Confederation of Indian Textile Industry (CITI), an apex textile industry body, on Monday called for imposing protection measures in order to prevent the routing of cheap fabrics from countries such as China through Sri Lanka and Bangladesh, where India has free trade agreements. The garment industry in India will face tough competition from countries like Bangladesh as the garments imported from these countries are cheaper as the production cost is quite low compared to India, CITI said in a statement. As per the recent data released by the Export Promotion Bureau of Bangladesh, India’s garments import from Bangladesh has touched $87.4 million during the period July to November this year, witnessing a steep rise of 56% compared to $55.92 million during the corresponding period last year, it stated. Sanjay Kumar Jain, Chairman, CITI, said, “There is an urgent need to impose safeguard measures such as Rules of Origin, Yarn Forward and Fabric Forward Rules on the countries like Bangladesh and Sri Lanka that have free trade agreements (FTAs) with India to prevent cheaper fabrics produced from countries like China routed through these countries.” “During July-November period, India’s knitted apparel imports from Bangladesh has surged by 69% whereas woven apparel imports increased by 51%, compared to the same period a year ago,” he said. Jain pointed out that the basic custom duty is exempted on garments import from Bangladesh. Before Goods and Services Tax (GST), garments import from Bangladesh was attracting cost of Rs.116 per piece (on an MRP of Rs.1,500 per piece)and Rs.77 per piece (on an MRP of Rs.999 per piece), in the form of countervailing duty (CVD) + education cess, thereon. “However, after the GST implementation, garments import from Bangladesh attracts no cost,” he added. “Garment manufacturers in India have to pay duty on imported fabrics, while Bangladesh can import fabric from China duty free and convert them into garments and sell to India duty free. This is putting Indian garment industry at a major disadvantage and it is feared that this figure will go up further in the coming days as more Indian Brands shift sourcing from India to low cost duty-free countries like Bangladesh and Sri Lanka,” the statement said.
Source : Dollar Business
MUMBAI: Tenders for phase one of Mumbai's first textile museum are expected to be floated within a fortnight. It will include a light and sound show to depict the city's textile mill legacy through a water screen, landscaping of the area around it and construction of a cafeteria. BMC took over India United Mills 2 and 3 at Kalachowkie in 2009 to bring to life the mill culture through the museum, civic officials said. The civic body wants to showcase the complex ethos of Girgaum, the vast area that had once encompassed Byculla, Chinchpokli, Lalbaug, Parel, Lower Parel, Worli Naka and others. Sources said BMC's heritage wing, along with a team from JJ School of Arts, which was appointed a consultant, are set to float the tenders. A civic official said, "There is a water body within the mill where a water spray nozzle will be placed to create a water screen. It will be used, with lights and sound, to depict the mill culture." The JJ team is expected to prepare the vision document and design the interiors. Developing the museum is on municipal commissioner Ajoy Mehta's priority list and it is being reviewed every week. While the total area of the museum is around 66,000 sq metres, the area where the museum will be developed is around 44,000 sq metres. The plan is to commence ground work by early next year. The museum is likely to be opened to the public once phase one is completed and phase 2, which is restoration, begins.
Source: Times of India
Arvind stock has got a booster shot after CLSA upped their target by 22 percent on the back of strong growth in textiles and brand and retail businesses. In an interview with CNBC-TV18, Kulin Lalbhai, Executive Director of the company spoke about the latest happenings in his company and sector. Speaking about demerger, he said that the demerger is a very exciting milestone for the group. So the current company is going to split into three companies, Arvind, Arvind Fashions and Anup Engineering. Each of these three businesses will now be able to chart an independent course. We have already announced the demerger, it has been approved by the board. It would take 7-8 months for the three businesses to list, he added. On brand business, Lalbhai said, as the whole portfolio is concerned, we are very confident of more than 20 percent growth continuing. We are seeing very strong growth opportunities in the textile business. We hope to invest Rs 1,500 crore in the textile business over the next three-four years and that should push up our growth to north to 10 percent, he further mentioned.
Source: Money Control
The Chabahar port phase I inaugurated by Iran’s President Hassan Rouhani on 3 December marks an important milestone in India-Iran relations as well as Afghanistan-India resolve to look for a viable transit corridor to landlocked Afghanistan, bypassing Pakistan. Located in the Gulf of Oman along the Makran coast, in the Iranian province of Seistan-Baluchistan, just 75 km from the China-built and operated Gwadar port in Balochistan province of Pakistan, Chabahar at a distance of 480 nautical miles from Kandla port, and about 900 km from Adani Group’s Mundra port in Gujarat, came into the reckoning as a gateway port in the 1970s during Shah Reza Pehlavi’s reign. It acquired importance when, during the Iran-Iraq war, ships were reluctant to enter the Strait of Hormuz. While Bandar Abbas was being used to send cargo through the emerging North-South Corridor to Europe, Chabahar was envisaged to deal with the eastern axis that would carry goods to Afghanistan and Central Asia. Although it involves the use of a land-cum-sea route to trade with Afghanistan against the much shorter land corridor through Pakistan, Chabahar provides linkage via an Iranian-built road to the western Afghan border connected to the Zaranj-Delaram road India has built in Afghanistan. Connecting Chabahar with the North-South Corridor Initiative would also enable Indian goods to sail to the Iranian port, then go by rail to Mashhad on the northern border into Azerbaijan and southern Russia, dock at Astrakhan, thereafter move up the Volga river into the Russian heartland. It is billed as India’s gateway to Afghanistan and beyond, including Central Asia, Russia, and further to Europe. Chabahar would also provide India direct access to its Farkhor air base in Tajikistan.
Fortunate foothold
India has an interest in gaining a foothold in the free trade zone being developed around the port: in addition to a urea plant, other energy-intensive industries can also be set up in the zone. In fact, National Aluminium Company (NALCO) has signed an MoU to locate an aluminium plant in Chabahar. Proposals for Indian investments in upstream oil and gas exploration have been discussed by Petroleum Minister Dharmendra Pradhan during his visits to Tehran. The Afghanistan-bound maiden wheat shipment flagged off by the foreign ministers — Sushma Swaraj of India, Salahuddin Rabbani of Afghanistan, and Javed Zarif of Iran — through a joint video conference on 29 October signified a major push for India’s Afghan outreach, bypassing Pakistan. The first of the six consignments of a total of 1.1 million tonnes of wheat committed by India for Afghanistan that left Kandla port would be transhipped overland through Chabahar. The port project follows the trilateral agreement on Establishment of International Transport and Transit Corridor signed at Tehran by Prime Minister Narendra Modi along with Afghanistan’s President Mohammad Ashraf Ghani and Iran’s Hassan Rouhani in May 2016. A bilateral India-Iran agreement aimed at India refurbishing one of the berths at Shahid Beheshti port (one of the two port segments at Chabahar, the other being Shahid Kalantri) and reconstructing a 600m long container handling facility at the same port segment.
Beyond bottlenecks
India also contemplated connecting Chabahar port to the mineral-rich Hajigak region in Afghanistan, 130 km west of Kabul in Bamiyan province, which would entail construction of a 900km rail line that would enable Afghanistan to access the sea, thus reducing its dependence on Pakistan. Frequent closure of borders by Pakistan created bottlenecks in trade transit. In view of Pakistan denying access through its territory, India and Afghanistan launched an air freight corridor in June this year. The current India-Afghanistan bilateral trade that has lately increased to $700 million annually is aimed to reach $10 billion in the future. As the opening of Chabahar port and India’s role in its management calls for celebration, it may as well be an opportune occasion for India to grasp for engagement with its neighbours with verve and vigour in its ‘Neighbourhood First’ policy. It also needs to introspect on why India is moving at bullock-cart speed compared to China that’s zipping ahead like a Formula One racing car. India doesn’t have deep pockets; what is inexcusable is its bureaucratic sloth and smugness. The machinery moves at a slovenly pace; India doesn’t deliver timely on promises made even at the highest levels.
Source : Business line
Industrial output slowed in October while retail prices shot up in November, raising doubts over expectations of a recovery in the second half of the financial year. Data released on Tuesday showed that factory output slowed to a three-month low of 2.2 per cent in October, with negligible growth in mining and subdued expansion in manufacturing and electricity. The Index of Industrial Production (IIP) grew 4.14 per cent in September, and 4.2 per cent in October 2016. The slowest growth before this was in July, when it grew 2.2 per cent. Meanwhile, retail inflation breached the central bank’s limit and shot up to a 15-month high of 4.88 per cent in November, against 3.58 per cent a month earlier, led by rising food prices. Consumer food price index inflation jumped up to 4.42 per cent in November, against 1.9 per cent in October. The economy grew by 6.3 per cent in the second quarter and the Finance Ministry hopes it will do better in the coming quarters with the impact of demonetisation and Goods and Services Tax (GST) wearing off. On a cumulative basis, the IIP grew by just 2.5 per cent between April and October this year, against 5.5 per cent in the same period a year ago.The mining sector grew by 0.2 per cent in October, manufacturing production expanded by 2.5 per cent and electricity generation rose by 3.2 per cent. “In terms of industries, 10 out of 23 industry groups in the manufacturing sector have shown positive growth during October 2017,” said an official release, adding that the sharpest growth was in pharmaceuticals, motor vehicles and computers. In terms of use-based industries, primary goods grew 2.5 per cent in October while capital goods rose by a robust 6.8 per cent. Similarly, infrastructure or construction goods also grew 5.2 per cent. However, consumer durables contracted by 6.9 per cent in October though consumer non-durables grew 7.7 per cent. The muted growth was partly due to an unfavourable base effect. “Manufacturing activity slowed in October as inflows of new orders stagnated even as negative effects from implementation of GST continued to dampen demand,” said industry chamber Assocham while remaining optimistic about a recovery. But analysts are concerned over slowing growth combined with rising inflation.
Transient issues
Consumer price index based inflation inched close to 5 per cent in November driven by higher food and fuel prices. Retail price of vegetables shot up by 22.48 per cent in November, against 7.47 per cent in October. “Some of the factors driving the uptick in the retail inflation in November 2017 would prove to be transient, especially the spike in vegetable prices,” said Aditi Nayar, Principal Economist, ICRA. “Additionally, the impact of the reduction in GST rates on a number of items may pass through into retail prices and inflation in the coming weeks.”
Source: Business Line
New Delhi: India and Australia on Tuesday held their first ever dialogue involving defence and foreign secretaries, to discuss ways to ensure a “free” and “open” Indo-Pacific region, an Indian government statement said. The India-Australia “2+2” dialogue comes almost exactly a month after officials of the two countries joined their counterparts from Japan and the US for talks also focussed on the Indo-Pacific region against the backdrop of a rising China. It also comes a day after the Russia-India-China (RIC) meeting in New Delhi to boost collaboration in the Asia-Pacific region, where the three countries agreed to broaden their consultations. India has a “2+2” dialogue with very few countries—Japan and South Korea being two examples. New Delhi and Washington are slated to hold a “2+2” dialogue between their ministers of foreign affairs and defence and secretaries of state and defence early next year. According to an Indian foreign ministry statement, foreign secretary S. Jaishankar and defence secretary Sanjay Mitra sat down with their Australian counterparts, secretary of the department of foreign affairs and trade Frances Adamson and secretary of the department of defence Greg Moriarty. “All aspects of bilateral relations with a focus on strategic and defence relations between the two countries were reviewed,” the statement said. “India and Australia share warm bilateral relations based on shared democratic values and pluralism. There is a growing convergence of strategic perspectives between the two countries,” it said. “Both sides agreed that a free, open, prosperous and inclusive Indo-Pacific region serves the long-term interests of all countries in the region and of the world at large,” it added. India and Australia were two members of the four-nation “quad” of major democracies in the Indo-Pacific region —also regarded as the possible nucleus of a probable new security architecture in Asia—that met in Manila last month on the margins of the East Asia Summit. The four countries are expected to come together for naval drills in the near future. India conducts the Malabar naval exercises with the US and last year it was expanded to include Japan. Australia—which was part of the Malabar exercises in 2007—could rejoin the drill next year. The exchanges come as the geostrategic term “Indo-Pacific” as opposed to “Asia-Pacific” has been gaining currency, thanks to increased use by US administration officials to refer to a large swathe of sea and land stretching from the US Pacific coast to Australia and beyond to India. US secretary of state Rex Tillerson made several references to the “Indo-Pacific region” in a speech at a think tank in Washington in October. And days later, Japanese foreign minister Taro Kono said that Tokyo favoured a dialogue between Japan, the US, India and Australia to boost strategic partnership among these countries. More recently, US President Donald Trump referred to the term several times when he spoke to a group of business representatives from the Asia-Pacific Economic Cooperation (APEC) grouping in Da Nang in Vietnam. China has been warily eyeing the “quadrilateral exchanges” while stating its hope that the group and its actions were not directed against Beijing.
Source: Business Line
NEW DELHI: Following Union Minister Nitin Gadkari’s statement that India was focused toward increasing connectivity in South East Asia, Ministry of Road Transport and Highways officials stated on Tuesday that the government is in talks with Asean countries to extend the India-Myanmar-Thailand highway up to Vietnam. According to Dakshita Das, Joint Secretary, Ministry of Road Transport and Highways, India and ASEAN nations are currently holding discussions on the extension of the 1,360 km IMT expressway -- beginning from Moreh in India to Mae-Sot in Thailand. As per proposals from India, the highway could be extended to Vietnam via Laos and Cambodia. “Initial discussions have already started. We have also announced certain line of credit for the purpose on certain projects,” said Das, adding that once the expressway is extended there would be “tremendous” potential for growth. “Once we connect, we have a tremendous potential in terms of incremental GDP. Connectivity can generate an estimated $70 billion annually in incremental GDP and $20 million in incremental aggregate employment by 2025,” Das pointed out. She was speaking at the Asean-India Connectivity Summit, organised here by the Confederation of Indian Industry (CII). Das also stated that other proposals are also being worked on -- like the IMT Motor Vehicle Agreement (IMT MVA), for which India, Myanmar and Thailand commenced negotiations for finalising and implementing in 2014. Framework MVAs need to be urgently concluded, Das said, to properly utilise the physical road infrastructure on the IMT Trilateral Highway and other projects.
Source: Financial Express
India has imported $87.4 million worth of readymade garments from Bangladesh during July-November 2017, registering a sharp rise of 56 per cent compared to $55.92 million during the same period last year, according to the data released by Export Promotion Bureau of Bangladesh. Indian apparel manufacturers will face stiff competition from Bangladesh. Category-wise, Bangladesh’s knitted apparel exports to India stood at $30.1 million during the five-month period beginning July 1, 2017, indicating a 69 per cent growth over export of $17.9 million in the corresponding period of the previous year. Likewise, Bangladesh supplied $57.3 million worth of woven apparel to India, showing a growth of 51 per cent over $38.1 million in the same period of 2016. Commenting on the increase in imports, Confederation of Indian Textile Industry (CITI) chairman Sanjay K Jain said the exemption of the basic custom duty on imports of garments from Bangladesh is the main reason. “In the pre-GST Scenario, import of garment from Bangladesh was attracting cost of Rs 77/pc (where MRP Rs 999/pc) and Rs 116/pc (where MRP is Rs 1500/pc) in the shape of CVD + education cess thereon. However, in the post- GST period, there is no cost for import of garments from Bangladesh,” Jain said in a CITI press release. In the case of import of garment from other countries, the cost has been substantially reduced by Rs 77/pc and Rs 116/pc where MRP is Rs 999/pc and Rs 1500/pc respectively, Jain added. Due to the reduction in cost of import, the Indian garment industry will face stiff competition from imported garments especially from Bangladesh where production cost is already less than India, he said. Jain pointed out that there is an urgent need to impose safeguard measures such as Rules of Origin, Yarn Forward and Fabric Forward Rules on countries like Bangladesh and Sri Lanka that have free trade agreements (FTAs) with India to prevent cheaper fabrics produced from countries like China routed through these countries. Garment manufacturers in India have to pay duty on imported fabrics, while Bangladesh can import fabric from China duty free and convert them into garments and sell to India duty free. This is putting Indian garment industry at a major disadvantage and it is feared that this figure will go up further in the coming days as more Indian brands shift sourcing from India to low cost duty free countries like Bangladesh and Sri Lanka, Jain said.
Source: Fibre2fashion.
Global Textile Technology & Engineering Show (GTTES 2019) well received as its first edition has opened its booking from 4th December, 2017 for 2nd edition to be held from 1st – 3rd February 2019 at Bombay Exhibition Centre, Goregaon, Mumbai. GTTES 2019 is supported by Department of Heavy Industry (DHI), Government of India, Government of Maharashtra and has already received a hearty response. Tremendous excitement and anticipation from foreign exhibitors, enquiries from overseas delegates are a testimony to the success of previous edition held in 2015. Also the transparent process, focus on providing value for money and quality service in exhibition has generated tremendous trust and appreciation for India ITME Society as organiser of both GTTES and India ITME series. GTTES 2019 aims to provide a platform to congregate the leading strategists, experts, innovators & management developers from European, American & Asia-Pacific area. This Global textile Technology & Engineering Show offers you a wide range of opportunities, from engaging with industry leaders at the highest level, to showcasing your products and services to an international audience. Therefore, having a presence at GTTES 2019 is simply a must for, Companies, Government representatives, Associations, Universities & those connected with the textile machinery world. For enhancing the effectiveness of the event, the participants will be provided numerous opportunities to learn the latest industry resources & tools from business, governmental and academic aspects.
India ITME Society has hit the right chord with the needs of the Textile Industry through GTTES 2019, an exclusive show to capture the World's attention on strengths & opportunities of Global Textile Industry, with special focus on post spinning segments like weaving, processing, knitting, embroidery, garmenting and more. The one & only trade event in India dedicated to magnify business and trade for Textile Machinery manufacturers, through interaction with agents / dealers from India and across the Globe.
Source : Yarns and fibres
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1348.57 |
USD/Ton |
-0.83% |
12/12/2017 |
|
VSF |
2145.62 |
USD/Ton |
0% |
12/12/2017 |
|
ASF |
2659.36 |
USD/Ton |
0% |
12/12/2017 |
|
Polyester POY |
1310.04 |
USD/Ton |
-0.91% |
12/12/2017 |
|
Nylon FDY |
3399.75 |
USD/Ton |
0% |
12/12/2017 |
|
40D Spandex |
5817.35 |
USD/Ton |
-1.28% |
12/12/2017 |
|
Polyester DTY |
3626.40 |
USD/Ton |
0% |
12/12/2017 |
|
Nylon POY |
5711.58 |
USD/Ton |
0% |
12/12/2017 |
|
Acrylic Top 3D |
1556.33 |
USD/Ton |
-0.48% |
12/12/2017 |
|
Polyester FDY |
3173.10 |
USD/Ton |
-0.47% |
12/12/2017 |
|
Nylon DTY |
2568.70 |
USD/Ton |
-8.11% |
12/12/2017 |
|
Viscose Long Filament |
1639.44 |
USD/Ton |
-0.91% |
12/12/2017 |
|
30S Spun Rayon Yarn |
2825.57 |
USD/Ton |
-0.53% |
12/12/2017 |
|
32S Polyester Yarn |
2039.85 |
USD/Ton |
-0.07% |
12/12/2017 |
|
45S T/C Yarn |
2886.01 |
USD/Ton |
0% |
12/12/2017 |
|
40S Rayon Yarn |
2175.84 |
USD/Ton |
0% |
12/12/2017 |
|
T/R Yarn 65/35 32S |
2417.60 |
USD/Ton |
-0.62% |
12/12/2017 |
|
45S Polyester Yarn |
2976.67 |
USD/Ton |
-0.51% |
12/12/2017 |
|
T/C Yarn 65/35 32S |
2493.15 |
USD/Ton |
0% |
12/12/2017 |
|
10S Denim Fabric |
1.41 |
USD/Meter |
0% |
12/12/2017 |
|
32S Twill Fabric |
0.87 |
USD/Meter |
0% |
12/12/2017 |
|
40S Combed Poplin |
1.21 |
USD/Meter |
0% |
12/12/2017 |
|
30S Rayon Fabric |
0.67 |
USD/Meter |
0% |
12/12/2017 |
|
45S T/C Fabric |
0.72 |
USD/Meter |
0% |
12/12/2017 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15110 USD dtd. 12/12/2017). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The world economy is expected to remain stable in 2018 and 2019 after an impressive growth rate of 3 percent in 2017, said a UN world economic prospects report launched on Monday at UN Headquarters in New York. The growth in 2017 is the strongest performance of the world economy since 2011. Global growth is expected to remain steady at 3 percent in 2018 and 2019, said the UN World Economic Situation and Prospects 2018 report. The improvement is widespread, with roughly two-thirds of countries worldwide experiencing stronger growth in 2017 than in the previous year. The recent pickup in global growth stems predominantly from firmer growth in several developed economies, although East and South Asia remain the world most dynamic regions. In 2017, East and South Asia accounted for nearly half of global growth, with China alone contributing about one-third, according to the report. The end of recession in Argentina, Brazil, Nigeria and Russia also contributed to global economic upturn between 2016 and 2017, which has been supported by a rebound in world trade and an improvement in investment conditions. The challenge is to channel this into a sustained acceleration in productive investment to support medium-term prospects, said the report. The improved global economic situation provides an opportunity for countries to focus policy toward longer-term issues such as addressing climate change, tackling existing inequalities and removing institutional obstacles to development, it said. "The World Economic Situation and Prospects 2018 demonstrates that current macroeconomic conditions offer policy-makers greater scope to address some of the deep-rooted issues that continue to hamper progress toward the (2030) Sustainable Development Goals," said UN Secretary-General Antonio Guterres in the Foreword of the report. Launching the report, UN Undersecretary-General for Economic and Social Affairs Liu Zhenmin noted: "While the upturn in global growth is a welcome sign of a healthier economy, it is important to remember that this may come at an environmental cost. This calls for stronger efforts to delink economic growth and environmental degradation." Despite the improved short-term outlook, the global economy continues to face risks, including changes in trade policy, a sudden deterioration in global financial conditions and rising geopolitical tensions, said the report. The world economy also faces longer-term challenges. The report highlighted four areas where the improved macroeconomic situation opens the way for policy to address these challenges: increasing economic diversification, reducing inequality, supporting long-term investment and tackling institutional deficiencies. The report said that reorienting policy to address these challenges can generate stronger investment and productivity, higher job creation and more sustainable medium-term economic growth. It also noted that the recent improvements in economic conditions have been unevenly distributed across countries and regions. Negligible growth in per capita income is expected in several parts of Africa, Western Asia and Latin America and the Caribbean in 2017-2019. The impacted regions combined are home to 275 million people living in extreme poverty, underscoring the urgent need to foster an environment that will both accelerate medium-term growth prospects and tackle poverty through policies that address inequalities in income and opportunity, said the report. It found that very few least developed countries are expected to reach the 2030 Sustainable Development Goal target for GDP growth of at least 7 percent in the near term. Advances toward sustainable development in this group of countries continue to be hindered by institutional deficiencies, inadequate basic infrastructure, high levels of exposure to natural disasters, as well as challenges to security and political instability. In addition to mobilizing the financial resources to meet the investment needs in these countries, policies must also focus on conflict prevention and removing barriers that continue to hinder more rapid progress, said the report. Preliminary estimates suggest that the level of global energy-related carbon dioxide emissions increased in 2017 after remaining flat for three consecutive years. The frequency of weather-related shocks continues to increase, also highlighting the urgent need to build resilience against climate change and prioritize environmental protection, it said. Many developing economies and economies in transition remain vulnerable to spikes in risk aversion, sudden capital withdrawal and an abrupt tightening of global liquidity conditions, while rising debt poses global financial challenges, said the report. The World Economic Situation and Prospects report is produced annually by the UN Department of Economic and Social Affairs in collaboration with the UN Conference on Trade and Development, the five UN regional commissions and the World Tourism Organisation.
Source: China Daily.
SINGAPORE : Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday as an unplanned shutdown of the UK's biggest North Sea oil pipeline supported a market already tightened by OPEC-led production cuts. The Forties oil pipeline helps set global oil prices. It was scheduled to pump 406,000 barrels per day (bpd) in December, but was shut down on Monday after cracks were found in what traders believe is the first unplanned outage for some years. Brent crude, the global benchmark, was up by 90 cents at $65.59 at 0915 GMT, after breaking above $65 for the first time since June 2015 and trading as high as $65.70. US crude rose 49 cents to $58.48. “Such a reaction indicates that supply disruptions can no longer be ignored in tight markets,” said Hussein Sayed, analyst at FXTM.
Forties pipeline shutdown
The Forties pipeline is important for the global oil market because the crude it carries normally sets the price of dated Brent, a benchmark used to price physical crude around the world and which underpins Brent futures. Analysts said the outage was likely to cause significant delays in the loading of Forties crude cargoes. “The complex is receiving support from the physical side and what is expected to be a multi-week outage,” JBC Energy said. "We would expect a large deferrals list for the Forties loading programme to spill over into January.”
US inventories
Oil also gained support from expectations the latest reports on US inventories will show a further tightening of supplies. US crude stocks are expected to fall by 3.8 million barrels, a fourth straight week of decline, according to analysts polled ahead of reports from industry group American Petroleum Institute and the government's Energy Information Administration. The API is scheduled to release its data for last week at 2130 GMT on Tuesday, with the EIA following on Wednesday. Oil supply cuts led by the Organization of the Petroleum Exporting Countries this year have helped to whittle away an excess of inventories which built up following a global supply glut which began to emerge in late 2014. But US crude has lagged the rally in Brent in part because of rising US oil production. As a result, Brent has jumped to a premium to US crude of more than $7, the highest in more than two years.
Source : Economic Times
All Pakistan Textile Mills Association (APTMA) Punjab Chairman Ali Pervaiz has expressed serious concern over suspension of the supply of system gas quota of 2 days per week to Punjab industries from 7th of December 2017. He added government had extended this quota last year in order to reduce the cost of doing business and somewhat address the grave issue of inter-provincial disparity as industries in KP/Sindh continue to be supplied system gas for 7 days a week. He said the textile industry is predominantly located in Punjab where total consumption of gas, including system and RLNG, is not more than 300 MMCFD. The Punjab industry was getting just 28 percent system gas under the quota and balance 72 percent requirement was met through more expensive imported RLNG. Complete suspension of system gas supplies has left Punjab industry to rely solely on more expensive RLNG, which is being supplied at nearly Rs1,100 per MMBTU against Rs600 of system gas without GIDC. He added price of RLNG is almost double than that of system gas and Punjab industry can neither survive nor prosper with consumption of such a high priced fuel. He stressed on the need for availability of regionally competitive as well as domestically uniformly priced energy source for industries throughout Pakistan to meet daunting external account challenges. Chairman APTMA Punjab has appealed to Prime Minister Shahid Khaqan Abbasi and Chief Minister Punjab Shahbaz Sharif to ensure sustainable and affordable energy supply for the textile industry in Punjab. Further delay in attending this problem would not only reverse that hard won growth in exports achieved in last 4-months with amended PM Export Package but it would also lead to capacity closure across Punjab. Estimates already suggest impairment of 30% in textile industry which is valued at over $4b per annum.
Source: The Nation PK.
Ethiopia-garment-exportDecember 12, 2017 - Over the last three months Ethiopia has earned 31.2 million USD from textile and garment export, disclosed the Ethiopian Textile Industry Development Institute. The Institute also stated that the foreign currency generated from the textile sector has been steadily growing. Institute Communication Directorate Director Bantihun Gessesse told The Ethiopian Herald that textile products have entered into Germany, Italy, China and United States through AGOA. The burgeoning of the textile industries triggers the expansion of cotton farming by public, private sector and small scale farmers. Currently, the total cotton farm being cultivated has reached 42,000 hectares of land. The domestic cotton production could satisfy the local demand, he added. According to the director, the institute is providing training cotton growers to maintain the quality of the cotton. Regarding foreign investors flow, Bantihun said the prevalent of peace and stability, availability of abundant cheap labor, plenty of cheap energy from hydro power and flourishing industrial parks all over the country are the pulling factor. He said thanks to the enabling investment environment currently foreign companies are injecting their money, technology, experience as well as skills on the sector. In addition, the government is encouraging foreign investors through the provision of various incentives including tax holidays, tax free capital goods importation, custom services provision on the spot, and easily access to financial credit. The world number one US textile industry known as HDM installed its factory in Hawassa Industrial Park and has so far created 10,000 jobs. It is expected to create many more jobs in the coming years. Most graduates from technical colleges would benefit from these job opportunities. The director said university-textile industry linkage is getting strengthened. Formerly, the only institution integrated with the industry was Bahir Dar University but currently more than six universities is enrolling students in textile and garment technology with first and second degrees. However, the sector is facing challenges including incompetency, lack of industriousness and effective management that should be adequately addressed, he said.
Source: Ethiopian Herald
Despite facing difficulties, the garment and textile sector is expected to export products worth US$31 billion this year, a year-on-year increase of 10.2 per cent, and the outlook is bright for next year too, the Viet Nam Textile and Apparel Association (VITAS) has said.Garment, textile sector still strong, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking newsVu Duc Giang (L), chairman of the Viet Nam Textile and Apparel Association, says that the export outlook for the garment and textile sector is bright for this year and next year too. Speaking at a press briefing in HCM City on December 11 to review the sector’s performance this year and draw up strategies for next year, Vu Duc Giang, the association chairman, said exports fell in the fourth quarter of last year and the first quarter of this year due to the impact of the US’s withdrawal from TPP. Faced with the situation, textile firms have quickly overhauled their production systems, focused on advantageous products and developed others to meet market demand, and sought new markets, he said. They have also adopted the latest technologies to produce quality products more efficiently, he said. The association has stepped up co-operation with foreign organisations to organise trade promotions and training and shared its experience in developing smart production models, he said. Thanks to all this exports have picked up sharply since the second quarter, he said. “This year we faced great competitive pressure from Bangladesh, Myanmar and Sri Lanka, with many buyers shifting their orders to these countries at the beginning of the year. “But from the end of the second quarter they shifted their orders back to Viet Nam because Viet Nam makes quality products and it is able to fulfil orders with short lead time.” Exports in the last two months of the year are expected to be worth $5.27 billion, and full year exports, $31 billion, with the US, the EU, Japan, and South Korea being the biggest buyers, he said. Shipments to other markets like China, Russia and Cambodia have also increased sharply, he said. Next year exports could reach $33.5-34 billion, he said. Many companies have export orders for until the end of the second quarter next year, he said. Nguyen Thi Tuyet Mai, VITAS deputy secretary general, said China currently buys only 3 per cent of Viet Nam’s exports, but is potentially a huge market due to its population. Viet Nam started to export textile and garments to China this year and the shipments are expected to increase significantly next year, she said. Giang said the association would call on its members to embrace more new technologies to strengthen their competiveness, adopt lean management models and solicit local and foreign investment in segments like fabric, which Viet Nam still imports from other countries. It also plans to chalk out strategies to develop the fashion and designer garment segments and solicit development of linkages in the value chain to add more value to garment and textile products, he said.
Raw material imports
Imports of raw materials are forecast to be worth $18.9 billion this year, an increase of 11.4 per cent over last year. Fabric imports are expected to cost around $11.2 billion (up 6.8 per cent); cotton, $2.4 billion (up 44.3 per cent); yarn, $1.76 billion (up 9.5 per cent); and other raw materials, $3.55 billion (up 10.4 per cent).
Source : Vietnam Net
Coats, the world’s leading industrial thread manufacturer, has announced that it has acquired Patrick Yarn Mill, a manufacturer of high-performance engineered yarns based in North Carolina, US. Patrick Yarn Mill specialises in cut-resistant and flame retardant yarns. Headquartered in UK, Coats is a major player in the Americas textile crafts market. Patrick Yarn Mill also produces yarns from recycled fibres marketed under its earthspun trademarks and with its large solar installation promotes its earth friendly yarns as ‘Spun by the Sun’. The yarn company’s unique spinning competencies in engineered performance yarns offer an opportunity to expand Coats’ existing Performance Materials portfolio as well as to extend its innovation capability. Coats will support Patrick Yarn Mill’s expansion into high-growth markets by leveraging Coats’ unrivalled geographic footprint, breadth of global customer relationships, and strong corporate brand. Rajiv Sharma, chief executive, Coats said, “Patrick Yarn Mill is an exciting acquisition that supports a key aspect of our growth strategy: to identify innovation synergies that build scale in high technology sectors. It is a dynamic, customer focused company and its unique spinning systems combined with our existing technology portfolio will provide a strong market offering.” Gilbert Patrick, president, Patrick Yarn Mill said, “Patrick Yarn Mill becoming part of the Coats family creates many opportunities for both companies as there is a lot of synergy between our product offerings and technology. A key one is being able to leverage Coats’ unrivalled global footprint and strong corporate brand to accelerate market growth, which will benefit not only Patrick Yarn Mill, but also our employees and our community. The opportunity to collaborate with a market leader in areas such as innovation and R&D is extremely exciting and very positive, not only for Patrick Yarn Mill’s future but also for our customers’ future.” The acquisition shows Coats’ intent to grow via M&A in performance materials and services, two areas of strategic priority.
Source: Fibre2fashion.
Euratex and ABIT represent the textiles and clothing industries in both EU and Brazil.European Apparel and Textile Confederation (Euratex) and Brazilian Textile and Apparel Industry Association (ABIT), representing the textiles and clothing industries in both EU and Brazil, have welcomed the negotiations for an important EU-Mercosur Free Trade Agreement (FTA). “The textiles and clothing industry is a vivid and global sector in which we believe Europe and Mercosur countries have a key role to play. Our focus is on high quality products manufactured in a sustainable manner under high standards, be it from an environmental, labour and social point of view,” the associations reported. “Euratex and ABIT maintain strong cooperation links since many years and we have always been supportive of the conclusion of an FTA.” Over the last months, the two associations have intensified their talks and have jointly worked on a wide range of topics related to textiles and clothing trade, namely regulatory cooperation, customs procedures, technical barriers to trade, sustainability requirements, etc. Tariffs dismantling and rules of origin have also been very much at the centre of the talks. Euratex and ABIT together made efforts to build balanced rules of origin considering the structure of the textiles and clothing industries, so that the EU-Mercosur FTA benefit both parties and increase trade and investments for both sides. “Therefore, we are happy to share a suggestion from the private sector to both governments with our common views on the Product Specific Rules and Tariff Dismantling to be enshrined in the EU-Mercosur FTA,” they say. “We strongly hope that the EU-Mercosur Agreement will be concluded as soon as possible, and we call on the negotiators to pay due attention to our recommendations.”
Source: Innovation Textiles
India based Reliance Industries Limited (RIL), one of the top 10 global petrochemical producers, has acquired stake in a newly incorporated entity Dreketi S.A. in Uruguay. Consequently, Dreketi has become wholly-owned subsidiary of RIL. The acquisition of Dreketi is a part of RIL’s plan to strengthen its marketing efforts, in Latin American region. Currently, Dreketi is not engaged in any business activity, RIL said in a filing with the Bombay Stock Exchange (BSE). “This is to inform that Reliance Industries Limited (the company) has acquired stake in a newly incorporated entity viz Dreketi S.A. in Uruguay (hereinafter called 'Dreketi') and consequentially Dreketi has become wholly-owned subsidiary of the company. Currently, Dreketi is not engaged in any business activity,” the filing said. “This is a part of company's plan to strengthen its marketing efforts in Latin American region,” it added.
Source: Fibre2fashion
Cotton production in Australia is forecast to rise by 4 per cent to 968,000 tonnes in 2017-18 season. This is expected to be largely driven by an increase in yields in irrigated plantings following the poor yields achieved in the previous season, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES). In the ongoing cotton season, total area planted to cotton is forecast to decline by 10 per cent to 500,000 hectares due to a decrease in the availability of irrigation water and dry seasonal conditions at the opening of the planting window. This forecast is a smaller decline than forecast in Agricultural commodities: September quarter 2017. However, favourable returns from growing cotton compared with alternative crops (grain sorghum, maize and rice) combined with above average rains in October 2017 have provided the incentive and opportunity for Australian producers to increase dryland plantings by more than previously expected. This was further facilitated by an extended planting window following the introduction of Bollgard 3 cotton varieties which increased the planting window to four months (August to December), ABARES said in its latest report Agricultural commodities: December quarter 2017. The decline in area under cotton is due to less stored irrigation water and lower soil moisture at the time of planting. As on November 23, 2017, the average storage level of public irrigation dams serving cotton-growing regions was around 59 per cent of capacity, compared with 73 per cent at the same date in 2016, the report said. In 2017-18, Australian cotton exports are forecast to increase by 24 per cent to 944,000 tonnes. This forecast is supported by production growth in 2016-17 and 2017-18 and strong import demand for quality cotton from Bangladesh, China, India and Vietnam. As a result, the value of Australian cotton exports is expected to increase by 18 per cent to around $2.1 billion, reflecting an increase in export volumes. Average returns to Australian cotton growers in 2017-18 are forecast to be Au$600 per bale (of 227 kg each) of lint (including the value of cottonseed and net of ginning costs), down from Au$609 per bale in 2016-17, mainly due to lower world cotton prices. (RKS)
Source : Fibre2fashion
BRISTOL, VA (WJHL) – Virginia governor, Terry McAuliffe made a major economic announcement in Bristol Virginia. The announcement was made at 750 Old Abingdon Highway. That is the site of old Ball Corporation. The plant will soon come back to life as American Merchant, Inc. with 405 new jobs, said Governor McAuliffe. The Ball plant shutdown about two years ago and 200 jobs were lost. “This plant has been empty for two years. It is going to come back to life with, forget the loss of 200 jobs, with 405 new, nice paying jobs,” McAuliffe said. Bristol, VA city leaders were there as well. Mayor, Kevin Mumpower stated, “The city needed this.” The company will manufacture home décor products. “Anything that goes into the home. They have a big business based in Hong Kong, they wanted to access the U.S. market so we will be the center place for their United States of America mannufacturing and distribution,” McAuliffe explained. Founder of American Merchant, Loretta Lee, said she hopes to see the plant up and running by next October.Governor Terry McAuliffe today announced that American Merchant, Inc., a subsidiary of Merchant House International Ltd, a Hong Kong-based designer and manufacturer of home textiles, seasonal décor products, and leather shoes, will invest $19.9 million to establish its first U.S. manufacturing operation in the City of Bristol. The new textiles plant will expand the company’s home décor products division into the U.S. Virginia successfully competed against Arkansas, Florida, Mississippi, North Carolina, Rhode Island, and South Carolina for the project, which will create 405 new jobs. “It’s an honor to welcome American Merchant to Southwest Virginia and to our impressive roster of international manufacturing companies, which represent more than $118 billion in direct economic output across the Commonwealth,” said Governor McAuliffe, speaking at the event. “Global companies expanding into the U.S. market continue to choose Virginia as their entry point, demonstrating the advantages of our strategic location, business-friendly environment, and robust talent pipeline. The advanced manufacturing industry, which is one of the pillars of our efforts to build a new Virginia economy, is gaining momentum in the Commonwealth. I congratulate the City of Bristol and thank American Merchant for bringing hundreds of jobs and this significant investment.” American Merchant, Inc., a subsidiary of Merchant House International Ltd. (MHI Group), is a newly-formed company that will manufacture embroidered hand and bath towels in Bristol, Virginia. Merchant House International, listed on the Australia Securities Exchange, operates in three segments: home textiles, footwear manufacturing, and footwear trading. The company offers kitchen items, table top products, kitchen rugs, and decorative pillows; as well as footwear products, including: work boots, safety toe boots, waterproof footwear security boots, motorcycle boots, hunting boots, and farm and ranch western boots for men. It also engages in the export trading of its work boots and safety shoes. The company sells its products in the United States, Australia, Canada, the United Kingdom, and China. Merchant House International is bringing textiles back to America due to plentiful cotton supplies, cleaner and more sustainable energy, and lower tax rates than China. “The addition of over 400 new jobs and the revitalization of a former manufacturing facility is a big win for the City of Bristol, and we welcome American Merchant as Virginia’s new corporate partner,” said Secretary of Commerce and Trade Todd Haymore. “Our success in attracting international companies, of which more than 700 are located in Virginia, and major advanced manufacturing projects is evidence of our competitiveness on a global level, and the Commonwealth has emerged as a leader in this key industry. We look forward to a long and successful partnership with American Merchant.” “Virginia has a rich history of manufacturing textiles for hundreds of years,” said Loretta Lee, Chairwoman and Founder of Merchant House International Ltd. “With retailers increasingly challenged by e-commerce competitors, speed-to-market is vital. Therefore, manufacturing and warehousing in Virginia will be a great advantage, and we are delighted to return our industry to this beautiful state. We have been warmly welcomed by state and local officials, and we feel certain we have found the right home for our business. We visited a number of states, but after careful analysis, Virginia finished at the top of every list.” The Virginia Economic Development Partnership worked with the City of Bristol to secure the project for Virginia. Governor McAuliffe approved a $300,000 grant from the Commonwealth Opportunity Fund to assist the city with the project. The Virginia Tobacco Region Revitalization Commission approved $590,000 in Tobacco Region Opportunity Funds. American Merchant is eligible to receive additional grants and state benefits from the Virginia Enterprise Zone Program and Appalachian Regional Commission, both administered by the Virginia Department of Housing and Community Development. Funding services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program. City of Bristol, Virginia Mayor, Kevin Mumpower stated, “This location has always been a mainstay in our city’s economy, providing good jobs and good wages and acting as a steward for our vision of Bristol, Virginia being a great place to live and work. We therefore are very excited to welcome a new employer to this location and we eagerly anticipate a continuation of this trend. We look forward to the new jobs created for our citizens and the increase in our local tax base. With the soon-to-happen building improvements, machinery and equipment investments, and employee hiring, we are looking forward to seeing this building busy with activity and we are extremely grateful for being the chosen location for this exciting new venture.” Senator Bill Carrico, a member of the Virginia Tobacco Region Revitalization Commission, said, “Today is a great day for the City of Bristol and Southwest Virginia. Over 400 jobs and nearly $20 million in investment means this project will be a major boost to our economy, as well as show that we have the ability to attract manufacturers from around the world to our region. I can’t think of a better use of Tobacco Commission funds and I look forward to watching this project take off in the coming months.” “We are grateful that American Merchant has chosen to locate in Bristol, and we welcome them to the Commonwealth’s Fifth District,” said Delegate Israel O’Quinn. “Southwest Virginia has so much to offer prospective employers, and in turn, we are excited about the significant financial investments and job opportunities this new working relationship will bring to our community. This announcement is yet another example of Southwest Virginia’s ability to compete on a global scale when afforded the opportunity.”
Source : News Channel
NORWALK, Conn. — In partnership with PERFORMANCE DAYS®, the prominent functional fabrics fair produced by Design & Development GmbH Textile Consult, Germany, Reed Exhibitions announces the launch of the U.S. Functional Fabric Fair powered by PERFORMANCE DAYS®. The sourcing event for high performance functional fabrics and accessories will be staged during New York Market Week, July 23-24, and co-located with multiple fashion market events at the Javits Center. “Following the successful launch of a performance and sports textile sourcing program within the PGA Merchandise Show and through considerable industry research, a need for a U.S.-based functional fabric fair has become apparent,” said Steve McCullough of Reed Exhibitions. “The biannual Performance Days Functional Fabric Fair in Germany is the gold standard of the industry and we are especially pleased to organize the U.S. event in cooperation, maximizing their breadth of proven expertise to deliver a fair where tomorrow’s textile trends are on display today.” “Fashion and function inspire each other more and more in our industry,” commented Marco Weichert, general manager of Design & Development GmbH Textile Consult. “This inaugural U.S. Functional Fabric Fair powered by Performance Days is the first of its kind during New York’s Market Week to provide an opportune sourcing platform for performance materials and technical textiles in fashion, sportswear and athleisure collections.” The Functional Fabric Fair powered by Performance Days will showcase the latest trends in fabric development for the functional textile industry and provide an opportune marketplace in the United States for the sourcing of high performance functional fabrics and accessories. The event will include exhibits, workshops, industry presentations and professional networking and matchmaking programs. Textile manufacturers, suppliers and service providers will present their functional fabrics, membranes plus treatments, laminates, paddings, finishes, and accessories such as yarns, tapes, prints, buttons and zippers. Industry guests to attend the fair include sports fashion designers, product managers, purchasing agents and textile decision makers representing active clothing and functional wear manufacturers.
Source : Textile World
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Source : Miltech
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Source: Chief Observer
BRISTOL, Va. — Right now, luxury bath towels might not be on your radar when shopping for bathroom staples, but a new production facility in Bristol will bring soft, high-end towels a lot closer to home. American Merchant, the newly announced Bristol, Virginia, facility, gave the Bristol Herald Courier an inside look at the kinds of fabrics they’ll be making at their plant. “Most retailers out there have what is known as a good, better and best towel,” said Robert Burton, chairman of American Merchant. “We want to produce heavier, high-quality towels.” The towels produced at the Old Abingdon Highway facility will be sold in major retailers, including Bed, Bath and Beyond, Belk and other big-box stores, according to Burton. “We have a long list of candidates, [and] we want to be able to put these towels into their stores,” Burton said. “We don’t want to play the game of providing low-quality and cheap [products].” Towels produced by American Merchant will be made from 100 percent USA-quality cotton. The company will ship cotton into the facility from various states, including the Southeast region. “Highland cotton and pima cotton are the two types of cotton used in the towel industry,” Burton said. “The shorter staple cotton is what will be coming from this region of the country. The longer staple cotton will be brought in from the Midwest — from California and Arizona.” Most towels are made of cotton, but the look and feel depends on the type of cotton used. Towels designed for everyday use are made of standard cotton, while more expensive towels will have longer, more fibrous threads. Ultra-soft bath towels typically use Egyptian cotton or, increasingly, the American-grown version, called pima cotton, which offers a luxurious look and feel. American Merchant’s state-of-the-art production facility will make producing those high-end towels a lot easier, and all of it will be accomplished right in Bristol. “We will buy the spun yarn and prepare the beams,” Burton said. “After weaving the beams and the looms, you’re inserting yarn, and it’s a very high-speed insertion process that we will use to create the towels. We will then dye them and finish them onsite in the building.”
Source: Heraldcourier
Northern New Jersey used to know known for the industry. In fact, a sign hung in Hudson County proclaims North Jersey to be the “embroidery capital of the world since 1872.” Most of the factories that once employed thousands of New Jersey residents have long since closed. And the actual embroidery capital of the world is China. But a North Bergen business owner wants to bring back textile manufacturing. Suuchi Ramesh started a textile design and manufacturing firm that started with a half-dozen employees in 2015 and today employs about 100. They design, sew and construct garments for a large variety of designers. “Today we have five of six different designs on the floor,” Ramesh says. Ramesh says that her background is not in fashion, but computer science. She says that she was a computer engineer working in predictive data modeling. Ramesh started designing clothes when she realized that it makes more sense for designers to have their clothes made in the United States instead of overseas. “Our businesses are able to come to us and say ‘Listen, can you make this really quick and have it shipped from here?’” Ramesh says. “You just can’t' do that if your supply chain is in China.” Ramesh even holds training programs to train prospective employees who may need to sharpen their skills. “It’s just crazy that such a big industry has no presence in the U.S. That is just bound to change,” she says. “It's just the real purpose and the dream is to add a lot of jobs here which we're already doing.” Ramesh says that she is now seeking investors to allow her to expand the business further.
Source: News 12
