The new skill development scheme covers the entire value chain of the textile sector, excluding spinning and weaving in the organised sector arranged. The Cabinet Committee on Economic Affairs has approved the scheme for Capacity Building in Textile Sector (SCBTS). An official statement said the new skill development scheme covers the entire value chain of the textile sector, excluding spinning and weaving in the organised sector. The scheme will be applicable from 2017-2018 to 2019-2020 with an outlay of Rs. 1,300 crore. It will have the National Skill Qualification Framework (NSQF)-compliant training courses with funding as per the common norms notified by Ministry of Skill Development and Entrepreneurship (MSDE), the statement said. Meanwhile, there was confusion over Cabinet approval of the Consumer Protection Bill, 2017, and withdrawal of the Consumer Protection Bill, 2015, which is before Parliament, following a tweet of the approval by the Press Information Bureau, which was later deleted.
List of approvals
The Cabinet also approved the extension of term of the Commission to examine the issue of sub-categorisation of OBC to April 2, 2018. A National Rail and Transport University (NRTU) in Vadodara also got the nod. The Cabinet also gave its nod to the conferment of Central Group ‘A’ Service and Cadre Review of Group ‘A’ Executive Officers of Sashastra Seema Bal (SSB). There will be an increase of existing structure of Group ‘A’ posts from 1,253 to 1,272. A net creation of 19 posts of various ranks from Assistant Commandant to Inspector General of SSB will also be there, an official statement said. The Cabinet also gave ex-post-facto approvals for a memorandum of understanding (MoUs) between India and Italy on cooperation in the field of health and medical sciences, and between India and Cuba in the field of health and medicine.
Source: Business Line
Even though the exports target of $900 billion by 2020 looks unrealistic, India can achieve significant exports growth if it implements the right mix of sustainable policies in a time-bound manner. There is no short cut to boosting exports and the phasing out of export subsidies is a reality The Indian industry cheered the recently released mid-term review of the foreign trade policy (FTP 2015-20) by the ministry of commerce. The reason was obvious—the government offered additional export incentives amounting to Rs 8,450 crore under the Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS). Out of this, Rs 4,567 crore has been allocated for MSME and labour-intensive sectors covering leather, agriculture, carpets, handicraft, marine, rubber, ceramics, sports goods, medical and scientific products, and telecommunication equipment. Textiles (ready-made garments and made-ups) will receive benefit of around Rs 2,743 crore from the above pool. The remaining Rs 1,140 crore has been allocated for SEIS benefits for export of notified services such as business, legal, accounting, architecture, engineering, education, hospital, and hotels and restaurants. Overall, industry tariff lines that will receive benefits under MEIS were increased to 7,914 from 4,914 in the FTP released in 2015. Exports have grown at a dismal pace of -1.2% (average year-on-year growth since January 2014) for the past four years. There is no doubt that India has diversified its exports since the 1990s, both geographically and product wise. In terms of destination, India now exports over 50% of its export volumes to emerging and developing economies, surpassing the share of advance economies. In fact, the EU and the US now account for only 30% of India’s total exports compared to 45% in 2000. In terms of product mix also, there has been a gradual shift as the export sector has moved up the value chain, leading the way with high-value products like industrial machinery, automobiles and car parts, and refined petroleum products. The accompanying table shows that, over the years, there has been a significant increase in the share of petroleum and crude products and engineering products in the export basket. The share of engineering goods in total exports almost doubled from 12.5% in FY92 to 23% in FY17, and the share of petroleum and crude products rose from a mere 2.3% to 11.4% over the same period. The latter can be attributed to increase in petroleum refining capacity in the country. The share of traditional exports like textiles, ready-made garments and leather products has nearly halved in the past decade. In fact, petroleum products and engineering goods together now account for almost 35% over India’s exports. In light of the recently-released FTP review and incentives offered, the more fundamental question is whether export sops are the real solution to India’s trade woes? Thus, it is important to understand what drives India’s exports and why? Indian exports are sensitive to price changes, global demand and supply-side bottlenecks. The way India’s export basket has evolved over the past two decades, it has made them much more responsive to global demand as compared to price changes. This is because India now exports more income-sensitive items like engineering goods, petroleum, gems & jewellery and chemical products. According to the International Monetary Fund (IMF), “in the long-run, a 1% increase in India’s international relative export prices could reduce export volume growth by about 0.9% for all industries and by about 1.1% for the manufacturing sector.” The long-run coefficient on global demand is estimated to be slightly above 1.5, which suggests that India’s exports are more sensitive to changes in external demand than price changes. Thus, increase in global demand drives exports much more than price cuts. Further, the IMF research suggests that binding supply-side constraints like energy shortages dampen price responsiveness of exports. In the case of industry with an energy share of about 4% in the gross value of its output (which is about the average share in manufacturing), a 1% relative price depreciation will result in export growth of 0.6%. However, in the same industry, in case of energy deficit of about 10%, the export growth will decline to 0.4%. This shows that tackling the issue of energy deficit can boost export performance considerably. Similarly, higher logistics costs have been a major impediment to export growth. The FTP review document admits that logistics cost in India is close to double of that in developed countries. The average logistics costs in India are about 15% of GDP, while such costs in developed countries are about 8%. Thus, improving ease of trading is a high priority area for the government as Indian exporters face high transaction costs, making them less competitive in the global market. Moreover, the most critical issue is that Indian industry will need to adjust to eventual phasing out of export subsidy schemes, going forward. The FTP mid-term review hints at the same and highlights a move “towards more fundamental systemic measures rather than incentives and subsidies alone” as a future strategy to boost exports. This is because, as per WTO’s Agreement on Subsidies and Countervailing Measures (ASCM), any developing country which breaches $1,000 GNI per capita for three consecutive years will have to phase out its export subsidies gradually. India has breached this level for three consecutive years starting 2013 to 2015. Thus, the commerce ministry will have to do away with specific export subsidies or recalibrate existing subsidies to WTO-compatible subsidies (which does not allow specific export-based subsidies). In this regard, one should not undermine the initiatives that the government intends to undertake to address the above issues. The document clearly states that India will have to fine-tune current export schemes (MEIS and SEIS) and move towards more fundamental export promotion strategies such as Trade Infrastructure for Export Scheme (TIES, for bridging gaps in export infrastructure) and Market Access Initiative (MAI, catalyst to promote exports on product-focus country approach) Scheme. Reviewing existing free trade agreements (FTAs) and negotiating future FTAs for greater market access will also be critical in such a situation. A logistics division has been set up in the commerce ministry which proposes to create an effective IT backbone and get all major agencies like customs, Directorate General of Foreign Trade (DGFT), railways, ports, waterways, etc, on a single platform. The National Committee on Trade Facilitation (NCTF) has been set up, headed by the Cabinet Secretary, following ratification by India under the Trade Facilitation Agreement (TFA), and the National Trade Facilitation Action Plan has been prepared. According to WTO, full and accelerated implementation of TFA could boost developing countries’ exports by an additional 3.5% annually. Measures such as single-point contact for trade queries launched on the DGFT portal, setting up of a professional team to assist exporters in procedural clearances, 24/7 customs clearance facility extended to all bills of entry, etc, are steps in the right direction. Even though the exports target of $900 billion by 2020 looks unrealistic, India can achieve significant exports growth if it implements the right mix of sustainable policies in a time-bound manner. It is high time we realise there is no short cut to boosting exports and the phasing out of export subsidies is a reality. Measures such as enhanced trade facilitation, export and production diversification, lower logistics costs, energy efficiency, lower cost of doing business—and not short-term fixes—will lead to sustainable exports recovery.
Source : Financial Express
Income concentration seems to have curbed the growth of broadbased demand, while the rich approach satiation levels Inequality is one issue which Indians always shy away from; we do not want to accept that it is there, and that economic reforms have actually widened the wedge. While poverty definitions are fairly amorphous given the absence of a singular measure, inequality is even more nebulous on account of the absence of data, and hence it is hard to calculate the Gini coefficient. While practical observations do reveal that billionaires living in mansions are surrounded by the destitute with little hope, the official argument is that even the poor have mobile phones which show that there is progress, and hence inequality has fallen. The World Inequality Report 2018 has provided data on inequality across various countries which makes interesting reading. Besides picking up easy measures on inequality, benchmarks can be viewed across various nations to understand where India stands. A striking observation is inequality as a rule exists everywhere in the world where the rich have become proportionately richer than the other groups in the last three decades or so. India would look a bit more skewed in this respect. For example, the share of the top 10 per cent in total national income in 2016 in India was 55 per cent. It was 47 per cent for the US, 37 per cent for Europe and 41 per cent for China. In our country, the top 1 per cent held 22 per cent of total income which was only below 28 per cent for Brazil. In case of China, it was 14 per cent and 13 per cent for Europe. This should give an indication of the concentration of income in certain pockets.
Wrong growth
There are two other interesting parameters which are spoken about here in the report. The first is cumulative growth per adult between 1980 and 2014. Given the low base, growth was 223 per cent for this period in case of India. For the bottom 50 per cent it was 107 per cent and 112 per cent for the middle 40 per cent, while for the top 10 per cent it was 469 per cent. More alarming is the income growth for the top 1 per cent where it was 857 per cent. This is probably a sharper measure of inequality as it speaks of growth in income over various groups where the richest has witnessed the highest increase over higher base numbers compared with the other categories. The second metric is the share of income growth of various classes for the period 1980-2016. The bottom 50 per cent had a share of just 11 per cent, which is not really out of place with other geographies except the US where it is 2 per cent. The middle 40 per cent had 23 per cent, one of the lowest across regions like the World, the US, Europe, and China. The top 10 per cent had share of 66 per cent (same as in the US but much lower than in Europe with 48 per cent and China 43 per cent) and top 1 per cent, 28 per cent. This talks of which groups have gained the most on account of cumulative growth.
Private push
Two conclusions can be drawn from this data. First, the level of inequality is very high in the country and cannot be disputed. Second, as a corollary, the benefits of growth have been extremely skewed towards the rich. How did this happen? The growth model followed since reforms was tilted towards the productive sectors and liberalisation meant less of government and more of private enterprise. This was the chosen route to growth and hence it was felt that if the private sector was given space for expansion, the benefits would percolate downwards through employment opportunities as well as higher living standards. This has not happened according to script and the benefits have largely flowed to the upper echelons. In fact, this limited growth syndrome acts as a useful social buffer as it gives the illusion of upward mobility even though the pace is much slower than that of the higher echelons. Therefore, it is not surprising that 90 per cent of the population accounted for just a third of the growth taking place during the period 1980-2016. Reforms were focused on de-nationalisation. Privatisation meant that even public companies would be owned by private players, which began the process of heightened inequality. Governments have dithered on subsidies and the elite are anti-subsidy. The result has been that even government activity has tended to move towards projects generation in roads and city development. This is ironic, as we wanted the government to be out of productive activity when we went in for privatisation. This has actually meant that when a road is created the contracts go to private parties, which increases income of the relatively richer echelons. Curiously, the NREGA has been rebuked by many as being a dole which has pushed up wages beyond productivity levels and affected corporate profits! This is so as NREGA wage has become a benchmark for all wages in industry. There is hence relentless pressure from the corporate world on the government to lower these allocations on grounds of its distorting the wage structure. Further, the growth of crony capitalism has meant that the nexus between the government and some corporates has exacerbated the income distribution pattern. Privatisation programmes are normally for better performing companies — which is natural or else they would not be of interest to the private sector. Loss-making companies continue to be held by the Government. This is another reason which has fostered the inequality syndrome in the country and has been spoken about by Thomas Piketty in Capitalism in the 21st Century . Does this matter? While electorates seldom change governments on account of inequality or poverty, but rather on issues like caste and religion, permitting such a phenomenon is not good from an economic standpoint.
Demand saturation, and more
Higher inequality comes in the way of demand creation. Economic growth is sustainable provided the poor are also able to rise in the hierarchy and spend on goods and services. If these incomes do not rise, the demand cycle is interrupted. Therefore, it is essential to keep their income increasing at a reasonable rate. The problem we have today of absence of demand is because of inequality. The rich run into a cliff of ‘demand-saturation’ where motor vehicles cannot be changed every year or houses bought periodically. The other income groups too have to spend. If they do not have this wherewithal, as is the case in the last three years, the tendency would be to spend more on essentials than consumer goods which impact growth. India does revel in having an increasing number of millionaires irrespective of whether they are self-made or ancestral. Also, as pointed out by Piketty, some sections of the corporate world have also tended to add to the money cycle with exaggerated pay, which includes huge stock options that carry no commensurate responsibility. Tackling inequality and reducing the gap between citizens is ironically a necessity to keep the economy ticking. In the West, high levels of prosperity across the citizens were one reason for expanding markets overseas. We do have a large populace that needs to move up the ladder or else will continue witnessing growth in waves rather than in a linear manner.
Source: Business Line
I would think it is enough because they have excluded organised spinning and organised weaving segment from this package. Talking to ET Now, Sanjay Jain , The Confederation of Indian Textile Industry ( CITI ), says while the new package may not address all concerns completely, but as productivity level goes up, the sector's global competitiveness will certainly improve.
Edited excerpts:
Are you happy with the Rs 1300-crore package cleared for capacity building in the textile sector? Yes, as an industry, we are more than happy. It has come as a very pleasant gift to us just on the brink of New Year and this could be a game changer when it comes to the employment intensive industry. Is the Rs 1300-crore outlay for two years sufficient to improve the production capacity in the textile sector? Yes, for two years, we feel Rs 1300 crore is a decent amount. We are happy it has not been spread over a longer period. Our productivity is 50% that of China and 30% down from Bangladesh. This would really help to boost the Indian industry and very good thing about is that it is going to help a lot of rural women to get employment in their own home towns and getting skilled there itself. The challenge for the Indian textile sector is currency and global competitiveness. This package may not be able to address those two basic concerns. What is your view? Of course, they would not address those concerns. Currency of course is an overall economy issue and not just related to textiles but if our productivity level improves, to some extent our global competitiveness against our competitors would improve as well. Do you think that this package is more than enough or do you think there is more in store in terms of the expansion plans that a lot of textile companies may have on the anvil to meet the growing demands both in the local market as well as the export market? I would think it is enough because they have excluded organised spinning and organised weaving segment from this package. Hence, it is more for the garment industry and the medium scale weaving and knitting industry. As they have included the organised segment which is of course a disappointment for all of us, Rs 1,300 crore for the segment for which they are focussing should be sufficient for two years.
Source: The Economic Times
Knitwear and apparel exporters in Tiruppur have lauded the Indian government for its crucial support to the garment sector by approving a new skill development scheme. The new scheme titled ‘Scheme for Capacity Building in Textile. Sector (SCBTS) covers the entire value chain of the textile sector excluding spinning and weaving in organised sector. SCBTS envisages an outlay of Rs 1,300 crore during 2017-18 to 2019-20. It will have National Skill Qualification Framework (NSQF) compliant training courses with funding norms as per the common norms notified by ministry of skill development and entrepreneurship. “The Government has considered the long requisition of association for allocation of fund to impart skilling to new workers and upskilling. Recognition of prior learning is ‘need of the hour’ to Tiruppur knitwear cluster, which employs six lakh workers directly. It is only by enhancing productivity that the much-needed competitiveness can be attained and sustained in the global market,” Tirupur Exporters’ Association (TEA) president Raja M Shanmugham said in a press release. “Most of the workers in Tiruppur cluster are self-groomed without any proper technical skill orientation or training and this creates an inconsistency in the production and quality parameters resulting in reputation loss for the country as a whole and this void can (now) be addressed effectively,” said Shanmugham. He explained that the estimated turnover of MSMEs in Tiruppur cluster is around Rs 30,000 crore and even a 10 per cent saving would yield a savings of Rs 3,000 crore for the industry and by a most conservative estimate, even if 25 per cent of the industry is converted into ‘Zero Defect’ with minimum savings of 10 per cent, it would yield a yearly savings of Rs 750 crores – which in turn would generate an income tax collection @ 30 per cent of Rs 225 crore per annum to the exchequer. He added that the NIFT TEA College of Knitwear Fashion’s skill division had already trained 15,000 workers and placed the trained candidates in TEA member units.
Source: fibre2Fashion
Nagpur: Amid contradictory claims by state government and farm activists over cotton production, traders say that arrivals in the market are higher than the last year. A section of traders however also attribute it to increase in area under cotton and accept that there is a likelihood of fall in the yield at farm level. According to data compiled by a private agency tracking the market, arrivals in Maharashtra this year are higher by 6 lakh bales as compared to the same period in 2016. From October to December 19, 23 lakh bales have reached markets in the state as against the 17 lakh bales during the same period last year. The overall arrivals in the country stand at 90 lakh bales during the period as against 75 bales from October to December last year, says the data with traders. However, trade sources also do not discount the impact of pink bollworm on the cotton crop. Some of the firms have cut their internal estimate on arrivals lower than the levels set by the Cotton Association of India (CAI). Arun Sheksaria, of M/s DD Cotton at Mumbai, said as against the earlier projections of 3.85 crore bales in the country, the estimate is down around to 3.77 crore bales. "This is not much a difference as there is enough cotton available. The acreage has also gone up," he said. However, other sources in the trade requesting anonymity said that pinkbollworm crisis cannot be ignored. "Even traders are holding meets with scientists and other experts to find out a solution to the crisis so that the next year's crop is saved. Our firm has cut the estimate to 3.70 crore bales as against 3.85 lakh crore, " said the source. Though Maharashtra has the highest share among arrivals from October to December, the final picture can be clear only by January 15. The arrivals may be higher because the area under cotton has gone up by 16%. There are reports that yields at the farms are down at the same time, said a trader.
Source: The Times of India
Nagpur: Cotton prices finally crossed the magic figure of Rs5000 a quintal mark rising to Rs 5100 before settling at Rs4975 on Tuesday. The rates are enough to leave a bit of surplus for farmers, but not much cotton is left with the farmers to be sold. Even the officials in state's agriculture department agree that cotton growers have not been able to go for more than 2-3 rounds of picking due to the pink bollworm attack. Amid pressure from opposition, state government has been maintaining that the arrivals are higher than last year. This indicates that impact of bollworm is not much. But if the picking is limited to 2-3 rounds on an average, the final output is expected to be lower. Cotton bolls grow after each round of picking and can be harvested again. The pest has eaten away fresh bolls in the initial stages itself, farmers said. With this, the harvest would end this month itself, said sources. In normal course, a dry land farmer goes for 4 to 5 rounds of picking up to December and beyond. Those with irrigation facilities like borewells can stretch to 6-7 pickings that extend till April. Harvest will not go beyond December this year, farmers said. There are no more cotton bolls left on the plants. The state government has also issued advisories to farmers not to extend the crop beyond December so the life cycle of bollworm was cut short. With the bolls gone, even farmer see no sense in continuing with the crop. The official figures of the cotton yield would only be released in the next fortnight by the agriculture department. Trends coming from various pockets show a decline in production. Officials of the department said on a conservative basis, 60% of the farmers may have been affected by the bollworm attack and not able go for further pickings. A source in the Yavatmal districts said in his block, the yield had come down to five quintals a hectare as against 6 to 8 in the normal course. The estimates are made after harvesting sample farms maintained by the department for observation. Other officials, however, said it may be too early to judge the trend. A source in Amravati said there were some farmers for whom late sowing due to delayed rains was a blessing in disguise. Their crop missed the timing when bollworm strikes. Still a majority of farmers are expected to be affected due to pink bollworm infestation. The rates touched Rs5100 a quintal but the harvest in our area ended with two pickings," said Chintaman Bhoyar from Yavatmal. Nitin Khadse, also from Yavatmal, said he could not go for more than a single round of picking. "Price of Rs5,000 a quintal is available only if the farmer takes the crop to the ginning mill. Otherwise, the net gain after transportation cost comes to Rs4800 a quintal. The nearest mill from our village is 80 kms away," said Vinod Kankirad from Selodi village in Yavatmal.
Source: The Times of India
Pithapuram: Central Silk Board Chairman Hanumantarayappa has called upon silk farmers to achieve economic self-reliance availing the support being extended to them by the Central Silk Board.
He participated as chief guest at the Silk Farmers’ Sammelan held here on Thursday under the joint aegis of Central Silk Board of the Union Ministry of Textiles, Regional Silk Research Station, Anantapur and Andhra Pradesh Sericulture Department. Pithapuram MLA NVSN Varma presided over the meeting. Lighting a lamp mark the inauguration of the Sammelan, Hanumantharayappa has said rearing silk cocoons yields constant income to the farmer. The sericulture department is providing machinery on subsidy to silk farmers and handloom weavers. He assured all kinds of support to the silk farmers from the Central Silk Board and the Government is ready to promote silk industry in the country. He called upon the farmers to cooperate with them so that he would be able to live up to the expectations of Prime Minister Narendra Modi and Union Minister for Textiles Smriti Irani. He said the farmers and women would be provided training in modern methods of silk reeling. Quality silk yarn can be produced with the help of the automatic silk reeling machine and multi-end machine.
Source: The Hans India
Blaming disruptions caused by the GST implementation for sluggish exports, noted economist Gita Gopinath has said the country will have to become more competitive if it were to improve its merchandise trade. “My take on what looks like a cyclical downturn on exports has to do with the disruption that the GST caused,” the John Zwaanstra professor of international studies and economics at the Harvard University said here this evening. The dip in textile exports is evident of GST, the most ambitious indirect tax reform implemented from July, the Kerala-born Gopinath who is also the economic advisor to the state chief minister said. She said exporters are yet to get input tax credit from the system, resulting in a liquidity crunch. She was delivering the Exim Bank foundation day lecture. But from a longer-term perspective, there is a need to relook at competitiveness vis-à-vis competing emerging markets like Bangladesh and Vietnam, Gopinath said, adding currency fluctuations alone cannot be blamed for the poor show. Export growth has been sluggish for the first half of the fiscal year starting April, and even turned negative in October, before rebounding in November in high double-digits. The imports have been growing at a faster clip, widening the trade imbalances. Both Gopinath and Exim Bank chairman David Rasquinha hoped for a better show on the exports next year. On the highly-discussed crypto currencies like bitcoins, Gopinath said dealing with them is akin to “gambling” and such instruments, even though interesting from a technology perspective, will not be used widely as a medium of exchange. About the high volatility right in its prices now, she said it is a “speculative bubble”. On the US treasury plan to declare India a currency manipulator, she said such an idea is “crazy” and “bad economics” to call any country as being one. “It make no sense to me. I think there are many other reasons why one would accumulate reserves other than currency manipulation besides the fact that whether a country can actually manipulate its exchange rate in a very precise way,” she wondered.
Source : Business Line
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1339.99 |
USD/Ton |
0.28% |
12/21/2017 |
|
VSF |
2156.13 |
USD/Ton |
0% |
12/21/2017 |
|
ASF |
2444.62 |
USD/Ton |
0% |
12/21/2017 |
|
Polyester POY |
1309.62 |
USD/Ton |
0.29% |
12/21/2017 |
|
Nylon FDY |
3370.85 |
USD/Ton |
0% |
12/21/2017 |
|
40D Spandex |
5769.92 |
USD/Ton |
0% |
12/21/2017 |
|
Polyester DTY |
5739.55 |
USD/Ton |
0% |
12/21/2017 |
|
Nylon POY |
1541.18 |
USD/Ton |
0% |
12/21/2017 |
|
Acrylic Top 3D |
3173.46 |
USD/Ton |
0% |
12/21/2017 |
|
Polyester FDY |
2581.28 |
USD/Ton |
0% |
12/21/2017 |
|
Nylon DTY |
1601.91 |
USD/Ton |
0% |
12/21/2017 |
|
Viscose Long Filament |
3583.42 |
USD/Ton |
0% |
12/21/2017 |
|
30S Spun Rayon Yarn |
2839.41 |
USD/Ton |
0% |
12/21/2017 |
|
32S Polyester Yarn |
2024.03 |
USD/Ton |
0% |
12/21/2017 |
|
45S T/C Yarn |
2884.96 |
USD/Ton |
0% |
12/21/2017 |
|
40S Rayon Yarn |
2991.25 |
USD/Ton |
0% |
12/21/2017 |
|
T/R Yarn 65/35 32S |
2505.36 |
USD/Ton |
0% |
12/21/2017 |
|
45S Polyester Yarn |
2171.31 |
USD/Ton |
0% |
12/21/2017 |
|
T/C Yarn 65/35 32S |
2429.44 |
USD/Ton |
0% |
12/21/2017 |
|
10S Denim Fabric |
1.42 |
USD/Meter |
0% |
12/21/2017 |
|
32S Twill Fabric |
0.87 |
USD/Meter |
0% |
12/21/2017 |
|
40S Combed Poplin |
1.21 |
USD/Meter |
0% |
12/21/2017 |
|
30S Rayon Fabric |
0.67 |
USD/Meter |
0% |
12/21/2017 |
|
45S T/C Fabric |
0.72 |
USD/Meter |
0% |
12/21/2017 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15184 USD dtd. 21/12/2017). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Man-made fibres (MMF) production grew by around 5 per cent annually in the last ten years while those of cotton and wool fell by 1.6 per cent and 1.2 per cent respectively, says the 53rd edition of ‘Information on Man-made Fibres’ published by the European Man-made Fibres Association (CIRFS). The report analyses worldwide production, trade and consumption. Europe is the world’s largest exporter of acrylic and cellulosic fibres and the biggest producer of ultra-high strength fibres and of polypropylene fibres. It is one of the global leaders in man-made fibres innovation and quality and its output is used in fashion, home textiles and various technical uses, the report said. The European man-made fibres industry is the largest supplier of raw materials to the European textile industry, a press release from Brussels-based CIRFS quoted director general Frédéric Van Houte as saying. The report shows continued and solid growth of the world’s MMF industry while cotton and wool shares stagnate, said Houte. In 2016, MMF constituted 75 per cent of all textile fibres produced worldwide, this percentage going up to 81 in Europe.
Source : Fibre2fashion
When Sherry Poon set up her childrenswear clothing business, Wobabybasics, nine years ago, finding eco-friendly factories in China was a struggle, and finding organic cotton suppliers was nearly impossible. “We originally wanted everything to be both sourced and made in China, and show people that products made in China do not have to be substandard,” she said. “I think I interviewed between 60 and 80 different production factories. I ended up having to import my organic cottons, although everything is still manufactured in China.” A decade later, momentum is growing for the country’s green manufacturing. A record number of eco-friendly manufacturers showed up at the 2017 Intertextile trade show in Shanghai, although they’re still a niche in a very large market. “For the first year they actually labelled which factories used eco or organic textiles, so they were easier to find,” says Poon. “Although we’re still talking maybe just twelve companies, out of thousands there.” A commitment to sustainability is increasingly recognised in China. Wobabybasics, which uses entirely sustainable materials, was hailed as a top sustainable clothing brand by non-governmental organisation Green Initiatives, and studies have shown Chinese consumers are more and more willing to spend on green clothes and products. Green manufacturing is no longer the domain of specialist brands.
Making sustainability the norm
Hong Kong-based textiles giant Esquel, the world’s largest shirt maker, has put been putting sustainability at the centre of its business. With sales of US$1.3 billion (860 million yuan) last year, Esquel manufactures over 100 million garments annually for retailers including Marks & Spencer, Ralph Lauren, and Tommy Hilfiger, and has been focusing on building a more sustainable business for both staff and the environment. “This industry has a very bad reputation when it comes to labour abuses, and being able to employ people at the bottom of the pyramid,” says Edgar Tung, head of global garment operations, Esquel Group. “We really wanted to reduce our impact on the environment and convert people’s perceptions about this industry.” The textile and clothing industry has a long way to go to improve its green credentials. It is the second largest polluting industry globally after oil, accounting for 12.8 million tonnes of textile waste each year, while in China, 17-20% of the world’s industrial pollution and 2.5 billion tonnes of waste water are from textile dyeing and treatment alone each year. Esquel says it is determined to show that manufacturing doesn’t have to be fuelled by cheap migrant labour and cost-cutting. A new US$300m garment factory in Guilin has low-energy measures such as natural ventilation, and a commitment to zero discharge of wastewater. Their existing factories already offer above industry average wages, childcare facilities, kindergartens, paid overtime and a commitment to no night shifts, in a series of measures to improve staff conditions, as well as actively promoting staff internally. In the last ten years, the company claims to have reduced energy consumption per garment by 45% and water consumption by 64%. A recent Corporate Information Transparency Index, which evaluated 267 brands in China, ranked Esquel as the second-best company textile and apparel company for its green supply chain, and fourth greenest among all companies. “There’s always the perception there’s a cost to sustainability – but in the long run, there’s actually a lot more benefit,” says Tung. “There are a lot of customers that come to us not because we are the cheapest, but because they know we practice green manufacturing and are good to our people. Customers come to us because they know we practice green manufacturing and are good to our people At the recent Integral Conversation sustainability conference in Guilin, organised by Esquel, some of China’s biggest names came together to outline their work in green production. Conglomerate Far Eastern, which has operations in ten major industries including textiles, construction and retail, outlined how it has shifted focus to green materials, including what they claim is the world’s first 100% bio-polyester shirt. “This is the way of the future,” Douglas Tong Hsu, chairman and CEO of Far Eastern Group, told the Guilin conference. “We are focused particularly on reduced-chemical products and recycling waste products. Where we have to use new material, we want them to be green materials.” The government is also lending its support to sustainable manufacturing, inaugurating the Green Manufacturing Association of China this year, and driving companies towards automation as part of the ambitious Made in China 2025 plan to modernise the country’s factories. Some of the most polluting factories have already shut down, according to experts, often unwilling or unable to afford the costs of new environment requirements. Brands such as Esquel and Far Eastern say they give their staff more training and pay higher rates than the market average to upskill the workforce, which increases productivity per employee. At Shanghai trade conference Manufacturing in the Age of Experience in September, delegates heard how customers are demanding more professionalism and accountability from their manufacturers. Zhenrui Zhao, of state-owned HBIS Tangsteel industry, outlined how his company tells customers which line their product is being assembled on so they can track it digitally, adding that a transparent approach to manufacturing is raising standards across the industry. But significant barriers remain in the green manufacturing sector in China. There’s still a lack of awareness from consumers about how environmentally damaging the industry can be, plus the upfront costs of eco-friendly production are higher and it is difficult to secure reliable green suppliers.
A long way to go
Manufacturers also face stricter standards which haven’t always been adhered to, for example, the Global Organic Textile Standard (GOTS), which considers both environmental and social factors, requires refreshing every year. And despite the increasing automation of factories, a preference for cheap labour is still common. Research suggests most Chinese manufacturers are not ready for the next stage of digital, sustainable manufacturing, dubbed “Industry 4.0”. This new era of smartmanufacturing is designed to move China up the value chain, increase productivity through the use of digital technology, and professionalise the manufacturing sector. “I think around 60% of companies in China are still moving from 1.0 to 2.0, and there is a very weak base for lean management,” McKinsey’s Forest Hou told delegates in Shanghai, outlining how their research showed only 30% of Chinese manufacturing companies were ready to consider smart manufacturing. While more than half were “followers”, suggesting that the government’s “Made in China 2025” target to transform the manufacturing sector faces an uphill challenge. Another risk to many manufacturers in the industry is rising wages and growing anger over pollution from consumers and state policy. Many multinational companies are moving production to lower-wage countries with less stringent regulations like Vietnam or Bangladesh. Myanmar’s clothing exports jumped from US$950 million to US$2.1bn between 2012 and 2016, while one analysis for the Federation of Hong Kong Industries trade group suggested the number of Hong Kong-owned factories in the Pearl River Delta fell by a third between 2006 and 2013.Most of Esquel’s customers are high-end brands, who are under pressure from consumers to deliver better standards. However, Esquel insists that building their green manufacturing centre has actually saved them money in the long run, and that green manufacturing doesn’t have to be the domain of high-end goods. Although there are more options available to her now, Poon says the green shift in Chinese manufacturing is still just beginning, and the only way to really trust a factory’s green credentials is to visit in person and check. “China’s factories have had to change, educate themselves a little more, and push to not just be mass market production but one step higher quality – part of that is being more sustainable,” she adds. “It’s been ten years, but this year I’ve finally felt there is a change.”
Source: Chinsdialogue.netm
Average production in the UK textile manufacturing industry was up 25% this year, despite looming economic uncertainty. Half (50%) of the 100 fashion and textile manufacturers surveyed by Make it British saw turnover increase compared to last year. Almost a third (30%) said they exported more this year than in 2016 as the exchange rate worked in many businesses’ favours. A third (33%) said they do not currently export, which Make it British said was a “massive opportunity” for growth. Morale was strong as respondents scored a weighted average of 3.2 on a scale of one to five when asked how optimistic they felt about their industry’s future. The workforce, however, remained a key concern as more than two thirds of firms (69%) reported that the average age of their workforce is over 40, with the average employer having only taken on one person under the age of 30 in the last year. More than half (58%) said that they are receiving more enquiries than they were a year ago, as an increasing number of companies look to source locally and restore production back in the UK. Kate Hills, founder and CEO of Make it British, said: “This survey reveals that 2017 has been another great year for the sector. There is increased interest from overseas and more companies are looking to source locally. “As a result, more factories are opening or working longer hours and taking on apprentices to keep up with demand”.
Source : Drapers
Global cotton consumption in 2017-18 is projected to increase 4 per cent to 119.6 million bales, according to the US department of agriculture (USDA). This will be the largest year-to-year growth rate since 2009-10 when mill use rose over 8 per cent. Cotton mill use is expected to rise in China, India, Pakistan, Vietnam, Bangladesh and Turkey. “The improved global economic outlook and a more favourable price relative to synthetics is responsible for the largest global cotton consumption estimate in a decade,” the Economic and Research Service of the USDA said in its latest report on ‘Cotton and Wool Outlook’. Mill use in China, the leading spinner of raw cotton, is estimated to reach 39 million bales in 2017-18, four per cent above the preceding year and the highest since 2010-11. China is the largest supplier of textile and apparel products to the world, and it is expected to benefit from the expanding global economy this season. Increased mill use of cotton is also forecast in India, Pakistan and Vietnam, due in part to their continued yarn shipments to China. India’s cotton mill use is projected at 24.75 million bales, up 3 per cent from 2016-17 but similar to 2015-16. Pakistan is expected to spin 10.4 million bales of cotton in 2017-18, up slightly from a year ago and the highest in 3 years. Meanwhile, Vietnam continues to experience significant growth in its cotton consumption. In 2017-18, mill use in Vietnam is projected to reach a record 6.1 million bales, 13 per cent above the previous season, the report said. In addition, cotton mill use is expected to increase in Bangladesh and Turkey, where gains of approximately 7.5 per cent are expected in 2017-18.
Source: Fibre2fashion.
ISLAMABAD, Pakistan: The textile exports from the Country increased by 7.66 percent during the first five months of current fiscal year as against the exports of the corresponding period of last year. The overall textile exports from the Country were recorded at $5.510 billion during July-November (2017-18) against the exports of $5.118 billion during July-November (2016-17), showing growth of 7.66 percent, according to the latest data of Pakistan Bureau of Statistics (PBS). The products that contributed in positive growth in external trade included raw cotton, the exports of which grew by 49.78 percent by going up from $33.513 million last year to $50.195 million during the current fiscal year. Similarly, the exports of cotton yarn increased from $549.753 million to $553.391 million, showing growth of 0.64 percent while the exports of yarn (other than cotton yarn) increased from $11.061 million to $12.810 million, an increase of 15.81 percent. During the period under review, the knitwear exports from the Country increased by 12.07 percent, from $980.489 million to $1098 million while the bed wear exports increased from 6.65 percent from $888.448 million to $947.517 million. The export of readymade garments increased by 14.69 percent by growing from $888.456 million to $1018.991 million while the exports of art, silk and synthetic textile increased by 55.30 percent, from $79.905 million to $124.096 million. During the period under review, the exports of made up articles (excluding towels and bedwear) also increased by 7.92 percent, from $261.272 million to $281.967 million. Meanwhile, the textile products that witnessed negative growth in trade included cotton cloth, the exports of which declined by 1.16 percent, from $898.265 million to $887.760 million while the exports of cotton (carded or combed) decreased by 95.71 percent from $0.210 million to $0.009 million. The exports of tents, canvas and tarpaulin decreased by 33.26 percent, by declining from $52.940 million to $35.330 million, the PBS data revealed.
Meanwhile, on year-on-year basis, the textile exports during November 2017 increased by 7.45 percent compared to November 2016. According to PBS data, the textile exports during November 2017 were recorded at $1132.848 million against the exports of $1042.573 million during November 2016. It is pertinent to mention here that the total exports from the Country during July-November (2017-18) stood at $9.030 billion against the exports of $8.173 billion during the correspondent period of last year, showing growth of 10.49 percent. The imports into the Country during the period under review also increased by 21.12 percent, from $19.864 billion to $24.060 billion, according to the data. Based on the figures, the trade deficit during the first five months of the current year was recorded at $15.030 billion against the deficit of $11.691 billion, showing growth of 28.56 percent in the overall deficit.
Source: Despatch News Desk
Bangladesh will restart 13 textiles mills, shut down 25 years ago due to losses, and run them under a public-private partnership (PPP) initiative. The cabinet committee on economic affairs has approved a proposal from the Bangladesh Textile. Mills Corporation (BTMC) in this regard. The private party will implement, maintain and market products of the project. BDT 15,200 crore will be allocated to purchase new machinery to replace the existing ones and run these mills as part of the textile sector’s largest project till now, according to Bangladesh media reports. According to the proposal, the 30-year-tenure PPP, in which the Bangladesh Jute Mills Corporation will be the major partner, can be renewed. The project will also ensure proper use of 380.47 acres of land allocated for the sector. The 13 mills up for overhaul are RR Textile Mill, Amin Jute and Textile Mills and The Asiatic CottonMill in Chittagong; Rangamati Textile Mill at Ghagra, Rangamati; Magura Textile Mill in Magura; Bengal Textile Mill at Noapara, Jessore; Rajshahi Textile Mill at Sapura, Rajshahi; Sundarban Textile Mill in Satkhira; Dinajpur Textile Mill and Jalil Textile Mill in Dinajpur; Darwani Textile Mill in Nipharmari; Dost Textile Mill at Ranirhat, Feni; and Afsar Cotton Mill at Savar, Dhaka. Of the 86 state-owned textile mills, BTMC handed over 60 mills to the Privatisation Commission between 1977 and 2013, and runs 24 factories across the country at present. The jute mills have been incurring losses for several years now. Their losses amounted to BDT 588 crore in fiscal 2015-16. (DS)
Source: Fibre2Fashion
The Italian government rejected visa applications by four North Korean citizens at the end of September in an effort to comply with UN Security Council (UNSC) resolutions, the country’s implementation report for Resolution 2375 shows. The report, submitted by the Permanent Mission of Italy to the UN on December 12, also reveals that the individuals were attempting to discuss cooperation in textiles, a sector now subject to sanctions. “At the end of September 2017, the competent authority in Italy rejected four short-term Schengen business visas requested by individuals from the Democratic People’s Republic of Korea, since the requests aimed at discussing possible cooperation in the textile sector,” the report reads. Resolution 2375, unanimously adopted by the UNSC on September 11, included a ban on the export of textiles from North Korea. The fact that visa applications were still pending in late September suggests ongoing attempts by North Korean individuals to bypass sanctions. Resolution 2375 also includes a ban on the operation of joint ventures and cooperative entities with the DPRK, and the Italian permanent mission to the UN also said it is currently reviewing Italian involvement in such entities, which must end before January 9. Images obtained by NK Pro show that Italian companies and joint ventures have appeared regularly at North Korean trade fairs in recent years. Two Italian entities, OTIM Spa – a freight-forwarder previously embroiled in sanctions activity – and Unjong Gasparucci J.V. Co. LTD – a DPRK-Italian joint venture – were present at North Korean trade fairs in 2017. The implementation report also said that Italy is monitoring the activities of North Korean workers operating in the country. “The competent authorities in Italy are closely monitoring the few work authorizations granted prior to the adoption of resolution 2375 (2017) in order to ensure conformity with paragraph 17 of the resolution,” the report reads. Paragraph 17 states that member states shall not provide work authorizations to North Koreans unless approved of by the 1718 Committee on a case-by-case basis in advance, or if the contracts for the DPRK nationals were finalized prior to the adoption of the resolution. While the report does not state in what sectors the North Koreans are operating, it would likely include several North Korean footballers currently playing professionally in the country. While Pyongyang maintains an embassy in Rome, Italy has recently applied diplomatic pressure on the DPRK, announcing its intent to expel the North Korean ambassador to the country in October. In a previous implementation report submitted in February, Italy also announced that the acceptance and accreditation of a new Third Secretary, to replace the counselor for political affairs and the current Chargé D’Affaires at the DPRK Embassy in Rome, had been on hold since December 2016.
Source: NK News.Org
New cloud-based technology is popping up everywhere, and the world of fashion and design is no different. Students at the Fashion Institute of Design & Merchandising are getting a new tool to navigate the digital supply chain with Andromeda, the next-generation cloud platform developed by NGC Software, which will be taught in FIDM classes. Andromeda brings together all company departments—from merchandising and product development to sourcing and compliance. FIDM is offering instruction in NGC’s Andromeda solutions in the areas of merchandise product development, apparel industry management, menswear and apparel technical design. The courses will give FIDM students hands-on training in real-world solutions for product development; merchandising, costing and specification; collection design; sourcing and inventory management; quality-control management; production control and planning; market analysis and presentation; and marketing and collection analysis. FIDM students Catherine Aucker, Marina Kim and Ramone Peyton with Mark Burstein “NGC is very passionate about the role that technology plays in the fashion industry, and Andromeda will give FIDM students invaluable training to prepare for leadership roles in our industry,” said Barbara Bundy, FIDM’s vice president, education. Mark Burstein, president of NGC Software, said the fashion industry is going through unprecedented disruption and innovation, and technologies such as Andromeda are critical to helping companies succeed in the new world of retail and fashion. NGC works with several California clothing and fashion companies including Jerry Leigh Entertainment, Manhattan Beachwear, Evy of California, Hybrid Apparel, Topson Downs, Swat Fame, Stony Apparel and Billabong. Last September, Byer California implemented NGC Software’s cloud-based product-lifecycle-management software to improve workflow and standardized product development, providing complete visibility and control from concept to delivery.
Source: Apparel News
ATLANTA — December 21, 2017 — Registration for the 15th edition of Techtextil North America, and the fourth edition of Texprocess Americas is now open. The 2018 events will take place May 22-24 at the Georgia World Congress Center in Atlanta, Georgia. The co-located shows are known for creating a dynamic synergy between industries, and show the largest technical textiles, nonwovens, textile machinery, sewn products and equipment offering in the United States. The events bring together product innovators, industry associations and research institutions to deliver a robust offering of networking and educational opportunities. With 500+ exhibiting companies, international media outlets and pavilions representing Germany, Italy, Taiwan, Belgium, China and Supply Chain USA to name a few, both visitors and exhibitors alike gain exposure to new opportunities and outlets to market their businesses. The co-located events will bring decision makers from all of the major industries that touch technical textiles, sewn products, their equipment and technology together in one place to experience the latest in innovation. Techtextil North America and Texprocess Americas are expected to draw visitors in the realm of top industry executives, buyers, engineers, technical directors, plant managers, product development managers, and more. The 2016 events hosted over 500 exhibitors from 33 countries attracting over 9,000 visitors. “Each year, the co-location of Techtextil North America and Texprocess Americas provides a diverse offering of products, services and technologies that represent the entire value chain for technical textiles and sewn products. We look forward to returning to Atlanta with an expanded show agenda and even more features and networking opportunities for visitors to take advantage of,” said Dennis Smith, President of Messe Frankfurt, Inc.
Program Highlights
Press Tour: During Techtextil North America and Texprocess Americas, organized tours will be conducted to visit exhibitor booths who have submitted exceptional new technologies and products. Photographers and journalists from a variety of trade press will be invited to attend, and follow-up activities facilitated by the Show Team to ensure maximum exposure. Premier Symposia: The highly-acclaimed symposia give attendees the opportunity to listen and learn from industry leaders and subject matter experts as they discuss some of the most pivotal advancements in research and technology and shed light on the current global economic state and its effects across industries. Those who purchase symposium passes will attend sessions on today’s hot topics including smart textiles, advancements in nonwovens, new technology and its integration across industries, manufacturing and reshoring, cutting and sewing floor innovations, testing and regulatory expectations, and more. Graduate Program: A must visit show floor attraction is the annual Graduate Student Poster Program Posters. Graduate students from around the world will have a platform to share their research findings with peers and potential employers/sponsors. Students have the ability to present their research in front of a captive audience during the three days of Tech Talks, which will be located on the floor of each show. Networking Reception: For the first time in show history, Techtextil North America and Texprocess Americas will hold a joint reception open to both exhibitors and visitors. With the goal of encouraging more networking and business interactions across shows, the reception will take place on the evening of Wednesday, May 23rd and provide ticketholders with food, drinks and entertainment. Tickets are currently available as an add-on to all registration types, and will be available for purchase on-site for an increased price. Early bird registration is $50 for a 3-day exhibition hall pass and $450 or $600 for a 1 or 2 day symposium pass until May 20, 2018. Visitors are encouraged to register in advance to ensure minimal wait times on-site for their badge. Networking Reception does have a capacity limit, so all parties are encouraged to purchase tickets in advance.
Source: Messe Frankfurt, Inc.
Textile factory owners want to import high-speed furnace oil with exemption of all duties and taxes to run their captive power generation units which they say are suffering from a severe shortage of gas supplies. Bangladesh Textile Mills Association in a letter last month sought government approval for allowing them to import the fuel oil. In the letter, they have complained that they are not getting adequate gas supplies while the price was raised by more than 222 per cent in the past two years. The government now supplies less than 2,700 million cubic feet of natural gas per day against an overall demand for more than 3,700 mmcfd. The association has requested the government to rationalise its policy for captive power generation units at textile factories with duty-free furnace oil imports, a facility rental power suppliers have been enjoying since 2012. The association says that power generation costs Tk 11 per unit or kilowatt-hour using furnace oil supplied by the state-run Bangladesh Petroleum Corporation at Tk 42 per litre. It claims that the cost will come down to Tk 6.50 per unit if the captive power unit owners are allowed duty-free imports. The association vice-president, Mohammad Ali Khokon, told New Age on Tuesday that they were yet to get any response from the government. Inadequate supplies of gas and electricity, coupled with their frequent price hikes, have put the entire textile industry in serious crisis, he says. Khokon complains that the government policies in energy sector have shrunken scopes of value addition to industrial products, particularly textile. The government raised the prices of electricity by 104 to 240 per cent for small to heavy industries between March 2010 and December 2017 without assuring uninterrupted power supplies. Net price of furnace oil was increased by 61.54 per cent, from Tk 26 per litre to Tk 42 in the past few years. The government also suspended providing new gas connections for the captive power generation units leaving the entrepreneurs with no scope for setting up new textile factories or expanding their existing factories, Khokon said. Asked over the issue, state minister for power, energy and mineral resources Nasrul Hamid said that it was for the petroleum corporation to decide the matter. Brushing aside the proposal of the textile factory owners, petroleum corporation’s director operations Mir Ali Reza said that the corporation itself could supply furnace oil at a price less than Tk 10 to Tk 12 per litre if the government withdrew the duties and taxes. Consumers Association of Bangladesh energy adviser M Shamsul Alam said that the government should allow every owner of captive power generation units, particularly those used in the export-oriented industries, to import fuels on their own as it would not affect the local market. The captive power plant owners should have the fuel oil import benefit under a uniform policy instead of dealing the cases individually, he put forth. He also suggested stopping duty-free furnace oil imports by the rental power suppliers as they had been charging extra from the state-run Power Development Board through over-invoicing. Asked why the textile factory owners did not opt for uninterrupted power supply as ‘Q’ consumers, Khokon said that the price of electricity was too high for their business. In 2012, Bangladesh Energy Regulatory Commission created the ‘Q’ consumer group aiming at uninterrupted power supplies to the industries at Tk 14.44 per unit. Not a single consumer has so far applied for such power connection, said officials.
Source: New Age BD.
The US Customs and Border Protection will begin collecting anti-dumping (AD) duties on imports of fine denier polyester staple fibre (PSF) from China, India, Korea and Taiwan. This follows preliminary anti-dumping determinations by the US department of commerce that producers and exporters from the 4 countries are selling merchandise at less than fair value. The amount of anti-dumping duties will be equal to the preliminary anti-dumping margins in each country, and importers will be required to post duty deposits beginning on the date of publication of US department of commerce’s determinations in the Federal Register, in approximately one week. The preliminary anti-dumping margins on fine denier PSF imports from China would range between 63.26 per cent to 181.46 per cent. The duty applicable on import form Jiangying Huahong Chemical Fiber Co. Ltd. will be 63.26 per cent, separate rate companies will be 122.36 per cent, and all other companies including Jiangyin Hailun Chemical Fiber Co., Ltd. will be 181.46 per cent. Likewise, fine denier PSF imports from Indian producer/exporter Bombay Dyeing & Manufacturing Co. Ltd. will attract anti-dumping duty of 21.43 per cent. Import from all other Indian companies, including Reliance Industries Ltd., will attract 2.66 per cent duty. Similarly, fine denier PSF import from two Korean companies—Down Nara Co., Ltd. and Huvis Corporation—would attract anti-dumping duty of 45.23 per cent, while all other companies would attract duty of 35.15 per cent, with the exception of Toray Chemical Korea Inc. which will not attract any anti-dumping duty. For fine denier PSF imports from Taiwanese producer Far Eastern Textile Ltd, the anti-dumping duty would be 48.86 per cent, while all other Taiwanese companies will attract duty of 24.43 per cent, with exception of Tainan Spinning Co. Ltd., which will not attract any anti-dumping duty. These preliminary anti-dumping cash deposit rates for China and India will be applied to fine denier PSF imports from these two countries in addition to the preliminary countervailing duty (CVD) rates calculated for Chinese and Indian subsidised producers/exporters. The affirmative CVD determinations were announced by the US department of commerce on October 31, 2017, and those CVD rates are in effect since November 6, 2017. “We are pleased with the overall strong anti-dumping duty determinations in each of these four cases. The margins support what the domestic fine denier PSF industry has experienced for years – the growing presence of dumped merchandise from China, India, Korea, and Taiwan in the U.S. market,” said Paul Rosenthal, of Kelley Drye & Warren LLP, counsel to the petitioning US producers, namely DAK Americas LLC, Nan Ya Plastics Corporation, America, and Auriga Polymers Inc.
Source: Fibre2fashion.
