"There is a persistent demand from the textile sector to abolish anti-dumping duty on synthetic yarn. I also made a fervent appeal to Union Textile Minister Smriti Irani during the meeting of stakeholders the ministry had called in New Delhi. Hitting out at the BJP-led government in New Delhi for not removing anti-dumping duty imposed on synthetic yarn despite persistent demands, All India Majlis-e-Ittehadul Muslimeen (AIMIM) Chief Asaduddin Owaisi on Wednesday said the continuation of the levy was actually to benefit Prime Minister Narendra Modi's corporate friends. "But all these demands fell on deaf ears because the anti-dumping duty on synthetic yarn is benefiting Modi's corporate friends", Hyderabad MP Asaduddin Owaisi said in direct reference to Reliance Industries - one of the largest producers of polyester fibre and synthetic yarn in India. While addressing an election rally in Malegaon on Wednesday, his second rally in a week, Asaduddin Owaisi also said that the petroleum prices have come down from $110 to $55 per barrel but the prices of synthetic yarn are moving upwards. "The textile sector, second largest after agriculture, will not be on the right track unless the yarn prices are controlled. "Anti-dumping duty should be imposed on Chinese fabrics coming to India if the government wants to save the struggling textile industry", he said. Asaduddin Owaisi also termed the much publicised PowerTex India a mere eyewash and lacking the measures urgently needed to bring the textile industry back on the right track. "There is a need to increase the capital subsidy amount from the existing 30% to 40%. But, the Modi government reduced it to 10%. Its nothing but a cruel joke with the weavers", Owaisi said. Owaisi also slammed the government for failing to provide uninterrupted electricity to powerloom centers. "There is a power cut of more than 8 hours in Malegaon. How can the powerlooms run without electricity? In Malegaon, the textiles is linked with livelihood of the people. How can they feed themselves if there is no electricity?", Owaisi asked while campaigning for the AIMIM candidates in Khyabane Nishat Chowk area of Malegaon. The AIMIM is contesting Malegaon Municipal Corporation (MMC) elections slated to be held on May 24 for the first time. Malegaon corporation has 21 wards and each ward will elect 04 corporators. This takes the total number of corporators to 84. Though the AIMIM has not yet released list of its candidates in Malegaon, sources said the party, led by former Mayor of Malegaon Abdul Malik Yunus Isa, is planning to contest the upcoming elections in all wards of the city.
Source: ummid.com
India is not yet ready with its market opening offers for the members of the Regional Comprehensive Economic Partnership (RCEP) — especially China — as senior officials get ready to hold the next negotiating round in the Philippines. The round of talks beginning on Thursday is crucial as the 16 participants, including the 10-member ASEAN, would try to evolve a consensus on the progress that trade ministers from the region should make when they meet in the end of the month. “RCEP countries are tired with the long-dragging negotiations and want closure soon. Commerce & Industry Minister Nirmala Sitharaman will be required to reveal what India’s stance is towards the pact is given the fact that most members are not ready to accept low ambitions. Soon the question will boil down to whether India is in or out. We have to be ready for that,” a government official told BusinessLine. The RCEP comprises ASEAN and its FTA partners including India, China, Japan, South Korea, Australia and New Zealand. Once concluded, it could be the largest free trade bloc in the world accounting for 45 per cent of the world population and over $21 trillion of gross domestic product Going forward has become extremely difficult for India as most RCEP members want zero duties on almost all products and only small exceptions are allowed for some countries and products through deviations. While India had initially offered to gradually eliminate tariffs on 42.5 per cent of items from China, it has been rejected not just by China but also by the ASEAN (which was offered zero duty on 80 per cent items) as the general feeling is that the deviations cannot be so large. “Giving too much market access to China will not only hit the Indian industry but will also be a politically sensitive decision especially because the RCEP pact could kick in during the time of the next general elections in 2019,” the official added. India will be under immense pressure to show its cards in this week’s round of talks, but there is nothing that the officials can do about it. “There is no word yet from the higher offices on the extent to which markets can be opened for tricky members like China, Australia and New Zealand with which the country doesn’t have free trade pacts,” a government official said. Although the new deadline to conclude the RCEP negotiations has been shifted to early 2018, most members including the ASEAN are serious about arriving at something concrete at the Philippines RCEP Ministerial meeting scheduled later this month. “It was decided in the last round in Kobe, Japan, that concrete offers should be on the table during this round in the Philippines. Things are worse for India, as no country has come up with lucrative offers in services and none seem to be complaining about it,” the official added.
Source: Business Line
New Delhi : Credit rating agency ICRA on Wednesday announced that the Haryana state government recently announced the state specific Textile Policy on April 2017 that aims for integrated development of the textile industry with the state, at the same time remove the current mismatch across the value chain. According to an ICRA report, the new state policy introduces measures such as capital subsidy at 10 percent for investment in Plant and Machinery (P&M) eligible under ATUFS (Amended TUFS). This will reduce the project cost upon commissioning; Interest subsidy in the range of ~four to six percent in the scheme for all types of new textile units, depending on the area/ category of district and; Support for establishing textile parks in terms of additional fiscal incentives as well as infrastructure augmentation. This is in addition to the Central government's scheme for Integrated Textile Parks (SITP) to support the overall industrial growth in this sector. "States of Maharashtra, Gujarat, Madhya Pradesh among others already have state textile policies in place for facilitating investments in the sector. These states have benefited over the years from these policies, as is evident from the capacity additions. In this context, the benefits proposed in the Haryana Textile Policy are expected to make the state competitive for investments for the textile sector going forward," said Senior Vice President and Group head ICRA, Jayanta Roy. The policy is structured to provide relatively higher incentives in Category C and D blocks (defined under the Enterprises Promotion Policy, 2015, as industrially backward areas), as compared to Category A and B Blocks (defined as industrially developed and intermediate developed areas). Besides, the policy will also supplement the central policies for the textile sector.
Source: Outlook India
In a major move by the government to tackle the rising issue of bad loans and NPAs with banks the cabinet has cleared the ordinance to resolve the issue. The cabinet on Wednesday approved the amendments to the Banking Regulation Act. The Executive Order on the NPA policy has been sent to the President and it is expected to get the nod from him tonight. Hinting at the decision taken by the government Finance Minister Arun Jaitley told reporters that the cabinet has taken an important decision regarding the banking sector but it would not be right for him to comment till the President's approval is not received. The cabinet headed by Prime Minister Narendra Modi gave the approval for various issues such as the Steel Policy, approval of $4.5 billion line of credit to Bangladesh, among others. The total non-performing assets (NPAs) of banks have mounted to Rs 614,872 crore as of February 2017. The NPAs have been the highest in the public sector banks (PSBs) and has been dragging them down. While the Indian economy has been growing at a good pace, a recent International Monetary Fund (IMF) report cautioned the Indian government regarding the rising bad loans and its impact on the economy if it is not taken care of. Jaitley last month said that non-performing assets (NPAs) are showing a declining trend in the last quarter of the current financial year. He said that despite this trend, NPAs continue to be a challenging task for banks. Jaitley said, "The core problem of NPAs is with very large corporates, though few in numbers, predominantly in the steel, power, infrastructure and textile sectors. He said that they had expanded their capacity during the boom period (2003-08) but could not face the onslaught of global financial crisis and consequent slow down thereafter."
Source: ZeeBiz WebTeam
MUMBAI: Uncertainty over modalities of implementation of Goods and Services Tax(GST) has triggered concerns among patients over shortage of medicines due to attempts by stockists and trade channels to reduce stock in trade. Stockists, worried about potential losses once GST kicks in on account of the mismatch between tax payout and tax refund, have started maintaining a minimum inventory and are even returning back a part of the stock to companies. This may lead to paucity of certain medicines for a short period, and should not create a major problem, industry experts say, adding, there is no need to panic. Social media platforms are abuzz with messages voicing concerns on medicine stocks getting depleted, and asking patients to stock up now for the "severe shortage" from July. "Destocking is a natural fallout of the exercise, so as to minimise unnecessary impact. Lower stocks could be maintained, just enough to serve demand in the market," A Vaidheesh, vice-president South Asia and managing director GlaxoSmithKline Pharmaceuticals, told TOI. Dealers and stockists are in a wait-and-watch mode as the final rates under GST are yet to be decided. "Distributors usually keep an inventory of 40 days, while at the retail level, it's 10 days. In case the GST rate is unfavourable, distributors in the last week of June may reduce inventory (stocks) to 15 days, but it is unlikely to impact at the retail level," Ameesh Masurekar, director at AIOCD AWACS-which has 60,000 distributors and seven lakh chemists under its fold - told TOI. Masurekar said there is no likelihood of a shortage, and normal inventory levels will be restored by first week of July. "As a part of transition and in the absence of clarity about credit for duty paid stock on hand, all manufacturers and traders in many sectors are trying to reduce stocks. That is transitory and should not create major shortage", said D G Shah, secretary general of industry body Indian Pharmaceutical Alliance. Worries among distributors have surfaced as some dealers had suffered losses in the past when the value added tax regime had kicked in, due to delays in tax refund by the government. As a result, this time they may attempt to minimise stock, assess the tax refund situation once GST kicks in, and then replenish stocks, an industry expert said. "GST modalities and rules are still to be clarified, particularly on the tax refund and input. credit. Uncertainty in the industry will dissipate once the rules are clarified," says Sujay Shetty, India and Asia-Pacific leader, PWC
Source: Times of India
A dozen new warehousing hubs are likely to emerge in the country in the wake of Goods and Services Tax (GST) rollout in July. Warehousing stock is expected to increase by 18 per cent to touch 132.5 million sq ft and likely to see investment to the tune of ₹4,500 crore to ₹4,700 crore. New locations “As GST is going to be a reality soon, along with a growing demand for quality warehouses by the industry, we are to see an increase of Grade A and B warehousing stock across the country in the next few years, mainly from new locations,” Ramesh Nair, CEO, JLL India, told BusinessLine. Last year, the Grade A and B stock touched 111.9 million sq ft from 96.8 million sq ft in 2015. “Out of the total 111.9 million square feet warehousing stock in 2016, the Grade A stock was 32.9 million sq ft, while the remaining 79 million sq ft was Grade-B stock,” said Nair. Implementation of the GST is probably the biggest trigger to warehousing segment in India, said Srinivas N, Managing Director – Industrial Services, JLL India. Investments in big box and high-quality warehouses are going to be the focus in the short to medium term, he added. City-wise impact GST rollout is likely to have a major impact on cities such as Delhi-NCR, which had the maximum warehousing stock in 2016 (29.3 million sq ft), followed by Mumbai Metropolitan Region (20.5 million sq ft). Bengaluru (17.5 million sq ft), Pune (12.8 million sq ft) and Chennai (10.4 million sq ft) come next, followed by Kolkata, Hyderabad and Ahmedabad. “While the existing eight cities are expected to retain their leading positions after GST rollout, India will also witness the emergence of at least 12 new feeder/ warehousing spoke locations,” said Srinivas. According to Nair, in Grade A and B warehouse rentals, Pune and Chennai lead the way due to proximity to manufacturing hubs and local market dynamics. These two cities are followed by the bigger metros of Mumbai and Delhi-NCR. Other cities such as Bengaluru, Ahmedabad, Kolkata and Hyderabad have lower rentals for both Grade A and B warehouses. “The GST rollout will also usher in an era of upgradation in the warehousing infrastructure,” said Nair.
Source: Business Line
The rising tide of protectionism is worrying but not strong enough to break the global economy, the Asian Development Bank’s chief economist Yasuyuki Sawada said on Wednesday. "This emerging orientation of US and Europe is a little bit worrisome situation but what I am saying is (that) it is unrealistic that global economy will move towards a broken economy that happened during intra-war period… I don't see that happening," Sawada said at the Asian Development Bank's annual meeting in Yokohama in Japan. The statement came a day after Prime Minister Narendra Modi spoke to his Australian counterpart and raised concerns over Australia’s decision to abolish a work visa which allowed businesses to hire foreign workers for up to four years in skilled jobs.
RISING RUPEE AND EXPORTS
Seeking to allay fears that the strengthening rupee will hit exports, the ADB chief economist said that India will not lose its competitiveness since its export performance is strong. He said the rupee's strengthening should not be seen in isolation since market environment is another determinant of exports. "You are thinking (that with the) appreciation of rupee India will lose international competitiveness… we can't really talk about only rupee appreciation in isolation. Overall, export performance of India so far seems to be quite positive. You shouldn't be too much pessimistic about exchange rate," Sawada said. India's merchandise exports grew at the fastest pace in almost six years in March led by petroleum, textiles, engineering goods, and gems and jewellery, up 27.5% from a year ago to $29.2 billion.
DEMONETISATION IMPACT
The ADB chief economist said that India's move to demonetise high value currency notes late last year will not hit growth since the negative impact was short-lived. "One possible challenge is demonetisation of high value currency (that happened) in November last year. Obviously that generated short-term decline in cash-based transaction and consumer sentiment. But according to our data analysis so far, this possible negative impact of de of demonetisation was only short-lived and we still see a medium term growth acceleration of Indian economy," he said. The ADB has projected India's economy to grow 7.4% in 2017-18 over the previous year, compared with 7.1% in 2016-17, on the back of a pickup in consumption demand and higher public investment.
Source: The Economic Times
India is expected to clock 7.1% growth this year before edging up to 7.5% in 2018, according to a UN report, which warned that the country faces heightened risks related to the concentration of bad loans in the public sector banks. The UN Economic and Social Commission for Asia and the Pacific (ESCAP) said in its annual flagship report ‘The Economic and Social Survey of Asia and the Pacific 2017’ launched on Monday that the economic growth for India is projected to be stable at 7.1% in 2017 before edging up to 7.5% in 2018, underpinned by higher private and public consumption and increased infrastructure spending. Growth in India is forecast at 7.1% this year as “re-monetisation restores consumption, and infrastructure spending increases”, the report said. Inflation is projected to reach 5.3-5.5% in 2017 and 2018, which is somewhat above the official target of 4.5-5%. The report, however, noted that a key downside risk for India was heightened financial sector risks related to the concentration of bad loans in public sector banks. The gross non-performing assets ratio in public sector banks reached almost 12% in 2016, which points to the need for “bank recapitalisation”, it said. Noting the impact of demonetisation, the report said the unexpected withdrawal of the two largest denomination currency notes in November 2016 and their subsequent replacement with new currency weighed down economic conditions in late 2016 and early 2017. The resulting liquidity crunch led to delays in the payment of wages and purchase of inputs in the industrial sector, the report said. “While the impact of demonetisation on the economy is expected to be transient, a slower-than-expected recovery would particularly diminish the outlook for cash-intensive sectors and supply chains for agricultural products,” it said. The recent budget called for various measures that seek to mitigate the large temporary adverse shocks on income and wealth, such as expanding a low-cost housing scheme and providing more relief to the agricultural sector and credit support for small enterprises. Notwithstanding its short-term disruptions, the report said one of the medium-term benefits of demonetisation was to help expand banking sector liquidity. “The country’s medium-term economic development will also benefit from recent reforms that are aimed at easing domestic supply bottlenecks, such as the implementation of the goods and services tax, amendment of a bankruptcy law and opening up of the pharmaceuticals, defence and civil aviation sectors,” it said. The rate of India’s economic growth moderated to 7.1% in 2016 from 7.6% in 2015, with the manufacturing sector more sluggish in 2016 relative to 2015 owing to weaker domestic demand, rising input costs and subdued bank credit. Fixed investment continued to contract as stressed corporate balance sheets suppressed firms’ appetite for additional spending, the report said. Overall, the still rapid output growth in 2016 benefited from a modest recovery in agriculture due to an improved monsoon season and robust growth in public administration following public sector salary increases, it said. Despite the overall fiscal tightening, capital expenditure under the budget for fiscal year 2017/18 is about 25% higher than that in the preceding budget. The report highlighted that despite a broadly positive economic outlook for 2017, Asia-Pacific economies are vulnerable to rising global uncertainty and trade protectionism. The region’s developing economies are projected to grow at 5% and 5.1% in 2017 and 2018 up from 4.9% last year. Economic conditions are broadly stable in China and higher value-added sectors are gradually replacing excess capacity sectors as drivers of output and employment, the report said. The continued softening of economic growth in China, projected at 6.5% in 2017 against 6.7% in 2016, reflects ongoing deleveraging and restructuring efforts to boost output in the medium term, it said. The projected moderate Asia-Pacific economic growth faces risks from rising protectionism and global uncertainty, it added. The report estimates that a steeper-than-anticipated increase in these factors could reduce average regional growth in 2017 by up to 1.2 percentage points. Launching the survey in Bangkok, UN Under-Secretary- General and ESCAP executive secretary Shamshad Akhtar emphasised that better governance for effective mobilisation and use of fiscal resources is critical to advancing the 2030 Agenda for Sustainable Development. “As we enter the second year of the 2030 Agenda, economic growth in Asia-Pacific economies is steady but modest amid prolonged weak external demand and rising trade protectionism. Future economic growth will need to rely more on productivity gains, compared to factor accumulation,”
Source: The Indian Express
NEW DELHI: India took a decisive step towards a possible July 1rollout of the goods and services tax (GST) with Parliament on Thurday giving nod to four related legislations that detail the provision of this single tax regime that will replace multiple state and central taxes to create one national market. Finance minister Arun Jaitley said that once the new regime is implemented harassment of businesses by different authorities will end, and India will have one rate for one commodity throughout the country. The new tax will usher in a uniform indirect tax regime in the country and not lead to inflation as apprehended by some sections, the minister said, winding up an eight-hour debate in the Rajya Sabha. Jaitley said successive governments have contributed towards GST and no one person can take credit for it. “This bill, I have no hesitation in conceding, is a collective property,” he said. With implementation of GST, revenues of the Centre, states and the industry and trade must benefit, he said. “On May 17-18 we will give final approval to rules and rates... Looks like it can be implemented from July 1,” Jaitley told reporters after the Rajya Sabha cleared the Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017. The bills were cleared by the Rajya Sabha after negation of a host of amendments moved by the opposition parties. The main opposition Congress did not move any amendment. The Lok Sabha had passed these bills on March 29. With the Parliament nod, the onus now shifts to states that will have to pass the state GST law in their respective state assemblies. The Centre has already put out detailed rules for discussions for stakeholder consultations. The GST Council, the constitutional body created for this tax, will next month take up the last remaining issue of fitting individual goods and services to various tax rates. The GST Council has approved a for rate structure – 5%, 12%, 18% and 28% – with most goods likely to fall in the 12% and 18% rate. In addition, a cess will be levied on luxury and sin goods as well. The law provides for a maximum GST rate of 40% (20% central GST and 20% state GST). “I am happy at the fact that when it comes to enforcing GST Bill all political parties came out in one voice,” Jaitley tweeted. Separately, the Lok Sabha on Thursday passed a bill to make excise and customs act compliant with GST. This bill seeks to do away with current cesses, which will be subsumed in the GST.
Source: Financial Express
Determined to take the war against black money and tax evasion to its logical end, Narendra Modi asked tax officials to implement the so-called Operation Clean Money (OCM) with gusto. Determined to take the war against black money and tax evasion to its logical end, Prime Minister Narendra Modi on Tuesday asked tax officials to implement the so-called Operation Clean Money (OCM) with gusto. He also hinted at reinforcing the Benami Transactions (Prohibition) Amendment Act, 2016, to give enforcement agencies more teeth. Reviewing several issues related to taxation — including the planned July 1 roll-out of the goods and services tax — with senior revenue department officials, Modi also urged the income-tax department to implement e-assessment soon. Currently, the paperless assessment is limited to pilot projects being run in seven Metro cities namely Delhi, Mumbai, Ahmedabad, Bengaluru, Chennai, Hyderabad and Kolkata. The new benami property law provides for rigorous imprisonment of up to seven years, and a fine which may extend to 25% of the fair market value of such property. It also allows the government to confiscate benani deposits. However, analysts have noted that the law as such hasn’t been a major deterrent to those holding assets in others’ names and suggested that certain loopholes in the law needed to be plugged. The I-T department has so far registered about 240 cases and attached assets worth Rs 55 crore nationwide under the new benami property law. But this is obviously a tip of the iceberg. Show cause notices for attachment of benami property have been issued in 140 cases where benami assets worth Rs 200 crore are involved, the income tax department had said in March. Under the second phase of OCM, taxmen are zeroing in on more than 60,000 people — including 1,300 high-risk ones — for investigations and are subjecting more than 6,000 high-value property purchases and 6,600 cases of outward remittances to detailed scrutiny. As part of the first phase of the operation, launched on January 31 this year, the department had sent online queries to 17.92 lakh persons, of which 9.46 lakh responded. Several shell companies engaged in laundering of money had also been detected. The hardening of the post-demonetisation crackdown comes after the Pradhan Mantri Garib Kalyan Yojana, also known as the Income Disclosure Scheme-II (IDS-II) — the window provided by the government for people to deposit their unaccounted cash after the note ban to come clean after paying a hefty fine — has come a cropper. Although the government hasn’t yet released the tax collections from IDS-II, various reports have pegged it in the range of just Rs 3,000-4,000 crore, belying expectations of a massive mop-up through the scheme running into over Rs 1 lakh crore. At Tuesday’s meeting, the prime minister also stressed the need for broadening the tax base but he refrained from commenting on the current debate on bringing the rich farmers under tax net.
Source: Financial Express
Indian manufacturing activity expanded for a fourth consecutive month in April, helped by stronger growth in new orders although rises in output and employment slowed, a business survey showed on Tuesday. The Nikkei/Markit Manufacturing Purchasing Managers' Index INPMI=ECI, compiled by IHS Markit, held steady at March's 52.5 last month, its fourth month above the 50 mark that separates growth from contraction. "Consumers were the key drivers of growth," said Pollyanna De Lima, economist at IHS Markit. "Buoyant domestic demand coupled with sustained growth of new orders from abroad boosted the upturn in total new business received by Indian manufacturers in April." A new orders sub-index rose to a six-month high of 53.8 last month from March's 53.6. Foreign demand also rose, although at a slower pace. The increase in demand only provided a more modest lift to overall output and employment as higher prices of raw materials ate into firms' profits. But despite rising cost burdens, factory gate prices barely rose as owners tried to sustain demand still recovering from Prime Minister Narendra Modi's shock move late last year to ban high-value currency notes that caused a huge disruption. Decent economic growth and low inflation support the Reserve Bank of India's recent shift to neutral from an accommodative policy stance. The central bank is expected to hold its policy rate steady at 6.25 percent at least until October next year, with the next move likely to be a cut, a Reuters poll conducted last month showed.
Source: Financial Express
The textile chain under the optional Cenvat provisions presently enjoys zero percent central excise benefit. The South Indian textile industry to support the sector proposed that a uniform 5 percent GST or lowest slab on all textile and apparel product. This will help facilitate the migration to the GST ensuring better compliance under the upcoming GST regime that is expected to be implemented from July 1, 2017. Suresh Ananda Kumar, Secretary of the Southern India Mills Association (SIMA) said that their association has proposed the lower slab rate for the textile industry considering the nature of the industry. He also informed that they have submitted a memorandum to the textile minister Smriti Irani in this regard. Apart from the request regarding GST, the memorandum also requested the Prime ministers’ office and the Ministry of Commerce to consider concluding free trade agreements with the potential importing countries to help prevent the Indian textile industry falling sick of unhealthy competition. This comes in the aftermath of the rising rupee and high import tariffs of almost 20 percent on textile products in almost all the importing companies. The Association also stated that the deserving sectors such handlooms should be given the benefit of tax rebate under direct benefit transfer system.
Source: YNFX
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$ 49.56 per barrel (bbl) on 03.05.2017. This was lower than the price of US$ 50.36 per bbl on previous publishing day of 02.05.2017. In rupee terms, the price of Indian Basket decreased to Rs. 3179.27 per bbl on 03.05.2017 as compared to Rs. 3233.78 per bbl on 02.05.2017. Rupee closed stronger at Rs. 64.14 per US$ on 03.05.2017 as compared to Rs. 64.21 per US$ on 02.05.2017. The table below gives details in this regard:
|
Particulars |
Unit |
Price on May 03, 2017 (Previous trading day i.e. 02.05.2017) |
Pricing Fortnight for 01.05.2017 (April 12, 2017 to April 26, 2017) |
|
Crude Oil (Indian Basket) |
($/bbl) |
49.56 (50.36) |
52.36 |
|
(Rs/bbl) |
3179.27 (3233.78) |
3374.60 |
|
|
Exchange Rate |
(Rs/$) |
64.14 (64.21) |
64.45 |
Source: PIB
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1083.95 |
USD/Ton |
-0.53% |
5/3/2017 |
|
VSF |
2266.51 |
USD/Ton |
0% |
5/3/2017 |
|
ASF |
2291.16 |
USD/Ton |
0% |
5/3/2017 |
|
Polyester POY |
1109.33 |
USD/Ton |
-0.97% |
5/3/2017 |
|
Nylon FDY |
2523.17 |
USD/Ton |
-1.69% |
5/3/2017 |
|
40D Spandex |
5365.37 |
USD/Ton |
0% |
5/3/2017 |
|
Polyester DTY |
2378.16 |
USD/Ton |
-1.80% |
5/3/2017 |
|
Nylon POY |
2465.17 |
USD/Ton |
0% |
5/3/2017 |
|
Acrylic Top 3D |
1341.34 |
USD/Ton |
-0.54% |
5/3/2017 |
|
Polyester FDY |
2798.69 |
USD/Ton |
-1.03% |
5/3/2017 |
|
Nylon DTY |
5814.90 |
USD/Ton |
0% |
5/3/2017 |
|
Viscose Long Filament |
1370.34 |
USD/Ton |
-0.53% |
5/3/2017 |
|
30S Spun Rayon Yarn |
2892.95 |
USD/Ton |
-0.25% |
5/3/2017 |
|
32S Polyester Yarn |
1682.12 |
USD/Ton |
-0.68% |
5/3/2017 |
|
45S T/C Yarn |
2682.69 |
USD/Ton |
0% |
5/3/2017 |
|
40S Rayon Yarn |
3045.21 |
USD/Ton |
0% |
5/3/2017 |
|
T/R Yarn 65/35 32S |
2349.16 |
USD/Ton |
0% |
5/3/2017 |
|
45S Polyester Yarn |
1841.63 |
USD/Ton |
0% |
5/3/2017 |
|
T/C Yarn 65/35 32S |
2247.66 |
USD/Ton |
0% |
5/3/2017 |
|
10S Denim Fabric |
1.35 |
USD/Meter |
0% |
5/3/2017 |
|
32S Twill Fabric |
0.85 |
USD/Meter |
0% |
5/3/2017 |
|
40S Combed Poplin |
1.18 |
USD/Meter |
0% |
5/3/2017 |
|
30S Rayon Fabric |
0.66 |
USD/Meter |
-0.22% |
5/3/2017 |
|
45S T/C Fabric |
0.66 |
USD/Meter |
0% |
5/3/2017 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14501 USD dtd 03/05/2017)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
America, the largest Trans-Pacific Parternship (TPP) economy had not ratified the pact before President Donald Trump moved to withdraw after taking office in January. The torch thus passed to Japan, whose proposal has drawn varying levels of enthusiasm from the 10 other countries. The chief Japanese negotiator for the TPP, Keiichi Katakami, met on Monday with counterparts from Australia, New Zealand and Canada to tell them that Japan would spearhead the argument for a deal without the U.S. The TPP 11 trade pact’s remaining signatories without American launched their first full fledged negotiations on Tuesday afternoon. The new senior partner Japan hoped for an agreement this year. While Canada is hosting the talks, Japan -- which now accounts for nearly half the total gross domestic product of all members -- is positioned to take the lead. Together with Australia and New Zealand, the other leading proponents of an 11-way pact, it aims to bring the remaining countries on board quickly and with no changes to stipulations previously agreed on. Tokyo sees November's Asia-Pacific Economic Cooperation conference as a target date. Canada and Mexico remain impassive, watching their behavior toward the U.S. leading up to renegotiation of the North American Free Trade Agreement, but are expected to be receptive to an 11-nation TPP. Chile, which has not entered into free trade agreements with many Asian countries, may also fall into step. A Japanese official said that the Vietnamese will likely approach the talks with a firm stance -- a possibility of which Australia and New Zealand have also been wary in under-the-table negotiations with them. But Vietnam is prepared to prioritize FTA negotiations with America to boost its textile exports.
Source: YNFX
The seventh round of negotiations on Free Trade Agreement (FTA) to be held between Pakistan and Turkey to finalize the agreement by the end of May 2017. The two sides would exchange provisional lists for a final agreement in upcoming round of dialogue. A senior official of the Ministry of Commerce said that during the negotiation, the two Countries would also discuss specific sectors including textile sector. Also the two sides would hold discussions on agreement on goods, services and investment. After signing of new FTA, both the Countries would be able to improve their trade balance. Pakistan’s trade balance with Turkey remained positive until 2011, however, it started decreasing since 2011, when additional duties on various commodities were imposed by the two countries. Pakistan’s major exports to Turkey were denim PET, ethanol, cotton yarn, fabric and rice, garments, leather, carpets, surgical instruments, sports good and chemicals. Pakistan would get market space in agriculture and pharmaceutical sector in Turkey. While, Pakistan’s major imports from Turkey included manmade textiles, towels, steel structure, tanning and plastic chemicals, processed milk and whey.
Source: YNFX
HÀ NỘI – Việt Nam’s total trade value in the first four months of the year gained a year-on-year increase of 20.1 per cent to US$125.41 billion, according to the General Department of Customs. Of which, export value reached $61.34 billion, a year-on-year surge of 15.4 per cent, and import value stood at $64.07 billion, a year-on-year increase of 24.9 per cent. In the first four months of 2017, Việt Nam had a trade deficit of $2.74 billion, or 2.2 per cent of the national total trade value. Major export products included telephone and telephone parts, textile and garment, footwear, and vehicles and their parts. During the first four months, export value rose 0.3 per cent to $11.37 billion for telephones and parts; 9.1 per cent to $7.47 billion for textiles and garments; and 9.6 per cent to $4.17 billion for footwear against the same period last year. Meanwhile, major import products included machinery, equipment, tools and parts, computers, electronic products and parts, fabric, steel, plastic, and materials and sub-materials of the textile, garment and footwear industries. Machinery, equipment, tools and parts reached $11.32 billion, a year-on-year increase of 38.9 per cent. The import value also surged 24.7 per cent to $10.45 billion for the group of machinery, equipment, tools and parts; and 45.4 per cent to $3.3 billion for steel products compared with the same period of last year, reported bnews.vn.
Agro exports
The export value of agro-forestry-aquatic products reached $10.8 billion in the first four months of 2017, a year-on-year surge of 9.1 per cent, the Ministry of Agriculture and Rural Development said. Key farm produce contributed $5.8 billion to the export value, up 12 per cent from the same period last year. Some 1.86 million tonnes of rice, worth $834 million, was shipped abroad, down 7.7 per cent in volume and 6.9 per cent in value compared with the same period last year. The country raked in $1.34 billion from exporting 592,000 tonnes of coffee, representing a decrease of 10.6 per cent in volume but a rise of 19.2 per cent in value year-on-year. Exports of wood and wooden products brought home $2.4 billion in the four-month period, rising 12.7 per cent over 2016’s figure. The United States, China and Japan remained Việt Nam’s largest import markets of wood and wooden products. During the period, Việt Nam also shipped aquatic products worth $2.1 billion abroad, achieving a growth rate of 8.2 per cent year-on-year. Meanwhile, vegetable and fruit exports witnessed a year-on-year hike of 32.6 per cent in export value to $1 billion.
The four largest import markets of these products were China, the United States, Japan and the Republic of Korea. Việt Nam spent $8.52 billion to import agro-forestry-aquatic products from other countries, up 21.4 per cent from last year’s figure. – VNS
Source: Viet Nam News
In the wake of the fourth anniversary of the Rana Plaza tragedy in Bangladesh, ultimately the question comes up if the garment industry has changed since then and if yes, what has changed. This is a tricky question to answer as not all changes are tangible and as a reporter who has followed the developments since the Tazreen Fashions fire and other incidents in the run-up to Rana Plaza, just saying 'I don't know, it feels like the industry has come a long way in the past four years' would not really cut it, true as it may be. For the longest time, I could not put my finger on what really has changed other than the obvious fire, safety and structural inspections, which are doubtlessly important steps. But that is not all that has changed. Rana Plaza certainly put Bangladesh and the plight of its large garment workforce on the map, true. But what really has changed was summed up in a quote I read in a recent article by the International Labour Organization (ILO) titled "Refusing to throw in the towel on factory safety in Bangladesh" about a terry towel producer and exporter on the outskirts of Dhaka. “Clients don’t just want a supplier, they prefer a partner,” explained factory owner of Towel Tex, Md Shahadat Hossain Sohel, about why it is important for him to comply with safety regulations. And that's when it struck me, the biggest change, which is not tangible - the mindset. Buyers and suppliers are on their way to becoming long-term partners, not just short-term business associates who may or may not try to pull a fast one on each other in the quest for ever cheaper garments or better deals. It is almost as if international buyers have realised that their suppliers are people too - with problems, dreams and hopes - and not an anonymous apparel-producing machine on the other end of the earth, while suppliers have realised that safety standards are not a nice-to-have but a must and that they and the costs associated with them will be absolutely worth it in the long run. “The cost of remediation work can be high, but in the overall scheme of things it is worth it. At the end of the day, it is my factory not theirs. Although buyers don’t raise their rates to account for safety improvements, I have to be the one to make sure that the workers are safe and cared for,” added Sohel. This is not to say that true partnerships have not existed before Rana Plaza - they certainly did but they have been the exception, shiny beacons of hope in a sea of cut-throat deals and ever quicker turnaround times rather than the rule. In view of a changed mindset and appreciation of lasting business contacts that bring humanity back into human relations that are a change worth writing home about.
Source: Fashion United
Leading figures from the Australian fashion and textile sector learnt first-hand about the raw materials that go into cotton garments and homewares in a tour of Narrabri's cotton industry which comprised visits to a farm, gin and research station. The event was organised by Cotton Australia with support from leading grower, ginner and marketer, Auscott. The event incorporated a tour of Auscott's Narrabri farm and gin, where attendees saw cotton harvesting and processing in action, followed by presentations by world-leading cotton scientists at the Australian Cotton Research Institute (ACRI). The day attracted some of the biggest names in fashion, including representatives from Jeanswest, Target Australia, H&M, IKEA, Hanes Brands Australasia, CottonON, Camilla and Marc, Country Road Group, Specialty Fashion Group (representing Rivers, Katies and more), CB Clothing, ABCH, the Australian Fashion Chamber, Baptist World Aid and Save the Children. "The tour connected both ends of the cotton supply chain allowing brand owners, retailers and designers to meet and learn from the farmers who grow some of the world's highest quality, sustainable natural fibres," said Cotton Australia CEO, Adam Kay. Attendees were able to stand in a cotton field to feel and touch the fibre for themselves, ride in a cotton harvester, talk directly to growers and industry, see cotton being ginned and hear from our excellent research scientists. The response from the enthusiastic participants was phenomenal - they came away with a much better knowledge of how our cotton is grown, harvested, processed, classed and shipped, and our industry's commitment to sustainable production with full traceability, Kay said. "Importantly, they also understand that Australia is at the cutting edge of our social responsibilities in the workforce area, as well as how research and development underpins the improvements of the industry over three decades," he said. According to Kay, some tour participants were surprised to learn of the industry's sustainability achievements, such as a reduction in insecticide use of more than 90 per cent over the past 15 years, and a water efficiency increase of more than 40 per cent since 2003. "Global interest in sustainable, responsible cotton production continues to build, and so events like this play a vital role in informing important stakeholders about how our industry operates, and why they can place their trust in our growers and industry." "Cotton Australia works hard to bring the story of Australian cotton to the world, and as more and more consumers demand environmentally sustainable and ethically produced fibres, Australia's cotton industry is well placed to meet that demand," he said. (SV)
Source: Fibre2Fashion
Negotiations are ongoing for the staging of trade fairs and exhibitions in Qatar on Turkish textile and home textile goods as part of efforts to enhance Qatar-Turkey economic relations, an embassy official has said. Speaking on the sidelines of an agreement signing between Qatar Business Women Association (QBWA) and the Turkey-based Industrialist Businesswomen and Businessmen’s Confederation (Sankon) yesterday, commercial counsellor Burak Guresci said the exhibition aims to introduce new Turkish industries to Qatar. “We want to bring more Turkish industries to Qatar. Aside from textiles, Turkey is also an active player in Qatar’s services and construction sector. Next week, 62 Turkish companies are participating in Project Qatar 2017,” he said, adding that new Turkish restaurant chains and cafes are expected to open in Qatar. He also noted that more Turkish meat products are expected to penetrate the Qatar market following BRF SA and the Qatar Investment Authority’s acquisition of Turkey’s biggest poultry producer, Banvit. “We are happy that Qatar Investment Authority is a partner in the Turkish poultry sector because we believe that with this move, you will see more Turkish meat products in Qatar,” he said. On tourism, Guresci told Gulf Times that the embassy is expecting more Qatari tourists to visit Qatar this year “following deals made between Turkish and Qatari companies in the field of health tourism.” Last year, 32,681 Qatari nationals travelled to Turkey, according to figures released by the Turkish consulate general cultural and information office in Dubai. Guresci said Qataris visit Turkey for business, tourism, and medical tourism. “We didn’t see a decrease in the number of Qatari nationals visiting Turkey in 2016. There is a steady increase considering that figures last year were higher compared to 2015. The situation in Turkey is better, and we anticipate further increase in Qatari tourists and other GCC nationals this year,” he said. Guresci said the agreement signed by QBWA vice chairperson Aisha Alfardan and Sankon general president Nezaket Emine Atasoy aims to enhance business relationships between the two organisations and to promote trade and investment opportunities between Qatari and Turkish businesswomen. He also said trade volume between the two countries “slightly dropped” to less than $1bn in 2016 due to low oil prices. “But with stable prices in both petroleum and natural gas, we expect trade volume to be over $1bn this year,” he added.
Source: Gulf Times
The 2017 Intertextile Pavilion Shenzhen is being held during July 6-8, 2017 at the Shenzhen Convention & Exhibition Center. The event will see several countries and regions featuring high-quality fabrics for ladieswear, casual wear, lingerie, swimwear and suiting, the latest knitting fabrics, accessories, lace and embroidery, and yarns and fibres. The event in the South China region is being organised by Messe Frankfurt, the Sub-Council of Textile Industry, the China Textile Information Centre, and the Shenzhen Garment Industry Association. The Intertextile Pavilion Shenzhen 2017, the 17th China International Fashion Brand Fair and a fashion show are being held concurrently at the same venue. There would be a Korea Pavilion, organised by Korea Fashion Textile Association (KFTA) and Daegu Gyeongbuk Textile Industry Association (DGIA), which will showcase a variety of knitted and man-made fabrics for ladieswear, as well as functional fabrics. The Taiwan Pavilion, organised by Taiwan Textile Federation, will feature the latest collections of lace and embroidery and knitted fabrics while Fine Japan Zone, formed by leading Japanese companies, will highlight Japanese-quality cotton and man-made fabrics for ladieswear as well as casual wear with small order quantity. Shengze Pavilion, representing the eastern silk market from Suzhou, China, will display an array of man-made and silk-like fabrics for ladieswear. Besides exhibiting and sourcing, fairgoers will also have opportunities to learn next year's trends through the Spring/Summer 2018 Trend Forum and a series of seminars during the fair. As part of Messe Frankfurt's renowned Intertextile brand, Intertextile Pavilion at the Shenzhen International Trade Fair for Apparel Fabrics and Accessories has a distinctive focus on the South China market, benefiting from this region's promising market conditions and providing huge opportunities for exhibitors at this year's fair. Given its solid industrial bases and favourable geographic locations, the South China region is at the heart of China's garment industry, and its one of its two major cities, Shenzhen, has a reputation as the nation's garment and fashion capital. Currently, the city houses over 2,000 garment companies, 30,000 fashion designers and more than 1,000 fashion brands. In 2016, total sales of the Shenzhen garment industry exceed 200 billion RMB (around $29 billion), accounting for over 60 per cent of the market share of shopping malls in China's first-tier cities .According to Hong Kong Trade Development Council's "China Garment Industry" research, due to the growing spending power of both male and female consumers, these two markets are projected to continue their strong growth.
Source: Fibre2Fashion
The area under cotton globally is likely to expand by 5 per cent in 2017-18 season to 30.8 million hectares, as high cotton prices that prevailed in 2016-17 would encourage farmers to sow more cotton. However, world cotton mill use is expected to surpass world production, the International Cotton Advisory Committee (ICAC) has said in its latest report. In India, cotton area is forecast to increase by 7 per cent to 11.3 million hectares in 2017-18 as farmers are encouraged by better returns due to high cotton prices and improved yields in 2016-17. Assuming yield is similar to the five-year average, production could increase by 3 per cent to just under six million tons, predicts ICAC in its report. In China, after contracting in the last five seasons, cotton area may expand by 3 per cent to 2.9 million hectares due to the stable cotton policy and high cotton prices. Production in China is expected to rise by 1 per cent to 4.8 million tons, the first increase in five seasons. Similarly, farmers in the United States are forecast to expand harvested cotton area by 12 per cent to 4.3 million hectares, and assuming a yield of 938 kg-ha, production could grow by 8 per cent to 4 million tons. Unlike the other top cotton producers, area in Uzbekistan is expected to contract by 4 per cent to 1.2 million hectares in accordance with government plans to reduce areas where yields are low, and use them for other agricultural products. However, plentiful soil moisture may improve the average yield by 1 per cent to 638 kg-ha, which will limit the loss in output. Uzbekistan’s cotton production is projected to decline by 2 per cent to 770,000 tons. However, cotton area expansion may be more limited for producing countries in the Southern Hemisphere because of anticipating falling cotton prices in early 2017-18. Cotton area in Brazil and Australia is forecast to increase by 2 per cent to 950,000 hectares and 3 per cent to 574,000 hectares, respectively. Production in Brazil is projected to reach 1.4 million tons while Australia’s production is forecast to rise by 4 per cent to 1 million tons. Meanwhile, world cotton mill use is expected to surpass world production for the third consecutive season in 2017-18. World consumption is projected to increase by 2 per cent to 24.6 million tons as world economic growth recovers in 2017 and 2018. Mill use in China is forecast to increase by 1 per cent to 7.7 million tons, accounting for 30 per cent of world cotton consumption. After decreasing by 3 per cent to 5.1 million tons in 2016-17, India’s consumption is forecast to recover by 2 per cent to 5.2 million tons due to competitive prices for its cotton yarn products, expanding capacity and the resolution of the consequences of demonetisation. Mill use in Pakistan may grow by 1 per cent to 2.3 million tons due to new incentives for textile exports offered by the government. Bangladesh’s cotton consumption is projected to expand by 5 perWorld cotton trade is projected up by 5 per cent to 7.9 million tons in 2016-17, after declines during the previous three seasons. Imports by Bangladesh are forecast to rise by 3 per cent to 1.4 million tons in 2016-17, while imports by Vietnam should increase by 16 per cent to 1.2 million tons. Imports by China, now the world’s third largest cotton importer, are expected to increase by 3 per cent to 987,000 tons. Exports from the United States are projected to increase by 53 per cent to 3 million tons and are likely to account for 38 per cent of world exports in 2016-17. However, India’s exports are projected to decrease by 30 per cent to 886,000 tons. In April 2017, sales from China’s reserve reached 404,000 tons, which is slightly lower than the total volume sold in March 2017 of 466,000 tons. At the end of 2016-17, China’s total stocks are projected to have fallen by 17 per cent to 9.3 million tons. World ending stocks in 2016-17, are expected to decline by 7 per cent to 17.4 million tons, and in 2017-18, by 5 per cent to 16.4 million tons, the report said. cent to 1.5 million tons, making it the fourth largest in 2017-18.
Source: Fibre2fashion.
Amidst increasing world population and demand for clothes, and risk of decreasing cotton production as more and more land becomes occupied for food production, cellulose, produced from pine and fir, has the potential to emerge as a future environment-friendly textile fibre, according to a study carried out at the Karlstad University in Sweden. The study of cellulose production has been presented in a doctoral thesis at the university. The aim of the project was to contribute to the understanding of what happens in the sulfite pulping process of softwood where the end product is dissolving pulp, that is, nearly pure cellulose, and also to investigate if the sulfite process can be further improved to achieve better economic efficiency. "Our research project comprises two types of sulfite pulping of fir and pines wood," says Raghu Deshpande, PhD candidate in chemical engineering at Karlstad University. The research has been conducted in the industrial graduate school VIPP, funded by Domsjö Fabriker, MoRe Research, Kempestiftelsen and the KK Foundation. VIPP stands for values created in fibre-based processes and products and is an academia-industry collaboration with the aim to strengthen Karlstad University's research environments as well as professional development in industries. This study has a focus on generating new knowledge of sulfite technology. The study addresses crucial aspects of pulp production based on cheaper raw material for cellulose production. The research results are useful in the manufacturing of even better sulfite pulp and in the long term new sulfite mills may be established. "Our study shows that different raw materials can be mixed and still result in cellulose of the highest quality. The possibility to produce profitable by-products such as ethanol also makes the manufacturing process more sustainable for the benefit of society as well as the environment," says Deshpande. The population of the world is increasing and so is the average income, which means that the demand for clothes and other textiles is rising too. The global textile consumption in 2050 is estimated to be three times as high as in 2015. The cotton production, which used be the dominant fibre raw material, will decrease because more land is needed for food production. Presently, around 60 per cent of textiles are produced from petroleum, but as oil is not a renewable raw material it will no longer be available in a not too distant future. Therefore, new environment-friendly and renewable textile raw materials are needed to meet future needs, the scientists say. It is often pointed out that the forest industry has a problem with decreasing sales as the result of less paper consumption. The demand for newspapers and sheets of paper is falling while the demand for environment-friendly forest-based textile fibres is on the rise.
Source: Fibre2fashion
