INTERNATIONAL
NATIONAL
The first exclusive textile roadshow to promote Bharat Tex 2024 - a global textile expo covering India's entire textile value chain that is set to take place in New Delhi in Feb., 2024 was held in Coimbatore on Thursday. The expo is organised by a consortium of 11 textile export promotion councils and supported by the Union Ministry of Textiles. V.T.Karunanithi, Member, Committee of Administration, Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) welcomed the gathering. He expressed his gratitude to the Central Government for giving the opportunity to Tamil Nadu to conduct the first road show to promote Bharat Tex 2024. He also extended a warm welcome to the Textile Sector players of Tamil Nadu to take part in Bharat Tex 2024. S.K.Sundararaman, Chairman, Southern India Mills Association (SIMA) expressed that the textile industry is in tough times and the way to come out of it is to reinvent themselves and do something new, big and bold. "I think Bharat Tex 2024 is our opportunity to tell the story about the strength and resilience of the Indian Textile Industry," he said. "I can assure that we (SIMA) would give our 100% in making sure that we get as much success as possible in Bharat Tex. SIMA is completely committed to that," he added. Rajeev Saxena, Joint Secretary, Ministry of Textiles shared that Bharat Tex 2024 will be held in New Delhi from Feb 26 to 29, 2024 at Bharat Mandapam and Yashobhoomi. He shared that it is spread across 2,00,000 sq. mtrs gross area, and it will have 3,500+ exhibitors showcasing fibre, yarn, fabric, home textiles, technical textiles, handloom & powerloom products, handicrafts, technical textiles and much more. He wanted them to weave their network and showcase their strength to the world. Anil Kumar, Director, Ministry of Textiles shared about various supports whether it is infrastructure or schemes, the Indian government has given to various states in the country that concentrate on Textiles. Talking about the PM Mitra Park in Virudhunagar, Tamil Nadu, he said "we are confident that in 2024 we will start alloting land to the interested parties." He underlined that since the state government is giving land at a nominal price, the Union Ministry expects the rentals of the plot in the park not to be high. He said all clearances can be received easily by companies that wish to set up units in the park. He also added that the site is very close to the Tuticorin Port and an existing Industrial cluster. Dharmendra Pratap Yadav, Principal Secretary, Handlooms, Handicrafts, Textiles and Khadi, Tamil Nadu Government appreciated the initiative taken up by the consortium of textile export promotion councils. " On behalf of the Tamil Nadu Government we will definitely look at how to provide all the support to this event. We will see if we can become a partner state or a focus state," he said. R.Gandhi, Minister of Textiles, Tamil Nadu said that getting 3,000+ overseas buyers under one roof is a rare and tremendous opportunity for the textile manufacturers in Tamil Nadu. He assured that he will speak to the Chief Minister regarding this mega textile expo of international standards. "Tamil Nadu will participate in this expo," he said.
Source: The Covaichronicle
Grasim Industries, an Aditya Birla group company reported a 15 per cent rise in net profit at Rs. 1,164 crore for the quarter ended September, as against Rs. 1,009 crore in the previous year period. Compared to Rs. 27,486 crore recorded in the same quarter last year, the company’s sales for the quarter increased by 10 per cent to Rs. 30,221 crore. The company’s EBITDA increased by 32 per cent to Rs. 6,053 crore from Rs. 4,592 crore at the same time last year. The viscose staple fibre (VSF) division of Grasim had sales of Rs. 3,889 crore and EBITDA of Rs. 468 crore for the quarter, representing increases of 9 per cent and 20 per cent, respectively, over the previous quarter. For its viscose business, festive demand and inventory replenishment in the domestic value chain resulted in volume growth while export demand for the value chain remained weak from major overseas markets. The textile segment recorded Rs. 41 crore in EBITDA and Rs. 560 crore in revenue. The company claimed that the profitability of the linen segment was damaged by the sudden spike in flax fibre costs.
Source:Apparel resources
India's labour-intensive export sectors could gain from the latest depreciation in the rupee, according to experts. Outbound shipments of readymade garments, carpets and handicrafts can increase 2-10% increase, whereas in the case of handicrafts, where the imported content is low, the benefit can be as high as 100%, they said.If the rupee depreciates about 10% and the import content in the product being exported is 20%, the net gain to exports would be 8%, said industry experts. "One can also get the benefit while negotiating contracts. If an exporter hasn't hedged, then they would get windfall gains during the period of depreciation, but most of the time, inflation nullifies the benefit given by deprecation," said Ajay Sahai, director general, Federation of Indian Export Organisations. Labour-intensive sectors have been hammered by the global slowdown, with production lower than it was last year. In the first half of 2023-24, apparel manufacturing was down 21.9% year-on-year, while growth in the leather industry was flat. An ET analysis found that in the case of wearing apparel, production was 34% lower than in the corresponding period of pre-Covid-19 2019-20, whereas leather exports were 22% below their pre-pandemic levels.This reflected in exports as well.Ready-made garment exports fell 14.58% year-on-year in the April-October period to $7.82 billion. Handicrafts exports were down 11.37%, and leather product exports were 11.74% lower.In the gems and jewellery sector, where the import content is almost 90%, the net gain is around 1%, but the benefit varies from company to company. The gems and jewellery segment is among the industries where exports have contracted the highest. Engineering goods exporters expect a 4-5% rupee depreciation to translate into a 10% export growth if raw material prices don't increase further.During April-October, India's merchandise exports contracted 7% to $244.89 billion while imports fell 8.95% to $391.96 billion. However, too much depreciation can make imports costlier and lead to higher inflation, according to experts."If we let the rupee depreciate more, then other imports get impacted and inflation results. Hence, the central bank approach is to balance trade with inflation all the time as the latter affects monetary policy," said Madan Sabnavis, chief economist, Bank of Baroda. Another factor is how the rupee has performed against other currencies, said experts."Rupee depreciation versus the dollar is only one aspect. How the rupee performs versus competing export currencies will have an impact, particularly given weak global demand," said Aditi Nayar, chief economist, ICRA.
Source: Economic Times
India and the UK are not working under any deadline for the conclusion of negotiations for a free trade agreement as both sides are discussing issues that are "slightly" complex in nature, a senior government official said on Wednesday. Commerce Secretary Sunil Barthwal said that the two countries are working to finalise the issues as early as possible."We are not working (under) any deadlines...because there are issues which are of slightly complex in nature and which have economic significance for both the countries," he told reporters here. "So we are looking at those issues much more carefully...so there is no deadline as such, we are working under timelines," he added.Joint Secretary in the commerce ministry and India's chief negotiator for the pact, Nidhi Mani Tripathi, said that the two sides continue to discuss the "outstanding issues" which remained unresolved."At all levels, there have been continuous exchanges to iron out differences and we intend to close as many as issues quickly," she said. So far 13 rounds of talks have been completed.Issues which are under negotiation include social security pact, automobiles, medical devices, movement of professionals; rules of origin; intellectual property rights (IPRs); duty concessions on electric vehicles, scotch whiskey, lamb meat, chocolates; and liberalisation of norms in services sectors like banking and insurance. India wants a social security agreement (SSA) under the FTA. The agreement would ensure that employers are saved from making double social security contributions for the same set of employees (posted in other countries). Besides, the employees would also be saved from making double social security contributions.Talks are also progressing on the proposed bilateral investment treaty (BIT). The investment treaty is being negotiated as a separate agreement between India and the UK. These investment treaties help in promoting and protecting investments in each other's country. The main point of contention involved in this pact is about the mechanism for the settlement of disputes.India and the UK launched the talks for free-trade agreement (FTA) in January 2022, with an aim to conclude talks by Diwali (October 24, 2022), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights.The Indian industry is demanding greater access for its skilled professionals from sectors like IT, and healthcare in the UK market, besides market access for several goods at nil customs duties. On the other hand, the UK is seeking a significant cut in import duties on goods such as scotch whiskey, automobiles, lamb meat, chocolates and certain confectionary items. Britain is also looking for more opportunities for UK services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance). The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22. The 'rules of origin' provision prescribes minimal processing that should happen in the FTA country so that the final manufactured product may be called originating goods in that country. Under this provision, a country that has inked an FTA with India cannot dump goods from some third country in the Indian market by just putting a label on it. It has to undertake a prescribed value addition in that product to export to India. Rules of origin norms help contain the dumping of goods. On broad-basing the existing free trade agreement with Australia, Joint Secretary in the ministry, Darpan Jain said that the eighth round of talks is expected in the first week of December. "Negotiations are going at a fast pace ... we are also having exploratory discussions on 14 new areas such as competition, MSME, and gender...and we have reached a convergence on many of these areas like sports, labour environment, MSME, and traditional knowledge," he said. He added that both countries are intended to convert them into formal tracks as soon as possible. On trade pact with Latin American nation Peru, the ministry said that the sixth round of talks is expected in December. Similarly, with Sri Lanka, the next round of negotiations on a free trade agreement is scheduled early January next year.
Source: Economic times
Chief negotiators of India and the U.K. are expected to soon hold next round of talks for the proposed free trade agreement to iron out differences on issues such as automobiles, medical devices, and movement of professionals, an official said. The official said that the U.K. team may come to New Delhi for the 14th round of negotiations so that the talks can be concluded at the earliest. "Virtual sessions are progressing. But we are planning for a full fledged round of talks. In the full round, both sides discuss all the chapters. Some 60-70 sessions happen parallelly," the official, who did not wish to be named, said. Issues which need resolution include rules of origin; intellectual property rights (IPRs); social security agreement; duty concessions on electric vehicles, scotch whiskey, lamb meat, chocolates and certain confectionary items; liberalisation of norms in services sectors like banking and insurance. Talks are also progressing on the proposed bilateral investment treaty (BIT). The investment treaty is being negotiated as a separate agreement between India and the U.K.. These investment treaties help in promoting and protecting investments in each other's country. The main point of contention involved in this pact is about the mechanism for the settlement of disputes. BITs help in promoting and protecting investments in each other's countries. India has proposed to first utilise all local judicial remedies for settlement of disputes before initiating an international arbitration. India and the U.K. launched the talks for free-trade agreement (FTA) in January 2022, with an aim to conclude talks by Deepavali (October 24, 2022), but the deadline was missed due to political developments in the U.K. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. The Indian industry is demanding greater access for its skilled professionals from sectors like IT, and healthcare in the UK market, besides market access for several goods at nil customs duties. On the other hand, the U.K. is seeking a significant cut in import duties on goods such as scotch whiskey, automobiles, lamb meat, chocolates and certain confectionary items. Britain is also looking for more opportunities for U.K. services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance). The bilateral trade between India and the U.K. increased to $20.36 billion in 2022-23 from $17.5 billion in 2021-22. The 'rules of origin' provision prescribes minimal processing that should happen in the FTA country so that the final manufactured product may be called originating goods in that country. Under this provision, a country that has inked an FTA with India cannot dump goods from some third country in the Indian market by just putting a label on it. It has to undertake a prescribed value addition in that product to export to India. Rules of origin norms help contain dumping of goods.
Source: The Hindu
INTERNATIONAL
As the holiday shopping season approaches, major USA retailers from Dollar General to Walmart and Macy's could be burdened with too much stock for a second straight year, according to a Reuters analysis, risking fashion retailers’ profit margins and generating steep discounts for shoppers. LSEG Workspace, a financial news and data platform, calculated inventory turnover ratios of 30 major US retailers for Reuters. To determine which chains are most vulnerable to carrying excess stock - a problem that raises retailers' costs - LSEG divided each retailer's cost of goods sold by the average value of its inventory in the second quarter. Stuffed stockrooms are especially challenging for retailers this year because American shoppers are expected to spend just 3% to 4% more this season, roughly on par with inflation. That would represent the slowest pace of growth in five years, according to industry estimates. "I am relatively pessimistic about the holiday season," said Gerald Storch, Retail Consultant and former Target vice chairman and ex-CEO of Hudson's Bay. "It's possible that some retailers could be overly optimistic and make that mistake of buying too much yet again," Gerald Storch added. Carrying too much inventory is a problem for many retailers because it drives up retailers' expenses for handling, storing and transporting products, said Jeff Bornino, North America President at TMX Transform, and a former supply chain executive at Kroger. "The undeniable reality in retail is that 15-20% of products occupying store shelves need to go," he said. According to the Reuters analysis, two-thirds of the 30 retailers, including sporting goods company Foot Locker and beauty store Ulta Beauty had inventory turnover below their peers, indicating either slow sales or excess stock. The finding is notable because history may be repeating itself for some of the chains. Inventory gluts hit many retailers' gross margins and profits last year when shoppers paused discretionary purchases due to high inflation. While most retailers, including Foot Locker and Target, are carrying lower inventories from last year according to quarterly reports, the LSEG data on inventory turnover shows their levels are still high. This is especially acute for dollar stores, department stores and clothing and accessories chains, the analysis showed. Department stores' holiday season is "likely not going to be that strong," said David Swartz, a Morningstar analyst. Dollar General, TJX Companies and Dick's Sporting Goods declined to comment on their turnover ratios compared to their peers. Dollar Tree, Walmart, Best Buy, Macy's, Foot Locker and Ulta did not respond to Reuters' questions about their inventories. Target pointed to its CFO's recent remarks that it embraced a ‘cautious planning approach’ and that its second-quarter inventory was down 17% compared to a year earlier. To be sure, inventory turnover is not the only metric Wall Street investors use to judge retailers' inventory levels. Some investors will personally visit stores to check inventory levels and to measure the frequency and depth of retailers' discounts to clear out merchandise. Others pay attention to a retailer's quarterly margin. A decline in margin could signal that a retailer dramatically slashed prices to pare back a glut. The possibility of another year of retail inventory gluts has prompted worry among investors who own shares of retailers. "Inventories have been a roller coaster for large U.S. retailers," said Jason Benowitz, Senior Portfolio Manager at CI Roosevelt, which holds shares in Home Depot. Retailers need to use promotions and discounts to drive traffic to the stores, Telsey Advisory Group analyst Joseph Feldman said. Some are already slashing prices and dangling discounts to clear excess inventory before Black Friday, the start of the holiday shopping season. Research firm Jane Hali & Associates said discounts at Kohl's and Macy's were as high as 60%, with foot traffic lower at these two retailers and Nordstrom compared to last year. Kohl's and Nordstrom did not respond to requests for comment. As shoppers turn cautious due to financial strains such as high-interest rates and a resumption of student loan repayments, some retailers are offering holiday discounts earlier than usual, said Brian Mulberry, client portfolio manager at Zacks Investment Management, which owns Walmart shares. "And that is simply driven by the fear that the consumer, by the end of the year, could be in a weaker state," he said.
Source: Textile Today
Orange is made of cellulose, and we extracted juice from it. We know that natural fibers are extruded from cellulose-based materials such as jute, flax, and hemp. After extracting juice from oranges, there is also remaining cellulose in orange waste. In Europe, orange juice companies produce a lot of orange waste and send it to the landfill. Sometimes, orange waste causes environmental pollution. Adriana Santanocito, a designer in 2011, came up with the idea of making fiber from the waste of citrus fruits, which are wasted for a long time. She founded Orange Fiber with her colleague Enrica Arena in 2014 and patented her discovery. The fabric that was invented is eco-friendly, bio-degradable, silk-like, and vitamin-enriched. She collaborated with Salvatore Ferragamo in 2017, a famous fashion brand, to show a collection of dresses made from orange fiber. The production process of Oranges Fibers : Orange fiber is made of citrus juice by-products, which are not totally useable. This byproduct, called pastazzo, is processed to extract the citrus cellulose, which is then converted to yarn and used to make a fabric like silk. Orange fiber is comfortable for luxury and premium fashion brands.
The steps are below; The pastazzo, which remains part of the orange after extracting the juice, is collected from the orange processing plant. To extract the cellulose from the peels, the pastazzo is treated with a patented chemical process. The extracted cellulose is sent to spinning in a special machine. Then, orange fiber is used for fabric production. The fabric is dyed, printed, and finished depending on the fabric brand.
Orange Contains : Orange contains Water, Carbohydrates, Sugars, fiber, protein, fat, and various vitamins and minerals . Oranges also contain diverse phytochemicals, such as carotenoids (beta-carotene, lutein, and beta-cryptoxanthin), flavonoids (naringenin), and volatile organic compounds that produce the orange aroma.It contain many compounds of organic acids, such as citric acid, malic acid, and ascorbic acid (vitamin C), and sugars, such as sucrose, glucose, and fructose.
We use different types of fabrics in our daily life. Orange fiber has more advantages than that. Because it decomposes easily and does not require any harmful substances for decomposition. We all use comfortable fibers more. We call silk a comfortable fiber. The fiber is soft . but orange fiber has a soft and smooth texture that feels like instant silk. Orange fiber can easily be added to other fibers, providing benefits such as UV ( ultraviolet) protection. We mean orange fiber as a low strength fiber because it can be easily mixed with other fibers. For example, orange fiber can be mixed with other fibers such as cotton, silk, polyester, thereby increasing its strength, durability and elasticity. We can mix orange fiber and silk to make a fabric that is soft, smooth and shiny. We are home to easily increase the strength of orange fiber. An easy way to increase the strength is to improve it with natural oils. When we dissolve fiber into oil the fiber absorbs the oil and increases strength. Oils help protect the fabric from sunlight, washing, or wear and tear. And it can make it comfortable and pleasant. In 2019 H&M company created an exclusive collection using orange fiber. Salvatore Ferragamo, which is an Italian fashion house. Showed the first fashion collection from Orange Fiber in 2017. E.Marinella, a Neapolitan tailoring brand, 2019 made sustainable ties, pocket squares, and lady sill scarves for the first time from orange fiber
End Use of Orange Fiber : 1. Orange fibers are being developed to create an exclusive collection of garments. Which makes it elegant and eco-friendly. 2. Orange fiber is being used to make various accessories. For example: scarf, bag, hat etc . 3. Currently orange fiber is being used in home textiles. For example curtains, bed sheets, pillows etc.
Source: Textile focus
