The Maharashtra government has reserved 93 hectares of land in Lohara MIDC of the district for setting up a Textile Park, work on which will begin soon. A joint meeting of the concerned departments and the district administration was held at Mantralaya on March 16 to discuss the issue. The meeting was chaired by the minister of state for energy and guardian minister of Yavatmal Madan Yerawar. “The setting up of a Textile Park in Yavatmal MIDC area was pending for a long time due to availability of adequate land. The proposal was initiated by the then chief minister Prithviraj Chavan himself,” Yerawar told PTI today. “Thereafter steps were taken to reserve 93 hectares of land in Lohara MIDC and the work will soon be launched,” said Yerawar. The Park would ensure large scale employment to the youths of the region besides providing better avenues for the farmers to garner maximum benefit, said the guardian minister of Yavatmal. “We have proposed to set up basic infrastructure including supply of energy, water and provision for sewerage water treatment plant at the site,” Yerawar said.
Source: PTI, Business Line
Home textiles player Welspun India Ltd on Saturday started its Rs. 150-crore Needle Entangled Advance Textile Plant for its technical textiles business at Anjar in Kutch. Additionally, the company has invested Rs. 100 crore in a fully automated cut and sew unit in the made-ups segment with a capacity of 10 million units per annum. The facility, inaugurated by the Union Minister for Textiles, Smriti Irani, will have capabilities of Spun Lace and Needle Punch lines, which can manufacture multilayer composites for various applications. The plant has the initial manufacturing capacity of 2,400 tonnes per annum. BK Goenka, Chairman, Welspun Group, said, "The new facility will enhance our product offerings and provide cutting-edge solutions in high-growth areas such as industrial and defence applications. The new facilities strengthen Welspun’s position as a global manufacturer and underline our commitment to the ‘Make in India’ initiative as well as the economic development of the region and the country at large." The advanced and innovative technology will provide non-woven solutions for high-end industrial applications such as Filtration, Acoustics, Automotive, Fire Safety, Thermal insulation, Vibration control, Noise control, Aero-Space, Defence and Mass Transportation, the company informed. With this facility, Welspun has also invested in a wide range of finishing technologies which include Coating, Laminating, Dyeing, and Printing to provide innovative solutions, it added.
Source: The Hindu Business Line
From vegetable dyed Ajrakh sarees, to intricate Gujarat weaves, from brocade and Banarasi woven fabrics to Odisha ikats, a wide range of traditional weaves from across the country were showcased at a textile exhibition here. An initiative of Delhi Crafts Council to provide marketing assistance to skilled weavers and printers, 'Kairi 2017- an exhibition of textiles' had on display an array of weaving styles and patterns including tie and dye, khadi, ajrakh, bagru and dabu prints, laaheriya, ikats and weaves in sarees, dupattas and fabrics. While participating weavers were charged a nominal fee for setting up their stalls, Kamayani Jalani from Delhi Crafts Council said that the major aim of the show remained the upliftment of such artisans. "There is no denying the fact that powerloom is cheaper than the handloom. But, we wanted to promote the handloom weavers and printers and did not charge them anything, but a nomin al fee to cover the expenses of holding the exhibition. Therefore, the products were way cheaper than their prices in the market," she said. While a yard of cloth ranged somewhere between Rs 200 and 1,000 per meter depending on the fabric, sarees were priced between Rs 600 and Rs 60,000. The show also exhibited tribal weaves from remote regions like Bastar in Chhattisgarh, besides the widely popular South Indian weaves and Jaipur prints. Anu, one of the visitors at the exhibition said while bling was gradually becoming passe and traditional wear was catching up as fashionable wear, it still had "miles to go" to become popular with the younger generation. "Youngsters are largely attracted towards the bling. But, such exhibitions not only benefit weavers economically but also help in introducing the traditional weaves of our country to younger people. "It is also great that now designers are associating themselves with the Indian textile heritage, which inturn is helping weavers earn recognition," she said. The exhibition came to a close yesterday.
Source: PTI
The much-awaited textile park in Yavatmal has been given green signal by the state government after a joint meeting of the concerned departments and the district administration at mantralaya chaired by the MoS for energy and district guardian minister Madan Yerawar on March 16. While talking to TOI on Sunday, Yerawar said that the setting up of the textile park was pending since long despite the proposal being initiated by the then CM Pritviraj Chavan "I had summoned a meeting of the officers from MIDC, a senior scientist from NEERI, Nagpur and the district collector to know the hurdles that caused the lingering of the proposed park and I was told that the major issue was of the adequate land for the project," Yerawar informed. He added that 93 hectares of land in Lohara-based MIDC has now been reserved for the park and the work would soon be launched. "Yavatmal is popularly known as the city of white gold (cotton) but it is deprived of any industry based on cotton across the district," he said, adding that the park would ensure large scale employment opportunity to the educated youths of the region besides providing better avenues for the farmers to garner the maximum benefit. "We have proposed to set up basic infrastructure, including supply of energy, water and provision for sewage water treatment plant in the park site," Yerawar said. He added that a 132 KV electricity sub station would also be set up in the park site to cater the energy requirements of the units that may come up over there.
Source: Times of India
Jharkhand is mulling aggressive initiatives to promote and market its ethnic textile and handloom products in a bid to help its large indigenous community of craftspersons grab a major pie of the rapidly growing national and global textile market.The state governments efforts, led by Jharkhand Silk Textile and Handicraft Development Corporation Ltd (Jharcraft), were discussed today along with emerging opportunities in the textile, apparel, footwear & fashion sector at a seminar on Opportunities in the Textiles, Apparel, Footwear & Fashion held in the capital. The seminar brought together various stakeholders and reputed dignitaries in the Fashion, Textiles, Footwear and Apparel sector, during the India Fashion Week 2017, to discuss insightful propositions on finding newer markets for products handcrafted by the states tribals. Jharcraft is a Government of Jharkhand undertaking formed to initiate steps to provide sustainable livelihood opportunities in the rural areas, based on Sericulture, Handloom, Handicraft and other allied activities. The seminar held at the venue of India Fashion Week showed the way forward for diverse sectors such as fashion garments, textile, and footwear. Subsequently, a first-of-its-kind Business to Government (B2G) meeting was also held at Jharkhand Bhavan, New Delhi at the second half with senior officials from Government of Jharkhand including Smt. Raj Bala Verma, Chief Secretary Government of Jharkhand; Shri Sunil Barnwal, Secretary-Industries, Government of Jharkhand and other senior government officials, where government bureaucrats interacted on a one-and-one basis with prospective investors in the state to discuss the way forward for a golden investment opportunity in the state of Jharkhand, focusing on the key pillars of flexible policymaking and enhancing Ease of Doing Business. During the meeting, Mr. Pavel Sukoybeda, First Secretary, Embassy of Republic of Belarus exclusively met the secretariat team of Government of Jharkhand and expressed their interest in investing in Jharkhand. On the other hand, various other investors also showed interest in endorsing in various public projects such as techno parks, upcoming skyway project, metro projects, and so on. The major benefits of policies for Jharkhand in the textile industry is that the state is offering major incentives for the investors and providing 50% of the rebate for land acquisition tax, said Smt. Raj Bala Verma, Chief Secretary Government of Jharkhand at the meeting. Our state has huge natural resources and wide range of industry-ready raw materials. While the existing resources have already aided in creation of many primary industries in the state, the best is yet to come. Within a short span of one year, we have moved from the 29th position to 3rd on the Ease of Doing Business scale. Skilling of existing manpower has led to its fullest use in various sectors, and of late, we have started framing exclusive policies for almost 20 sectors like tourism, films, IT, apparel and textile, and so on. Last year, we launched Jharkhand Textile Apparel & Footwear Policy with a progressive vision and takeaways from various other state policies. In my opinion, if Make in India has to succeed, Make in Jharkhand is the stepping stone. Over the long term, Jharkhand is set to become the definitive destination of employment with the best use of available resources, and promises best ROI for investors who are looking forward to business opportunities in our state, said Shri Sunil Barnwal, Seretary-Industries, Govt. of Jharkhand, who was present as the guest of honour at the event. K Ravi Kumar, Managing Director, Jharcraft, while delivering his welcome address at the seminar said, Jharcraft hopes to provide a platform to the artisans and weavers to merchandise their own products, through the maximum utilization of resources and manpower of Jharkhand. The artisans producing the silk are largely poor tribals from Jharkhand state who have no means to promote or market their incredible works. In the absence of institutional support, they were faced with limited opportunities. At Jharcraft, we are driven by a quest to improve sources of livelihood for these artisans by providing them platforms to showcase their wondrous works and find market opportunities in the international arena. Mr. Sunil Sethi, President, Fashion Design Council of India said the state of Jharkhand is an undiscovered treasure, with an enormous potential for industrialization, especially in the smaller sectors like textile, apparel, and footwear, adding that Momentum Jharkhand had already taken India by storm. Fashion is the greatest eyeball-catcher across the world. Appreciation of the natural fabric of Jharkhand can not only enrich the culture, but also lives of thousands of rural people living in the state. This is indeed a great platform to showcase the artisans incredible works at the doorstep of investors, and grow from strength to strength, said acclaimed Fashion designer Rina Dhaka. His Excellency Mr Nejmeddine Lakhal, Indian Ambassador of the Republic of Tunisia who was present as special guest said there was tremendous scope for Indo-Tunisian collaboration in the apparel sector. In Tunisia, the Textile & Apparel sector holds a prominent place in the national economy. Approximately 1400 foreign countries, many of them from the European markets, hold a favourable geographical proximity and the country acts as a gateway in production, manufacturing and marketing of textile and similar products. On the other hand, Jharkhand is still a developing state and needs a lot of investment to realize the huge potential in these sectors. Through this platform, Tunisia would like to build a win-win partnership with the state government and Government of India to respond to emerging opportunities and build upon global best practices, he said. Mr. Pradeep Bhandari, CEO, Reliance Textiles, pointed out that lack of skill development initiatives, inadequate last-mile delivery of apparel, and low rate of exports are a concern, and emphasized the need to change the mindset and outlook for the value chains of textile and apparel sectors. Gautam Nair, Managing Director, Matrix Clothing said in India, apparel industry is the second largest employer after agriculture and also contributes significantly to sustainable livelihoods and women empowerment but lack of skilled resource raises concerns on employability. Connecting the dots between e-commerce and the fashion & textile sectors, Abhijit Kamra, Head, Amazon Global Sales said, E-commerce sector can catalyze and synergize the efforts of the Indian Government and Jharkhand Government, especially when it comes to small-scale industry sectors. At Amazon Global Selling, we empower micro-level entrepreneurs to reach online millions of new customers who visit our international marketplaces and offer them best-in-class fulfillment solutions. Customer reviews and insights in Western countries can add a new dimension to the apparel and footwear designs in our country. Together, the small and large actions can leverage never-seen-before opportunities in terms of product placement in the international markets and provide them the most beneficial deals.
Source: MENAFN.Com
NEW DELHI, MARCH 19: The humble saree, whether it is made of six yards of fabric or undergone a designer makeover with embellishments and embroidery, will be classified as a saree and not a ready-made garment. Following several queries, the Central Board of Excise and Customs (CBEC) has clarified that sarees, which have undergone further processing such as embroidery, stitching of lace and tikki and stitched with two or more kinds of fabrics, will still be classified as sarees and not ready-made garments in the Central Excise Tariff Act, 1985. “Even after stitching, embroidery work and fixing of falls, a saree remains fabrics only as no new item emerges having distinct name, character and use. Stitching of two or more different kinds of fabrics also does not take away its classification,” said the CBEC in a recent circular, adding that it has been specifically classified as such under Chapter 50, 52 and 54 of the Central Excise Tariff Act (CETA). It would not be classified as made-ups under Chapter 63 of the Act. “Each case may be decided on the basis of facts and where further processing of saree does not change the essential characteristics of the fabric as that of saree, it should continue to be classified as saree,” stressed the CBEC. The question of if and when a saree becomes a ready-made garment has been at the core of a number of tax disputes and has been a matter of uncertainty for wholesale manufacturers as well as exclusive boutiques and designers. Tax experts said the clarification will ensure that sarees continue to enjoy exemption from central excise duty, which is extended to textile products. Meanwhile, branded ready-made garments and textile products with a retail price of over ₹1,000 attract excise duty at rates of 2 per cent or 12.5 per cent, depending on the use of input tax credit.
‘No duty liability’
“This clarification gives the correct classification of sarees to avoid any dispute. There will be no duty liability,” said VS Datey, Editor, taxman.com.
Source: The Hindu Business Line
KOCHI: It’s the neatly displayed silks that steal your attention. Delicate and exquisite pieces of art, they come in all colours and designs at the Khadi Fest going on at VJT Hall. Celebrating our unique hadloom heritage, there is a range of handpicked pieces from some of India’s major weaving villages. “There are saris, salwar suits and stoles in different varieties of silk. While some pieces sport traditional designs some others come with a fashionable twist,” says Thomas Kariyampalli, Manager. Apart from silks, you will also find the most-favoured fabric of the season - cottons - in both earthy and vibrant shades. Another highlight of the fest is a solid collection of khadi varieties - muslin khadi, cotton khadi and khadi silk. “Khadi silks are very popular among professionals as it creates a very formal and elegant impression. The collection here is really good and the prices are reasonable,” says Deepa, a customer. You can go for mix-and-match as you will find bolts of cotton and silk along with silk hand-painted dupattas. “Depending on the material and handwork their price range starts at Rs 800,” says a salesman. From chanderis and tussers to jute silks and kotas you have a lot of options to pick from. “The main attraction of the fest are silks with kalamkari patchworks and delicate thread embroidery,” adds Thomas. The crisp and lustrous dupion silk, woven using a combination of fine and uneven threads, are also available. “We have some of the trendiest colour combinations and patterns. From simple cottons to zari-bordered silks, there are material, shades and designs that suit all occasions,” he says. A range of pickles, kondattams and dry chutnies are what you will find at another counter. Mango-honey pickle, puliinji, chakka pappadm, payar kondattom, gooseberry in brine - you name it and the Oruvar Mana stall will pack it for you. A bunch of nostalgic tastes, all the products there are prepared using the traditional methods. “This unit prepares pickles and other products without using any preservatives and artificial colours,” says Thomas. There are a total of 25 stalls among which ayurvedic products, handmade cutlery, leather items, jute bags, organic soaps, kolhapuri chappals, cane furniture, mattresses and pillows stuffed with natural cotton, agmark honey and a handful of handicrafts are also displayed. The fest sponsored by Khadi and V I Commission, Ministry of Micro, Small & Medium Enterprises, is on till March 22. Entry is free and a rebate up to 30 per cent is offered in various sections.
Source: The New Indian Express
The Cabinet on Monday approved four supporting GST legislations - Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST), a government official said. The bills are likely to be taken up by the parliament this week as Prime Minister Narendra Modi rushes to roll out the new law, after years of delays. The Cabinet on Monday approved four supporting GST legislations – Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST), a government official said. The bills are likely to be taken up by the parliament this week as Prime Minister Narendra Modi rushes to roll out the new law, after years of delays. While the C-GST will give powers to the Centre to levy GST on goods and services after Union levies like excise and service tax are subsumed, the I-GST is to be levied on inter-state supplies. The S-GST will allow states to levy the tax after VAT and other state levies are subsumed in the GST. The UT-GST will also go to Parliament for approval. The GST Council, in its previous two meetings, had given approval to the four legislations as also the State-GST (S-GST) bill. While the S-GST has to be passed by each of the state legislative assemblies, the other four laws have to be approved by Parliament. Once approved, levy of Goods and Services Tax (GST) will get legal backing. While a composite GST will be levied on sale of goods or rendering of services after the new indirect tax regime is rolled out, the revenue would be split between Centre and states in almost equal proportion. This because central taxes like excise and service tax and state levies like VAT will be subsumed in the GST.
Source: Financial Express
The South Korean won also touched a five-month high of 1,121.1 per US Dollar. Asian currencies pushed higher on Monday, as the dollar remained under pressure after the U.S. Federal Reserve last week signalled fewer interest rate hikes this year than some investors had expected. The Taiwan dollar, hit its highest level in about 22 months at 30.465 per US dollar, buoyed by foreign fund inflows. The Thai baht rose to around 34.66 at one point, its strongest level since early October. Dollar-selling by foreign names and funds, as well as local exporters, helped give a boost to the baht. The South Korean won also touched a five-month high of 1,121.1 per U.S. Dollar. Dollar bulls were disappointed last week after the Fed raised interest rates as expected and stuck to its outlook for three rate hikes in 2017, instead of the four some had grown to expect. “It’s still dollar weakness. I think that’s the persistent theme,” said Andy Ji, Asian currency strategist for Commonwealth Bank of Australia. Asian currencies are generally supported by dollar weakness and positive risk sentiment after last week’s Fed meeting, as well as growing expectations that monetary policies around the world could become more synchronised, including possible policy tightening by central banks in Asia, Ji said. The dollar’s pullback after last week’s Fed meeting partly reflects market positioning, market participants said. The market is continuing to offload long positions in the U.S. dollar, said a trader for a Malaysian bank in Kuala Lumpur. Currency markets showed limited initial reaction to the Group of 20 meeting over the weekend which retained the familiar form of words on currency intervention but dropped a pledge to avoid trade protectionism.
Source: 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$ 50.44 per barrel (bbl) on 17.03.2017. This was lower than the price of US$ 50.76 per bbl on previous publishing day of 16.03.2017. In rupee terms, the price of Indian Basket decreased to Rs. 3305.67 per bbl on 17.03.2017 as compared to Rs. 3318.91 per bbl on 16.03.2017. Rupee closed weaker at Rs. 65.54 per US$ on 17.03.2017 as compared to Rs. 65.38 per US$ on 16.03.2017. The table below gives details in this regard:
|
Particulars |
Unit |
Price on March 17, 2017 (Previous trading day i.e. 16.03.2017) |
Pricing Fortnight for 16.03.2017 (Feb 25, 2017 to March 13, 2017) |
|
Crude Oil (Indian Basket) |
($/bbl) |
50.44 (50.76) |
53.70 |
|
(Rs/bbl |
3305.67 (3318.91) |
3583.94 |
|
|
Exchange Rate |
(Rs/$) |
65.54 (65.38) |
66.74 |
Source: PIB
Prime Minister Sheikh Hasina yesterday called for modernising and enriching the country's weaving industry, assuring that her government will continue all-out support for the industry. At the National Council 2017 of Bangladesh Tanti League in the capital's Krishibid Institution Auditorium, Hasina urged the successors of the weaving industry to carry on the rich tradition. "We have already got the patent for Jamdani, now we will have to develop it further and publicise it worldwide. Our silk, Benarasi and cotton sarees will surely develop, if all pay due attention.” Urging the people, especially the males, to wear clothes made by local weavers, she said, "I also buy clothes made of Khaddar for my son and daughter which are also very beautiful.” "The clothes made of Khaddar are very comfortable and suitable to our weather. We want that our traditions (muslin, Khaddar) get back their lost glory,“ she said, stressing the need for improving training of weavers. Highlighting various steps taken for the welfare of the weaving and the handloom industries in January 2017, she said Tk 49,26,000 were distributed among some 142 weavers, while a project worth Tk 41.55 crore was taken to set up a fashion design and a textile institute, and a basic centre. Besides, works are going on to set up a "Jamdani Village" and "Benarasi Village", while plots are being allocated for small weavers in Narayanganj in addition to taking a project to set up a "Weaving Village" at Shibchar in Madaripur and Janjira in Shariutpur, she added. Earlier, the premier inaugurated the council by hoisting the national flag. Meanwhile, after the inaugural session, Awami League General Secretary Obaidul Quader announced Eng Shawkat Ali and Khagendra Chandra Debnath as the new president and general secretary respectively of Bangladesh Tanti League, reports our staff correspondent. Bangladesh Tanti League was formed in 1965 under the name Pakistan Tanti Samity.
Source: Unb, Dhaka
PHILADELPHIA – Mipri Haye, a high school junior, is on Instagram and Snapchat daily, showing off her latest outfits to her girlfriends. She also shares where she got those clothes: Forever 21, H&M and Charlotte Russe often top her list. "I take pictures of myself trying on new things, post them, and see what my friends think," said Haye on a recent Friday as she shopped with her mother, Capri Haye, inside Francesca's at Cherry Hill Mall in the New Jersey portion of suburban Philadelphia. Retail experts say such prolific use of social media by Haye and others is driving the rapid success of some teen retailers, and causing the quick demise of others. Teen brands also have been among the slowest to close their brick-and-mortar stores and grow their websites. In the past 18 months, Aeropostale, with 800 stores, Pacific Sunwear, with nearly 600 stores, and American Apparel, with 273 stores, have all filed for bankruptcy. (An ownership group stepped up in September 2016 to buy Aeropostale for $243 million at auction; the new owners plan to reopen its 500 stores across the country this year.) Wet Seal, a California teen-oriented brand with 171 stores, filed for Chapter 11 last month. It specialized in selling clothing and accessories to young women. Others, such as Abercrombie & Fitch and American Eagle Outfitters, are struggling. On a recent Friday at Cherry Hill Mall, neither store attracted much foot traffic from 7 to the 9:30 p.m. closing. E-commerce sales continue to grow at about 15 percent a year, noted Garrick Brown, vice president, retail research of the Americas for Cushman & Wakefield. And online retailers keep gaining market share. But while most have been focused on millennial shopping habits, "what has been missed ... is the impact of the next generation: Generation Z," Brown said. "This generation (the first to have grown up completely on smartphones) are poised to put that growth to shame." In 2015, Forrester Research reported that, despite low incomes due to their youth, Generation Z consumers spent 8.75 percent of their total income online. This compared with 5.33 percent for millennials and 3.85 percent for Generation X. "The entire apparel marketplace has been sharply impacted by the encroachment of Amazon into the fashion arena and by the general rise of e-commerce," Brown said. "But that impact has been sharpest on teen apparel because their core consumer, Generation Z, have been even stronger users." Combined with retailers being slow to develop an in-store/online sales strategy, "this is why there has been a wave of teen apparel retail failures that is nowhere near finished," he said. Ken Perkins, president of Retail Metrics Inc., which provides investors with research on retail, cited four factors in teen fashion's fall:
• Teen apparel retailers are almost exclusively located in malls (Aero, Wet Seal, PacSun, American Eagle, Abercrombie, Tilly's, Zumiez). "Consumers are venturing to (mediocre, under-performing) malls at a rapidly declining rate. Teen chains are not alone in their inability to make up for lost foot traffic with rapid e-commerce growth."
• Social media have changed what teen consumers focus on. "Teens are more interested in dining out with friends, attending shows, concerts, sporting events that they can post to social media than they are about their wardrobes."
• Teens are very fashion fickle, and no overarching fashion trends are driving sales. "Denim is a constant but what else?" said Perkins.
• The transition to mobile spending and rapid delivery "is happening so rapidly that most retailers cannot keep pace with it," he said. "Amazon is eating everyone's lunch."
• Compared with all of retail, the teen category has under-performed every quarter since 2008, according to Retail Metrics.
Source: Suzette Parmley Philadelphia Inquirer,
Spouse of Indonesian Ambassador Mrs. Rita Amri hosted exhibition and fashion show showcasing colours of Indonesia’s widely popular traditional textile. The exhibition displayed one of greatest treasure trove of traditional textiles, produced in almost unlimited regional and island variations of Indonesia, each unique specimen with its own patterns Among woven textiles from Indonesia, Tenun is one of the most profound ones. To most people Batik is known as the signature Indonesian textile with its designs painted or printed directly onto the clothes. But in case of Tenun, as the name suggests, it is made by the means of weaving. Designs and colors. The venue was attractively decorated and showcased an elaborate collection of Tenun fabricand fashionable ready to wear clothes, hand bags, shawls, sarongs and other gift items from different regions. Welcoming the guests in her remarks, Chairperson Indonesian Women Association Mrs. Rita Amri explained the objective of the event is to share and of Indonesia including Sumatra, Java, Bali, Lombok and other parts of Indonesia for the guests to experience firsthand and admire. promote “Tenun” as the weaving heritage of Indonesia celebrated with both past and present traditions explored and appreciated.
Source: Pakistan Observer
The ongoing Chinese economic restructuring is conducive to reducing uncertainty for the world economy and injecting fresh growth momentum into the global economic recovery, according to a Chinese economist. "China has been an active participant in and facilitator of globalization," Wang Yiming, deputy director of the Development Research Center of the State Council, the cabinet, said Saturday at the China Development Forum 2017 held in Beijing. Chinese economy is transitioning to a "world market" from a "world factory," and will buttress global market demand in goods and service trade, Wang said. China continues to increase investment in innovation and human resources, which change distribution of the global value chain, he added. "More Chinese companies are going global, which will inject vitality into anemic global investment and trade and create more job opportunities, " Wang said. China's non-financial outbound direct investment (ODI) in 2016 soared 44.1 percent year on year to $170 billion.
Source: China Daily
Trading interest revived on the cotton market on Saturday amid active buying from spinners. Ginners who had been holding their limited stocks entered into moderate to big deals with spinners who had yet to accumulate stocks to meet their seasonal demand. As the current cotton season has almost ended in Punjab, the lower Sindh has already started sowing new crop for the next season, i.e. 2017-18. Prices on the domestic market also remained steady in line with global trend where most of the leading cotton markets closed steady. The Karachi Cotton Association’s spot rates were firm at overnight level. Major deals on the ready counter were: 1,000 bales from Lodhran at Rs7,050, 400 bales from Liaquatpur at Rs7,000, 400 bales from Bahawalpur at Rs6,950, 600 bales from Noorpur Noranga at Rs6,925, 200 bales from Dahranwala at Rs6,800 and 500 bales from Alipur at Rs6,725.
Source: Dawn
Bangladesh has overtaken China to become the largest denim supplier to the European Union -- a development that would give confidence to the country's garment sector as it looks to hit $50 billion in exports by 2021. In the January-June period of 2016, Bangladesh exported €567.97 million worth of denim products to the 28-nation bloc -- enough to secure a 21.18 percent market share, the highest. The country has also become the third largest denim supplier -- after China and Mexico -- to the US. It exported $186.30 million worth of denim products to the US, registering a 12.03 percent market share, eclipsed only by China (26.04 percent) and Mexico (25.40 percent). The headway has been possible because of the millions of dollars that the local denim fabrics makers invested to set up state-of-the-art facilities in their plants. Currently, Bangladesh has 30 denim mills for which investment to the tune of $1 billion was made, said Mostafiz Uddin, managing director of Denim Expert Ltd, a leading denim exporter. The collective production capacity of the mills is 435 million yards a year, he said. “Bangladesh could win in the European denim segment not only for the competitive prices, but also for the quality of its products, shorter lead time and better commitment,” said MS Hasan, director of operations of Amber Denim, another major denim maker. For instance, Amber Denim invested heavily to acquire a modern denim laboratory for testing and certification, which helped in reducing the lead time, he said. In terms of denim sales, the US and the UK are two major markets of Bangladesh. Almost 70 percent of the population in the US wear denim products regularly, according to industry insiders. An average consumer owns seven denim products at any given time, they said. Over in the UK, one of the largest clothing markets in Europe, each consumer owns an average of 17 denim garments. Bangladeshi entrepreneurs supply denim products to major global retailers including Levi's, Diesel, G-Star RAW, H&M, Uniqlo, Tesco, Wrangler, s.Oliver, Hugo Boss, Walmart, and Gap. The denim sub-sector could play a significant role in achieving the $50 billion export target by the end of 2021, said Mostafiz Uddin, who organises denim expositions twice a year in Bangladesh. Annually 2.1 billion pieces of denim are sold globally, according to Bangladesh Denim Expo, the organiser of the exposition. In 2014, the size of the global denim market stood at $56.20 billion, Mostafiz said. By 2020, the global denim market will reach $64.1 billion, while Bangladesh's denim export is forecasted to reach $7 billion by the end of 2021. It is estimated that the global denim market will grow by about 8 percent a year until 2020, Mostafiz said citing data from the Cotton Inc USA.
Source: The Daily Star
