|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1046.08 |
USD/Ton |
0.43% |
10/20/2016 |
|
VSF |
2489.82 |
USD/Ton |
0% |
10/20/2016 |
|
ASF |
1869.59 |
USD/Ton |
0% |
10/20/2016 |
|
Polyester POY |
1068.34 |
USD/Ton |
0% |
10/20/2016 |
|
Nylon FDY |
2359.24 |
USD/Ton |
0% |
10/20/2016 |
|
40D Spandex |
4377.21 |
USD/Ton |
0% |
10/20/2016 |
|
Nylon DTY |
1305.74 |
USD/Ton |
0% |
10/20/2016 |
|
Viscose Long Filament |
2181.19 |
USD/Ton |
0% |
10/20/2016 |
|
Polyester DTY |
2037.26 |
USD/Ton |
0% |
10/20/2016 |
|
Nylon POY |
1268.65 |
USD/Ton |
1.18% |
10/20/2016 |
|
Acrylic Top 3D |
2559.56 |
USD/Ton |
0% |
10/20/2016 |
|
Polyester FDY |
5593.93 |
USD/Ton |
0.13% |
10/20/2016 |
|
10S OE Cotton Yarn |
2077.32 |
USD/Ton |
0% |
10/20/2016 |
|
32S Cotton Carded Yarn |
3407.55 |
USD/Ton |
-0.04% |
10/20/2016 |
|
40S Cotton Combed Yarn |
3871.23 |
USD/Ton |
-0.04% |
10/20/2016 |
|
30S Spun Rayon Yarn |
3056.63 |
USD/Ton |
-0.24% |
10/20/2016 |
|
32S Polyester Yarn |
1745.69 |
USD/Ton |
0.56% |
10/20/2016 |
|
45S T/C Yarn |
2596.65 |
USD/Ton |
0% |
10/20/2016 |
|
45S Polyester Yarn |
3190.17 |
USD/Ton |
0% |
10/20/2016 |
|
T/C Yarn 65/35 32S |
2344.40 |
USD/Ton |
0% |
10/20/2016 |
|
40S Rayon Yarn |
1854.75 |
USD/Ton |
0% |
10/20/2016 |
|
T/R Yarn 65/35 32S |
2240.54 |
USD/Ton |
0% |
10/20/2016 |
|
10S Denim Fabric |
1.36 |
USD/Meter |
0% |
10/20/2016 |
|
32S Twill Fabric |
0.84 |
USD/Meter |
0% |
10/20/2016 |
|
40S Combed Poplin |
1.18 |
USD/Meter |
0% |
10/20/2016 |
|
30S Rayon Fabric |
0.69 |
USD/Meter |
0% |
10/20/2016 |
|
45S T/C Fabric |
0.66 |
USD/Meter |
0% |
10/20/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14838 USD dtd. 20/10/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The Indian polyester market witnessed a demand growth of 14 per cent year-on-year (YoY) in the second quarter of FY17, says the financial performance report of Reliance Industries Limited (RIL). Polyester filament yarn lifting was healthy for grey and finished fabrics during 2Q FY17 and there was a surge in demand for polyester products. The financial report documenting the growth of RIL in the second quarter and first half of FY17 states that polyester products witnessed a demand growth of 6 per cent in the first half of this fiscal. In an effort to boost textile exports, the Indian government has extended support to certain polyester downstream products under Merchandise Exports from India Scheme (MEIS). This is likely to aid the growth of textile exports, says the report.
Global polyethylene terephthalate (PET) markets witnessed seasonal slowdown in beverage consumption in 2Q FY17, thus PET prices reduced by 4 per cent quarter-on-quarter (QoQ). This impacted delta that was lower at $129/MT. Domestic demand for PET witnessed a surge of 28 per cent YoY on account of higher beverage consumption. However, heavy rains in many parts of the country capped the rise in this demand.
Paraxylene (PX) prices remain stable QoQ in 2Q FY17 due to two consecutive contract settlements for July and August 2016, helping sustain a higher delta of $404/MT during the quarter. Purified Terephthalic Acid (PTA) markets were steady, supported by lack of spot cargo availability as most of the volumes were committed in futures warehouses. Prices remained stable QoQ tracking stable upstream in PX prices. PTA-PX delta continued to be stable at $101/MT in 2Q FY17. Functional PTA units in China were running at above 85 per cent in this quarter. Ethylene glycol (MEG) prices in 2Q FY17 were largely flat QoQ which aided to achieve stable margins of $369/MT over naphtha, reveals the report. Polyester markets witnessed balanced fundamentals despite supply constraints during G20 summit in China. Restocking from downstream to offset the production loss during the summit led to a higher polyester output. Operating rates of polyester fibre and yarn plants in China were in the range of 80-83 per cent towards the end of the quarter.
Polyester filament yarn prices improved by 2 per cent, while staple fibre prices reduced by 4 per cent QoQ. Polyester filament yarn delta strengthened on account of healthy fabric and home textiles sales. Polyester Staple Fiber (PSF) delta softened amidst low recovery in price with respect to feedstock, however, PSF demand remained firm from non-woven segment in western world, adds the report.
SOURCE: Fibre2fashion
Spinning mills have reduced purchasing raw cotton from the market due to inferior produce. The buyers are holding back expecting drop in raw cotton prices with arrival of fresh and ‘superior’ crops in the market from next month. There are about 40 spinning units in the state. Each unit has a capacity of one lakh spindles that requires around 450-500 bales of cotton per day. President of a textile firm Suresh Maheshwari said, “Buying of raw cotton has reduced significantly because quality is not suitable for further process. Moisture content is high but we expect it to drop by the first week of November.” The moisture content in the current supplies is over 30 per cent as against the standard level of 15 per cent. Fresh supply from cotton has started arriving in the local market but only 10 per cent of the crop has been harvested so far. Cotton arrivals are expected to increase from November, industry participants said. Arrivals of the new season crop got delayed due to rains in several parts of the region. According to spinning mills, current cotton prices are not viable as yarn prices are ruling low in the market on poor export and textile demand. An owner of a spinning mill who did not wish to name said, “We are in a wait-and-watch mode as cotton prices may drop with rise in supply.” Spinning units have been using blended cotton since past few months due to higher cotton prices.
SOURCE: Yarns&Fibers
Karnataka showcased investment opportunities in the state on Day One of the international textile and apparel fair Vastra 2016. Representatives from the state gave presentations at the fair held at Jaipur Exhibition and Convention Centre in Sitapura. The team from Karnataka comprised Rudrappa Manappa Lamani, Minister for Textiles, Girish R, Commissioner for Textiles Development, G P Srinivasamurthy, Managing Director, Karnataka State Textile Infrastructure Development Corporation Limited, and Prakash H, Joint Director, Handlooms and Textiles.
In his presentation, Girish elaborated on the investment opportunities in the textiles sector in Karnataka. He said Karnataka accounts for 20% of the national garments production and 8% of the national garments export. “The state provides infrastructure support for textile parks. Land, with infrastructure support, is provided by the Karnataka Industrial Areas Development Board,” Girish said.
SOURCE: The Deccan Herald
Rajasthan has emerged as a pre-eminent hub for the domestic textile industry with a presence across the entire value addition chain from spinning to garments, a minister said. Speaking at the inauguration of textile exhibition 'Vastra', Rajasthan Industry MinisterGajendra Singh Khimsar said that during the Resurgent Rajasthan Partnership Summit held in November last year, 30 MoUs worth Rs 8,500 crore were signed for the textile sector."Of the 30 MoUs, 12 projects have started production while 12 projects are under construction and three projects are under various stages of clearance," Khimsar said. "The state has significant presence in the entire value addition chain and has emerged as a pre-eminent hub for the sector. "The textile sector is one of the largest sources of employment generation and the youth and women are major beneficiaries of the job opportunities," he said.
In June this year, the Centre had approved a special package for employment generation and export promotion in the textile sector. The package included a slew of measures which are labour friendly and would promote employment generation, economies of scale and boost exports, the minister pointed out. As many as 70 foreign buyers from 22 countries are participating in the event organised by the Rajasthan State Industrial Development and Investment Corporation ltd (RIICO) with Federation of Indian Chambers of Commerce and Industry (FICCI). Governments of Karnataka and Odisha are supporting the four-day event, while Jharkhand is participating as a Partner State.
SOURCE: The Business Standard
Income Tax sleuths continued with their raids at Pothys' outlets in the State for the third consecutive day. According to a source with the I-T department, three shopping stores in the city, besides buildings and houses belonging to the owners were brought under scanner. A residence near Music Academy in Teynampet was also searched. Another squad of I-T sleuths has left for Coimbatore, where the company has four more outlets. The order for the raids was given by the Central Board of Direct Tax (CBDT). The amount of cash seized is kept under wraps. The series of events began after a special police team seized Rs 2 crore from 2 employees of Pothys, who were travelling on a bus from Puducherry to Chennai, few days ago. The police were checking buses for liquor smuggling, ahead of the by-election in the Union Territory. After initial inquires revealed that the cash was unaccounted, the police handed over the case to the Income Tax department, who proceeded with the ongoing raids Searches subsequently took place at the Thiruvananthapuram showroom as well.
SOURCE: The News Today
Organic and eco-friendly apparel label Bhu:sattva is planning to set up shop in the US and Canada and enter a range of accessories next year. The US and Canada spend a lot on apparel. While America accounts for 26.69 per cent of the world market, the average Canadian household incurs an annual expenditure of 2,450 Canadian dollars on clothing. Purchases in the two markets are also marked by an extensive awareness of social responsibility and the health benefits of organic clothing. “This makes the consumer base of the two countries perfect for Bhu:sattva products and the clothing label has already gained initial traction in these regions,” Jainam Kumarpal, Founder-Director, told BusinessLine.
Until now, the brand was focusing on West Asian and South American markets, he said. The upcoming organic apparel is not a category but the process for making healthy and eco-friendly apparel, he said, adding Bhu:sattva, unlike Fabindia and others, offered completely hand-made, customised and embroidered clothing and other similarly crafted material. “We are also going to launch accessories like footwear, jewellery, essential oil, neckpieces, scarves and handbags.”
The textile and apparel industry can be broadly divided into two segments - yarn and fibre and processed fabrics and apparel. India accounts for nearly 14 per cent of the world's production of textile fibres and yarns and is the largest producer of jute, second largest producer of silk and cotton, and third largest in cellulosic fibre. India has the highest loom capacity (including handlooms) with 63 per cent of the world's market share. The domestic textile and apparel industry in India is estimated to go up from $67 billion in 2014 to $141 billion 2021. Increased penetration of organised retail, favourable demographics, and rising income levels are likely to drive the demand for textiles. India is the world's second largest exporter of textiles and clothing, he said. Textile and apparel exports from India are expected to increase from $40 billion in 2014 to $82 billion by 2021. Readymade garments remain the largest contributor to total textile and apparel exports from India. In FY15, the segment had a share of 40 per cent of all textile and apparel exports. Cotton and man-made textiles were the other major contributors with shares of 31 per cent and 16 per cent, respectively. At present, the organised apparel market in India is only 20 per cent of the total, which is estimated at $45 billion in 2013.
Trendy Indians are increasingly seeking out eco-friendly fabrics, sustainable clothing, and organic apparel: clothes made from bamboo, hemp and eucalyptus fibre, infused with healing herbs, using vegetable colours and natural dyes and organic cotton, grown from non-genetically-modified. In India, sustainable fashion has started gaining popularity only recently. “We have witnessed a 60-65% increase in demand since 2012,” he added.
SOURCE: The Hindu Business Line
The third meeting of the GST council (October 18-19), primarily to finalise the rate structure, compensation mechanism to states and issue of ‘dual control’ in tax administration can be termed as ‘partially’ successful. There were two key outcomes from the meeting. First, there seems to be a consensus on the mechanism of compensation by the centre to the states by taking FY16 as the base year and 14% annual growth over the base year. This looks far simpler than earlier discussions about taking three years out of last five or an average of last five years, etc., for arriving at the base amount. States seemed happy with this consensus and with that the focus moved to the rate structure.
As expected, the proposal mooted was for multiple rate slabs of 6, 12, 18 and 26%. This is in contrast with earlier discussions (emanating out of the CEA report) about primarily two slabs of 12 and 18, with a proposition of 40% on few ‘sin’ or ‘luxury’ products. Having a lower rate of 6%, which seems to be primarily meant for food products and other essential items, makes sense as increasing the effective rate on these products to 12% could have been inflationary and detrimental to the common man. The other departure from the earlier thinking was to have a new slab of 26% for certain products, possibly the ones the CEA recommended to put in 40% slab such as tobacco, luxury cars etc. Principally, this line of thinking looks reasonable, as a differential of 22% (between 40% and standard rate of 18%) was too steep and unprecedented.
However, there were two big surprises here. First, there was a reference to ‘luxury products’, other than those contemplated in the CEA report. While there were no official words on the additional products which could fall here, possibility of certain consumer durable and FMCG products falling into this category was doing the rounds. Till now, the industry (including FMCG, consumer durables etc.) had been expecting a standard rate of around 18% and had factored that in their business plans. The government had also been saying that there would be a consequent price reduction in these segments as the effective rate of tax would drop from current 25-27% to around 18%, making them cheaper for the common man.
It appears that the government is trying to compare the possible GST rates with the existing rate of tax on a product-by-product basis, which may not be the best strategy, when the country is on the cusp of a radical tax reform. Instead, the focus should be to have most of the products at a standard rate (of 18%) and bank on increased consumption, more manufacturing and economic activity leading to revenue buoyancy.
The second and bigger issue is the proposal that products under this category could attract a central cess (under Article 270 of the Constitution, Centre has a right to impose such cesses) to fund the compensation to be given to states, if any. While there does not seem to be a consensus on this cess as yet, initial indications are that most states are in agreement with the mechanism. I think having a cess is not a good idea and there are many reasons for it.
To start with, right from the first discussion paper on GST, issued by the then Empowered Committee in 2009, industry has been told that all cesses and surcharges will be subsumed under GST. This has been reiterated over the years in various official documents and the government interactions, including the FAQ document issued by CBEC last month, which says that ‘central surcharges and cesses so far as they relate to supply of goods and services’ would be subsumed in GST. A simple tax rate structure, with uniform classification across states, with no additional layering of tax, was one of the reasons why GST got such an overwhelming support from all stakeholders. Currently, many of these cesses (like automobile cess, NCCD, etc.) are applied at the stage of manufacturing only and are not credible for businesses. However, since GST is on all supplies, it is not clear whether this cess will also apply at each leg of supply chain, which would further lead to cascading of tax. Further, it seems that thinking is to have different rates of cess for different products, as the idea is to recover the differential between the current effective rate of tax and 26%, which will lead to further complications.
Also, it is not certain if the Centre would actually need to compensate the states, given the fact that there are estimates of additional GDP growth between 1-2% on account of GST. The experience of VAT also suggests that revenue growth of the states could be significant. Economists would argue that if GST rates are moderate, it would boost the consumption and will result in overall increase of tax base for the government. It is also expected that parallel economy will shrink under GST, which could also lead to increased income tax collections. In any case, there are various taxes which are outside the GST net, which can be used as additional revenue generating measures. These include excise duty on tobacco, taxes on petroleum products, stamp duties and so on.
The other problem with having a slab of 26% is the subjectivity in defining what would constitute a ‘luxury’ product. Till a decade back, probably a television could qualify as a luxury product, which is not the case today. Same is the case with four wheelers, air conditioners and so on. Similarly, it’s a matter of debate as to whether an aerated beverage is a luxury product or not, given that studies point that more than 90% sales are made to people other than high income class. As it is, India is making a departure from a classical GST system in many ways, including proposing the multiple rate structure, which seems to be the only realistic way of moving ahead as of now. However, imposition of cess and broad-basing of this proposed 26% slab, may be too much of a diversion from what was envisaged till now. This does require a serious rethink.
SOURCE: The Financial Express
And so, the GST juggernaut which had acquired considerable momentum over the last few weeks, has run into a hurdle. The latest meeting of the GST Council, which was widely expected to freeze the rate slabs, has not been able to arrive at a consensus and a decision on rates has been pushed forward to the next meeting. The crux is: What will be the source of funds for the Centre to compensate the States for loss of revenue? Finance Minister Arun Jaitley says there has been a “convergence towards consensus” over levying a cess on so-called luxury and sin goods, in addition to tax at the highest of four slabs of 6, 12, 18 and 26 per cent. The revenue from the cess will be used to compensate the States. Some States have objected to the idea of a cess, and rightly so, as it defeats the concept of a single national tax on goods and services.
Besides setting off accounting issues, a cess would also distort the rate structure and lead to blocked credits. There are better alternatives for the Centre to explore. The simple one would be to find the funds from within the rate structure by raising the highest slab from 26 per cent so that States get to share a part of the higher revenues while the Centre can use its share to compensate the former as it promised. This will also allow assessees to claim tax credits unlike in the case of cess. The problem with this approach though is that it could lead to price inflation in a number of goods and commodities used by the middle class. The other alternative could be increasing the clean energy cess, which will survive GST, and raising the rate on gold — which is now proposed to be taxed at 4 per cent — to 6 per cent. Also, tobacco tax is presently levied only on cigarettes which constitute just about 11 per cent of the market. The Centre should seriously consider bringing in other forms such as chewable tobacco, gutka and bidis into the net. This can be done by imposing the tax at the farmgate on those purchasing raw tobacco from farmers. The advantage here is that with input tax credit across the value chain, there will be a clear audit trail available and the unorganised tobacco processors will also be covered. The final option, of course, is for the Centre to find the resources from the Consolidated Fund, just as it did in the case of VAT compensation earlier. The idea of a cess, clearly, is a bad one and needs to be junked.
Meanwhile, some States appear to have had a rethink on the issue of administrative control of service tax assessees. While earlier the Centre was supposed to control all service tax assessees, the States now want to lord it over service tax assessees with turnover of less than ₹1.5 crore, just as in the case of goods. This is but a turf matter and is easier to solve compared to the imbroglio over rates.
SOURCE: The Hindu Business Line
Cargo traffic at India’s 12 major ports recorded a growth of 5.3 per cent to 315.4 million tonnes (MT) in the first six months of 2016-17. “The major ports in India handled 315.4 MT (million tonnes) of cargo during the first six months of FY 2016-17 (April-September) ….The cargo traffic handled by the major ports during the same period last year was 299.5 MT,” the Ministry of Shipping said in a statement. This is the result of many measures initiated by the ministry to improve the performance of ports, it added. “These include mechanization of the terminals, improving the TAT (turn-around time), quick evacuation of cargo, expansion of infrastructure and skill development of employees. “The slew of measures taken by the Ministry of Shipping to improve performance of ports has started to yield positive results,” the statement said.
Among the 12 major ports, Marmugao Port recorded the highest growth in traffic during the first six months of 2016-17 (April-September) with an increase of 61 per cent, followed by Paradip (18.3 per cent), Vishakhapatnam (11 per cent), Kandla (7.1 per cent), Cochin (5.2 per cent), V.O. Chidambaranar (3.5 per cent), New Mangalore Port (3.4 per cent) and Chennai Port (0.3 per cent). “Kandla Port handled the maximum cargo during the first six months of the FY 2016-17 (April-September). The port handled 53.9 MT, 17.1 per cent of the total cargo handled by major ports,” the statement said. Paradip was a close second at 42.6 MT (13.5 per cent), followed by JNPT at 30.8 MT (9.8 per cent) and Mumbai Port at 30.8 MT (9.8 per cent). Vishakhapatnam Port handled 30.6 MT cargo (9.7 per cent) followed by Chennai at 25.89 MT (8.2 per cent), V.O. Chidambaranar at 19.3 MT (6.1 per cent). New Mangalore Port handled 17.5 MT of cargo followed by Haldia Dock Complex at 16.2 MT and Karmajar Port at 14.8 MT. The last three positions were occupied by Mormugao Port (10.07 MT), Cochin Port (11.9 MT) and Kolkata Dock System (7.6 MT).
Regarding commodity wise growth of cargo, the April-September period witnessed an astounding growth of 142.4 per cent in iron ore handling as compared to the same period last year. “This growth in cargo share of iron ore can be attributed to re-starting of iron ore mining in the state of Goa. POL (petroleum, oil and lubricants) increased by 5.8 per cent followed by other cargo at 4.6 per cent and container at 0.7 per cent as compared to the same period in 2015-16,” it said. In terms of composition of cargo, the largest commodity handled in the period was POL (37.1 per cent), followed by coal (23.4 per cent), container traffic (19.6 per cent), other cargo (11.9 per cent), iron ore (5.66 per cent) and fertilizer and FRM (2.5 per cent).
SOURCE: The Financial Express
The US on Thursday said there is “much potential” for increasing bilateral trade with India and the country needs to further improve its business environment and liberalise its economy to attract investments. US Trade Representative Michael Froman, who is leading a high-level delegation here for the 10th India-US Trade Policy Forum meeting, said the country is proud to be India’s top trading partner and in 2015 their bilateral trade was over $109 billion. “US is the number one destination for India’s exports purchasing more than 15 per cent of all Indian goods and services exports. India has a $30 billion trade surplus with the US, largest surplus it has with any country. But for economies of our size, 17 trillion dollars for the US, 2 trillion dollars for India, there remains much potential,” Froman said addressing a conference here.
Pointing out that businesses are keenly sensitive to the business environment while taking investment decisions, he said there needs to be continued work on improving the business environment if India wants to attract the kind of investment, domestic and foreign, that meets its aspirations. “India’s has recently seen a positive trend in investment activity but it should not be complacent,” Froman said. “To be home of globally competitive businesses and to ensure that Indian consumers fully access the benefits of the world economy, India should continue down the path opening its economy,” he added. The US also asked India to adopt a comprehensive intellectual property protection policy saying it would be the key for development of robust knowledge-based economy. Froman said reforms under the national IPR policy will be fundamental to preserving and promoting the innovation that characterises the Indian industry.
SOURCE: The Financial Express
The government on Thursday said the South Asian Association of Regional Cooperation (SAARC) can be successful only in a “terror-free environment”. “Our interest in SAARC remains intact but our concern is that the connectivity, trade, including MFN (most-favoured nation) and cooperation that SAARC requires and the terror-free atmosphere needed for these initiatives is not there due to the actions of one country in our neighbourhood,” said Vikas Swarup, Spokesperson and JS (XP), Ministry of External Affairs, while briefing reporters. He said the government’s priority is to promote close economic ties within the region and that it remains committed to its principles. “Our intention is not to throw out the baby with the bath water. It is in cleaning up the bath water,” he added. This year the 19th SAARC Summit was scheduled to be held in Islamabad next month. However, due to rising acrimony between India and Pakistan over the recent terrorist attacks in an army camp in Uri, the meeting was cancelled with member countries such as Afghanistan, Nepal and Bangladesh opting to remain out of it. Even as India claimed success in isolating Pakistan diplomatically, Islamabad called it “ridiculous” and a “failed” attempt.
A spokesperson for the Ministry of Foreign Affairs, Pakistan, said: “We deplore the Indian decision to use SAARC for its political ambitions. The Indian action was contrary to the purposes and principles of the SAARC charter. In the past, SAARC summits have been postponed 8 times, 5 times India was responsible. Squandering the efforts of a 30-years-old socio-economic grouping by India is reflective of the Indian attitude and contribution to the poverty and instability in this poverty stricken region.” Meanwhile, tensions between India and Pakistan continued to rise unabated with both the sides alleging each other of ceasefire violations across the international border in Jammu and Kashmir. “My understanding is that there was an exchange of fire connected with attempted infiltration on the Pakistani side,” Swarup said.
SOURCE: The Hindu Business Line
Pakistan’s textile exports tumbled by around 6 percent during first quarter (July to September) of ongoing fiscal year (2016-17). The country exported textile goods worth $3.03 billion during July-September period of FY2017 as against $3.22 billion of the corresponding period of the previous year, according to the fresh data of Pakistan Bureau of Statistics (PBS).Meanwhile, textile exports went down by 12.11 percent to $961 million during September 2016 from $1.09 billion of the same month of last year.
Pakistan’s overall exports fell by 9 percent to $4.7 billion during July-September period of the FY2017 from $5.1 billion of last year due to the decline in textile exports. “Pakistan’s exports are no longer competitive, as these became expensive as against the exports of neighboring countries,” said Federal Minister for Commerce Khurram Dastgir Khan. He said that government is likely to announce an incentives package worth Rs120-Rs180 billion soon to boost the country’s exports. Textile sector would receive the major share of the package, he added. “We are demanding of the government for the devaluation of the currency against the US dollar and reducing the cost of production to make products more competitive in international market,” said a textile exporter while talking to The Nation. He further said that exporters are also facing electricity and gas shortages and overdue tax refunds, which create liquidity problems for the industry. “The government should resolve all these issues in the proposed package for boosting country’s exports,” he added.
Country’s exports had not surged despite the fact that government had announced a package to boost exports by announcing zero-rated facility for five export-oriented sectors. According to the PBS data, the break-up of textile’s exports showed that export of cotton yarn declined to $303.8 million during July-September of FY2016-17 from $382.9 million of the same period of last year, showing a decline of 20.68 percent. Cotton cloth export came down to $539.1 million from $560.9 million, registering 3.9 percent fall. Meanwhile, yarn’s export (cotton yarn excluded) recorded a decline of 26.05 percent to $6.98. Knitwear export during the period under review dropped down to $606 million from $630 million. Towels exports reduced by 17.05 percent to $177.9 million in July-September period of the FY2017.
However, exports of towels, tents, canvas & tarpaulin and readymade garments recorded an increase of 74.24 percent to $26 million in the first quarter of the FY2017 from $14.9 million of the same period of the previous year. Meanwhile, exports of bed wear showed growth of 2.82 percent to reach at $528.8 million from $514.7 million. Exports of made-up articles (excluding towels bed-wear) also showed growth of 0.35 percent. Meanwhile, food sector exports reduced by 20.09 percent to $634.6 million during July-September period of FY2016-17 from $794 million of the last year. In food group, rice exports went down by 27.95 percent to $242.8 million in the first quarter of the current fiscal year as against $336.9 million of previous year. The vegetables exports recorded decline of 41.7 percent and remained at $26.6 million. Interestingly, there is no growth or decline in exports of pulses as they remained at zero level. Wheat exports registered an increase of 100 percent, as country exported wheat worth $96 million. Sugar’s exports declined by 100 percent and meat and its products exports also tumbled by over 25 percent during July-September period. Meanwhile, the exports of petroleum and coal products decreased by 32.75 percent, manufacturing products by 10.61 percent, while the exports of leather products dropped by 12.01 percent during July-September period of FY 2017.
SOURCE: The Nation
Mimaki Europe B.V., a consolidated subsidiary of Mimaki, has announced that it has completed the stock acquisition of La Meccanica Costruzione Tessili-S.P.A., an Italian textile machinery company. The latter has now been converted into a subsidiary company of the Mimaki group and its corporate name has been changed to Mimaki La Meccanica S.p.A. Mimaki group’s three executives will be appointed as directors of the newly acquired firm. It will now leverage La Meccanica’s product and technological expertise to accelerate its efforts to promote digital on-demand production in the textile apparel market on a global scale. “We are pleased to bring La Meccanica’s talented people and advanced technology under the Mimaki umbrella. La Meccanica has a great reputation in the textile industry, and this acquisition bolsters Mimaki’s efforts to bring the digital transformation to textile printing,” said Kazuaki Ikeda, president, Mimaki. “The acquisition of La Meccanica is not expected to have any significant impact on Mimaki’s consolidated performance for the current fiscal term, and thus, there will be no revisions to Mimaki’s earnings forecast as a result of this acquisition,” added Ikeda. La Meccanica is a specialist in the sector of inspection and packing machines for all types of fabrics and also carries out production, sales and customer service for digital printing devices.
SOURCE: Fibre2fashion
Taiwanese manufacturer and supplier of textile materials Far Eastern New Century considers Vietnam as the best destination for diversifying its manufacturing base from China. Cheap yet quality labour as well as lower tariffs in Vietnam are some of the reasons why the manufacturing company is doubling production lines at its clothing factories in the country. The company that is expecting a growth of 300 per cent in a year at its fabric dyeing and finishing plants will continue to build additional facilities such as fabric and yarn factories in the country, according to Taiwanese media reports. Eric Hu, president of Far Eastern New Century, said at a trade show that the company cannot think of a market better than Vietnam to build their new manufacturing base. He said that Vietnam could also benefit from the Trans-Pacific Partnership (TPP), an agreement signed between 12 countries including Vietnam and the US to help create the largest free trade bloc in the world. It is yet to be approved by parliaments of the participating nations, though. The Taiwanese firm supplies materials to multiple global brands like Under Armour, Adidas, H&M, Columbia, J.Crew and more.
SOURCE: Fibre2fashion
With more than 260 participating foreign and domestic companies from the textile, clothing, leather, and footwear industry, the X Expotextil Peru (International Suppliers Fair of Textile and Garments), kicks off today in Lima. This important event will last until Sunday, October 23 in the Jockey Club Exhibition Center in Surco. The opening ceremony will have the participation of Luisa Mesones, Expotextil’s director and president of the Association of Peruvian Fairs (AFEP), among other special guests like renowned Spanish designer, Agatha Ruiz de la Prada.
Exhibitors from over 27 countries will participate in this edition. They will join their Peruvian counterparts, offering products and services such as machinery, textiles, materials, clothing, services, software and various hardware. There are 12 scheduled lectures, by national and international experts. They will present the latest advances and developments in the textile industry, clothing apparel, and fashion.
SOURCE: The Peru This Week
