Protesting textile traders clash with police in Surat on Monday. The protest was held in support of an indefinite bandh called by the GST Sangharsh Samiti against Goods and Services Tax on textiles. Thousands of traders gathered at the Millennium Market to protest against the Goods and Services Tax (GST) in Surat on Monday. The traders feared that the introduction of GST would lead to return of 'inspector raj' and harassment of small traders engaged in textile and apparel business. Police had to lathicharge the protesting textile traders. Several protesters received injuries even while the police claimed that they were forced to act after the stonepelting by the protesters. There are 175 retail and wholesale textile and apparel markets in Surat with more than 60,000 traders generating Rs. 300 crore turnovers per day. "We will not accept GST on fabrics. It will ruin our trade and that the small traders will have to shut their shops," said Sanjay Jagnani, a textile trader and office bearer of Surat Textile Traders Association. Echoing similar views another trader said that more than 50,000 traders in Surat' are united in fighting this. On Sunday, BJP MP CR Patil had a meeting with some traders to discuss the issue and to put an end to the strike. However, majority of traders remained firm that the strike would continue till the GST was removed from the fabric. “On Monday, a few traders tried to open their shops after meeting with CR Patil, who tried to create divisions among traders and merchants. At Patil’s behest, police wielded batons to scare the traders,” a trader said, alleging that the government machinery was being used to suppress the agitation by traders. "Some traders had met the MP who asked them to open shops and promised to provide them police security against those who insisted on continuing with the indefinite bandh. The police started beating up the protesting traders even when they were carrying out their protest peacefully," trader Gaurav Shrimali said after the police baton charged the agitators. Congress slams police action. Meanwhile, Senior Congress leader Ahmed Patel slammed the police for wielding batons on traders. “Shocking that police has used brutal force against Surat traders protesting against GST. Government must reason with them, not suppress them,” Mr. Patel tweeted, condemning the police action. Besides Ahmed Patel, Patidar quita agitation leader Hardik Patel also condemned the police action on traders.
Source: The Hindu
Textile industry body CITI today urged the government to reduce GST rate on manmade fibre and yarn to 12 per cent from 18 per cent, saying the higher levy will pressurise Indian producers to source yarn and fabrics at a cheaper rate from China and Indonesia. The Confederation of Indian Textile Industry (CITI) Chairman J Thulasidharan requested Finance Minister Arun Jaitley, Textile Minister Smriti Irani, Textile Secretary Anant Kumar Singh and Revenue Secretary Hasmukh Adhia to reduce the manmade fibre (MMF)/synthetic fibre and yarn GST rates from 18 per cent to 12 per cent. Indian synthetic sector growth rate is stagnated due to factors like high price, higher cost of manufacturing on account of high input prices and competition from China, South Korea, Indonesia and Thailand. Thulasidharan explained that mill gate prices of MMF/ synthetic fibre and yarn are higher in India compared to competitors like China, Indonesia and South Korea. He further added that these countries have lowest tax and high export incentives to produce and supply MMF textile goods in the global market. “Therefore, 18 per cent GST rate on MMF/yarns will have great ramification on the India’s MMF fibre and yarn industry business prospects,” the CITI Chairman said, adding that small and medium enterprises and unorganised mills will face severe challenges as their profits are very low. He added that the SMEs of MMF/synthetic fibre and yarn may not be able to withstand the market pressure for more than three months with 18 per cent GST from 1 July onwards as GST rate on MMF is highest among the major textile producing and supplying countries of the world. The significance of the unorganised sector is reflected from the fact that only 4 per cent fabric is produced in composite mill segment. “Disadvantage to MMF fibre & yarn based textile goods will keep surmounting as India’s Free Trade Agreements with Association of South East Asian Nations and South Asian Free Trade Area will allow imports of these items from countries like Indonesia, Thailand and Bangladesh which offers MMF textile goods at low and cheap prices,” the CITI Chairman said. Thulasidharan stressed upon to rationalise the GST rates on a war footing basis as this will dent India’s competitiveness in MMF sector.
Source: Business Line
Prime Minister Narendra Modi’s parliamentary constituency was virtually shut down on Monday. Weavers and those involved in making the famous Banarasi sari went on indefinite strike to protest the 5 per cent goods and services tax (GST) on the product. The Banarasi Vastra Udyog Sangh, the umbrella organisation of Banarasi sari producers and traders, is affiliated to the Bharatiya Janata Party (BJP). Textile traders all over India hit the streets to protest the indirect tax. Protests were reported from Surat, too, where police had to resort to a baton charge after textile traders allegedly threw stones at policemen, a senior official said. “We had to resort to lathi-charge after some protesters pelted policemen with stones, injuring one of them,” Surat Police Commissioner Satish Sharma said. Thousands of traders hit the streets and chanted slogans. The protest was held in support of an indefinite bandh called by the GST Sangharsh Samiti. Rajya Sabha MP and senior Congress leader Ahmad Patel tweeted: “Shocking that police has used brutal force against Surat traders protesting against GST. Govt must reason with them, not suppress them." The GST wreaked havoc in Tamil Nadu, too. Cinemas across the state cancelled screening and were closed to protest the imposition of 30 per cent entertainment tax, on top of the 28 per cent GST (goods and services tax). Now the movie industry will have to pay 58 per cent tax. Audiences might have to bear part of this. Abirami Ramanathan, president of the Tamil Film Chamber of Commerce, told agencies all shows would be cancelled from Monday. He said the state government had notified that municipalities would not levy tax on top of the GST. “If we screen movies, we have to pay local body taxes immediately as it came into force yesterday. We are closing cinemas as there is no other way out. We cannot increase ticket prices for all movies. We have requested the government to fix a threshold within which we should be allowed to change ticket prices.” The GST would choke regional films, said industry sources. Marathi films, for instance, are not taxed because of a differential rate. The same goes for Telugu films. In a statement, L Suresh, veteran producer, distributor, and president of the South Indian Film Chamber of Commerce, said: “The GST of 28 per cent will hit south Indian cinema badly. This is not only because (existing) tax rates are low, but also in states like Karnataka, there is no tax on Kannada films.”
Source: Business Standard
Chennai: Tamil Nadu’s textile cluster, which includes Coimbatore, Erode, Tirupur, Salem, Namakkal and Karur, is upset over the goods and services tax (GST) rates imposed on textile manufacturers, including job workers, who were so far exempted from any form of tax. While the principal manufacturers are to pay GST at 18%, job workers will have to pay 5%. Job workers produce goods on behalf of principal manufacturers using raw materials supplied by them. The GST Council had initially placed an 18% tax on job work too before reducing it to 5% following protests. The Erode Handloom Cloth Merchants Association, which is again appealing to finance minister Arun Jaitley to withdraw the 5% GST rate on textiles, is planning an indefinite strike from Wednesday if its demand is not accepted. P. Eswarmoorthy, secretary of the Chennimalai Powerloom Association, said the power loom sector will be badly hit by GST. Chennimalai, in Erode district, is a handloom and power loom hub, employing over 15,000 people. Erode district has more than 300,000 people directly or indirectly engaged in the sector. “The power loom sector at Chennimalai is more of a cottage industry and more than 80% of the products are sold in weekly shandies,” said Eswarmoorthy. “The government should have at least streamlined the process in a phase-by-phase manner before implementing it. This sector is already struggling and for something that remains as an unorganized sector, the GST taxation procedure is too complicated,” Eswarmoorthy said, pointing out that the textile industry is the second largest employer in India, after agriculture. Tirupur, a knitwear and hosiery hub that earned Rs25,000 crore through exports and posted domestic revenue of Rs12,000 crore in 2016–17, is dependent on job works at various levels of garment manufacturing for more than 80% of its production. The industry is still trying to break even after demonetisation and the hurried implementation of GST without any preparedness has made things worse, said an industrialist from Karur, which is a hub for home furnishing textiles. He spoke on condition of anonymity. Tamil Nadu accounts for one-third of the textile business in the country. The power loom sector in Tamil Nadu provides employment to around 914,000 workers, and there are over 1,800 textile and spinning mills located in the state, according to the Tamil Nadu government. The Southern India Mills Association had expressed disappointment to the centre for not considering its demand of reducing the GST rate of 18% on man-made fibre and that on blended spun yarn to 12%. Some industrialists also said that since Tamil Nadu had been opposing GST for a long time, the state government was not prepared for its roll-out. Recently, leader of the opposition and working president of Dravida Munnetra Kazhagam (DMK) M.K. Stalin blamed the state government for not having created awareness among traders, which has led to protests against the GST in the textile, fire crackers, entertainment and other industries. The textile industry in Tamil Nadu, which had joined the other states on a three-day strike against GST rates, also demanded that the state government remove certain municipal taxes, which will be a burden in addition to GST. The tax on the job works will mean a huge burden on micro, small and medium enterprises, or MSMEs, which form a huge chunk of the state’s substantial textiles sector. Job workers, who are the core of the industry and are largely part of the unorganized sector, have been brought into the tax net for the first time, a move that would hurt the sector, say industry stakeholders.
Source: Live Mint
ERODE: Representatives of Erode Handloom Cloth Merchants Association are likely to meet union finance minister Arun Jaitley soon to reiterate their demand to withdraw 5% GST on textile goods. "If it doesn't bring about a positive outcome, we will go on an indefinite stir," they said. Speaking to reporters after the association's general council meeting here on Sunday, its president R Ravichandran said the finance ministry's decision to levy 5% GST for textile goods would affect the trade and consumers would also be hit. The association had already sent a representation to the finance ministry seeking exemption from GST, but nothing was done, he said. Ravichandran said Jaitley has promised to meet them either on Monday or Tuesday. "If the finance minister exempts us from GST, we will continue our trade, failing which we will go on an indefinite strike from July 5 in Erode district," he said.
Source: The Times of India
Rakesh Mohan Joshi, faculty at Indian Institute of Foreign Trade, said that GST implementation remained a concern for the industry at large. A day after the goods and services tax (GST) roll-out, concerns regarding its implementation were shared by various industry leaders who took part in conferences and technical sessions at Mahatma Mandir in Gandhinagar, Gujarat, where the 3-day global mega trade show ‘Textiles India 2017’ concluded on Sunday. At a conference on ‘India as a Global Sourcing Hub & Investment Destination’, convened to discuss challenges in the textile sector, Gautam Nair, chairman of Matrix Clothing, said: “The GST implementation has brought in serious uncertainty, particularly to exporters. Will we be refunded all the embedded taxes, what about those taxes not covered under GST?” He added: “Whereas a bulk of the world market is in synthetics, India competes in cotton and related segments, while China straddles the whole market place. Labour laws are a huge constraint deterring large-scale corporate investment and the sector gets no duty advantages to EU and Canada unlike our competitors like Sri Lanka, Pakistan, Vietnam and Bangladesh.” Rakesh Mohan Joshi, faculty at Indian Institute of Foreign Trade, said that GST implementation remained a concern for the industry at large. He said a study titled ‘Challenges & Strategies to Promote India as a Sourcing Destination for Textiles’ found that India’s textile exports have dropped since 2014 and were pegged at $35.4 billion with 4.89 per cent of global market share. He said that while India has bettered its textile exports, the gap between India and China has widened. Sunil Arora, managing director of Impulse International, also cautioned over industry’s concerns on GST implementation while giving the buyers’ perspective at the session.
Source: The Indian Express
Ludhiana: The industrial hub of Ludhiana is apprehensive that post-GST, the cheaper imported garments will negatively impact the Textile and Apparel Industry. In the case of apparel imports, the government had earlier levied the Special Additional Duty (SAD) as a protection for the domestic players. With the GST, this duty protection stands removed and imported garments would be 5-6 per cent cheaper, say sources. The Textile Industry fears that there will be an increase in imports from countries such as Bangladesh and China, where the cost of manufacturing is lower due to the availability of cheaper labour. Sonu Nilibar, the spokesperson for retail cloth merchants, in a letter addressed to Finance Minister Arun Jaitley, states: “Prior to the GST, the countervailing duty included six per cent excise duty on cotton and 12.5 per cent with Cenvat credit on polyester. The optional duty of two per cent with abatement of 40 per cent on it (i.e. 0.80 per cent) meant effective duty of 1.2 per cent without Cenvat credit. Around 4 per cent Special Additional Duty (SAD), along with cess, educational cess and others worked out to 5.5 per cent. Prior to the GST, we had duty protection of 5.5 per cent from cheap import. After the GST, all duties have been subsumed in 5 per cent of the GST for both domestic manufacturers and importers. This, in effect, means no protection, as both domestic manufacturers and importers will be required to pay the same duty.” Meanwhile, Head of the Textile Division, FICO (Federation of Industrial and Commercial Organization), Ludhiana, Ajit Lakra, said he had written to the government, expressing the concern of the Textile Industry on the issue of cheap imports. The imported polyester fabric would be cheaper than the made-in-India polyester fabric. He said he had met Manpreet Badal in this connection and hopefully the anomaly would be addressed in the next meeting of the Tax Research Unit (TRU). “My suggestion is that the GST on polyester yarn should be brought down from 18 per cent to 12 per cent. To protect our domestic industry, the government should impose anti-dumping duty,” he said.
Source: The Tribune
Manufacturing growth eased to a four-month low in June owing to weak client demand, water scarcity and concerns related to GST, a monthly survey showed on Monday, rekindling rate cut call. However, foreign demand for Indian manufactured goods improved in June, with export orders moving at a quick pace since October 2016. The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) also fell to a four-month low of 50.9 in June, from 51.6 in May, signalling a subdued improvement in the manufacturing sector. In February, the manufacturing PMI read 50.7. “The slowdown occurred due to weak client demand, with orderbooks up at a slight and softer pace. In many cases, businesses indicated that growth was held back as a reflection of water scarcity and... the Goods and Services Tax (GST),” said Pollyanna De Lima, Economist at IHS Markit and author of the report. “On a more cheerful pitch, the PMI survey showed strong foreign demand for Indian—manufactured products in June. New orders from external markets increased at a solid rate that was the most pronounced in eight months,” Lima added. Meanwhile, confidence towards future performance remained mixed among goods producers. While the new tax system is expected by some firms to generate more business, others feel that GST will have a detrimental impact on orderbooks. “As such, overall optimism slipped to a three-month low,” Lima said.The manufacturing PMI averaged 51.7 during the April—June quarter, above the one seen in the previous quarter. “With the impact of demonetisation largely over and the GST unlikely to substantially derail consumer spending, IHS Markit forecast real GDP growth to hit 7.3 per cent for 2017— 18 as a whole,” Lima said. The survey further found out that payroll numbers and purchasing activity increased only marginally. On the price front, there were signs of inflationary pressure losing speed as input costs rose to a lesser extent than in May. In the monetary policy review on June 7, the RBI left key rates unchanged with Governor Urjit Patel noting that the central bank wanted to be more sure that inflation will stay subdued.
Source : Financial Express
Cabinet Secretary reviews post GST situation with Secretaries and Senior Officers of different Departments; Ask them among others to ensure that there is adequate supply of commodities especially essential and consumer items to keep their prices under check. The Cabinet Secretary, Shri P.K. Sinha reviewed the post GST implementation situation here today with the Secretaries and Senior Officers of the different Ministries/Departments of the Government of India. The Review Meeting was attended by the Secretaries/Senior Officers of different Ministries/Departments including Revenue, Textile, Food, Agriculture, Consumer Affairs & Public Distribution, Food Processing, Railways, MSME, Rural Development, Tourism, Fertilizers, Pharma and Department of Financial Services (DFS), Chairperson and Members of Central Board of Indirect Taxes and Additional Secretary,GST Council among others?. The review was focused on the general situation after the GST implementation and consumer impact of GST implementation in particular. As we know that the GST was rolled-out on 1st July, 2017. Mr. Sinha asked every Secretary to take-up the responsibility of addressing the GST related issues of their respective stakeholders, trade and industry. He asked them to contact and coordinate with the State Government officers of their Department to ensure smooth implementation of GST. He also asked them to make their GST Cell and Nodal Officers fully equipped to deal with any situation and fully assist their respective stakeholders in post GST situation. The Cabinet Secretary asked all the Departments to ensure that there is no shortage of products and commodities especially consumer items dealt by the respective Ministry/Department in order to keep the prices under check. Special emphasis was laid on to keep prices of essential commodities under check The Cabinet Secretary asked all the Departments/Ministry to provide all the relevant information relating to GST concerning their Ministry/Department including GST rates on their respective websites. Mr. Sinha asked the Departments concerned to ensure that retailers, dealers/ shopkeepers display the post GST prices of different items being sold by them. He said that each Department/Ministry should ensure that benefits of GST are passed on to the consumers by traders/retailers etc which would in turn also help in keeping the inflation under control. The Cabinet Secretary asked all the Departments that various machines used by dealers, retailers for computerized billing should be calibrated at the earliest as per the new GST rates. This exercise shall be completed in a time bound manner without delay. The Cabinet Secretary asked all the Departments to be ready to deal with the queries of their respective stakeholders concerning GST law and rates. In order to achieve the same, the officers of every Ministry should equip themselves with an updated and complete knowledge of all the details relating to GST as applicable in case of their respective Ministry/Department. It was decided that a weekly Review Meeting will be held to keep a close watch on post GST situation. Earlier, the Secretaries of different Departments updated about the queries received from the traders and other stakeholders after GST roll-out. The Cabinet Secretary asked them to get more detailed feedback and in depth details from field from their respective stakeholders, officers and consumers at large after GST implementation. Accordingly, they should be fully ready to deal with it so that there is quick response to any situation. He asked them to launch campaigns to make their stakeholders and consumers fully aware about GST related matters concerning their respective Ministry/Department.
Source: Economic Times
The National Highway 9 (NH-10 by old numbering), which connects Delhi to the border town of Fazilka in Punjab, has a lesser-known distinction. The 403-kilometre-long carriageway, which cuts through four major districts of Haryana — namely, Rohtak, Hisar, Fatehabad and Sirsa — bifurcates the region broadly into two in terms of agricultural practices. While fields on one side of the NH-9 grow mainly paddy, those on the other are known more for growing cotton. “Over the years, there may be some changes with increased water availability, but this has broadly been the trend,” says a farmer leader based in Fatehabad. The region, known as the cotton belt of Haryana, has assumed significance this year, as there has been a record sowing of cotton, on 6.3 lakh hectares, which is over a quarter more than the 5 lakh ha in the corresponding period last year. “More and more farmers are going for cotton this year and the official estimates project that the total area of cultivation would come to 6.53 lakh ha as against 5.7 lakh ha in 2016-17,” says Roshan Lal, a former professor of entomology at the Chaudhary Charan Singh Haryana Agricultural University, Hisar. “Many farmers who grew pulses, such as pigeonpea, and green gram or oilseeds, such as groundnut, are going for cotton as the cash crop fetched a good price last year,” he says. In 2016, Haryana’s cotton growers had a bountiful yield after white fly attacks for three years in a row led to dwindling of the yield. “Farmers in the region were left with limited choice as many areas suffer from water scarcity and hence were not suitable for paddy,” says Chandrabhan, who grows cotton in Buthan Kalan village of Fatehabad district. According to statistics available from Fatehabad district officials, cotton is grown on over 72,500 ha out of 2.5 lakh ha of cultivable land. “For them, it is nothing but a roll of dice. The crop has become less and less remunerative over the years. They still do it because they know nothing but farming,” says Chandrabhan who is also a lawyer. While prices of seeds and inputs have gone up significantly, the price that a farmer gets has either stayed at what it was some 15 years ago or come down. For instance, he says, a quintal of cotton was priced around ₹5,500 in 2001; the best price available to a farmer last year was ₹5,000 per quintal.
High costs
Even at a price of ₹ 5,000 per quintal, a tenant farmer sustains losses, he argues. He says a tenant farmer has to shell out ₹41,000 as rent, input costs, and labour charges. The best yield of 8 quintal per acre gets him only ₹40,000. Vijay Dukda, a cotton farmer in Dukda village, 18 km from Sirsa town, has another concern. He says he wanted to go for non-Bt cotton this time, but can’t get the seeds. “I wanted to go for it as Bt cotton growing was affecting the productivity of the wheat crop I grow following the cotton harvest,” he says. The country-wide kharif crop sowing data released by the Agriculture Ministry on June 30 actually shows that of a total area of 6.3 lakh ha under cotton cultivation, less than 1 per cent is growing non-Bt cotton.
Source: Business line
On an overcast day, when most of the men and women are in the fields, 45-year-old Kandula Anka Rao is sitting at home. The images of the withered chilli plant are still fresh in his mind, and he has not recovered from the shock of losing the whole crop. “I have noticed that the chilli plant is growing upright, which is strange, since the plant becomes sedentary before it begins to yield. Within months, I saw the whole crop wither away and my entire investment on fertilizer and labour, close to ₹ 2 lakh, was wasted. So this year, I have decided not to till the land and I pay off my debt after selling my land,” said Mr. Rao. Mr. Rao is among many farmers who have planted the Chilli Hybrid JCH-802 of Jeeva Agri Genetics and faced huge losses. Many farmers like him have pinned their hopes on this licensed seed company, but were disappointed as the plantation withered away. There are similar experiences from farmers of Mokkapadu village in Rajupalem mandal. Farmers who have sown cotton seeds supplied by Kaveri Seeds have faced losses. “We are shocked as the yield is just four quintals per acre. The plants grew tall and showed signs of a bumper harvest, but soon the fruit began to wither away,’’ said Yadala Ramana, a farmer. At a time, when the district administration is coming out hard against “spurious” seeds, it’s the inaction against the “spurious seeds”, from licensed seed suppliers that is raising eyebrows. Seed suppliers, who pack their seeds in attractive and shining foils, have been getting away even after farmers face losses. One can see the metal foils pinned to trees all along the Guntur-Hyderabad highway. In this case, soon after the farmers of Siripuram village in Medikonduru mandal complained to Joint Director of Agriculture V.D.V. Krupadas, a district level committee consisting of scientists from Horticultural University, Kadapa, and officers from the Agricultural Department was formed to inquire into the issue. The report pointed out the yield had shrunken to just 15 to 20 chillis per plant and the fruit was immature, light green in colour with curved tips. “Based on our report, farmers claimed compensation, but the seed company has approached the High Court and the matter is yet to be settled,” Mr. Krupadas said. The series of incidents seemed to validate the demand from farmers’ groups that the monopoly of seed companies should end and that the farmer should have the right to produce and sell the seeds as branded seed companies had shown to be indifferent to the plight of farmers. “Instead of acting against seed companies, the government is branding farmers who produce the seed as criminals and registering cases against them. Everyone knows that the seed companies buy the seeds from farmer cooperative societies in Kurnool, but why is the farmer who is supplying the seed being harassed,’’ asked retired Professor of agriculture and president of Rythu Rakshan Vedika N Venugopal Rao.
Source: The Hindu
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$ 48.10 per barrel (bbl) on 03.07.2017. This was higher than the price of US$ 46.72 per bbl on previous publishing day of 30.06.2017. In rupee terms, the price of Indian Basket increased to Rs. 3114.44 per bbl on 03.07.2017 as compared to Rs. 3024.47 per bbl on 30.06.2017. Rupee closed weaker at Rs. 64.75 per US$ on 03.07.2017 as compared to Rs. 64.74 per US$ on 30.06.2017. The table below gives details in this regard:
|
Particulars |
Unit |
Price on July 03, 2017 Previous trading day i.e. 30.06.2017) |
|
Crude Oil (Indian Basket) |
($/bbl) |
48.10 (46.72) |
|
(Rs/bbl) |
3114.44 (3024.47) |
|
|
Exchange Rate |
(Rs/$) |
64.75 (64.74) |
Source: PIB
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1124.84 |
USD/Ton |
0.66% |
7/3/2017 |
|
VSF |
2227.55 |
USD/Ton |
0.33% |
7/3/2017 |
|
ASF |
2183.30 |
USD/Ton |
0% |
7/3/2017 |
|
Polyester POY |
1165.41 |
USD/Ton |
0.64% |
7/3/2017 |
|
Nylon FDY |
2729.12 |
USD/Ton |
0% |
7/3/2017 |
|
40D Spandex |
5089.44 |
USD/Ton |
0% |
7/3/2017 |
|
Polyester DTY |
2876.64 |
USD/Ton |
0% |
7/3/2017 |
|
Nylon POY |
5841.79 |
USD/Ton |
0% |
7/3/2017 |
|
Acrylic Top 3D |
1383.00 |
USD/Ton |
0.27% |
7/3/2017 |
|
Polyester FDY |
2537.34 |
USD/Ton |
0% |
7/3/2017 |
|
Nylon DTY |
2360.32 |
USD/Ton |
0% |
7/3/2017 |
|
Viscose Long Filament |
1512.08 |
USD/Ton |
0.99% |
7/3/2017 |
|
30S Spun Rayon Yarn |
2876.64 |
USD/Ton |
0% |
7/3/2017 |
|
32S Polyester Yarn |
1707.54 |
USD/Ton |
0.22% |
7/3/2017 |
|
45S T/C Yarn |
2714.37 |
USD/Ton |
0% |
7/3/2017 |
|
40S Rayon Yarn |
1844.00 |
USD/Ton |
0% |
7/3/2017 |
|
T/R Yarn 65/35 32S |
2286.56 |
USD/Ton |
0% |
7/3/2017 |
|
45S Polyester Yarn |
3053.66 |
USD/Ton |
0.49% |
7/3/2017 |
|
T/C Yarn 65/35 32S |
2316.06 |
USD/Ton |
0% |
7/3/2017 |
|
10S Denim Fabric |
1.37 |
USD/Meter |
0% |
7/3/2017 |
|
32S Twill Fabric |
0.85 |
USD/Meter |
0% |
7/3/2017 |
|
40S Combed Poplin |
1.19 |
USD/Meter |
0% |
7/3/2017 |
|
30S Rayon Fabric |
0.66 |
USD/Meter |
0.22% |
7/3/2017 |
|
45S T/C Fabric |
0.68 |
USD/Meter |
0% |
7/3/2017 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14752 USD dtd. 04/07/2017) The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Paul Siu, deputy CEO of Deloitte China, is confident of China's economy and expects it to benefit more from reforms. "China's economy is very positive in general. The dividends from reform are huge and yet to be fully realized," he said during the sideline of the 2017 Annual Meeting of New Champions, also known as Summer Davos, in Dalian. China has set the target of achieving GDP growth at around 6.5 percent this year. In the first quarter, GDP grew at 6.9 percent year-on-year, getting the economy off to a good start, according to data from the National Bureau of Statistics. "There are expectations that China will achieve 6.7 or 6.9 percent growth rate this year. I think such a figure is very high. China may not need such a high growth rate," Siu said. "As Premier Li Keqiang said, the growth of China's GDP by 1 percent now is equal to 2 percent 10 years ago due to its large base," said Rosa Yang, chairwoman of Global Chinese Services Group of Deloitte China. "The country has achieved a relatively low unemployment rate of 4.9 percent, which did not come easily." "The economy has become more self-reliant, given its shift from investment and export-driven to consumption-driven," she said. Consumption contributed to 64.4 percent of China's economic growth last year, becoming a major driver of growth, according to Premier Li in his speech delivered to the opening of 2017 Summer Davos. A country's overall competitiveness lies largely in innovation, Yang said. "Chinese companies are very innovative in e-commerce, mobile payment and sharing economy," she said. In the year 2016, China's application for patents surged by more than 40 percent, and the numbers of patent applications by Chinese tech companies Huawei and ZTE ranked the largest globally, she said. China took the 28th place in Global Competitiveness Index released by the World Economic Forum last year and there is room for it to improve, she added. Deloitte has been applying innovative technologies to make its operation more efficient while helping customers solve problems with new technologies, according to Siu. It set up the Deloitte Greenhouse in Shanghai in February, which allows customers to experience new technologies and explore how to improve their operations with the technologies, he said. The theme of this year's Summer Davos was "Achieving Inclusive Growth in the Fourth Industrial Revolution." Yang said: "Inclusive growth is about equality - the equal chances for countries to participate in trade and engage in economic development." "The Belt and Road Initiative manifests the spirit of inclusive growth and puts the concept of inclusive growth into practice," she added.
Source: China Daily
Top Value Fabrics has announced the acquisition of Pacific Coast Fabrics. The acquisition expands its product offerings and strengthens its West Coast distribution network for printable textiles. Combined, the companies contract manufacture and source fabrics and media, both domestically and in international locations from Asia to Europe. “TVF is known throughout the industry for outstanding customer service and quality products, and the Pacific Coast Fabrics team shares that same dedication to the customer,” explains Chris Fredericks, president for Top Value Fabrics. Fredericks adds, “Both companies are growing because we pride ourselves in listening to customers and utilising their input to develop market leading fabrics and media that help customers succeed. We are delighted to welcome Pacific Coast Fabrics to the TVF team and we look forward to a continued bright future in this growing industry.” Both companies enjoy a rich history of textile success. Pacific Coast Fabrics was established in Gardena, California in 1995 after Brian Vieweg and Michael Sanders, executives from Cal-Pacific Dyeing and Finishing Corporation, formed a new company to supply high quality textile goods. Cal-Pacific Dyeing and Finishing Corporation was founded in 1967, and the new company became Pacific Coast Fabrics. Brian was elected president and Michael was elected vice president. Vieweg explains, “Michael and I have worked together to lead our team to great heights at Pacific Coast Fabrics.” He continues, “It’s rewarding to have built our company, and to have this incredible opportunity to keep doing all we do for our customers along with the support and resources of a stronger, combined company with TVF. We’re excited for our team to join together with TVF’s team as we deliver even more options for our customers and even greater innovation for the industry.” TVF, headquartered in Carmel, Indiana, was founded in 1974, and opened its West Coast Sales and Distribution Centre in Carson, California in 1987. The textile leader has added remote offices, sales and support teams, and a nationwide network of shipping locations to add convenience for customers over the years. “Both teams comprise tenured fabric experts who understand that our customers’ success is our success,” shares Karen Stuerenberg, marketing director for Top Value Fabrics. Stuerenberg adds, “To offer the most continuity to our customers, all existing products will remain part of our combined product line for the foreseeable future. As pressures continue to intensify for printers to consistently raise the standard, access to this incredible depth of textile options with one supplier will enhance the customer experience.” Combined, the companies contract manufacture and source fabrics and media worldwide, both domestically and in international locations from Asia to Europe. “TVF enjoys a strong partnership with Aurich Textiles, and our customers appreciate the platform the Aurich products provide,” explains Jeff Nonte, print media director for Top Value Fabrics. Nonte continues, “We also recognise the benefit for customers in adding PCF’s line of Georg + Otto Friedrich Textiles through their own strong partnership, so we have made the strategic decision to continue offering both lines. Bringing these textiles together with our additional lines of fabrics, vinyl and mesh offers printers an unprecedented selection of media options that help them achieve exceptional print quality.” Top Value Fabrics became 100 per cent employee-owned in 2010. Fredericks shares, “TVF is proud to be employee-owned and as we move forward together, we will include the entire Pacific Coast Fabrics team in our employee ownership plan. Additionally, while integration planning is underway and to make this easy for our customers, both companies will operate with business as usual through the transition. As of November 1, 2017, we will unite and operate as one Top Value Fabrics.”
Source: Fibre2fashion
China’s textile conglomerate China Hi-Tech Group Corporation has become a wholly-owned subsidiary of China National Machinery Industry Corporation (Sinomach), an equipment manufacturing group, after the State Council gave nod for the same. The State-owned Assets Supervision and Administration Commission (SASAC) will no longer supervise China Hi-Tech. Post this announcement, the number of central State-owned enterprises (SOEs) has reduced to 101. The SASAC aims to bring down the number of central SOEs to under 100 as part of the ongoing reforms to increase efficiency of the companies. The merger of China Hi-Tech with Sinomach is also in line with the Chinese government’s objective of raising the competitiveness of SOEs, and bringing technology and research capabilities to companies such as China Hi-Tech Group.
Source: Fibre2fashion.
WASHINGTON (MarketWatch) — American manufacturers are growing at the fastest pace in almost three years, reflected improved economic conditions both at home and abroad. The Institute for Supply Management said its manufacturing index rose to 57.8% in June from 54.9%. That’s the highest reading since mid-2014 and well above the 55.6% forecast of economists surveyed by MarketWatch. Readings over 50% indicate more companies are expanding instead of contracting. Some 15 of 18 industries tracked by ISM said they grew in June. U.S. stocks held onto early gains after the release of the ISM report. The Dow Jones Industrial Average DJIA, +0.61% was up more than 150 points. New orders and production both rose sharply and employment plans hit the second highest level since 2011. The ISM reports on manufacturing and services are generally good harbingers of broader U.S. employment trends. The U.S. government will issue June employment results on Friday. Economists polled by MarketWatch predict a 177,000 increase in new jobs. The unemployment rate is expected to hold steady at 4.3%. “Overall, business is strong,” said an executive at a manufacturer of plastic and rubber products. “Business is still very robust,” said another executive at a computer maker. The ISM index is compiled from a survey of executives who order raw materials and other supplies for their manufacturing companies. The gauge tends to rise or fall in tandem with the health of the broader economy.
Source : Financial Express
At least eight people were killed and up to 50 injured after a boiler exploded at a garment factory in Bangladesh on Monday, authorities said. Dozens of labourers were on site at the facility in an industrial district outside the capital, Dhaka, when a blast tore through the six-storey building, causing its walls and a roof to collapse. "It is a terrible scene. Fire brigade officers have arrived and are doing rescue work. The factory's boiler exploded and the blast also affected other buildings near the factory," police officer Harunur Rashid told the AFP news agency. "Eight people were killed and approximately 50 were injured. Six bodies were recovered at the spot and two more in the hospital. The casualties included passers-by who were walking outside the factory," Mohammad Akhteruzzaman, deputy assistant director of the fire service, told AFP. He said the explosion was so powerful that it destroyed parts of the factory, including "a roof and several walls". Thirty-five people are undergoing treatment at different health facilities in the Gazipur district, according to physician Pronoy Bhushan Das, and many of those injured are in critical condition. Al-Amin, a worker at a nearby garment factory, said he was attending evening prayers at a mosque close to the factory at around 7pm (13:00 GMT) when the explosion shook the whole area. "I ran to the spot instantly and saw a huge smoke. I saw blood all over the bodies of some injured workers and instantly called the fire brigade," he told AFP. According to factory director Mesba Faruqui, the main site was closed on Monday but a group of workers were overseeing maintenance of the boiler. The factory is owned by textiles manufacturer Multifabs, which makes clothing for mostly European brands according to its website. Bangladesh has more than 4,500 garment factories employing four million mostly female workers at a minimum monthly wage of $68. The industry is notorious for poor workplace safety, with many of the factories lacking basic equipment such as ventilation and air coolers. In April 2013, the nine-storey Rana Plaza factory complex collapsed, killing more than 1,100 people in one of the world's worst industrial disasters. The Bangladeshi government and international buyers have been trying to improve working conditions in the garment sector, which adds about $29bn in terms of exports to the country's economy, according to the Bangladeshi statistics office.
Source: AlJazeera.com
Local garment manufacturers have opposed the time extension of the Bangladesh Accord on Fire and Building Safety by three more years, saying factory remediation work will be completed within the current tenure. “We don't accept the new agreement. It is a unilateral decision by the Accord,” said Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA). “We have not been included in the board of the Accord and the signatories did not even show the draft copy of the new agreement,” Rahman said. “We don't need the Accord anymore,” said Atiqul Islam, a former president of BGMEA. Trade unions and leading apparel brands extended the tenure of the Accord for three more years at the OECD Global Forum on Responsible Business Conduct in Paris June 30. But local factory owners say proper implementation of the amended labour law would protect the workers' rights and the local union leaders would play a vital role in formation of trade unions at factory level and in ensuring freedom of association. They called for strengthening of the Department of Inspection for Factories and Establishments (DIFE) and the Remediation Coordination Cell (RCC) for fortifying workplace safety and better labour rights. Islam said the government, the RCC and BGMEA can continue working on strengthening the workplace safety and improve the labour rights. Islam was the president of BGMEA when the current Accord was signed in May 2013. The current five-year campaign for fire and building safety expires next May and involves only European brands. Islam, however, admired the remediation activities of the Accord as thousands of loopholes in nearly 3,000 factory buildings have been identified and repaired. No more industrial accident has taken place in the garment sector since the Rana Plaza building collapse because of strong inspection, remediation and monitoring by the experts of the European-led Accord and the North American-led Alliance, according to Islam. “But, I am concerned about the handling of millions of workers by the Accord as it will work on freedom of association and improvement of labour rights. Bangladesh has its own labour law,” Islam said. AK Azad, managing director of Ha-Meem Group, another leading garment exporter, echoed Islam. “The Accord has done excellent work in the first phase as buildings are safe now thanks to its intensive inspection, remediation and monitoring.” “But, we don't want the extension of the Accord in case freedom of association as it is an internal issue of Bangladesh,” he said. Rubana Huq, managing director of Mohammadi Group, a leading garment exporter, said the inclusion of freedom of association in the new agreement is very surprising to her whereas Bangladesh has a very strong labour law which has given full freedom of association to the workers at factory level. She said they had hoped that the signatories of the new agreement would include the government and BGMEA in the executive body of the Accord. But this has not happened. Huq is concerned about the future of local trade unions if the Accord starts working in the area of freedom of association and labour rights at factory level. “Where will our local unions go?” she asked. After the Rana Plaza building collapse in April 2013 that killed 1,138 workers, the retailers and brands formed the Accord with a view to repairing thousands of structural, fire and electrical loopholes in the garment factories. Yesterday, Valter Sanches, general-secretary of the IndustriALL, said in a statement, “The Accord can be expanded to other sectors, and as worker representatives, we urge you to acknowledge the new Accord's significance as an important step towards responsible global supply chains.” John Evans, general secretary of the Trade Union Advisory Committee to the OECD, said the signing of new Accord shows that the legally-binding agreement between brands and unions is a successful model for driving positive change in global supply chains. “The G20 leaders need to learn this lesson and give it full support,” he said. On Thursday, Commerce Minister Tofail Ahmed told The Daily Star that it is the decision of the retailers and unions. “The extension is not our decision. We don't know about it yet. They have not spoken to us in this connection. We are with them until the expiry of the first agreement.” So far, 25 lakh Bangladeshi garment workers have been covered by the Accord and 1,800 factories surveyed along with 7,000 periodic follow-up inspections, according to IndustriALL. A total of 118,500 acts of violations of fire, electrical, and structural safety standards have been identified, and 79 percent of them are being corrected. As of Thursday, 23 companies signed the new agreement with two Switzerland-based global trade unions IndustriALL Global Union and UNI Global Union. But a large majority of the previous signatories—217 brands—are expected to be part of the new deal, said Christy Hoffman, deputy general secretary of UNIGlobal Union, according to the Associated Press.
Source: The Daily Star
After helping start-up and growing apparel companies for nearly two decades, Fashion Business Inc. has shuttered operations. The news came as a shock to many in the apparel industry, who heard about the closure shortly after founder Frances Harder informed the non-profit organization’s board of directors on July 2. Harder started the organization in 1999 after a career spent teaching fashion design at the Fashion Institute of Design & Merchandising, California Design College and Otis College of Art & Design, as well as creating her own designs for the likes of Priscilla Presley and the Sultan of Brunei. After running into stumbling blocks with her own designs, Harder said she realized that there was a need for business education for fashion industry professionals. “I realized there’s so much more to this than design,” she said. She taught continuing education courses and wrote a book, "Fashion For Profit," but then teamed up with a partner who had connections with the city of Los Angeles. The first FBI office opened at The New Mart. After holding its first fashion show at the Los Angeles Athletic Club, FBI landed a $250,000 grant from the Los Angeles Department of Water and Power. Over the years, FBI received other government grants, but Harder said it’s been challenging to get financial support from the city. “It’s a changing and challenging time,” she said. “The unfortunate thing is, the city doesn’t embrace an industry, which is the largest employment sector in the world.” In addition to its business-to-business seminars—and later B2B webinars, the FBI also hosted runway shows and other networking events, including its annual All Aboard Fashion Fundraiser at Union Station in downtown Los Angeles. Apparel industry consultant Rob Greenspan has been a supporter and advisor for FBI and its members since the beginning. “Over the past 19 years it has been my pleasure to support, help, and advise FBI and its members,” said Greenspan, who is the chief executive officer of Greenspan Consult Inc.“The FBI has been unique in that it provided consultation, services and education programs to help grow and support the apparel industry. From start-up companies, helping displaced workers in the industry, branded companies, and, of course, our famous fashion shows the FBI has been always there for its members. It has been a pleasure working with Frances Harder to support, develop and promote the FBI. The FBI helped out many people and companies in our industry.” Harder plans to continue to host B2B seminars at trade shows such as Sourcing at MAGIC and the Los Angeles International Textile Show. She will also continue to provide expert witness testimony for apparel-related lawsuits and will continue to act as an apparel-industry consultant for the United Nation and private clients.
Source: Apparel News
Best Pacific plans to debut one of the first lines of commercially available Lycra Sport Power-Comfort-Energy index-certified fabrics on the market at the Outdoor Retailer Summer Market show in Salt Lake City. The new fabrics leverage the recovery performance of Invista’s Lycra Sport technology and Best Pacific's high-gauge, double knitting construction. The Outdoor Retailer Summer Show is being held during July 26-29, 2017. The new fabrics deliver an outstanding stretch modulus and are tailor-made for the lucrative, high-growth active-sportswear industry sectors. According to Kevin Zan, general manager of Best Pacific's sports division, the Lycra Sport Power-Comfort-Energy index (PCE), which was launched last year, has been a real game changer when it comes to designing, producing, differentiating and selling performance fabrics. "Fabric mills everywhere, especially those in the knitted textile sector, have typically focused on physical performance to differentiate their offerings and protect margins. However, until recently, there was no scientific way to measure that performance, or for customers to easily compare one fabric with another," said Zan. "Now, with Invista’s Lycra Sport PCE index, we can technically document and explain to customers precisely how a new fabric actually performs. That makes all the difference. It enables us to outflank competitors and win business by developing new, application-specific fabrics that allow brands to tailor products and target the most rewarding, highest-growth sectors like sportswear," Zan added. As one of the world's biggest and most innovative integrated producers of polymers and fiber, Invista focuses on two key factors - developing innovative new products and contributing to the success of customers across the entire industrial value chain. "Strong branding and a differentiated product portfolio are a winning strategy when it comes to achieving success in an increasingly competitive market. Through innovations such as Lycra Sport technology, and initiatives like the PCE index, we are simultaneously building up our own and our customers' capabilities to create outstanding value," said Huw Williams, Invista’s global segment director, activewear and outdoor. Best Pacific has been working with Invista since the mill's inception in 2003, and Invista is becoming an increasingly important partner. In recent years, there are more and more collaborations between Best Pacific and Invista on fabric innovations which are being accepted widely among the world's well known sportswear brands. "For many of our customers, including some of the world's best-known men's and women's performance sportswear brands – Invista’s Lycra Sport technology is a must-have ingredient. Some of our most important customers are now incorporating fabrics designed to specific PCE parameters in their newest products," said Zan. Best Pacific has certainly picked a winner with Lycra Sport technology. Research by Euromonitor International, the market intelligence organisation, predicts that sportswear will continue to drive growth in the industry between now and 2021, with a CAGR of four per cent - or double the overall industry growth rate. The biggest markets will be the US, China and India, accounting for 61 per cent of global sportswear growth, in both the performance and sports-inspired categories. "We are working closely with Invista and our customers to roll out more PCE certified commercial fabrics based on Lycra Sport technology, to take full advantage of these opportunities," said Zan.
Source: Fibre2fashion.
