanction of drawback are equally applicable for rebates under the ROSL scheme but it is the ministry of textiles that will check the integrity of the declarations of eligibility under the scheme, and also initiate proceedings for recovery of any amount paid in excess or not payable to any exporter. This is the first time the central government has agreed for a rebate on the taxes and other levies of state governments. Now that the garment sector has got relief, exporters in other sectors will be equally justified in claiming similar relief. An attention-grabbing condition of the scheme is that the rebate will be available for exporters who have constituted an Internal Complaints Committee (ICC), where applicable, in pursuance of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. A declaration to that effect will have to be given to the Customs at the time of claiming the rebate.
SOURCE: Yarns&Fibers
India's exports are turning the corner and it would start showing healthy growth in the coming months on account of gradual strengthening of global demand and hardening commodity prices. "We are turning the corner for sure. The rate of decline was slowing. Now margins (of decline) are narrowing. We will be able to maintain and slightly improve that and over the period of time, we will see the upward rise in exports," a senior official in the commerce ministry said. The world demand is slowly picking up and the commodity prices are also hardening, the official said, adding "this will give a push to our exports". However, manufacturing also has to pick to give a boost to export's growth. Industrial production contracted 2.4 per cent in July registering the worst performance in eight months mainly on account of declining output in manufacturing and capital goods sectors. Exporters body Federation of Indian Export Organisations (FIEO) said the country's outbound shipments will show growth modestly in 2016-17. "This year, exports will reach at around USD 280 billion. Exports are expected to post better results from October," FIEO Director General Ajay Sahai said. After rising for the first time since December 2014 in June, exports shrank again in July, contracting 6.84 per cent due to decline in shipments of engineering goods and petroleum products. During April-July 2016-17, exports dipped to USD 87 billion as against USD 90.27 billion in the same period last year.
SOURCE: The Economic Times
The Surat Municipal Corporation (SMC) has decided to upgrade its existing tertiary treatment plant (TTP) at Bamroli by increasing the capacity at 40 million liters per day (MLD). The new facility will supply additionally 40 MLD water to the textile dyeing and printing mills at Pandesara GIDC. A smart water initiative taken by civic body to support the Surat’s man-made fabric (MMF) sector. There are around 325 dyeing and printing mills at Sachin, Pandesara, Kadodara and Palsana. Pandesara GIDC has the highest presence of 100 dyeing and printing mills that need round the clock water supply. Each of the dyeing and printing mill is spending Rs 7 lakh per month for water charges. The total spending on the water in Pandesara GIDC is pegged at Rs 70 crore per annum. Bore well water is not suitable to maintain quality in textile industry. Industries need 85-90 MLD water. As present 100 MLD tertiary plant of SMC at Bamroli is capable to supply about 40 MLD treated waste water to industries, the industrialists in Pandesara have requested SMC to set up second 40 MLD capacity tertiary plant. For this, the civic body will be spending Rs 100 crore for the construction of the TTP plant at Bamroli. The waste water will be collected through pipelines and brought to the TTP, where it will be treated as per the industrial grades. A new tertiary treatment plant with the capacity of 40 MLD per day is going to be set up. They will be getting around 40 MLD industrial water in the next three to four months. This will take the total treated water supply at 80 MLD said Vakharia president of South Gujarat Textile Processors Association (SGTPA).
SOURCE: Yarns&Fibers
The Office of the Development Commissioner for Handlooms has invited bids from reputed Garment manufacturer-cum-Retailers for registering their garments under ‘Garment Manufacturer’ category of the Indian Handloom Brand ( IHB) giving an opportunity to MSMEs in textile sector to get associated in IHB and retailing of IHB Garments in their own chain of retail stores. The Office of Development Commissioner for Handlooms will facilitate the sourcing of IHB fabrics from the IHB registered manufacturers and promote the marketing of IHB garments in the stores through publicity in various media. Office of the Development Commissioner for Handlooms in its bidding document stated that the Garment manufacturer-cum-retailer will mandatorily affix label with IHB logo and registration number on their products so that the customer can track the genuineness of IHB label. The registration is valid for 3 years and has to renew thereafter by following the above said procedure. The manufacturer must have chain of retail stores and they should set aside an exclusive area for showcasing IHB branded products only. The partnership will be valid for 2 years from the date of approval. The partnership will be reviewed after a period of 2 years for further extension depending on sales achieved and commercial terms offered to the IHB handloom fabric manufacturers. The IHB is given only to high quality defect free product to cater to the needs of those customers who are looking for niche handmade products. India Handloom Brand (IHB) has been launched by the Government of India to endorse the quality of the handloom products in terms of raw material, processing, embellishments, weaving, design and other parameters besides social and environmental compliances.
SOURCE: Yarns&Fibers
The Indian textile industry, which caters to clothing need which has an estimated market size of $108 billion is divided into two broad segments within the industry, namely the traditional hand-woven and hand-spun textile segment, and the modernized mill. Khadi is defined as any cloth woven on handlooms and hand-spun from cotton, woolen or silk yarns in India or the combination of two or all of these yarns, as per the Khadi and Village Industries Commission Act 1956. Khadi is also considered a symbol of self-reliance and also a product which is highly sustainable, eco-friendly and an all-weather fabric which keeps the wearer warm in the winters and cool in the summers. The government has spent huge sums of money for the promotion of khadi programme as plan and non-plan amounts. The khadi institutions registered under Khadi and Village Industries Commission (KVIC) are subsidized significantly (at an interest rate of 4 percent) through a scheme called the interest subsidy eligibility certification (ISEC) introduced in 1977. In spite of all this, the khadi market still constitutes only 1 percent of the Indian textile market.
KVIC undertakes sales activities through its 12 departmentally-run khadi gramodyug bhavans and around 7,050 institutional sales outlets (certified by KVIC) located in different parts of the country. There, discounts on khadi apparel fixed by the MSME can be availed. The discounts decided by the ministry are aimed at making the khadi products available at cheaper prices. In spite of the discounts availed at KVIC stores and the significant amount spent by KVIC and MDA, the khadi sales show a declining trend in India. This, however, does not include the sale of khadi through private outlets like Fabindia and Raymonds, for which time series data is not available. Based on a policy decision of KVIC, private parties are allowed to sell khadi through a franchisee model while the approval of KVIC is required for using the khadi logo and also with no rebate for the franchisee. The marketing of khadi is mainly done by khadi institutions. The government’s intervention in the khadi marketing has resulted in the reliance on outdated techniques, namely print advertisements or banners and rebate schemes. The lack of appropriate marketing strategies has resulted in the failure for mass consumer attraction towards khadi fabrics.
Also the khadi artisans contracted by the khadi institutions are piece-rate workers who get the pay rate for the amount of output made, decided by the khadi institutions separately, based on the minimum wage rate fixed by KVIC over different time periods. In addition to the wages, the MSME has implemented different measures for the economic empowerment of the poor artisans through KVIC like market development assistance schemes. There is assistance provided at 20 percent of the production value under this scheme to the khadi institutions among which there is mandatory allocation of 25 percent to artisans as incentives along with the wages. There is a mandatory requirement by KVIC for the state KVIBs and the khadi institutions to contribute 12 percent of the artisans’ wages to the artisan welfare funds. There is also a mandatory requirement by the khadi coordination director, MSME, for distributing wages to the khadi artisans only through banks or post offices and not through cash. There is a huge gap between the per capita earnings of the weavers and spinners and the salaried staff of the KVIC. The per capita earnings for spinners and weavers are very low compared to the other categories. Due to this, there is unavailability of the spinners and weavers willing to work in this sector now. The young generation, who are more educated, is not willing to work in this sector due to the low wages and the hardships involved, while those who remain in this sector are mostly the old workers who do not have any other choice for their livelihood. The entry barriers to the khadi market needs to be removed. Rather than limiting the production and sales of khadi only through KVIC and its subsidiaries, there needs to be different options. The availability of the khadi fabrics need to be ensured in the private retail stores at competitive prices. The opening up of khadi retailing to private players like Raymond and Fabindia are good initiatives in this regard which are reported to have generated high demand for khadi products among the customers. At the same time, they need to compete in the market without getting the approval of KVIC. This along with appropriate marketing techniques like awareness campaigns among the youth on khadi fabrics featuring its quality can help to increase the demand for khadi products. Also by increasing the choices available in the khadi market for production and sales, piracy problems associated with the khadi industry can also be solved. The spinners and weavers need to be allowed to work with the private designers without the approval of KVIC so that they get the wages directly from these designers.
SOURCE: Yarns&Fibers
Chief minister Devendra Fadnavis after performing a bhoomipujan for a textile park and inaugurating a spinning plant of GIMATex at Hinghanghat in Nagpur district on Sunday said that there is a huge potential for textile growth and hence more textile hubs will have to be set up across the state and Vidarbha made its epicentre to ensure 100 percent procurement and processing of cotton. As at present, only 25 percent of the cotton produced is being processed, the balance 75 percent of the cotton available remains untapped and under-utilized in industrial sectors,Fadnavis said and hence he has also put across a proposal to set up more textile hubs across the Maharashtra state to the Centre. The textile centres and its related units are earmarked across Yavatmal, Amravati, Chikli (Buldhana), Jamner (Jalgaon), Kannad (Aurangabad), Selu (Parbhani), Bhaler (Nandurbar), Malegaon (Nashik), Kunnor (Nanded), Mazalgaon (Beed). Fadnavis assured that along with textile hubs, the government will also provide locals expertise in skill development to help the textile industries. Further acknowledging the urgency to evolve a mechanism for the growth of the textile industry, he said that not long ago, cotton a cash crop was always known as white gold and Vidarbha, the biggest cotton-producing region in the country has brought social and economic prosperity to farmers. However, the last couple of decades, the white gold is seen losing its shine because of wrong farm policies and lack of irrigation potential driving farmers to crisis.
Reiterating the government’s resolve to make Vidarbha and Marathwada free of farmer suicides, the chief minister said that they want to make Amravati the international textile centre and the adjoining districts in Vidarbha will have many textile and spinning centres. Every unit will pave way for ally and ancillary operations providing new avenues of work to local youths. To translate the government’s commitment of farm to fashion through public-private investments, Fadnavis said that the government’s objective is to bring social security and economic prosperity to the farmers in the region. He also emphasized on the partnership between farmers and industries with the use of technology and research to facilitate optimum benefits.
SOURCE: Yarns&Fibers
Arunachal Pradesh has the potential to promote the textiles sector and give a fillip to entrepreneurship and job creation, stated Union Textile Minister Smriti Zubin Irani while inaugurating an Apparel and Garment Making Center on Tuesday at Gumin Nagar, Pasighat in presence of Chief Minister Pema Khandu, Union MoS for Home, Kiren Rijiju, MoS for Textile, Ajay Tamta, State’s Textile, Handicrafts and Cooperation, Minister Tapang Taloh and Lok Sabha MP, Ninong Ering. Dedicating the Centre to the people of Arunachal, Union Minister Irani informed that her ministry would set up six more incubation centers to bring modern ready-made garment industry in the state. This was one of the first organized efforts of Prime Minister Narendra Modi under the North East Region Textile Promotion Scheme (NERTPS) of the Ministry of Textiles. She extended her gratitude to the state government for its active support and cooperation without which the mission would not have been possible. Congratulating the entrepreneurs who would be running the facility, the Minister assured all possible support to them in making the units commercially viable and self-sustainable. It would give an opportunity to local entrepreneurs to convert their ideas and designs into flourishing businesses and opportunities to the unemployed trained youths and provide a fillip to the traditional sectors like handlooms and handicrafts to convert the traditional designs into modern garments and market opportunities, asserted the Union Minister. “I have directed my ministry to promote single window clearances, and reduce paperwork to the minimum wherever possible. I have begun work on creating infrastructure for skills development and textile manufacturing, job creations and market linkages etc after recent announcement of Rs.6000 crore package by the union government. Development of the Northeast region is high on the list of priorities but this will need concerted efforts in the face of the various obstacles that tend to derail economic development in the NER. The local products can get tremendous demands in national and international markets if properly channelized.” She also stated of holding a meeting with Chief Minister Pema Khandu, MoS Rijiju, MP Ninong Ering and state’s Textile Minister Taloh soon to find out way and means to boost textile sector in the state.
Speaking during the function, Chief Minister Pema Khandu has appealed to the youths to give up the pursuit of government jobs and become self-employed and also employ others with their skills and knowledge. They should take interest in entrepreneurships and promote export of indigenous products. There is immense scope in agriculture, horticulture, tourism, hydropower sectors etc., and it can be taken up for creation of jobs and strengthening economic growth of the state, he added. While seeking financial assistance from the central government for all-round development of the state, he assured to utilize every penny judiciously and suggested to send third party monitoring team by the central government to know ground realities/practical development of schemes and projects. Union MoS Kiren Rijiju termed the occasion as historic and boon for the state. While congratulating the people, he assured to extend all cooperation and support for development and betterment of the state. Earlier, Minister Tapang Taloh appreciated the work of NBCC for timely completion of the Centre. The women folks of East Siang District are traditional weavers but they used old traditional methods of weaving and produced in small amount which are consumed locally. The traditional exquisite designs and motifs, which are incorporated by the weavers in the products using the traditional loin loom, is a tedious and time consuming process. Now they will get proper training and scopes in this field. Commissioner Textile, T Taggu in his address presented a detail report on establishment of the Apparel and Garment Making Centre, Pasighat. The incubation center has three units. Unit for skill development awarded to Technopact Advisors Pvt. Ltd, Gurgaon, second and third units awarded to Elam Industries Pvt. Ltd Pasighat and Viraj Export Pvt. Ltd respectively. The purpose of the incubation center is to impart training to youths of the state for their self employment. The mode of 200 trainees batch selection would be from all districts of the state. The function was attended by MLAs Kaling Moyong, Lombo Tayeng, Kento Rina, Tatung Jamoh, Olom Panyang, DIGP (Central Range), DC Isha Khosla and SP Pranav Tayal.
SOURCE: The Arunachal Times
Jharkhand has immense prospects in textile sector, which could create employment opportunities, state Chief Minister Raghubar Das said. People of the state could be attracted to this sector with the goverment helping the textile companies evincing interest in setting up industries, an official release said quoting Das, who had a meeting with a delegation of Orient Craft. As per the decision, the Orient Craft would set up an apparel unit in Ranchi and would begin construction from March next year, the release said. The company would also assist in constructing Textile Park in Jharkhand, the release said. Das said the company would help train the youth in the villages for employment with main focus being on districts where more migration take place. The first phase of the training would be held in Gumla, Dumka, Khunti and Simdega, the release said. It added that the company has a training centre in Lohardaga and imparts a three-monthly course. Chief Secretary Rajbala Verma, Development commissioner Amit Khare, the Chief Mnister's Principal Secretary Sanjay Kumar, Building Construction Secretary K K Soan, the Chief Minister's Secretary Sunil Kumar Burnwal were present in the meeting.
SOURCE: The Money Control
Century Textiles and Industries is looking to demerge its textile business and likely to merge it with Aditya Birla Fashion & Retail (ABFRL) to bring the entire textile and fashion business of the Aditya Birla Group under one roof. In the textile business, Century has two revenue streams: cotton fabric and denim units that can be integrated with ABFRL’s businesses. The company has a vertically integrated plant at Bharuch for manufacturing cotton fabrics. The cotton division of Century is one of the oldest players in India and manufactures a wide range of premium textiles and supplies to many international players, including Royale Linen, Ralph Lauren, DKNY, Belk and US Polo. Century earned about Rs 1,817 crore, or 8.6 per cent of total revenues, from its fabrics and denim business and is a supplier to ABFRL.
According to analysts, with a new management led by Birla Group chairman Kumar Mangalam Birla now taking charge, a restructuring of its businesses is now inevitable. After raising their stake through a preferential offer, the Birlas have consolidated their grip over the company by inducting Rajshree Birla on the board of Century Textiles in May last year. In the past one year, ABFRL itself has undergone major restructuring under which the fashion business of Aditya Birla Nuvo - comprising Madura Garments - was merged with the company, making it the largest fashion retail player, with consolidated revenues of Rs 12,000 crore.
SOURCE: Yarns&Fibers
As the cotton season nears its end this year, small spinning mills churning out yarn in large volumes from factories in Tamil Nadu, are winding up the year on a disappointing note with cotton prices remaining at higher levels dashing hopes of any relief. Cotton prices had zoomed close to Rs 50,000 a candy over the last few months after reports of short supply coupled with frenzied speculation by traders. With the arrival of global crop priced around Rs 45,000 a candy and the centre's announcement restricting cotton with the government procurer Cotton Corporation of India for small mills, prices nominally dropped. The Gujarat Cotton, Shankar-6, now trades around Rs 43,400 and is expected to slide some more but industry representatives rule out the possibility of normalisation. While the government banks on monsoon to offset the 10 per cent reduction in cotton acreage, entrepreneurs believe pre-emptive action by the government can insulate the industry against price shocks. "We exported cotton in the middle of the season at Rs 94 a kg and within one quarter, we are importing the same type of cotton at an average Rs 124 a kg," said Prabhu Damodharan, a mill owner who heads entrepreneur forum ITF in Coimbatore.
Entrepreneurs in Tamil Nadu had reduced manufacturing time when cotton prices raged recently. After prices zoomed, Tamil Nadu mills shortened work weeks in a production cut to not hurt operating margins. Peers in neighbouring Andhra Pradesh had even announced weekly holidays till the price rise passed over. The trend had emerged even as a brightening market recovery in European nations offered hope to Indian millers. Over the last year, yarn manufacturers have been calling for the government to create a cotton reserve which can be sold in market during times of supply shortfall to regulate prices. After the inflation this year, mill associations have begun lobbying the centre for procuring 70-80 lakh bales every year. "Many associations across the country have been individually petitioning the government. Now, there is a plan for a combined representation," said K Selvaraju, Secretary-General of South Indian Mills Association, adding there is also an effort to meet with Textiles Minister Smriti Irani on the strategic reserve. While the idea of buffer stocks has not yet been considered by the government, the CCI will extend its scheme to prioritise small mills over traders into the next year. "The government is seriously considering keeping the arrangement for the next year too," Kavita Gupta, textile commissioner, told ET.
Analysts see international prices holding their ground and sustained elevated rates for cotton domestically, a trend the industry has been reconciling with over the last few months. "The global cotton price outlook appears to be firm in the backdrop of lower global production forecasts, lower global inventories and decreasing Chinese stocks. Indian cotton production forecast is also weaker with lower cotton acreage," said Tanu Sharma, a cotton analyst and Associate Director with India Ratings & Research.
SOURCE: The Economic Times
Baba Ramdev's 'swadeshi' jeans will be in line with Indian culture and tradition, and similar to Indian clothing, Patanjali CEO Acharya Balakrishna told ET. "Jeans is a western concept and there are two things we can do with western concepts.Either boycott them or adopt them but customise them to suit our traditions. Jeans have become so popular that they cannot be taken away from the Indian society. Swadeshi jeans will be Indianised jeans in style, design and fabric," Balakrishna said. "Our jeans for women will be loose so that they comply with Indian cultural norms and are also comfortable for them. Indian families will find our swadeshi jeans concept very comfortable," he said. He said the jeans would be entirely made of cotton. Balkrishna said it is important to acknowledge that more and more people in India, especially women, are taking to jeans and they are from all age groups. "Denim jeans that people wear these days come from abroad or are manufactured here by western companies. They are all based on designs and cultural patterns of foreign countries. These are not suited to Indian culture. Our jeans will be similar to many Indian clothes. This will make Indian women feel comfortable too," he said.
Balkrishna claimed that five big companies have already approached Patanjali to manufacture swadeshi jeans and a team of designers specialising in Indian wear will come out with final designs soon. "We got this idea to manufacture swadeshi jeans because every year there is a lot that Indians spend on buying jeans that largely come from big companies. We want to make sure all the jeans we wear are home made," he said. Patanjali, which manufactures more than 500 FMCG products, now plans to venture into production of clothes and shoes. Ramdev had announced on Sunday his company will soon venture into the apparel market, making both traditional and modern clothes for men and women as part of an ambitious expansion plan. He added Patanjali is committed to produce quality products and has set up research and development units where about 200 scientists work, which has forced multinational companies to come out with their R&D plans.
SOURCE: The Economic Times
Indian textile exporters are set to get greater market access in China and South Korea, as the Union Cabinet has approved the exchange of tariff concessions, on Margin of Preference basis, under the fourth round of negotiations under the Asia Pacific Trade Agreement (APTA) and related amendments. Bangladesh, Sri Lanka and Laos are also members of APTA. The APTA (formerly the Bangkok Agreement) is an initiative under the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) for trade expansion through exchange of tariff concessions among developing country members of the Asia-Pacific region. “Many of the sectors where we benefit are of critical value to us. Particularly, China and Korea have offered textiles, chemicals, pharma, heavy engineering machine tools, gems and jewellery, iron and steel, agri and marine products for us,” commerce and industry minister Nirmala Sitharaman told reporters after the Cabinet nod. “On its part, India will give market access to the other members in sectors like railway locomotives, rolling stock, nuclear plants, fissile material, aircraft and spacecraft. These are the items which are procured only by government agencies in India,” she added. However, no product will come into the country at zero duty as APTA is a preferential trade agreement. “The duty will be around 7 per cent,” she said. The latest decision of the Union Cabinet would be implemented after it is ratified during the fourth session of the ministerial council of APTA, which is due in January 2017.
Since APTA is a preferential trade agreement, the basket of items as well as extent of tariff concessions are enlarged during the trade negotiating rounds which are launched from time to time. Till date, three rounds of trade negotiations have taken place. “Up to the third round, India has offered tariff preferences on 570 tariff lines at an average Margin of Preference (MoP) of 23.9 per cent and an additional 48 tariff lines to LDC members at an average MoP of 39.7 per cent at the 6-digit HS level. The third round, with respect to all participating states, cumulatively covered concessions on 4,270 products with MOP of 27.2 per cent,” an official statement said. The Cabinet also gave its approval to amend the preamble of APTA to effect accession of Mongolia as the 7th APTA Participating State. Other amendments to incorporate the Sectoral Rule of Origin to the Agreement were also approved.
SOURCE: Fibre2fashion
India hopes to improve its performance in at least five areas — access to electricity, starting a business, ease of payment of taxes, getting construction permits and enforcing contracts — in the World Bank’s Doing Business Report 2017. “Our data is right now being analysed by the World Bank and we are hopeful that not only will our overall ranking improve but our performance in particular areas benchmarked against the best countries will also go up,” an official in the Department of Industrial Policy & Promotion (DIPP) told BusinessLine. India has submitted all information on its business environment including the number of processes, the time cost involved, the number of users of the reform systems and the sample of users, the official added. The World Bank report is expected next month. Last year India’s ranking on the index measuring ease of doing business improved four notches to 130 (compared to the previous year’s revised ranking of 134) from a total of 189 countries. China is ranked 84th in the index.
Relative indicator
But DIPP officials say that an improvement in ranking is not the absolute indicator of progress in performance. “Ranking depends on whether other countries are also improving. In today’s competitive world, everybody is improving. So our performance should not be measured just in terms of how many ranks we have moved up. What is more important to see is how we have fared against the best performing countries in different areas,” the official said. While last year this improvement was reflected in three areas, this year it might be reflected in five, he added. There are total of 10 indicators on basis of which World Bank gives the rankings. Three of the areas where improvement is likely to take place this year — starting a business, getting construction permits and accessing electricity — are the ones where performance had improved last year as well. However, the two other areas where improvement is expected, which include payment of taxes and enforcement of contracts, are the ones where India had performed badly last year. India’s performance had also fallen in the ‘getting credit’ ranking reflecting the difficulty faced by businesses in getting credit. “Our constant endeavour is to use the index to identify areas where our performance is lacking and improve upon them. Next year we will target improvement in 8-10 areas,” the official said. But improvement is more than just making changes in the procedural level like reducing paper work or the requirement of permits. “It is not necessary that our performance would improve by just cutting red tape. It has to get reflected on the ground. We have to prove that people are benefiting from it,” he added.
SOURCE: The Hindu Business Line
India and Russia today agreed to further strengthen and expand bilateral investment cooperation in priority projects in various sectors. The two countries reviewed existing projects and also discussed investment opportunities in new projects in sectors like chemical, automobiles, engineering and aviation. The matter was discussed in detail in the fourth meeting of the India-Russia Working Group on Priority Investment Projects held here today. The Indian delegation was led by Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek. Russia’s Deputy Minister for Economic Development Alexander Tsybulksiy was leading the Russian delegation. “Both sides recommended to the Russian and Indian companies to formulate and prepare a road map on the identified priority investment projects,” the Commerce Ministry said in a statement. The investment opportunities in the Delhi-Mumbai Industrial Corridor Project for the Russian companies were also highlighted by the Indian side, it said. The meeting, which also deliberated on facilitating the projects, discussed about both existing and new projects in both the countries. The next meeting of the Working Group on Priority Investment Project, which was set up in 2013 with an objective to promote Indo-Russian projects, will be held in 2017 in the Russian Federation.
SOURCE: The Financial Express
Hong Kong is assiduously wooing India to step up trade with the country, but the China bogey may come in the way of trade relations between the two, fear businessmen in the ‘Fragrant Harbour’. “We have been lobbying with the Indian government to consider Hong Kong and China as separate. But instead we are now getting linked more and more and the restrictions applied to Chinese companies are now applying to Hong Kong companies too,” says Raj Sital, Chairman of The Indian Chamber of Commerce Hong Kong. The Chamber has over 600 corporate members. According to him, Hong Kong is the superconnector that ties China with the rest of the world, including India. But the glue is now coming a bit unstuck as far as India is concerned due to New Delhi’s security concerns over China. In February, CY Leung, Chief Executive of the Hong Kong Special Administrative Region, had led a business delegation to India to discuss bilateral trade and iron out the sticky issues. “Three areas where we have problems were discussed,” says MH Arunachalam, immediate Past Chairman of the Indian Chamber of Commerce Hong Kong, who was part of the 200-member delegation.
Pain points
The pain points are a comprehensive double taxation avoidance agreement (DTA) that has been in discussions for over a decade and is yet to be signed. The second is the fact that now Hong Kong based companies cannot open offices — even representative offices — in India automatically and directly, but need prior permission from the RBI, a process that sometimes can take over a year. “The way we were doing business with India has fundamentally changed, with more layers added,” says Sital.
The third concern is that Hong Kong citizens cannot now buy property in India without prior permission. “Even properties that were purchased earlier, if we sell today, we cannot repatriate the money without prior permission,” says Arunachalam describing how it affects the 50,000 strong Indian community in Hong Kong that has real estate investments in India. “India needs to recognize that Hong Kong and China may be one country, but we are actually two systems,” says Sital referring to the 50-year agreement that was signed when the British handed over Hong Kong to China in 1997.
Ironically, India has a double taxation treaty with China, points out Sital. The Indian government’s response to the entreaties of the Hong Kong delegation has been that “it’s a sensitive issue”. For Hong Kong, the India push is important as its exports were down by 3 per cent in 2015. “At a time when Hong Kong’s exports are down we have to look at the three markets that show promising growth and India is one of them,” says Nicholas Kwan, Director of Research, Hong Kong Trade Development Council (HKTDC). In 2015, Hong Kong’s exports to India expanded by 8.1 per cent to touch $13 billion. India is the fourth largest export market for Hong Kong.
Export items
Major export items from Hong Kong to India are telecom equipment and parts which saw a jump of over 32 per cent from the previous year to $5,129 million and account for 39.3-per cent share of its total exports to India.
SOURCE: The Hindu Business Line
After initial confidence among government officials that India would swiftly sign bilateral investment treaties (BITs) with partner nations, it has now emerged that a number of countries, including the US, Canada and the European Union (EU) nations, have expressed reservations on some issues, including international arbitration. This has led to negotiations slowing down and signing of BITs, with India’s major global partners taking more time than previously anticipated, Business Standard has learnt. Senior government sources say most countries, with whom India is negotiating the signing of BITs, have reservations about the fact that India’s BIT allows foreign companies and related aggrieved parties to seek international arbitration, only if they have exhausted all domestic dispute redressal mechanism or legal options. This provision does not sit well with partner nations, who want unconditional access to international arbitration. As a result, negotiations are delayed. Business Standard had reported in July that India was close to signing BITs with the US, Canada and Cambodia. Negotiations with countries like the UK, Australia and EU nations were also said to be advancing at a fair clip. In late July, Cabinet gave its approval for signing of BIT with Cambodia. The others, however, will now not be signed any time soon.
Officials maintain the finance ministry and the ministry of external affairs will continue negotiating to get partner nations to sign BITs, but added that there would be no broad revisions to the BIT provisions. Sources also say that while India wants to treat local and foreign investors on an equal basis, all countries are asking for special treatment for their investors. “The finance and external affairs ministries will continue negotiating with renewed focus. While there will be minor changes in BITs signed with each nation, it is unlikely the contentious provision (of domestic legal recourse before international arbitration) will be dropped or amended,” said a senior official, who did not wish to be named. However, experts differed. “Countries sign BITs, so that the interests of their companies are protected in foreign markets. If the provision for international arbitration is missing or conditional, what is the point in signing a BIT?” asked Professor Prabhash Ranjan of the South Asian University. BIT, the model draft of which was cleared by the Union Cabinet in December 2015, is expected to eventually replace the existing bilateral investment protection and promotion agreements (BIPPAs) that India has signed with 72 nations. India will also sign BITs with countries it has had no comprehensive investment agreements with before, including the US. BIT keeps taxation out of its ambit, with the idea that foreign companies finding themselves in a tax row with the government will not be able to invoke the investment treaty their parent country has signed with India, as is the case with BIPPA. The model BIT states that India or any other country cannot nationalise or expropriate any asset of a foreign company unless the law is followed, is for the public purpose and fair compensation paid. Public purpose is not defined in any treaty India has signed with other nations. The BIT states that dispute-resolution tribunals, including foreign tribunals, can question ‘public purpose’ and re-examine a legal issue settled by Indian judicial bodies.
Every little BIT helps
SOURCE: The Business Standard
Senior Indian and Chinese officials on Tuesday met in the Capital to discuss New Delhi’s bid to become a member of the Nuclear Suppliers Group (NSG), which Beijing, along with a handful of other countries, had scuttled at the nuclear non-proliferation club’s plenary meeting in Seoul in June. The meeting concluded with the two sides agreeing to meet again at a mutually convenient date, indicating no consensus was reached. A Chinese delegation, led by Director General of Department of Arms Control Wang Qun, held talks with an Indian delegation, led by Amandeep Singh Gill, joint secretary (disarmament & international security), in the ministry of external affairs (MEA). “The talk covered issues of mutual interest in the area of disarmament and non-proliferation. As agreed by the External Affairs Minister Sushma Swaraj and the Chinese Foreign Minister Wang Yi in their meeting on August 13, the two sides focused, in particular, on an issue of priority for India - membership to the NSG,” the MEA said. It termed the discussions “candid, pragmatic and substantive”. The Indian side emphasised to the visiting Chinese delegation New Delhi’s “impeccable” track record in non-proliferation and stressed on its requirement for clean energy. India conveyed to the Chinese side that its implementation of non-proliferation principles was “second to none”, sources said.
The two sides have, in the past few days, tried to indicate a thaw in relations. Immediately after its embarrassment at Seoul in June, New Delhi had singled out Beijing for stalling its NSG bid. Last week, India’s Foreign Secretary S Jaishankar had said the issue of China blocking India’s move to sanction well-known terrorist leaders or the NSG issue should not emerge as points of difference with a “partner” like China. On Tuesday, the spokesperson for the Chinese foreign ministry said in Beijing that it was natural for China and India not to see eye-to-eye on some issues, but friendship will prevail over “problems”.
SOURCE: The Business Standard
The exchange of tariff concessions under the Asia Pacific Trade Agreement (APTA), gets the Cabinet’s approval on Monday, Commerce and Industry Minister Nirmala Sitharaman told media after the cabinet meeting. The APTA will enable Indian exporters to get greater market access in sectors, including textiles and pharma, in countries such as China and Korea. For its part, India is offering import duty concessions for 28.01 percent of tariff lines (products) for other APTA members. The duties applicable on these items will be lower by an average of 33.45 percent than the MFN rates applicable for imports from other countries outside the APTA bloc. Currently, the tariff concessions are limited to just 570 items and the duties applicable on these products are lower by an average of only 23.9 percent than the MFN rates. India would offer greater market access to other members in areas like railway locomotives, rolling stock, nuclear plants, fissile material, aircraft and spacecrafts. These are the items which are procured only by the government agencies in India. However, APTA being a preferential trade agreement, nothing will come into the country at zero duty and the import duty would be around 7 percent. The decisions on tariff concessions for various nations will be implemented formally after the fourth session of the ministerial council of APTA, scheduled to be held in January 2017.
APTA is an initiative under the UN Economic and Social Commission for Asia and the Pacific for trade expansion through exchange of tariff concessions among developing nations of the Asia Pacific region. Until now, three rounds of APTA negotiations have taken place and the latest offers are part of the fourth round. Since this is a preferential trade agreement, the basket of items as well as extent of tariff concessions are enlarged during the trade negotiating rounds which are launched from time to time. The Cabinet's approval was also given to amend the preamble of APTA to effect accession of Mongolia as the seventh participating state, according to an official statement.
SOURCE: Yarns&Fibers
The closing of textile and garment factories and the relocation of manufacturing activities to neighbouring countries has been a trend in Thailand. As alabourintensive industry, reasons for the downward trend of this industry revolve around high wages, labour scarcity and the end of Generalised System of Preferences (GSP) tariff privileges. Thai garments are deemed as not competitive compared with those from neighbouring countries which still enjoy GSP privileges and where lowwage labour is still abundant. Textiles and garments are generally viewed as a sunset industry. Our research team from Thailand Development Research Institute (TDRI), with support from the Commerce Ministry's Trade Policy and Strategy Office, has been exploring this issue, as this industry still hires many in the Thai labour force and can add value in the domestic market. We found that, with appropriate adjustments and upgrading, this industry might be able to survive and even thrive in the international economic environment.
Experience from other countries such as Japan, Korea, and Taiwan, which entered this industry before Thailand did, suggests similar kinds of problems during the transition period when their textile and garment industries made the transition from a labourintensive to highvalue industry. Higher labour costs and labour shortages compelled these countries to upgrade from labourintensive, lowvalueadded garment manufacturing activities to capitalintensive, highvaluedadded ones by moving upstream to textiles, fibres and machinery industries. Countries that we usually associate with hightechnology products, such as Taiwan, Japan, or even Germany, still manufacture textiles and garments. The industry in these countries is, however, quite different from the one in Thailand. Taiwan focuses on technical textiles such as fabrics that ventilate heat and moisture, fireresistant textiles, or special fabrics for use in industries, construction and hospitals.
Some of these textiles have glowinthedark or electricityconducting properties, something that could be put to use in a wide variety of highvalue final products. Japan, in addition to her dominance in automobiles, electronics and other hightech products, has gone another step upstream, as one of the world's major exporters of weaving and knitting machinery for textiles. Germany, the world's foremost producer of worldclass automobiles, is, perhaps surprisingly, the number one world exporter of advanced technical textiles for use in cars and for medical purposes.
The path of moving to highervalue upstream activities such as from garments to textiles and fibres, or even machinery is one way to get out of the labour shortages and problems of high labour costs which Thailand is facing. Building brands, however, is no easy task. It involves building a country image and requires collaboration from all stakeholders particularly between the government and the private sector (brand owners). A good place to start is to build a brand domestically, and expand to the regional level (Asean countries). This could bring about the necessary knowhow and capabilities for Thai brand owners to finally go global. These two paths of moving upstream and building brands, especially in fashion, both require an upgrade of the supply chain (production) and demand chain (distribution, sales and marketing, branding). This comprehensive view is necessary as highfashion clothes are not likely to survive in the long run if they are not made from appropriately highquality fabrics, not to mention good sewing and production techniques. The implication is we need strong midstream (textiles) and downstream (garment) producers to meet the needs of brand designers. There must be a big enough variety of highquality textiles, particularly those that could meet a design's specifications at appropriate prices. Good sewing/production techniques are also needed in highend fashion. The government and brand owners must understand the world fashion system; being able to showcase quality Thai brands at international fashion shows; and to have concept shops that feature unique brand styles in major fashion cities around the world.
Viewing Thai textiles and garments from a businessunit perspective, we see a high variety of types and sizes. In sportswear, we have worldclass producers for Nike and Adidas but we also have SMEs in this segment. We also have brand licensees, who can make products that meet the needs of global buyers and so obtain the rights to use their brands such as Lacoste, Guy Laroche, and so on. We also have medium to lowend fashion producers who can quickly copy the ever changing trends in fashion and sell wholesale. Their products, from places like Bobae market and Platinum department store, have done well in Asean markets, especially in neighbouring countries. Quality and consistency are the keys for these producers to further improve product recognition and market access. Once accomplished, building their own regional brands is likely and feasible. So brand building for Thailand is not necessarily limited to highend fashion. We believe that textiles and garments are not a sunset industry at all. However, upgrading and development are needed. Strategic moves led by the private sector must be supported by the government. With a proper transition from labourintensive, lowvalue business to highvalue activities, Thai textiles and garments could attain a global presence, boosting income and jobs for the country.
SOURCE: The Bangkok Post
Kelheim Fibres is one of the leading producers of viscose speciality fibres is focusing on developing innovative products, for which it is looking into a new area of applications and exploring the suitability of its innovative hydrophobic Olea fibre for emulsion separation. Olea is a viscose fibre with durable hydrophobic properties. The additives used in production are approved for food contact by the FDA and the BfR and at the same time free of silicones. In a series of tests over the next months, the company will analyse how these hydrophobic properties influence the separation of water/oil mixtures. Preliminary trials have shown an accumulation of oil on the fibre’s surface which then enables the separation of the larger oil droplets. As a next step, Kelheim will examine the efficacy of separation of different emulsions, as well as the influence of the nonwoven construction and suitable blend partners.
Unlike other cellulosic fibres, such as cotton or wood pulp, viscose fibres are distinguished by their well-defined and reproducible properties that allow them to be designed to meet the needs of processing steps and adapted to each application. For example, the porosity and surface of a filter can be precisely controlled by adding viscose fibres with different cross-sections. The incorporation of functional additives into viscose fibres is said to allow the optimization of the fibres in respect of the intended application, for example for the removal of tannins from beer.
One of the advantages of use of functional viscose fibres is that they do not impact the physical properties of the filter and can not migrate into the filtered product but can still function effectively, as additives are incorporated in the fibres. As viscose fibres are manufactured from renewable raw materials, the incineration at the end of filter life is CO2 neutral, or – if the residue in the filter allows – they can be composted, an ideal disposal route for precoat filter cakes in the beverage industry. According to the manufacturer, the use of viscose speciality fibres from Kelheim is completely safe both for people and for the environment, which is one of the reasons why the fibres have been used in medical products. The fibres are certified for food contact by ISEGA, and the absence of harmful substances in the products is confirmed by their certification to the Oeko-Tex Standard 100 in the most demanding product class. Viscose fibres are taste neutral and are currently used in food and beverage applications, such as coffee pads and tea bag papers. Kelheim;s production plant and headquarter is located in Southern Germany. Every year approximately 90.000 tons of viscose fibres are produced and tested at the plant in Kelheim. The fibres are used in a wide range of applications – from fashion to hygiene and medical products, from nonwovens to speciality papers. Innovative products, flexible technologies and a strong customer orientation are the foundation for the success of the company.
SOURCE: Yarns&Fibers
India, which once led as a cotton yarn supplying nation to China is now been relinquished to second position. This was done by not so powerful as an economy or a textile giant, Vietnam. And this not the story of aberration, it has been the top supplier of cotton yarn to China since March 2016, when it overtook India. And that too, at a much higher unit price realization than India and also Pakistan, the lowest in the rung. Why is China preferring high cost cotton yarn from Vietnam? My earlier story of 24 August titled China cutting yarn imports, significantly reduces supply from India covered the CIF value comparison between India, Vietnam and Pakistan – the three major suppliers for all goods covered under HS codes 5204, 5205,5206, and 5207. To reiterate with an update to my previous story with numbers available for July 2016, Pakistan was the cheapest supplier of cotton yarn for China, followed by India and then Vietnam. In July, average import price for cotton yarn from the World into China was US$2.55 per kg. The same from Pakistan was US$2.18 a kg, from India US$2.42 a kg and US$2.59 from Vietnam. Similarly, in July 2015, the numbers were at US$2.75 a kg (Total), US$2.28 a kg (Pakistan), US$2.72 a kg (India) and US$2.83 a kg (Vietnam). Thus, it is apparent that prices have dropped over the year, Vietnam prices continue to be remain the highest and Pakistan the lowest. So coming back to the question, Why China has increased high priced import from Vietnam. I see four components in the pricing of Vietnam’s yarn. First, the low but rising cost of production, high raw material due to elevated cotton prices, product margin and the returns on investment of Chinese investors in Vietnam. Although, no value can be specified to the fourth element, it is evident that China had invested large money into Vietnam to take advantage of its low cost labor. If they pay more money to Vietnam it will come back as ROI into Chinese economy.
During the first seven months of 2016, China’s import of cotton yarn from Vietnam increased 7% to US$866 million with shipment aggregating 334 million kgs. In similar comparison, import from India declined 42% to US$635 million (263 million kgs) and that from Pakistan was down 41% at US$482 million (220 million kgs). In February 2016, import from India was worth US$76 million and that from Vietnam was US$64 million. From March onwards import from India remained below US$100 million while Vietnam averaged US$140 million. In the last two years, labor cost has been rising rapidly in Vietnam. The low-cost country is now clearly confronted with an excessive rise in its labour costs, after minimum wages were repeatedly raised in the past years. A fresh bout of increase of 7.3% - far above inflation rate, is being proposed for next year, which may hamper exports for Vietnam and make yarn costlier for Chinese buyers. Will Indian suppliers respond proactively to regain its market share in China? I don’t think so, because they were equally naïve to the influx of Vietnam’s yarn into China, which have been building over months now.
SOURCE: Yarns&Fibers
Thanh Cong Garment, one of a few Vietnamese garment companies which owns a yarn – fabric – garment production line having strong demand from South Korea and the US, its key markets, sees contracts decrease from foreign partners considerably in the first six months of the year. Regarding consumption, Thanh Cong has stable consumption outlets as its large shareholder – Eland Asia Holding Pte Ltd – is usually responsible for 60 percent of the company’s output. However, even with great advantages and support, Thanh Cong, like other enterprises in the industry, is still meeting difficulties. The annual revenue from fabric accounts for 10 percent of net revenue, while yarn brings 30-40 percent and garment 50 percent of revenue. Its revenue in the first six months of the year increased compared with the same period last year, but its post-tax profit dropped sharply by 42 percent from VND86 billion to VND50 billion. The company’s business efficiency also fell, with gross margin down.
An analyst commented that Vietnam’s advantage of cheap labor costs, an important factor attracting foreign partners, no longer works because other countries even offer cheaper costs. He doubts if Vietnam still has opportunities to become the ‘garment production base’ of the world. Thanh Cong’s decline in business performance is attributed to a decline in exports. In the first half of the year, Thanh Cong’s export turnover fell by 12 percent in comparison with the same period last year. In yarn production, Thanh Cong took a loss with the gross margin of minus 5 percent. The selling price has stayed unchanged for a long time, while input material prices have been increasing sharply since the first quarter of the year. In garments, Thanh Cong’s key factory in Vinh Long province, continued taking a loss of $250,000-300,000 a month because revenue from the US, its major market, was modest, which could not cover the expenses. Vietnamese companies are losing orders to the hands of Laos, Myanmar and Bangladeshi companies which can make products at lower prices thanks to preferential tariffs offered by some large markets. Vietnam may have the same preferences obtain by 2018 if the TPP is ratified. Thanh Cong’s problems reflect the difficulties faced by the Vietnamese textile and garment industry.
SOURCE: Yarns&Fibers
The Vietnam Textile and Garment Association (VITAS) and Mexico's National Chamber of Textile Industry (Canaintex) expect the value of Vietnamese exports to Mexico to double in 3-4 years after the Trans-Pacific Partnership (TPP) is implemented. This is because tariff on Vietnamese goods exported to Mexico would fall to zero from the current 30 per cent. To lay foundation for bilateral garment cooperation between the two countries, a delegation from Canintex recently visited Vietnam. The team visited several factories and a garment and textile industrial park during their one week stay. Once TPP agreement comes into effect, Vietnam's garment and textile exports will rise sharply and its market share in TPP member countries would increase substantially due to preferential tax policies, Canaintex representatives said. Vietnam has targeted to increase its garment and textile exports from $28 billion at present to $50 billion by 2020, according to VITAS. Of the $28 billion, nearly $11 billion worth of garments were exported to the US, another TPP member country, last year.
SOURCE: The Global Textiles
