A day after the Centre notified the latest set of cuts in the rate of tax to be levied on a wide range of goods as part of the Goods and Services Tax (GST), the Union Cabinet on Thursday approved the creation of the National Anti-profiteering Authority to ensure that businesses pass on the benefits of GST to consumers. Coming well over four months after the new indirect tax system was introduced on July 1, the decision to set up the enforcement body marks the government’s resolve to ensure that the latest tax rate reductions approved by the GST Council on more than 200 items are implemented immediately by businesses. Crucially, the authority has been granted wide-ranging powers, including to cancel the registration of offending firms in extreme cases. “The Union Cabinet has given its approval for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST, following up immediately on yesterday’s sharp reduction in the GST rates of a large number of items of mass consumption,” the government said in a release. This paves the way for the immediate establishment of this apex body, which ismandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices.” The GST Council, at its 23 meeting last Friday meeting, held that restaurants had failed to pass on the benefit of input tax credit to customers. by way of lower prices. It decided to remove restaurants’ ability to avail themselves of input tax credit while at the same time slashing the final tax rate to 5%.The changes including removal of input tax credit immediately spurred controversy, with some restaurant chains including McDonald’s raising their pre-tax base prices while keeping the final bill charged to customers unchanged, triggering a storm of protests on social media. “The government has brought down GST from 18% to 5%, but there has been a removal of input tax credit,” McDonald’s India tweeted in reply to criticism it received for raising prices. “Due to this, our operating costs have gone up. However, keeping customer convenience in mind we have structured the changes in such a manner that total amount paid by the customer remains the same.” “From an industry perspective there are lot of implementing challenges and operational issues as to how to pass on the benefit,” Abhishek Jain, Tax Partner at EY, wrote in a statement. “Industry would accordingly expect that detailed guidelines providing guidance... are issued at the earliest by the GST Council,” he wrote. “The ‘anti-profiteering’ measures enshrined in the GST law provide an institutional mechanism to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to the consumers,” the government said in the release. “This institutional framework comprises the NAA, a Standing Committee, Screening Committees in every state and the Directorate General of Safeguards in the Central Board of Excise & Customs (CBEC).” According to the rules, if the NAA confirms that there is a need to apply anti-profiteering measures, then it has the authority to order the supplier to reduce its prices or return the undue benefit availed by it along with interest to the recipient of the goods or services. If this can’t be done, then the company can be ordered to deposit the amount in the Consumer Welfare Fund. “In extreme cases, the NAA can impose a penalty on the defaulting business entity and even order the cancellation of its registration under GST,” the release said. “The provisions of penalty for making excessive profiteering and even cancellation of registration of such taxpayers will certainly help in achieving the objective of establishing this body,” Aditya Singhania, DGM GST, Taxmann, wrote in a note. “The measure will certainly keep a check on inflation as it will help in monitoring the prices of the products for which rate cuts have been made.”
Source: The Hindu
Exporters have said their failure to receive goods and services tax (GST) refunds is dragging down the sector. “After paying the GST four months in a row and without receiving any refunds, small and medium enterprises are at a breaking point. There is an immediate need for remedial measures to prevent a further decline in exports," said Ganesh Kumar Gupta, president of the Federation of Indian Export Organisations. In the GST regime, exporters have to pay taxes on realised profits upfront and then apply for refunds. Exports grew for 13 straight months, peaking at over 25 per cent growth in September, but then declined in October by 1.12 per cent. Gupta added that production had declined sharply in employment-intensive sectors such as leather goods, jewellery and garments. Smaller industries such as handicrafts and carpets, which are more sensitive to tariff and price movements, have become unstable. The Export Promotion Council for Handicrafts is preparing a proposal for a financial package for the sector, according to officials. The GST refund process has been delayed because the government extended the date of filing the GST returns, according to the EEPC. The July refunds will thus only be available in the third week of November. Exporters also alleged that implementation of measures approved by the GST Council was slow. They added specific difficulties in filing returns remained. Garment exporters had recently told a parliamentary standing committee that the GST had not helped the sector.
Struggling to stay afloat
* Under the GST regime, exporters have to pay taxes on realised profits upfront and then apply for refunds
* Exports grew for 13 straight months, peaking at over 25 per cent growth in September, but then declined in October by 1.12 per cent
* The GST refund process has been delayed because the government extended the date of filing the GST returns
* The Export Promotion Council for Handicrafts is preparing a proposal for a financial package for the sector
“The overall effect on apparel exporters, especially SMEs, is burdensome due to a substantial increase in working capital requirements and higher transaction costs," said Ashok G Rajani, chairman of the Apparel Export Promotion Council. The body wants extension of the Integrated GST exemption on imports under the Export Promotion of Capital Goods (EPCG) scheme and the Advance Authorisation scheme from March 2018 to December 2018. However, some are hoping the government’s decision to reduce the rate of taxation for a wide variety of products would help shore up growth prospects. “The announcement by the Council to bring leather goods and leather garments under the 18 per cent slab, from the 28 per cent earlier, and finished leather to under 5 per cent slab, from 12 per cent earlier, is a big relief to our industry" Mukhtarul Amin, Chairman of the Council for Leather Exports.
Source: Financial Express
The Union Cabinet on Thursday approved setting up of the proposed National Anti-profiteering Authority (NAA) under the goods and services tax (GST) to ensure consumers get the benefit of lower taxes under the new indirect tax regime. The decision came a day after the reduction in the GST rate on over 200 items came into force. The government said the Cabinet decision was “following up immediately on yesterday’s (November 15) sharp reduction in the GST rates of a large number of item of mass consumption”. The five-member anti-profiteering authority will have power to ask those not passing on the tax benefit to return the undue profit earned to consumers along with an 18% interest, reduce prices and if the consumer is not identifiable, deposit the amount in a Consumer Welfare Fund. The five-member anti-profiteering authority will have power to ask those not passing on the tax benefit to return the undue profit earned to consumers along with an 18% interest, reduce prices and if the consumer is not identifiable, deposit the amount in a Consumer Welfare Fund. In grave cases of abuse, NAA can impose a penalty and even cancel GST registration. The body is expected to be set up soon. There have been reports that many restaurants have not passed on the rate cut. The GST Council had last week decided to slash tax rates of over 200 items and also lowered tax rates on AC and non-AC restaurants to 5% from 18%.The tax on as many as 178 items was cut from 28% to 18%, including that on chocolates, electric lighting and fans, furniture and detergents, etc. There are only 50 items in the highest 28% slab. “This paves the way for the immediate establishment of this apex body, which is mandated to ensure that the benefits of the reduction in GST ra-tes on goods or services are passed on to the ultimate consumers by way of a reduction in prices,” the statement said. ”The National Anti-Profiteering Authority is an assurance to consumers of India. If any consumer feels that the benefit of tax rate cut is not being passed on, then he can complain to the authority,” Union minister Ravi Shankar Prasad told reporters after the Cabinet meeting. Subsequently, a five-member committee, headed by Cabinet secretary PK Sinha, revenue secretary Hasmukh Adhia, CBEC chairman Vanaja Sarna and chief secretaries from two states, has been tasked to select the chairman and the members of the authority. The anti-profiteering authority is envisaged as an interim body that will function only for two years from the date on which the chairman assumes charge. Under the anti-profiteering mechanism approved, there will be a statelevel ‘screening committee’ and a ‘standing committee’ at the national level. Under the anti-profiteering mechanism approved, there will be a statelevel ‘screening committee’ and a ‘standing committee’ at the national level. All the complaints of profiteering will first go to these bodies, those of local nature to the screening committee and national level to the standing committee. If these two bodies find merit in the complaints, they can refer them for further investigation to the directorate general of safeguards (DGS). The DGS would need to submit a report within three months to complete the investigation and send the report to the anti-profiteering authority. The authority will decide on the methodology to evaluate if the benefits of lower taxes under GST including those arising due to seamless input tax credit have not been passed to the consumer.
Source: The Economic Times
After seeing an increase of around 25 per cent in exports in September, exports of ready-made garments fell by nearly 41 per cent in October. Exporters say the drop is owing to ambiguities embedded in the goods and services tax (GST), which has put India in a disadvantageous position vis-á-vis competing nations. Industry sources said after the GST was introduced, realisations had been affected by nearly five per cent, making Indian-made garments costlier by 12-15 per cent. In October, exports of ready-made garments dipped by around 41 per cent in rupee terms to Rs 5,398.08 crore from Rs 9,100.75 crore during the same month last year. In dollar terms they declined in October by 39.22 per cent to $0.829 billion from $1.364 billion a year ago. Exports rose to Rs 10,707 crore in September from Rs 8,583.55 crore of the same month last year. Exporters attributed the increase mainly to the upcoming Christmas season in western markets. The other factor is that inventories piled up due to the GST are now being cleared. A Sakthivel, regional chairman of the Federation of Indian Export Organisations (Southern Region) and former president of the Tirupur Exporters Association (TEA), said that exporters were facing a serious cash crunch. While referring to the difficulties faced by exporters in getting GST refunds for taxes paid in July and August, he said that in a majority of the cases, refund claims could not be settled. R Rajkumar, managing director, Best Corporation, which supplies to global brands including Mothercare, said there was confusion regarding the GST. Pricing pressure is high since there is no duty drawback and rebate of state levies (ROSL). European market conditions are not encouraging, either. Both these factors have resulted in a drop in exports. “Unless something done on drawback and ROSL, it is going to be very difficult for exporters,” said Rajkumar. As the refund mechanism is not fully in place, working capital requirements have gone up, increasing the cost. “With the introduction of the GST, our realisation is getting affected up to 5 per cent net,” he said. He noted the exporter’s margin was 3-5 per cent. Exporters are not able to pass on the burden to customers because competing nations such as Bangladesh, Vietnam, Sri Lanka, Cambodia, and others are cost-competitive. “Our garments are 8-10 per cent costlier than garments produced by other countries such as Bangladesh, which are enjoying duty-free status in European countries, and added to that comes this five per cent. We are behind competitors by 13 to 15 per cent,” said Rajkumar. Exporters have urged the Centre to reinstate the old rate of duty drawback at least up to March 31, 2018, including reinstating the old ROSL rates. They also want banks to give soft loans against GST refunds receivable.
Source: Financial Express
AHMEDABAD : The latest notification from the Revenue Department, Ministry of Finance, mandating reverse charge mechanism (RCM) under the Goods and Services Tax (GST) has drawn flak from cotton stakeholders, especailly ginners and traders. The Centre had earlier deferred till March 31, 2018, the implementation of RCM under the GST regime, but on Tuesday it issued a notification that the purchaser of cotton from farmers will have to pay the GST, thereby affecting ginners and cotton traders. Cotton, under headings 5201 and 5203, falls in the 5 per cent tax slab. But as farmers are not liable to pay tax and not registered under GST, buyers of raw cotton will be required to pay the tax on reverse charge basis. On Wednesday, ginners and cotton trade leaders met PD Vaghela, Commissioner of Commercial Tax, Gujarat. They are optimistic that an interim solution will be worked out. “This is an issue that only the GST Council can address. We are told that the next GST Council meeting is scheduled for January. But we can’t wait that long... so the Commissioner has asked for some time to work out an interim solution,” said Bharat Wala, President of the Saurashtra Ginners’ Association, who was a part of the 30-member delegation. Of the over 4,300 ginning units in the country, about 1,300 are in Gujarat, mainly in Saurashtra and North Gujarat. “This is an ill-timed decision. The ginning industry is facing its worst period and exporters too are finding it tough. Farmers are harvesting a bumper crop this year. On the one hand, MSP operations are on, and on the other, the government is discouraging ginners from making purchases by issuing notification like this, which will block their working capital,” said Arun Sekhsaria, a cotton trader in Mumbai. Cotton crop in India is estimated to touch 40 million bales (each of 170 kg). Following the RCM decision, ginners are more willing to sell the fibre to the domestic market, where they will get full tax refund than to sell it to exporters, who are liable to pay GST at 0.1 per cent only. “This is a catch-22 situation for ginners and exporters. But the ultimate loser will be the farmer because in a bid to compensate the shrinkage in his working capital, the ginner will pay farmers less,” added Sekhsaria. “This is the final blow for the near-dead ginning industry. The blockage of funds will reduce our working capital and prompt us to either reduce purchases or borrow at higher interest rates from banks,” said Rajnibhai Gandhi, a ginner in Bodeli near Chhota Udepur in Gujarat. Manubhai Agarwal, a cotton trader from Central Gujarat, said that looking at the current weak market scenario, it takes longer than 90 days to clear the stock. “We have to pay the GST within 10 days of purchase. But we will get the refund or input tax credit only after we sell the stock. Buying is as it is sluggish, and in this situation, our working capital will remain blocked for a longer period,” he said. Ginners are talking of a strike if the issue is not resolved; a decision on ths course of action will be taken after November 20.
What is a reverse charge mechanism
Under the normal GST payment mechanism, a supplier is a registered person, who sells goods/services to a buyer or receiver. This receiver pays the supplier for the goods/services plus the GST payable on it. In turn, the supplier deposits the tax with the government, through the GST Network. But in the Reverse Charge Mechanism, the supplier is not liable to pay any tax. Hence, the receiver, besides paying the supplier for the goods/service, separately pays the government the applicable tax. - RV
Source: Business line
This is an information about the new process for onboarding Training Providers on SMART for Center Accreditation and Affiliation. MoSDE and NSDC has decided that only Training Provider/Training Centers who have been formally recommended by the donor agencies / any central or state government department/SSC (for paid courses) will be eligible for SMART registration process and will undergo the process of Center Accreditation and Affiliation. Therefore, selected Training Partners and Training Centres who want to run the skill development program under your sector, can on board on SMART basis your recommendations to NSDC. Please note that being accredited and affiliated in no way means that a Training Provider and Training centres under them shall receive targets under PMKVY (CSCM component) or any other government schemes. Target allocation for these recommended centres is at the sole discretion of the recommending agency. NSDC is not liable for any claims, losses, liabilities, damages or costs of any nature whatsoever to these Training Providers who completes the process on SMART. Below mentioned is the metrics basis which your training Partners can seek recommendations as applicable for SMART on boarding:
The detailed process along with the formats for the TP/TC on boarding can be referred from the process document which can be downloaded from below link:
Source: Textile sector Skill Council
The Indian Oil Corporation Ltd (IOCL) on Thursday signed two memoranda of understanding (MoUs) to set up a plastic park and textile park in Odisha. The MoUs were signed at the Petrochemical Investors Conclave, the first-of-its-kind to attract investments to eastern India, inaugurated by Union Petroleum Minister Dharmendra Pradhan here. IOCL and Industrial Development Corporation of Odisha (Idco) signed an MoU to collaborate in the setting up of a Plastics Park at Paradip. Indian Oil is setting up a 700 KTA (kilo tonnes per annum) Polypropylene unit at Paradip Refinery, to be commissioned in 2018, to serve as a mother plant for downstream polymer or plastics ancillary units. Indian Oil signed another MoU with MCPI Ltd for setting up a Textiles Park. With the coming up of an MEG (Mono Ethylene Glycol) Unit at Paradip Refinery and availability of PTA (Purified Terephthalic Acid) in the East, the polyester downstream industry can flourish very well in eastern region as well, said Pradhan. "By achieving synergy of cotton fibre with polyester fibre to promote and popularise synthetic textiles, the Textiles Park will majourly benefit Micro, Small and Medium Enterprises (MSMEs), with employment potential of up 22 lakhs," he added. Pradhan said that India's petrochemicals sector is going through a golden period, with growth rates of 14-15 per cent per annum. "Odisha, with ready availability of raw material, skilled, low-cost manpower, port infrastructure and rail connectivity and a large regional market, must fully utilise the opportunity to create investment opportunities in the downstream plastics park and textiles park being developed in the state," he said. Highlighting the developmental vision of Prime Minister Narendra Modi for eastern India, he said that accelerated development of eastern states is one of the top priorities of the Indian government. While the per capita consumption of plastics in India is only 10 kg as compared to the world average of 32 kg, it is much lower at 5 kg in eastern India, he said. The Petrochemical Investors Conclave has been organised to create a new inspiration and a new eco-system for the growth of petrochemicals sector in Odisha, and generate wealth for a new generation of entrepreneurs, while at the same time creating employment opportunities for the youth of the state on a large scale, he said. Pradhan hoped that the conclave, with the theme "Purvodaya - The Dawn of New Investment Opportunities in Eastern India", would serve as an effective platform for young investors to interact with business leaders of the petrochemicals industry, government functionaries, financial institutions, supply chain professionals as well as incubators in the academia at one place. He also inaugurated an exhibition set up at the conclave venue. The exhibition, with over 35 exhibitors, focussed on how the petrochemicals sector caters to a number of other sectors, by providing raw material for clothing, housing, construction, furniture, automobiles, household items, toys, agriculture, horticulture, irrigation and packaging to medical appliances. Also present on the occasion was Odisha Finance Minister Shashi Bhusan Behera who said that the state is attracting large investments in energy, mineral and manufacturing sectors. With the state government according high priority to petrochemicals sector, Indian Oil, as anchor tenant, will have a lead role to play in developing a PCPIR (Petroleum, Chemicals and Petrochemicals Investment Region) in Paradip, he said. Odisha Micro, Small and Medium Enterprises Minister Prafulla Samal said that the state government is according top priority to development of Paradip, Dhamra and Bhadrak regions. Indian Oil's Polypropylene unit coming up at Paradip will help boost the growth of plastics industry in the state and also raise the state's per capita consumption of plastics, he added.
Source: The Pioneer
Fire is the top destroyer globally. It accounts for more than 50% of the losses to property value along with a significant number of human lives. One of the main propagators of fire is fabric. Hence there is a critical need for ‘smarter’ fabrics. In its relentless pursuit of harnessing the power of chemistry to deliver smiles to the consumer Reliance Industries Limited (RIL) has launched Recron FS (Fire Safe) – an innovative polyester that prevents fire from spreading in the fabric. Mr. Gunjan Sharma CMO Polyester Business RIL introduced the concept of Recron FS to the audience taking them through the various aspects of quality trademark service and marketing support. He stressed that Recron FS will unlock value for the whole chain and that “all of us need to collaborate to provide effective textile solutions.” This was followed by technical sessions with Dr Girrbach and the Product Development team. Many members of the audience posed several questions and got their doubts clarified. During the closing session the channel partners were introduced to the other mills present. Mr. Anil Biyani(Damodar Group) Mr. Ritesh and Mr. Bhadresh Dodhia(Dodhia Group) and Mr. Vishal Agarwal (Siddhartha Super Spinning Mills) made brief presentations showcasing their companies’ capabilities product lines and commitment to Recron FS. This concept of bringing in different value chain players for informative sessions and networking opportunities was lauded by the audience. Mr. Bharti too expressed his appreciation and opined that such events should be held frequently for the benefit of the industry. Following this maiden Recron FS event similar meets will be organized across textile hubs globally. There are other fire retardant products in the market. But what sets Recron FS apart is that it is a strong brand backed by the largest integrated polyester producer in the world. The superior ingredient chemistry makes it the best product in its class. Also Recron FS offers a complete trademark service to assure the downstream value chain of FR performance. In order to set up a strong supply chain three mills have been chosen as channel partners for better product availability. As part of the Recron FS outreach program Reliance organized the first Recron FS event recently at Reliance Corporate Park Navi Mumbai. The aim of the event was two-fold: First to connect the channel partners with the downstream players for facilitating mutual business opportunities and second to address all queries be it technical or market-related. The event featured the three partners – (Damodar Dodhia and Siddhartha Super) – and 50 representatives from some 25 furnishing mills across India. Mr. B. B. Bharti Joint Textile Commissioner graced the occasion. Dr Ulrich Girrbach an expert in FR textiles was flown in to address product queries. Mr. Hemant Sharma Sector Head – Polyester Business RIL inaugurated the event by unveiling the Recron FS website and video. “Recron FS gives the value chain players a chance to be part of a social cause by creating safer spaces for India ” he said in his welcome address. Mr. Sharma also spoke about the cyclical nature of textile business and how Recron FS would “create a sustainable business for all of us given the rapid pace of urbanization.”
Source: Tecoya Trend
Junior's Fashion Week celebrates the success of preceding events and now takes forward Autumn Winter season for their third stop Junior’s Fashion Week came to New Delhi, unveiling trendy AW collection by the associating brands on November 11th and 12th at The Grand, New Delhi. The event witnessed creativity of the national and international brands collaborated with JFW. Junior’s Fashion Week highlights visually soothing, timeless and enlightens charm. Each collection is absolutely unique with regard to the design. Collections are set to debut to an audience of buyers, industry visitors, bloggers, and media. Junior’s Fashion Week assists to associate brands to engage consumer communication and strategies to drive demands. JFW allots a display window and networking opportunities to established and emerging brands with new launches and new labels. From sketch to runway, Junior’s Fashion Week drew attention to a two-day event. Prominence to workshop and grooming session on day one was given for children aged between 4 to 14 years where they were taught the technicalities of the fashion world which further helped the junior models on the runway. Renowned brands such as US Polo Association Kids Marks and Spencer, London and The Children’s Place showcased their exclusive and impressive collections on the runway of JFW. The grand showcase is a preamble of the pre-event workshop that was moderated by experts. Jessica Gomes Surana, the supermodel, renowned educationalist, choreographer, and styling expert takes care of the pre-event workshop, grooming, and styling of the kids. It is specially organized to groom the junior models to make them runway fit and instill in the confidence and aptitude to be a junior supermodel. JFW is an omnibus to the future of fashion world for the young beautiful people of the world. JFW gives a platform to young girls and boys to know about fashion environment and experience the exhilaration of walking on the runway as a junior model. From dresses, cozy active wear and embellished tops to modern jeans, printed leggings to playful graphic tees, and comfy sleepwear, The Children’s Place showcased their Autumn Winter 2017 collection that girls and boys loved. On the other hand, Marks and Spencer showcased the collection, including jumpers and bomber jackets in luscious greens, snug blues and bright yellow hues which were donned by junior models on the runway. Mr. Pankaj Kapoor Head of Marketing – Reliance India, says, “Marks & Spencer is proud to be associated with the Juniors Fashion Week in India. It is a great platform for us to showcase our quality, innovative Kids wear collections. As well as being fun and stylish, we pay extra attention to comfort, safety, and convenience to ensure we offer clothing that parents are happy to buy and kids love to wear.” Ending the grand event, Us Polo Association Kids showcased a vigorous play of bright colors along with reds, blues, and whites marking the core presence of the brand highlighted with stars, stripes, and dot prints. Mr. Alok Dubey from USPA says, “U.S. Polo Assn Kids has always been a very integral part of our brand and we are pleased to be associated with Junior’s Fashion Week. The creative and youthful nature of this show is a good platform to showcase our kids’ collection. Rooted in the brand’s American origin and polo connection, the collection stays true to classic American styling showcasing a vibrant play with reds, blues, and whites highlighted with stars, stripes, and dot prints. It’s always a pleasure to see kids wearing our traditional and preppy collection and we look forward to a great response from the show. The overwhelming reaction from parents and kids has given us a strong sense of responsibility to prove ourselves and provide a great clothing line for our junior models” The ideology of JFW is to be an exemplary platform where young talent is celebrated, the brand value is accentuated and a heritage of fashion is cultivated!
Source: YarnsandFibers
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$ 60.57 per barrel (bbl) on 16.11.2017. This was higher than the price of US$ 60.36 per bbl on previous publishing day of 15.11.2017. In rupee terms, the price of Indian Basket increased to Rs 3954.83 per bbl on 16.11.2017 as compared to Rs. 3945.36 per bbl on 15.11.2017. Rupee closed stronger at Rs. 65.30 per US$ on 16.11.2017 as compared to 65.37 per US$ on 15.11.2017. The table below gives details in this regard:
|
Particulars |
Unit |
Price on November 16, 2017 (Previous trading day i.e. 15.11.2017) |
|
Crude Oil (Indian Basket) |
($/bbl) |
60.57 (60.36) |
|
(Rs/bbl) |
3954.83 (3945.36) |
|
|
Exchange Rate |
(Rs/$) |
65.30 (65.37) |
Source: PIB
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1395.73 |
USD/Ton |
0% |
11/16/2017 |
|
VSF |
2218.08 |
USD/Ton |
0% |
11/16/2017 |
|
ASF |
2655.66 |
USD/Ton |
0% |
11/16/2017 |
|
Polyester POY |
1370.08 |
USD/Ton |
0.33% |
11/16/2017 |
|
Nylon FDY |
3470.47 |
USD/Ton |
0% |
11/16/2017 |
|
40D Spandex |
5960.16 |
USD/Ton |
0% |
11/16/2017 |
|
Polyester DTY |
1705.06 |
USD/Ton |
0.44% |
11/16/2017 |
|
Nylon POY |
3681.72 |
USD/Ton |
-0.81% |
11/16/2017 |
|
Acrylic Top 3D |
5703.64 |
USD/Ton |
0% |
11/16/2017 |
|
Polyester FDY |
1606.98 |
USD/Ton |
0% |
11/16/2017 |
|
Nylon DTY |
3274.31 |
USD/Ton |
0% |
11/16/2017 |
|
Viscose Long Filament |
2791.47 |
USD/Ton |
0% |
11/16/2017 |
|
30S Spun Rayon Yarn |
2912.18 |
USD/Ton |
0% |
11/16/2017 |
|
32S Polyester Yarn |
2089.83 |
USD/Ton |
0.58% |
11/16/2017 |
|
45S T/C Yarn |
2882.00 |
USD/Ton |
0% |
11/16/2017 |
|
40S Rayon Yarn |
2202.99 |
USD/Ton |
0% |
11/16/2017 |
|
T/R Yarn 65/35 32S |
2444.42 |
USD/Ton |
0% |
11/16/2017 |
|
45S Polyester Yarn |
3078.16 |
USD/Ton |
0% |
11/16/2017 |
|
T/C Yarn 65/35 32S |
2489.69 |
USD/Ton |
0% |
11/16/2017 |
|
10S Denim Fabric |
1.41 |
USD/Meter |
0% |
11/16/2017 |
|
32S Twill Fabric |
0.87 |
USD/Meter |
0% |
11/16/2017 |
|
40S Combed Poplin |
1.21 |
USD/Meter |
0% |
11/16/2017 |
|
30S Rayon Fabric |
0.67 |
USD/Meter |
-0.22% |
11/16/2017 |
|
45S T/C Fabric |
0.72 |
USD/Meter |
0% |
11/16/2017 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15089 USD dtd 16/11/2017). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Increasing production of the socks, seat belts, and ropes is expected to rev up demand for the synthetic textile fiber globally. Moreover, surge in adventurous activities such as fishing, and rock climbing is further expected to impact growth of the global market positively. Transparency Market Research projects the global synthetic textile fiber market is expected to register a healthy growth over the forecast period, 2016-2024. Market Dynamics: Demand for synthetic fiber with strong and stretchable features in the automotive and textile industry is expected to rev up significantly. As the synthetic textile does not absorb moisture, manufacturers in the automotive industry prefer using synthetic textile for production of various interior materials of the vehicle. Synthetic fiber also witnesses significant demand among the manufacturers for the production of the ropes and sleeping bags. With increasing participation in adventurous activities such as camping, demand for sleeping bags, strong ropes, socks, and fishing nets is expected to rev up in the global market. Bound to these factors, demand for the synthetic fiber is expected to increase among various manufacturers. Moreover, increasing preference for textile that can be conveniently washed and are stain resistant is likely to rev up demand for synthetic textile in the residential and fashion industry. Increasing demand for textile that is resistant to the insects and pest has led to an upsurge in demand for synthetic fiber in the textile industry. Further, low durability and cheaper cost price of the synthetic textile fiber is further expected to rev up demand, which in turn is likely to impact growth of the global synthetic textile fiber market during the forecast period. On the other hand, various disadvantages are likely to dip sales of the synthetic textile fiber in the global market. As these fibers are could irritate the skin, the end users can not wear attires that are manufactured with synthetic textile. In addition, the synthetic textile fiber catches fire easily and can melt fast as compared to the textile produced from natural fiber. These factors are likely to drop sales of the synthetic textile fiber in the global market. Further, the researchers and scientists are increasingly focusing on developing biofiber products, in order to lessen the pressure on oil sources. Such factors are likely to inhibit growth of the global synthetic textile fiber market during the forecast period.
Regional Analysis
North America among other regions is expected to remain a leading market for synthetic fibers globally. The synthetic textile fiber market in Europe and Latin America is expected to represent the second highest growth in terms of revenue over the forecast period. Imposition of regulations regarding environment friendly products and increasing preference for green fiber is further likely to contribute towards growth of the synthetic textile fiber market in Europe and Latin America. However, attributed to increasing demand in APAC, the synthetic textile fiber market is likely to witness significant growth. Further, regulations imposed in various countries of APAC are less as compared to Latin America and Europe.
Source : Latest market report
The government is calling on international buyers to increase investment in the garment and footwear sector and to introduce new technologies to help modernise the industry, according to a senior official from the Ministry of Commerce (MoC). Speaking during a meeting on Tuesday with representatives from global clothing brands and unions, MoC’s secretary of state Ok Bung said the garment sector is burdened by low productivity brought about by outdated technology, which sinks the country into low positions within global value chains. “I would like to request all buyers to participate in the investment and transfer of new technologies to the sector in order to help boost our exports,” Mr Bung said. H&M, Next, C&A, Debenhams, Inditex, Kmart-Australia and Primark were some of the global companies represented at Tuesday’s meeting, as well as international union federation IndustriALL. Frank Hoffer, the executive director of Action, Collaboration and Transformation (ACT), who spoke on behalf of participating global brands, said one of their priorities as buyers is to strengthen cooperation among all stakeholders in the garment and textile industry. ACT is an initiative between international brands and retailers, manufacturers and trade unions to address the issue of living wages in the textile and garment supply chain. Mr Hoffer especially asked for enhanced discussion with the government on the state of the industry. He requested the MoC’s support to set up a workshop with buyers, unions, factory owners and government agencies to hear from all sides and collectively prepare a strategy to guide development in the sector. “I would also like all stakeholders to aim for a healthy balance between minimum wage and productivity that would benefit workers, as well as buyers and factory owners,” Mr Hoffer said. Ken Loo, the secretary-general of GMAC, said recently that garment exports will be expanding at a rate of five percent by the end of the year, adding that he expects similar growth in coming years if certain issues hindering the industry are addressed. He said issues now hampering the sector include high production costs, low productivity and access to a limited number of markets. “If we take care of these issues, the industry will continue to grow,” he said. “When the minimum wage is raised to $170 in January, more factories will encounter difficulties if things don’t change. We hope there is a change in productivity, a reduction in the cost of doing business and new governmental policies to help investors,” he added. According to the MoC’s figures, Cambodia’s total export volume reached $9 billion during the first nine months of the year. Eighty percent of that trade consisted of garments or footwear. In 2016, Cambodia’s garment and footwear industry had 786 factories and a workforce of more than 700,000 people. The main export markets for Cambodian garments are the EU, the US, China, New Zealand and Japan.
Source: Khmer Times
Danish government showing keen interest to enhance bilateral trade with Pakistan, in various sectors including textile and knitwear. Denmark Ambassador to Pakistan Rolf Michael Hay Pereira Holmboe said on Wednesday speaking to traders at the Pakistan Hosiery Manufacturers and Exporters Association (North Zone) office, said that the Danish companies would sign joint ventures in different sectors with Pakistani companies to enhance bilateral trade. The ambassador emphasised that he would talk to Danish companies to encourage them to work with Pakistan’s corporate sector in knitwear manufacturing, adding advanced technology would be introduced in Pakistan which would help increase production, improve quality of products and cut production cost. He added that Pakistan was a peace-loving country and conditions were ripe for boosting trade relations. Earlier, PHMA North Zone Chairman Mian Naeem Ahmed highlighted that PHMA was a representative body of knitted cloth manufacturers and exporters which had 1,600 member companies across Pakistan that were providing employment to around half a million workers. The association is actively providing advisory services to the government on textile-related matters and to help frame policies for improvement in the value-added textile industry. The association members earn around $3.2 billion per annum through exports from Pakistan. He pointed out that several well-known Danish brands were popular in Pakistan and some Pakistani companies were also famous in Denmark. He said that Denmark had played an important role in getting Pakistan the Generalised Scheme of Preferences (GSP) Plus status from the European Union, which allowed duty-free export of many products. GSP Plus has proven vital for Pakistan’s garment industry, but Pakistan and Denmark had failed to fully capitalize on the existing trade potential.
Source: YarnsandFibers
The Association of Ghana Apparel Manufacturers (AGAM), a business network and advocacy organization for the Ghanaian apparel business, was launched in Accra on Thursday. The launch was performed by the Trades Minister of Trade and Industry, John K. Alan Kyerematen and will be attended by key players in the apparel industry. The event was under the theme “Spurring the growth of the Garment Industry for sustainable jobs.” The Association, which is the largest in the country, exports more than $12 million worth of clothes each year and employs over 2,000 workers with the potential of growing this workforce to 20,000 employees by December 2018. It also seeks, among others, to ensure that members adopt global best practices and innovations in the apparel industry to make Ghana the preferred apparel manufacturing hub in Africa. They look forward to be the major global brands as well as the leading place in the sub-region to do apparel business to promote growth and profitability of our members. President of AGAM, Gregory Kankoh, expressed excitement at the establishment of the association, which he said will facilitate advocacy with key stakeholders to address challenges confronting the industry and also help members to build a strong network for exchange ideas and building partnerships to enhance their businesses. “Our members have been confronted with a number of challenges such as accessing service factory space, finding skilled Labour, funding and market opportunities. "Coming together as an association will give us a strong collective positioning to find solutions to our problems” he said. Other benefits to be derived from the association include enhancing the export of Garments from the country to generate foreign exchange for Ghana, industry upgrading and enhancing tax contribution for national development, he said. He said Ghana’s competitive position and hospitable business environment makes the country a prime choice for investors and businesses looking to expand and encouraged apparel industry players. Mr Kankoh pleaded with society to support the association to use these opportunities to grow the industry for national benefit.
Source: Myjoyonline.com
One thing is constant in the cotton market – growers want options. And when they find a variety that performs for them, it’s often difficult for them to make a change. That’s why loyalty is strong among growers who plant Bayer’s FiberMax and Stoneville brand varieties. That, plus a lineup of products developed to perform, regardless of geography. For example, take the northern High Plains of Texas. The regions there are quite different, primarily due to elevation, with a greater potential for early frost than in areas further south between Lubbock and Amarillo. Tim Culpepper, Bayer’s regional agronomist for the Northern High Plains, says he has several varieties that successfully fit the often harsh environment. “We had a limited launch of FM 1888GL in 2017,” he says. “In 2016, among the growers in the region, it either came in first or second in trial locations. And what we saw last year, we’re seeing again this year across the northern regions. It looks promising as an early season variety that fits in multiple environments like FM 2011GT.” And speaking of FM 2011GT…the six-year old variety is still doing quite well across the region. It fits dryland areas, but is also successful under irrigation. Likewise, growers who use ST 4747GLB2 in the High Plains and northern High Plains consider the early season variety one of the best in their portfolio, because it consistently performs so well. FM 2322GL also fits the region well. It’s a mid-maturing variety with Verticillium wilt tolerance and an Acala background which provides very good fiber quality. “North of Amarillo, FM 1320GL is almost a week earlier than any other variety,” says Culpepper. “It was one or our top selling varieties this year, and it was all concentrated in that area. Growers know how to manage it. They put it with their heavier irrigation and nitrogen environment. And, in case we are a little behind like we are this year, this variety will still mature and have good mic quality and good yield.” South of Amarillo, Culpepper’s key variety is FM 1911GLT, a sister line to FM 2011GT. Verticillium wilt is a major issue in this area, and FM 1911GLT provides Verticillium tolerance and resistance to other diseases while adding improved fiber quality. Culpepper notes that varieties with disease resistance are important for growers in the High Plains area. “Traditionally, we’ve always had a little bit of Verticillium wilt,” he says. “In this area, we grow a lot of cotton on cotton. We used to rotate quite heavily, but with the lack of water, it’s generally gone back to cotton. If you ever get Verticillium wilt on a piece of ground, you’re always going to have it. It’s one of the reasons we’ve spent a lot of time and effort on building tolerance into our varieties.” Bacterial blight is also a problem in the West Texas area, and the bulk of FiberMax and Stoneville varieties provide bacterial blight tolerance. “Blight has been severe enough in the area this year that it’s going to affect some yields and quality in more susceptible varieties,” points out Culpepper. Looking ahead, the company is evaluating eight potential new varieties for Texas, including five for the High Plains, says Culpepper. Several are early and early-mid varieties with good boll load and disease packages, plus potential for yield and quality. Others are fuller season varieties, with a stronger fit in the Stoneville background.
Southern Performance
Scott Asher, Bayer Southeast regional agronomist, is excited about the performance of several Stoneville varieties in Southeast and Mid-South this year. “We’re hearing good reports from growers about ST 4949GLT in the Mid-South,” he says. “It’s an early-to-mid variety with very high lint turnout and very high yield potential. We’re starting to get early data from the North Delta, and performance there looks very strong. “In the Carolinas, ST 4848GLT performed very well in both on-farm and county trials in 2016,” he adds. “So far in 2017, it has looked real good.” Asher also urged growers to keep an eye on two varieties new to the market in 2017. ST 5020GLT performed well in the mid-Atlantic, both from an overall yield perspective and consistency, while providing very good bacterial blight resistance and high quality. ST 5517GLTP is more of a medium-to-full season variety with bacterial blight resistance and a growth pattern that fits the Southeast. “ST 5517GLTP is our first introduction of TwinLink Plus for extra insect protection in a Stoneville brand,” says Asher. “We’re getting really good reports from our internal trials and from some grower side-by-side plots. Early reports are coming from the Mid-South. And based on what I’ve seen in Georgia, it looks very promising as well.”
Source: Cotton Grower
The November 2017 edition of International Apparel and Textile Fair (IATF) proved to be grand success, making apparel and textile manufacturers from around the globe look forward to the highly anticipated 8th edition due to take place in 24th,25th,26th April 2018. The three-day event that took place from 1st to 3rd November 2017 was inaugurated by H.E Butti Al Ghandi, Board of Director of the Dubai World Trade Centre on 1st November at 11:30 am at Hall 6, Dubai World Trade Centre. With more than 140 exhibitors from various countries around the world, IATF has once again proven its status as UAE’s exclusive sourcing fair for textiles and clothing. IATF provides a platform to manufacturers and their agents to showcase their collection to the most influential buyers and designers in the MENA region. The event also, offers buyers, distributors and designers the opportunity to view a wide range of textiles from prominent mills in the world of fashion and design. IATF attracts some of the world’s largest manufacturers of fabrics and leading print design studios. Exhibitors mainly from India, UK, China, Japan, Taiwan, Turkey, Hong Kong, Thailand and many more are already gearing up for the Spring/Summer April 2018 edition. The show witnessed exclusive pavilions from India, China and Taiwan. The Federation of Indian Exports Organizations brought 50 exhibitors from India who displayed their diverse collections in the Indian pavilion which was inaugurated by Mr Vipul, Consul General of India. Dr A Sakthivel, Regional Chairman, FIEO Southern Region and leader of the Delegation said that India and UAE need to work together in the textiles segment to promote high quality and fashion clothing industry which can be promoted not only in the West Asia and West African Region but also to other developed countries including EU and US from Dubai. The platform was also used to conduct various workshops on hot industry trends like 3D printing and Embroidery using state of the art machines. The 7th edition of International Apparel and Textile Fair witnessed a significant increase of 44% in attendance of visitors and 27% increase in exhibitors. The show had attracted around 3000 buyers who were mainly from the UAE and GCC region. A number of visitors came all the way from Kuwait, Oman, Saudi Arabia, and Qatar. Other buyers came from all across Asia, African countries, Europe, the USA and Australia. UAE ranks is the third largest country in terms of textile exports, making International Apparel and Textile Fair a much needed show in the region. IATF continues to prove itself as the one-stop platform to showcase the latest developments and emerging technology for in the textile and apparel industry. IATF’s Show Director, Mr. Dilip Nihalani was quoted saying “IATF continues to provide a platform for an intensive interexchange between prominent buyers and exhibitors from around the globe. We are proud to introduce prominent manufacturers from all across the globe to the clothing and textile buyers and retailers not only here in Dubai or the UAE or the GCC, but the whole of the MENA region.” Meanwhile, International Apparel and Textile Fair 8th edition is set to take place on 24th,25th,26th for its Spring/Summer edition. About International Apparel & Textile Fair International Apparel and Textile Fair – Dubai is UAE’s exclusive and premiere platform for sourcing apparels, fashion, fabrics, prints, clothing accessories, machineries and home textiles. IATF is a bi-annual event being organized by Nihalani Events Management. IATF 7th edition had showcased Autumn/Winter 2018 pre-collections and Spring/Summer 2019 highlights. Principally a “Trade Only” event, IATF provides a professional and conducive atmosphere to business and networking in response to the need of a dedicated trade exhibition in Dubai, UAE. The show has been designed for a quality event for the fabrics and apparel business in the MENA region.
Source: YarnsandFibers
