INTERNATIONAL
Textile Raw Material Price 2016-11-23
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1061.17 |
USD/Ton |
0.34% |
11/23/2016 |
|
VSF |
2207.82 |
USD/Ton |
0.07% |
11/23/2016 |
|
ASF |
1854.34 |
USD/Ton |
0% |
11/23/2016 |
|
Polyester POY |
1122.74 |
USD/Ton |
0.65% |
11/23/2016 |
|
Nylon FDY |
2491.76 |
USD/Ton |
1.18% |
11/23/2016 |
|
40D Spandex |
4273.67 |
USD/Ton |
0% |
11/23/2016 |
|
Polyester DTY |
1332.80 |
USD/Ton |
0% |
11/23/2016 |
|
Nylon POY |
2303.43 |
USD/Ton |
1.27% |
11/23/2016 |
|
Acrylic Top 3D |
2028.18 |
USD/Ton |
0% |
11/23/2016 |
|
Polyester FDY |
1376.27 |
USD/Ton |
0.53% |
11/23/2016 |
|
Nylon DTY |
2651.12 |
USD/Ton |
1.10% |
11/23/2016 |
|
Viscose Long Filament |
5461.60 |
USD/Ton |
0% |
11/23/2016 |
|
10S OE Cotton Yarn |
2075.99 |
USD/Ton |
0.21% |
11/23/2016 |
|
32S Cotton Carded Yarn |
3336.36 |
USD/Ton |
0.22% |
11/23/2016 |
|
40S Cotton Combed Yarn |
3795.59 |
USD/Ton |
0.19% |
11/23/2016 |
|
30S Spun Rayon Yarn |
2853.94 |
USD/Ton |
0% |
11/23/2016 |
|
32S Polyester Yarn |
1709.47 |
USD/Ton |
0% |
11/23/2016 |
|
45S T/C Yarn |
2549.71 |
USD/Ton |
0% |
11/23/2016 |
|
40S Rayon Yarn |
2998.81 |
USD/Ton |
0% |
11/23/2016 |
|
T/R Yarn 65/35 32S |
2231.00 |
USD/Ton |
0% |
11/23/2016 |
|
45S Polyester Yarn |
1839.85 |
USD/Ton |
0% |
11/23/2016 |
|
T/C Yarn 65/35 32S |
2202.02 |
USD/Ton |
0.66% |
11/23/2016 |
|
10S Denim Fabric |
1.33 |
USD/Meter |
0.11% |
11/23/2016 |
|
32S Twill Fabric |
0.82 |
USD/Meter |
0% |
11/23/2016 |
|
40S Combed Poplin |
1.15 |
USD/Meter |
0% |
11/23/2016 |
|
30S Rayon Fabric |
0.65 |
USD/Meter |
0% |
11/23/2016 |
|
45S T/C Fabric |
0.64 |
USD/Meter |
0% |
11/23/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14487 USD dtd. 23/11/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Regular operations in the textile value chain, industry sources say, “have come to a near halt even as the industry is trying to push itself to tide over acute shortage of funds.” While the decision to demonetise high value currency ( Rs. 500 and Rs. 1,000) is a bold move, withdrawal of around 86 per cent of the currency in circulation and issuance of less than 10 per cent of currency in the denomination of Rs. 2,000 has resulted in acute shortage of funds for regular operations, said the Chairman of The Southern India Mills’ Association M Senthil Kumar. The apex body of textile mills has appealed for a slew of measures to mitigate the impact of demonetisation.
Stocks piling up
In his appeal, the SIMA chief explained that the mill sector is not in a position to collect any receivables as the stocks had started piling up across the value chain and the units are not in a position to collect their dues. “There is acute shortage of funds for regular operations (such as purchase of stores, spares and textile accessories), purchase of raw material (cotton), sale of finished goods (yarn, fabric etc).”
“It could take at least another six months for the industry to reach normalcy in its performance,” he said and appealed for remedial measures, which among others include extension of 2 per cent MEIS and 3 per cent IES benefits for cotton yarn exports to boost exports and enhance global competitiveness, enhancement of working capital limit by 50 per cent for improved cash flow, a one-year moratorium for repayment of loans and interest to prevent the units becoming NPA (this is against the two months moratorium for loans up to Rs. 1 crore), increase in the existing NPA period of 90 days to one year, deferment of tax for a period of six months and reduction in the interest rate by 3 per cent for term loans and working capital advances.
SOURCE: The Hindu Business Line
The Southern India Mills' Association (SIMA) has sought certain remedial measures to enable the industry to mitigate the challenges posed by the cash crunch created by demonetisation. SIMA has suggested enhancing the working capital limit by 50 per cent and increasing the existing NPAs period from 90 days to one year among a number of other things. In a representation sent to the Union textiles minister Smriti Irani, M Senthil Kumar, chairman of SIMA, has stated that 2 per cent MEIS and 3 per cent IES benefits can be extended for cotton yarn exports to enable the industry to boost exports and improve its global competitiveness. The government can increase the moratorium period for repayment of loans up to Rs 1 crore from 2 months to 1 year, considering that the textile industry is under a severe financial crisis and there's a need to prevent textile units from becoming non-performing assets (NPAs). The representation also states that the government may consider deferring all the tax payments for a period of six months. One year moratorium period could also be given to the cotton farmers for the repayment of loans and interest, with clear instructions to the banks not to adjust the sale proceeds of kapas against their dues. Competition Commission of India (CCI) could also procure kapas at market price to help the farmers.
SIMA has also made a suggestion to reduce interest rate of 12 to 13 per cent by 3 per cent for all the term loans and working capital loan across the value chain to help textile units to sustain their financial viability. Necessary directions can also be given to the banks to enable migrant workers to instantly open accounts by showing any ID proof. This would enable the employer to pay the wages through the bank. These remedial measures have been suggested by Kumar as the textile retail showrooms and shops across the nation are hit by cash crunch and low sales as the customers are starving for currencies and spending the rationed currency available with them only for emergency purpose. He has stated that the stocks started piling up across the value chain of the textile industry and the textile units are not in a position to collect any receivables and therefore cash flow of the textile industry is seriously affected.
SIMA chairman has further stated that the cotton price increased by around Rs 2,000 per candy as the cotton arrival to the market came to a grinding halt during the first 10 days after demonetisation and has currently improved to the level of 50 to 60 per cent. It might take at least six months for the textile industry to reach normalcy in its performance. The withdrawal of around 86 per cent of the currency in circulation has led to severe shortage of funds for regular operations, purchase of raw material, sale of finished goods and the purchase of regular requirements of stores, spares, accessories in the textile industry.
SOURCE: Fibre2fashion
India has not signed any new Free Trade Agreement(FTA) during the last three years, Parliament was informed. Commerce and Industry Minister Nirmala Sitharaman, however, said that under the India-ASEAN framework agreement, the pacts on trade in services and investments were signed in November 2014 which became effective July 2015. "India has not signed any new FTA or preferential trade agreement during the last three years," she said in a written reply to the Rajya Sabha.
In a Preferential Trade Agreement(PTA), two trading partners cut or eliminate duties on limited number of goods traded between them. It is followed by FTA which covers bulk of goods and also include services and investments. Replying to a separate question, she said there are several factors behind negative growth in exports which include fall in commodity and crude petroleum prices. "Fall in the prices of crude petroleum resulting in decline in unit prices of downstream products (a major exports sector for India) thereby impacting export realisations," she added.The world GDP growth is not encouraging and there has been shrinkage in over all global demand and hence, slow down in world trade, she said, adding, three destinations - the EU, the US and China - account for major portion of India's exports. "The EU countries are facing problems of stagnation and deflation. The recovery in the US has been moderate. China is also experiencing a slowdown for some time," she added.
In another reply, Sitharaman said the re-development of Pragati Maidan complex entails a comprehensive and integrated approach to set up a much needed world class state-of-the art and iconic integrated exhibition-cum-convention centre. "This is proposed to be developed in two phases by dismantling 23 state pavilions and 5 central ministry pavilions...and other building structures coming in the area. The Hall of Nations and the Nehru Pavilion are also included in this list," she said. She also said that representations have been received along with some international organisations with a request to save the Hall of Nations and the Nehru Pavilion, stating that these buildings are heritage buildings in nature. "ITPO has examined the representations and after due consideration informed that neither the Hall of Nations nor the Nehru Pavilion in the premises of Pragati Maidan are notified a Heritage building by the Delhi Urban Art Commission or the Archaeological Survey of India," she said.
SOURCE: The Economic Times
Economic output in the current quarter may get affected, with the government’s demonetisation drive temporarily hitting commercial activities in some sectors, Commerce and Industry Minister Nirmala Sitharaman conceded on Wednesday. But the economy will expand subsequently as the Reserve Bank of India is releasing more cash now and banks have greater supply, the Minister told BusinessLine in an interview. This is probably the first acknowledgement by a Union Minister of the negative fallout of demonetisation on the GDP — although Sitharaman was quick to add that it would not last long. “It is only the first week or ten days (following the demonetisation announcement) when there was (a) real hard demand for lower denomination or for Rs. 500 notes, which gradually came into the market. That week, commercial transactions would have taken an impact. But I think revival will happen. This quarter, there may be an impact on the outflow. It will protract after that,” Sitharaman said. The government withdrew Rs. 500 and Rs. 1,000 notes as legal tender from November 8 in an effort to flush out black money, and began replacing them with new Rs. 500 and Rs. 2,000 notes. A full replacement, however, will take some time; this has resulted in a cash crunch.
A ‘body blow’ to industry
Others, however, see a rather more grim impact from the government’s move. The sudden demonetisation drive has served a “body-blow” to the entire industrial sector, and the worst hit will be small and medium enterprises (SMEs), said Biswajit Dhar, Professor, Jawaharlal Nehru University (JNU). “It is very clear that the impact of the demonetisation drive on demand had not been thought out by the government. It is difficult to assess the extent to which GDP will be hit and the duration, but definitely SMEs will be hit the most, and will take a while to recover from the dip,” he said.
Warning that a massive supply constraint was on the cards, Dhar said this would be a double whammy for exporters, who are already facing demand constraints. The short-term loss to the economy could be at least Rs. 12 lakh crore or 8 per cent of GDP, according to R Kavita Rao from the New Delhi-based think-tank National Institute of Public Finance and Policy. “If Rs. 3 lakh crore is being extinguished, as is often quoted in media reports, and, say, half of it is used for transactions, the corresponding GDP loss to the economy would be Rs. 12 lakh crore since, currently, GDP is about eight times the currency in circulation,. This will amount to about 8 per cent of GDP when compared to GDP for 2015-16,” Rao said in a post on the NIPFP website. Sitharaman also pointed out that the government was taking steps specifically to address the problems of people in rural areas. “After having heard a lot about agriculture workers and rural areas not receiving as much cash as they would want, the Finance Ministry yesterday reviewed the situation... I am given to believe that in the rural areas, there will be more cash flowing,” Sitharaman said.
SOURCE: The Hindu Business Line
The Central Board of Direct Taxes (CBDT) has entered into four more unilateral Advance Pricing Agreements (APAs). Some of these agreements also have a “Rollback” provision. With these four, the total number of APAs entered into by CBDT has reached 115. This includes seven bilateral APAs and 108 unilateral APAs till date. During the current financial year, a total of 51 APAs (four bilateral APAs and 47 unilateral APAs) have been entered into so far. The four APAs signed over the last two days pertain to sectors such as pharmaceuticals, information technology and construction, an official release said. The international transactions covered in these agreements include software development services, IT enabled Services (BPOs), engineering design services, contract R&D services and marketing support services. The APA scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014.
SOURCE: The Hindu Business Line
The much-awaited Goods and Services Tax (GST) Council meeting, slated for Friday, has been postponed by a week. Central and state officials are yet to agree on the Bills to effect the proposed system but there is still hope for meeting the April 1, 2017, target to begin the new indirect taxation system. The government says it is confident of being able to introduce the Bills in the ongoing session of Parliament, despite the indefinite adjournments of the latter on the protests over demonetisation. Also, the government is yet to decide whether to introduce the GST legislations as money Bills (which would mean Rajya Sabha approval is not needed; the governing alliance is in a minority here) or finance Bills.
Prime Minister Narendra Modi might reply to a debate on demonetisation, if it takes place on Thursday, to try and request opposition parties to not stall Parliament proceedings. The Council, a body comprising the Union finance minister, his minister of state, and state government representatives (mainly their finance ministers), will now meet on December 2 and 3 considering the Bills and compensation legislation, the finance ministry said on Wednesday. Central and state officials will meet on Friday to work out a solution on these. The officials had met on Monday and Tuesday to discuss the Bills. “The Bills were discussed at length for two days on 21 — 22 November, in the officers’ level meeting of the states and the Centre. Number of issues were resolved during the two day meeting. However, the States desired some more time to internally deliberate on revised draft of the laws within their respective State(s)," a finance ministry statement said. The states have suggested certain changes relating to returns procedures in the model GST law, a source said, adding they have also asked for changes in wording in the compensation law. "We will finalise the three draft laws at the November 25 meeting," he said.
Beside the compensation Bill, the draft Central GST Bill, the integrated GST Bill and state GST Bill are being deliberated on by the officials. After finalisation of the draft pieces of legislation in the meeting of officers on Friday, these will be placed before the GST Council, the finance ministry tweeted. The Centre had on November 16 circulated the draft legislation among the states. Sources said that since the legal changes in the draft laws would take some time, it was decided to postpone the Council meeting. "Our effort has been to take all decisions by building consensus with the states. In the Council, we have at times discussed one particular issue for as much as eight hours. This spirit of consensus should continue for the future and become a precedent, as differences of opinion on rates and other issues are likely to be a routine affair,\" a source said. The officers committee would not discuss the issue of dividing the administrative control over assessees between central and state officials. This would be decided at the ministerial level. On Sunday, an informal meeting between Finance Minister Arun Jaitley and state representatives could not reach an agreement on this. According to the proposed rules under the first draft GST Bill, businesses have to file at least three monthly returns and one annual return for each state. Monthly returns are for output supply, input supply and summary accounts, and would cover state GST, integrated GST (IGST) and central GST (CGST).
Currently, businesses have to file value-added tax returns but these are quarterly. Service tax returns must be filed but only twice a year and not state-wise. The GST returns have to contain details of profit according to the profit and loss account, incorporating gross profit, net profit, etc. Also, these have to be audited for those with annual turnover exceeding ~ 1 crore. At its previous meeting, the Council had agreed on a four-slab structure – 5, 12, 18 and 28 per cent — along with a cess on luxury and 'sin' goods such as tobacco.
Parliament
Separately, Parliament was adjourned on Wednesday after heated exchange between the opposition and the government over demonetisation. The differences also persist over the rule under which a debate should take place. The government wants the debate under Rule 193, which does not entail voting, and the opposition is keen on it under Rule 56, which requires voting. The opposition also wants the PM to make a statement.
The session ends on December 16 and the government is confident of being able to introduce the GST and compensation Bills before it ends. Back-channel efforts were being made from the side of the government to get the two Houses to function. Jaitley, home minister Rajnath Singh and parliamentary affairs minister Ananth Kumar are holding talks with some of the prominent opposition parties.
A government strategist indicated the PM might intervene if the Rajya Sabha were to resume its discussion on demonetisation and its impact. He said the PM would attend Rajya Sabha proceedings on Thursday, which is his day to be present in the House. However, the opposition demand that Modi be present “cannot be a precondition”. The government believes the opposition cannot sustain its protests as the “poor of India” were with the PM on the issue.
SOURCE: The Business Standard
The cascading impact of Prime Minister Narendra Modi's demonetisation move will affect every single person living in India as it could put the single biggest economic reform in the country, the GST (Goods and Services Tax) Bill, on the backburner for another financial year. Besides the inherent logistical and procedural difficulties in the already tight race against time to implement GST before 1 April, 2017, there are more valid political and economic reasons for the government to go slow with the bill. "The ruling dispensation and the nation cannot afford to enforce two massively 'disruptive' policies in roughly the same year," a well-place source told Firstpost. Because of immense pressure from within the BJP and the states ruled by the party, as well as other states ruled by rival or supportive parties, the Centre is likely to postpone the 25 November GST Council meeting. "Lack of consensus" could be cited as the official reason.
Demonetisation has had its own disruptive impact on the economy and the society. Even as more than two weeks have passed since the implementation of the ban on Rs 500 and Rs 1,000 notes, the banks have only been able to retrieve about 10 percent of the demonetised notes. The situation with replacement of old notes with new legal tender continues to be grim. Though queues outside banks and ATMs have become thinner, they are still far too long. As per the data released by the Reserve Bank of India (RBI) on Monday, exchange of old notes and cash withdrawals amount to Rs 1.36 lakh crore as against an estimated total of Rs 14 lakh crore (less than 10 percent) worth of demonetised notes.
On being asked how much of the new currency notes had been pumped into the system through commercial banks, Economic Affairs Secretary Shaktikanta Das avoided giving a clear response, saying that this question fell into the RBI's domain and that he wouldn't have the data. A senior official told Firstpost that, as per their estimates, it will take another 50-60 days to replenish about 50 percent of the cash that had gone out of circulation due to demonetisation. This means that by the time Modi's 'harsh period' ends on 30 December, the burden of cash crunch would ease but not end. Following the deadline, as the prime minister had said, more anti-corruption measures would be implemented, which again would cause disruption in the established order. It is important to note that the Finance Ministry would be the nodal agency for all these measures. The ministry is already charged with the task of preparing a combined annual and rail budget for 2017-18, apart from overseeing the implementation of GST.
Sources said that chief ministers of some BJP ruled states have informally expressed their concerns to the prime minister and BJP president Amit Shah, saying that it would be too difficult on the ground to handle two disruptive policy decisions in the space of less than six months. The impact of both these issues would be cascading and lasting. Gujarat, a manufacturing state, for instance, which had initially opposed GST till Modi became the prime minister, has already seen protests from farmers and milk producers; the leadership there have their own apprehensions in implementing GST in the immediate aftermath of demonetisation. The government has promptly formulated a mechanism to address their concerns and demands.
Another cause for concern in the ruling party circles is that Gujarat goes to polls next year. The combined shock of demonetisation and GST may be too much to bear for the state government and the party. From BJP's perspective, it simply cannot afford to lose Gujarat, that too because of the inherent follies of policy implementation by a Modi government at the Centre. It is no rocket science to understand that year one and year two of GST implementation would bring its own upheavals, before the system settles and popular goods begin to percolate.
In September, President Pranab Mukherjee had given his assent to the Constitution (One Hundred and First Amendment) Act, 2016, enabling the implementation of a nationwide GST. The GST Council, headed by the Finance Minister Arun Jaitley and constituting of state finance ministers, are deliberating upon a new tax regime. After a consensus is reached on the varied structures, Parliament has to pass relevant bills for Central Goods and Service Tax (CGST) and Integrated Goods and Service Tax (IGST) and all the states also have to pass the State Goods and Service Tax (SGST) bill. More so, the implementation and tax sharing mechanism would require setting up an adequate IT network for implementing and recording GST – including registration, returns, payments and so on.
It should be noted that the prime minister and the finance minister had taken personal initiatives and pushed hard to see to the passage of the 122 Constitutional amendment bill and the GST from both Houses of Parliament. 'One nation, one tax' was hailed as the single biggest economic reform bill since Independence. But then a demonetisation of this magnitude had not happened in India before either and was bound to take its toll.
SOURCE: The FirstPost
A countrywide protest call on Monday, 28 November, against demonetisation, will test opposition unity but may also cast a shadow on the Narendra Modi government's plan of the Goods and Service Tax (GST) rollout by April 1, 2017. The government, however, is hopeful that winter session proceedings of Parliament should be back on track in the coming days. Aware that the continued parliamentary logjam could scupper the chances of the passage of the three GST related Bills, government strategists on Wednesday claimed that they were reaching out to prominent opposition leaders to find a resolution. The government believes that the opposition, at least some of the parties, were now tired of their protests and needed a face saver. The postponement of the meeting of the GST Council from Friday to December 2 or 3, where it would finalise the three Bills, has given both the government and the opposition time to conclude the discussion on demonetisation before Parliament takes up other issues.
Government strategists also said they would like GST Bills to be discussed and passed in both Houses, and not as 'money Bills' only in the Lok Sabha. "The spirit of GST discussions has been that of consensus, and we would like to continue with this precedent, particularly as negotiations on tax rates and other issues will be a routine affair in the GST Council," a top government source said. Home Minister Rajnath Singh, Finance Minister Arun Jaitley and Parliamentary Affairs Minister Ananth Kumar are holding back-channel talks with opposition leaders to work out a truce. In the Rajya Sabha, the opposition parties on Wednesday continued to persist with their demand that Prime Minister Narendra Modi be present in the House for the remainder of the discussion on the impact of demonetisation on public.
Parliamentary Affairs Minister Ananth Kumar said the opposition demand "cannot be a precondition" for the House to resume the discussion. But a government strategist indicated that the Prime Minister might intervene if the opposition allows the Rajya Sabha to resume the discussion on demonetisation on Thursday. They said the Prime Minister will attend the Rajya Sabha proceedings on Thursday, which is his day to be present in the House and take up questions on the departments under the Prime Minister's Office. The government believes the Opposition cannot sustain its protests as the "poor of India" were with the Prime Minister in his fight against black money. They believe the protests were an "afterthought" since the Opposition found that the people on the street supported the Prime Minister's decision. They also pointed to the results of the 10 assemblies and four Lok Sabha seat by-polls as evidence that the people were with the government on demonetization. However, several BJP MPs from Uttar Pradesh have given the feedback to the government that it should do more to provide relief to farmers in the state.
On Wednesday, Opposition MPs gathered at the Gandhi statue outside Parliament and marched together after linking their arms to form a human chain to protest the government's demonetisation decision. Neither of the two Houses could transact any business. The Prime Minister attended the proceedings of the Lok Sabha during the Question Hour in the morning, but continuing opposition protests meant the House had to be adjourned. In the Lok Sabha, much of the opposition persisted that a discussion be held under a rule involving voting. Biju Janata Dal's Bhartruhari Mahtab and Telangana Rashtra Samiti's Jithender Reddy, two parties that didn't join Congress-led protests, favoured a quick resolution to the standoff for the House to initiate discussion. Although the opposition is still riven by political differences and rivalries (the Trinamool Congress and the Communist Party of India-Marxist, for instance, are rivals in West Bengal while the Samajwadi Party and the Bahujan Samaj Party are in fierce competition in Uttar Pradesh), they have come together in tactical unity against the ruling National Democratic Alliance and will put up a joint front against the government's demonetisation decision in a bandh on 28 November.
SOURCE: The Business Standard
The rupee’s slide towards a record low, amid $2.8 billion in outflows from Indian stocks and bonds, is prompting speculation that the central bank will step up intervention to stem losses. With a US Federal Reserve interest-rate increase next month all but a certainty for bond traders, the rupee has slumped 2.6 per cent in November, the most in 15 months. At 68.57 a dollar, the rupee is within 0.4 per cent of the unprecedented 68.84 reached in 2013. The Reserve Bank of India (RBI) has probably sold dollars via state-run banks on at least four occasions in less than a fortnight, according to information from traders who asked not to be named. “The RBI has been supplying dollars almost on a daily basis,” said Rohan Lasrado, Mumbai-based head of foreign-exchange (forex) trading at RBL Bank. “We are seeing outflows from the equity and debt markets that are putting pressure on the rupee, along with the dollar strength. I strongly feel they will continue intervening.” The RBI has maintained it doesn’t target a specific rupee level and intervenes only to curb undue volatility in the currency market. The central bank’s increased presence comes as the government’s clampdown on unaccounted wealth floods the nation’s banking system with cash, while foreign investors withdraw money from local stocks and bonds. An e-mail sent to RBI spokeswoman Alpana Killawala didn’t get a response.
Foreign holdings of the government and corporate bonds have plunged by Rs 7,720 crore ($1.1 billion) in November, set for the biggest decline since February, National Securities Depository data compiled by Bloomberg show. Global funds have withdrawn a net $1.7 billion from local shares this month. The rupee’s previous record low in August 2013 came after the Fed’s signal to end its unprecedented bond purchases spurred an exodus from emerging markets such as India. Its slide this year has tripped fewer alarms as Asia’s third-largest economy has since been overhauled, with policymakers succeeding in narrowing the current-account deficit (CAD), slowing inflation and building a war chest of forex reserves. The rupee’s 2.6 per cent decline in November compares with a 5.6 per cent loss for Malaysia’s ringgit, the worst in Asia, and a 3.2 per cent drop in Indonesia’s rupiah. Taiwan’s dollar has fallen one per cent, the least in the region, while China’s yuan has weakened 1.8 per cent. Odds for a rate increase at Fed’s December meeting have reached 100 per cent, according to Bloomberg calculations based on futures. “The RBI’s efforts seem to be relatively successful given that the rupee is still the median performer in Asia,” said Julian Wee, a senior market strategist at National Australia Bank, the second-best rupee forecaster in Bloomberg’s latest quarterly rankings. “The RBI will probably intervene as needed to keep the rupee in line with the regional moves. We feel India’s strong growth prospects, smaller fiscal and current-account deficits, and the rupee’s high carry will make it a relative outperformer in Asia.”
India boasts of the fastest expansion among the world’s major economies. The nation’s CAD was $0.3 billion for the April-June quarter, compared with $21.8 billion in the same period in 2013. Forex reserves surged to a record $372 billion at the end of September. The hoard has fallen to about $367 billion as of November 11, another sign for some investors that the central bank is supporting the rupee. The rupee weakened 0.5 per cent on Wednesday, falling for the eighth time in nine days. “The rupee fall is not particularly worrisome considering that this month most currencies have weakened against the US dollar,” said Anders Faergemann, a London-based senior sovereign portfolio manager at PineBridge Investments, which oversees about $83 billion. “We believe that India’s underlying fundamentals remain strong and would not anticipate any significant weakening of the rupee at this juncture.” India’s benchmark 10-year sovereign bond yield has tumbled 51 basis points this month, on course for the biggest drop since May 2010, as Prime Minister Narendra Modi’s move to withdraw 86 per cent of currency in circulation has the public rushing to banks to exchange bills. Lenders will use that money to buy bonds, according to UBS Asset Management and PNB Gilts, with the latter saying the move also opens room for more interest-rate cuts by curbing inflation.
SOURCE: The Business Standard
The currency in circulation shrank 20.2% to Rs 1,426,900 crore in the week ended November 18, reflecting the effects of the decision to scrap Rs 500 and Rs 1,000 notes. According to the Reserve Bank of India, the currency in circulation reduced by Rs 360,700 crore to Rs 1,426,900 crore during the week under review. Banks garnered Rs 5,44,571 crore between November 10 and November 18. Money put into deposits amounted to Rs 5,11,565 crore while money exchanged was Rs 33,006 crore. Banks disbursed Rs 103,316 crore to customers through branches and ATMs between November 10 and November 18.
The currency in circulation had dipped by Rs 9,700 crore to Rs 1,787,700 crore in the week ended November 11 because banks were closed for a day on November 9 to prepare for exchanging old currency notes. High-value notes account for around 86% of the existing currency in circulation and around 9.5% of the gross domestic product (GDP). In the week ended November 4, the currency in circulation had grown by Rs 20,100 crore (1.1%) to Rs 1,797,400 crore. In week ended October 28, the currency in circulation had grown by Rs 18,200 crore to Rs 1,787,700 crore, according to the RBI.
On November 8, the government abolished the legal tender status to existing Rs 500 and Rs 1,000 notes in an attempt curb black money and the and financing of terrorist activities. People can deposit these old notes in their bank accounts or exchange them with new notes until December 30. Later, they can be exchanged at the RBI’s designated offices in the country.
SOURCE: The Business Standard
United States President-elect Donald Trump on Tuesday said the US will quit the Trans-Pacific Partnership (TPP) trade deal on his first day in the White House. The mega trade deal involves 12 Pacific rim nations including major economies like Japan, Australia, New Zealand and Canada. With a collective population of about 800 million, almost double that of the European Union's single market, the bloc currently accounts for 40 per cent of world trade. While the free trade deal will see tariffs slashed between member nations to boost falling trade, sections within the US has argued it will further accelerate the slide in American jobs and production. Guessing that Trump does not go back on his decision, something he is known to do, India stands to benefit in a plethora of ways if TPP does not materialise. Here are a few of them:-
1) Access to lucrative US market to be cut for India's export competitors: The TPP positioned textile manufacturer Vietnam and information technology outsourcing powerhouse the Philippines in a favourable position to get access to the high-value American market. India's domestic textile industry has been continuously eclipsed by nations like Bangladesh and Vietnam with cheaper production costs and aggressive marketing. "Of India's $40-billion of textile export, $9 billion goes to the US. If Vietnam gets greater market access, this figure will see a decline of $2-3 billion," says economist Atul Mishra from the Confederation of Indian Textile Industry.
2) The Regional Comprehensive Economic Partnership deal to come into focus: The RCEP is a proposed trade deal between the 10 countries of the Asean (Association of Southeast Asian Nations) and FTAs with six other countries including Australia, China, India, Japan, South Korea and New Zealand. Negotiations, which formally began at the end of 2012, have progressively become more complicated after 15 rounds and four ministerial meetings. The absence of TPP will give member nations more reason to push for a successful RCEP at the earliest.
3) Pressure to conform with TPP standards in ongoing trade negotiations to slide: There has been pressure on India to conform to stricter standards of labour, intellectual property and investment, officials from the Ministry of Commerce have said. Countries present at the TPP and RCEP trade deals had been arguing in favour of it. India, however, has been opposed to such demands.
4) India's concerns over trade diversions and other non-tariff barriers to lessen: India had been wary of the effect of TPP on its own trade. Major issues of concern for the country have been the proliferation of non-tariff barriers (NTB) to trade as a result of TPP and greater trade diversion. Trade experts had warned that NTBs, which constitute various forms of trade restrictions like quotas, embargoes and sanctions, might be imposed on India by nations signatory to the TPP to keep the balance of trade with other member nations. Trade diversion was also a significant concern with TPP commanding great clout in dictating trade among third party nations and acquiring markets still untapped.
5) Greater chance of bilateral boost to trade by India and US: The TPP had been billed as a battle between the US and manufacturing powerhouse China over domination of global trade. Even if the US does not enter TPP to contain China, the nature of global commerce goes against isolationism. Thus, experts point out that the US will have to step up bilateral understandings on trade matters, even with India.
SOURCE: The Business Standard
Delegates from five COMESA countries, Ethiopia, Kenya, Malawi, Swaziland and Zambia participated in a one week study tour to learn and first hand experience biotechnology cotton farming, regulation and commercialisation in India. The tour helped delegates gain knowledge and experience to better understand biotechnology for informed decision-making. The study tour included visits to public and private biotech research development facilities, insect resistant genetically modified cotton farms, seed processing facilities and relevant cotton sub-sector players in various parts of India.
India was chosen due to its long experience of over 14 years of cultivating Bt- cotton, with an adoption rate of 95 per cent and also since the introduction of Bt-cotton, India has transformed itlsef from a net importer to net exporter of cotton. The study tour is one of the strategic objectives of COMESA Biotechnology and Biosafety Implementation Plan (COMBIP) to support experience-sharing through peer-learning platforms within COMESA member States and beyond. “This initiative will help build the necessary confidence among the African stakeholders on regulatory and commercialisation processes, biosafety communications and trade issues of biotech crops,” founder director of South Asia Biotechnology Centre, Bhagirath Choudhary said.
SOURCE: Fibre2fashion
The US-India Business Council (USIBC), a top American industry advocacy group, has inducted six global business leaders from multiple sectors to serve as members of its board, to further advance the commercial bilateral ties. The prominent appointees include Sanjay Bhatnagar, president and CEO, WaterHealth International; Omar Ishrak, CEO, Medtronic; and Amit Midha, president of Asia Pacific and Japan Region and Chairman, Global Emerging Markets, Dell; Enrique Ostale, CEO of Latin America, India, and Africa, Walmart; Bob Patel, CEO, LyondellBasell; and John Rood, senior vice president, Lockheed Martin International have also joined the USIBC Board. "USIBC and its board of directors remain committed to advancing the bilateral commercial relationship between the two countries," the USIBC president Mukesh Aghi said.
Even as a transition occurs in the US government, USIBC, comprising more than 300 top-tier US and Indian companies, will continue to advocate for meaningful and consistent dialogues at the highest levels between the two sides, he added. "The US-India partnership is deeper and broader than ever before and given the growing importance of India as the world's fastest growing economy, it is critical that the next administration continue the work on furthering ties between our countries," Aghi said. Ishrak said the innovation-based economy supports the growth of the life sciences industry and continues to be one of the most promising opportunities for the US-India bilateral ties. Midha said the bilateral opportunities will only continue to grow as India makes impressive strides in implementing economic reforms. "Digital India holds a trillion-dollar technology opportunity, we will continue to collaborate with governments, partners and customers to create a technology enabled future for modern India," he said.
As India continues on its track towards economic progress, it is more essential than ever before that businesses bring long-term, inclusive and sustainable solutions to address the challenges India is facing, said Sanjay Bhatnagar, president & CEO at WaterHealth International. "We look forward to building further momentum in the US -India defense partnership," Rood said. Noting that the US and India have a special relationship, Patel said as India's middle class continues to grow, so will the need for durable products that make modern life more convenient and comfortable.
SOURCE: The Economic Times
US President-elect Donald Trump’s decision to withdraw from the ambitious Trans-Pacific Partnership (TPP) between the US and 11 others and focus more on bilateral deals will ease pressure on India, China and others to conclude the 16-nation Regional Comprehensive Economic Partnership (RCEP), aimed at countering the TPP, at the earliest. However, analysts feel the move to dump the mega trade deal could erode the US’ credibility as a reliable trade partner and bolster China’s influence, at least in Asia and even Latin America — a scenario that may not exactly be in India’s interest. China’s recent overtures to some countries suggest it is conscious of both challenges and opportunities posed by a US administration under Trump. Recently, even before Trump’s message on pulling out of the trade deal, TPP member Malaysia stuck deals worth $34 billion with China.
Even Philippines President Rodrigo Duterte has shown signs of antagonism towards the US over the latter’s criticism of his controversial anti-drugs campaign. Also, over the week-end, Chinese President Xi Jinping renewed pledge to the Free Trade Area of the Asia-Pacific (It has been pushing for such a pact since 2014) at the APEC CEO Summit in Peru. China is also aggressively courting Latin American nations to strengthen trade. The TPP between the US and 11 other Asia-Pacific nations represents roughly 40% of global gross domestic product and one-third of world trade.
Opportunities for India at RCEP
Despite apprehensions of growing Chinese clout, India will likely benefit in a world without the TPP, said analysts. India will have more time to persuade or coax potential RCEP partners to make better offers on services and investments (the focus areas of its interests), should they want India to commit more in goods.
Garment industry to benefit
The Indian textile and garment industry could breathe easy, as fears of key competitor Vietnam gaining duty-free access to the US abate. Vietnam has already beaten India as the world’s third-largest garment exporter and the threat had appeared more real, given that the US accounted for 22-30% of India’s garment exports in recent years and Indian exporters have to pay duty in the range of 14-32% for the shipment of textiles and garments there. This apart, the US withdrawal will also mean potential Chinese investments in TPP nations like Vietnam and even Malaysia to take advantage of the duty-free access to the US market, may not materialise in a big way, said noted textile expert DK Nair.
WTO system may gain
Although Trump even advocated a US pullout of the WTO during his presidential campaigns, the fact that he hasn’t included it in his initial action plan suggests he is perhaps giving it a second thought, said analysts. Jayant Dasgupta, former ambassador of India to the WTO, said the Obama administration focused more on the plurilateral agreements like the TPP and Transatlantic Trade and Investment Partnership (with the EU), and virtually killed the multilateral WTO trading system. Trump’s decision may see an American comeback to the WTO in the true sense, if not in immediate future. For its part, India has reaffirmed its commitment to the WTO system over other plurilateral trading arrangement.
Prospects of India-US trade deals
The fact that Trump says he would focus more on bilateral trade deals holds opportunities for both India and the US to explore such an agreement, said Dasgupta. However, he added the problem is in bilateral deals, the US usually wants to force its own standards on the other partner in every area — a fact India has to bear in mind.
SOURCE: The Financial Express
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 46.73 per barrel (bbl) on 23.11.2016. This was higher than the price of US$ 46.58 per bbl on previous publishing day of 22.11.2016.
In rupee terms, the price of Indian Basket increased to Rs. 3199.77 per bbl on 23.11.2016 as compared to Rs. 3178.57 per bbl on 22.11.2016. Rupee closed weaker at Rs. 68.48 per US$ on 23.11.2016 as against Rs. 68.23 per US$ on 22.11.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on November 23, 2016 (Previous trading day i.e. 22.11.2016) |
Pricing Fortnight for 16.11.2016 (Oct 27, 2016 to Nov 11, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
46.73 (46.58) |
44.80 |
|
(Rs/bbl |
3199.77 (3178.57) |
2990.85 |
|
|
Exchange Rate |
(Rs/$) |
68.48 (68.23) |
66.76 |
SOURCE: PIB
The measures hoped for include action on export incentives, tendering system and release of permits for skilled foreign workers, amongst others. Participants at the meeting indicated that the future of the embattled industry hangs in the balance if no action is taken to address the challenges bedevilling this sector. According to Botswana Textile and Clothing Association (BTCA) president, Mohammad Shahid Ghafoor the textile sector can play a pivotal role in diversifying the economy ensuring that the country relies less on minerals. He said the industry has traditionally been a large employer, adding that the need for both skilled and unskilled labour is always high. Ghafoor pleaded with government to re-introduce production based incentives, which he said will help the industry become competitive as it faces high utility costs, low productivity, lack of skilled labour and extra logistical expenses which increase the cost of their finished goods. “We understand that direct subsidy to operational cost is against the World Trade Organisation (WTO) rules but we are sure that the ministry can work out some production and performance-based incentives,” he said. He also noted that local companies that were exporting to the US under the African Growth and Opportunity Act (AGOA) were receiving support from the government in the form of duty credit certificates, which have since been stopped. He decried the high cost of logistics, stating that being in a landlocked country, the companies have to incur extra costs to import raw materials from overseas and export the finished products from a port in South Africa or Namibia. “Our government has invested millions of Pula in developing a dry port in Walvis Bay and our companies have not yet been able to take advantage of this facility,” he said. He said although the challenges are many, the textile sector has the potential for increased employment and foreign exchange earnings through regional and international trade. “We are sure that this number can increase if the ministry can look into assisting the textile and clothing companies by introducing some export incentives again,” said Ghafoor, who is also the managing director of Western Apparels.
He pointed out that the recent extension of AGOA beyond 2015 could help this sector sustain employment. Macdonald Peloetletse of Marine Garments decried the delays in the public procurement process saying they disadvantage them as they end up incurring costs when tendering. “The tendering system should be improved since it puts most of us at a disadvantage and it also opens room for corruption as some people would want to pay briberies,” he said. In response, the director of Economic Diversification Drive (EDD), Neo Mahube said she had taken heed of the challenges that the garment traders aired. the ailing industry. “We will address some of these issues as we will be meeting with procuring entities in the near future,” she said.
SOURCE: The MMEGI Online
Vide a new notification, the Pakistan ministry of textiles has allowed producers cum exporters of textiles and apparel to avail 1-4 per cent drawback of local taxes and levies (DLTL). The drawback will be available on yearly basis, on FOB values for enhanced exports of shipments made during 2015-16, if it has increased 10 per cent over last fiscal's exports. “1 per cent drawback would be made available on product lines of processed fabrics, 2 per cent on products in made-ups category and 4 per cent in products of apparel category, subject to eligibility in all product lines,” the notification said. All companies who want to avail the drawback have to be registered with the ministry of textiles and will provide any information related to its operations as and when required by the ministry. The textile associations will be accountable for certifying the genuineness of the information provided by the exporters, who will also exercise due meticulousness to ensure authenticity of the documents.
SOURCE: Fibre2fashion
Unique high-tech textiles set trends for innovation in numerous application areas, and on November 24 and 25, about 650 materials experts from 27 countries will attend the Aachen-Dresden-Denkendorf International Textile Conference 2016 at the International Congress Center Dresden. These experts will be exchanging their newest research findings and applications. Key topics will be fiber composites, polymer materials, and the functionalization of textile structures for fiber composites, protective textiles, and the sector's current mega trends. The event will also focus on sustainability and recyclability. This year's partner countries are Austria and Switzerland; and the host city for this important European textile conference is Dresden, which is Germany's center for lightweight engineering and one of the leading German locations for new materials.
"Concerning technical textiles, Germany holds the top position in Europe and world-wide with 13 billion Euro in annual sales," Chokri Cherif, Director of the Institute of Textile Machinery and High Performance Material Technology (ITM) at TU Dresden says. "We need to make use of this competitive advantage. The Aachen-Dresden-Denkendorf International Textile Conference, which we host with the German Centers for Technical Textiles Dresden, Aachen and Denkendorf, intensifies the exchange of technological expertise, experience, and unique ideas among companies, research institutes and universities."
SOURCE: The Yahoo
The Faisalabad Chamber of Commerce and Industry (FCCI) held a meeting to review the root causes of textile industry’s decline in the country and blamed the government policies for the decline. It urged the government to appoint a dedicated textile minister to resolve their problems. He said that the textile sector is earning 13 billion dollars foreign exchange but it is very discouraging that this ministry is without minister for the last one year. He demanded that a proper person for this job should be appointed who could frame and implement pro-textile policies and help Pakistan to revive this export oriented sector on long term basis. “Uninterrupted power and gas supply is a very significant step for the textile export sector but the government must appoint a fully dedicated textile minister to resolve its problems on permanent basis,” said Muhammad Saeed Sheikh, the FCCI president. He said that during winter season, RLNG is being supplied to the processing sector. “No doubt costly RLNG is not a viable solution but it will help the textile industry continue its operation and fulfil its export orders relating to Christmas and New Year. He said that government has also cleared sales tax refund claims but the other claims are still pending. He said the government should also make arrangements for their immediate payment as it will help exporters overcome the issue of liquidity crunch. Chaudhry Nawaz, former FCCI president, also endorsed the demands of Engineer Muhammad Saeed Sheikh and said that government should formulate textile centric policies to earn much needed foreign exchange. Chaudhry Abdul Haq, chairman of All Pakistan Cotton Power Looms Association, said that the non-performing loans of textile sector have jumped from Rs550 billion to Rs750 billion. He said that it is only due to the ill-conceived policies and hence the government must take immediate remedial measures to revive this important segment of economy.
Representing Sizing Sector, Haji Talib Hussain Rana said that government had declared textile sector zero rated from sales tax from this financial year. He said that this step was taken to increase exports but it has failed to yield any positive impact and instead of increasing the textile exports, its exports have declined by 9.39 percent. He identified cost of doing business as the only reason for this decline and said that government has imposed 17 percent sales tax on LNG and coal which had further escalated cost of doing business. Similarly, the WASA has also doubled its bills while FBR was also issuing notices of withholding tax to the sizing sector. He demanded that FCCI should be given representation in all government department so that pro industrial policies could be framed.
SOURCE: The Nation
Representatives of twelve Spanish textile companies (ready-to-wear, denim, lingerie, bathing suits and sportswear) are currently visiting Tunisia to meet Tunisian suppliers as part of business contacts. These textile professionals will meet on November 22 and 23 with Tunisian textile manufacturers as part of “B2B” meetings held by the COM-TEXHA (project to support the competitiveness of value chain of textile and clothing sector), in partnership with the Exports Promotion Center (CEPEX). “Most of the Spanish companies operating in the textile sector receive their supplies from China or Bangladesh, but they are looking for suppliers closer to Spain; as such Tunisia can be of interest for them,” International Trade Centre (ITC) Spanish Consultant Anna Espositi was quoted as saying in a CEPEX press release. The 38 Tunisian companies benefiting from the COM-TEXHA project can show off their know-how to seduce Spanish customers, CEPEX said. “Once convinced during these meetings which provide an opportunity for Spanish and Tunisian operators to review business opportunities and to establish partnership in this field, the Spanish operators will visit several Tunisian textile and clothing factories on November 24 and 25.”
The COM-TEXHA project aims at supporting the textile and clothing sector to help it strengthen and improve its value chain and diversify its product offering, consolidate the existing markets and access new market, while optimizing the services proposed by the sector’s trade support institutions. The project is funded by the Swiss Secretariat for Economic Affairs (SECO) and implemented by the International Trade Centre (ITC), a joint development agency of the World Trade Organisation and the United Nations, in partnership with the Ministry of Trade and Industry.
SOURCE: The African Manager
As part of its initiative to producer ethical and responsibly made garments, Target has unveiled commitments in three important areas; improving worker well being; achieving net positive manufacturing; and deriving key raw materials from ethical and sustainable sources. The retailer aims to make significant progress in these commitments by 2020. Under the initiative of improving worker well being, Target aims to eliminate forced labour by monitoring forced labour throughout its supply chain and take swift action to eliminate it if discovered. It will also enhance worker safety throughout the supply chain and also elevate worker well-being again throughout the supply chain.
Under the net-positive manufacturing programme, the retailer will identify and remove all unwanted chemicals from Target owned-brand products and manufacturing, and encourage all supporting industries to incorporate green chemistry principles. Additionally, it will also drive sustainable water stewardship in Target owned-brand product design and manufacturing; drive clean energy through reduced air emissions in the supply chain; support responsibly managed forests and palm oil production; and lastly champion, responsibly grown and harvested cotton and ensure that it's used in owned-brand products. As part of the initiative to derive key raw materials from ethical and sustainable sources, it will also replace all conventional polyester with polyester made from recycled plastic in Target owned-brand apparel, accessories and home products.
SOURCE: Fibre2fashion
Singapore and Vietnam business ties are set to deepen further, with firms here increasingly headed to the fast-rising nation while Vietnamese firms look to raise funds here. Two top HSBC executives based in Vietnam were upbeat about bilateral business links during a visit to Singapore last week to meet investors. HSBC is one of the largest foreign banks in the country. Mr Winfield Wong, HSBC's country head of wholesale banking, said that interest in the nation of 95 million by Singapore firms is now much stronger than last year. Their enthusiasm has been sparked as Vietnam emerges as one of Asia's star economic performers - set to clock economic growth above 6 per cent this year, he said. Other encouraging factors for investors this year include less volatile foreign exchange rates, as well as more conducive interest rates in the former French colony. Singapore is the third-largest source of foreign direct investment to Vietnam, but Mr Pham Hong Hai, chief executive of HSBC Vietnam, believes the connections could deepen through Vietnamese companies listing here.
Promising Market
The traditional channel is bank financing, but some are starting to look at bond issues and going overseas. Singapore would be a great market for listing. MR PHAM HONG HAI, chief executive of HSBC Vietnam, on how Vietnamese firms listing here would deepen bilateral ties "The traditional channel is bank financing, but some are starting to look at bond issues and going overseas. Singapore would be a great market for listing," he said. "A lot of Vietnamese companies are excited about this... In my view, it will happen, it's just a matter of time. It might be quite time-consuming to be listed here, but it will open a new market to new funding."
Vietnam's privatisation drive has accelerated this year, with stakes in the country's biggest dairy firm Vinamilk and budget carrier VietJet Air up for sale for a combined US$1 billion (S$1.42 billion). The only downer in Vietnam's glittering growth story, it seems, is the apparently doomed Trans-Pacific Partnership (TPP). United States president-elect Donald Trump has indicated he will pull out of the deal once he takes office, though hopes remain that the TPP might take some other form down the road. Vietnam had been regarded as one of the chief potential beneficiaries of the TPP, as it is a major textile exporter. Mr Pham acknowledged Vietnam may not get to reap the full benefits of the TPP, which had been expected to boost Vietnamese exports by 30 per cent and expand economic growth by 10 per cent by 2030. But he said the country still has momentum and a good growth story. "If TPP doesn't work out, Vietnam will find a way to start a bilateral trade agreement with the United States, and it will leverage on the free trade agreements signed so far. That remains a key strategy and key focus for the country going forward." Mr Wong said that more Singapore investors will likely invest in hospitality "because that resonates well with the Vietnamese and has a high rate of success". He said there was also a trend in Vietnam of tech companies like Samsung and Bosch investing in research and development, using Vietnam's abundant engineers.
With some recent environmental incidents in Vietnam, the government has become focused on attracting quality foreign direct investment, which plays to the strength of Singapore investors. Mr Pham said: "Singaporean investors are viewed as good-quality investors, who have long-term commitment, and they care about the environment and society. That will play as a long-term benefit for Singaporean investment in the future."
SOURCE: The Straitstimes
The four-day event has attracted international exhibitors with 550 booths of 400 companies from over 17 countries & territories including Australia, Thailand, Singapore, Japan, Hong Kong (China), German, Italy, New Zealand, Indonesia, Hungary, South Korea, India, Bangladesh, China and Vietnam. Displayed products include sewing machine, knitting machine, printing machines on textile, dye, materials for garment and textile. As per the organizer, the number of participant enterprises increased by 10 percent compared to last year. The Vietnam Textile and Apparel Association said that though export of textile products has been facing difficulties and the sector might not reach its target of US$28.5 – 29 billion but turnover still reached over US$23.3 billion in ten months, up 4.5 percent compared to last year. The exhibition was held by the National Trade Fair and Advertising Joint Stock Company (VINEXAD) under the Ministry of Industry and Trade, Chan Chao International Company, Yorkers Trade & Marketing service Company, Paper Communication Exhibition Service, 28 Corporation One Member Limited Liability company (AGTEK) and the Vietnam Cotton & Spinning Association (Vcosa).
SOURCE: The Saigon Daily
The 18th YiwuTex trade fair that will focus on healthcare textiles and innovative yarn, will feature three thematic zones - functional knitting machinery zone, smart apparel machinery zone and digital printing machinery zone. The exhibition will be held at Yiwu International Expo Centre in Zhejiang Province in China from June 13 – 15, 2017. The textile fair will focus on healthy and functional textile products as the introduction of latest technology could revitalise the production chain of the textile industry and strengthen the enterprises by adding values to their products. The apparel ERP system and e-commerce platform zone will showcase the latest automatic machinery and intelligent management technology. It will also promote online to offline production data management, encourage the traditional production line innovation and provide optimised solutions for textile and garment enterprises. As for the digital printing machinery zone, it will demonstrate the wide applications of digital printing in various fields such as home textiles, decorative accessories, automobile interior textiles and more. This zone also attracted a lot of visitors' attention at the 2016 edition of the fair. “Digital printing becomes an industry hot spot as its technology could be incorporated in the manufacturing process of traditional textile machinery to develop new products and applications,” said Li Jing, marketing manager of Zhejiang Lanyu Digital Technology. The YiwuTex 2016 trade fair was attended by close to 9,380 visitors from over 38 countries as well as 24 industrial associations.
SOURCE: Fibre2fashion
