The ministry has asked all the commodity boards and the concerned ministries to identify those "support" structures, which are compliant to global trade rules. These support measures could be some schemes or some incentives or it could be infrastructure related. These measures should benefit maximum number of industries," the official said. The ministry has recently released the mid-term review of the current foreign trade policy. "We have started the work now, so that by the time we have to come with the new FTP, we would be ready with the final blueprint as we have to consult finally with the finance ministry," the official added. The five-year foreign trade policy provides guidelines for enhancing exports with the overall objective of pushing economic growth and generating employment. Under the policy, the government announces steps for exporters. Currently, the government has two schemesmerchandise and services export from India scheme. The Finance Ministry has to allocate funds for these schemes. Last month, the government announced incentives worth Rs 84.5 billion to boost exports of goods and services, mainly from labour-intensive sectors. During April-November this fiscal, the country's total merchandise exports grew by 12 per cent to $196.5 billion.
Source: Financial Express
Exporters of goods and services from designated export-oriented units (EOUs) and special economic zones (SEZs) have urged the government to exempt export-centric and employment-generating units from the sunset clause, to boost exports of goods and services from India. In a letter addressed to the Union Finance Minister Arun Jaitley, the Export Promotion Council of EOUs and SEZs said that frequent change in government policies has led to a ‘trust deficit’ in such export promotion zones, affecting fresh investments from domestic and overseas investors.Introduced in 2005, the SEZ Act had attracted huge investments in its initial years. But then, the Congress government levied Minimum Alternate Tax (MAT) and Dividend Distribution Tax (DDT) in 2012. These levies worked as a speed breaker for capital inflows into these zones, which were initially planned to be tax free. “Sudden change in the government policy restricted capital inflow into EOUs and SEZs. After achieving an annual investment inflow of $43.52 billion in 2012-13, there was a slowdown in subsequent years. But, again, during 2016-17, the capital inflow hit a level of $65.27 billion. The investment inflow will jump by leaps and bounds if the government gives us a long-term policy," said Vinay Sharma, Acting chairman, Export Promotion Council of EOU & SEZ. Exports of goods and services slumped to $70.79 billion in 2015-16 after achieving a high of $87.55 billion in 2012-13, but recovered to reach $80.76 billion in 2016-17. Meanwhile, exporters fear that the sunset clause, proposed by the Union Finance Minister, would withdraw all incentives offered currently to export oriented units in SEZs and EOUs by 2020. This means, they would have to pay the same tax a manufacturer or a service provided pays in the domestic tariff area (DTA). “EOUs and SEZs have made available all the facilities required for setting up of a business unit including infrastructure, customs house and banks within the notified area. Also, SEZ Act has also mentioned an exit clause for units. Even foreign investors can approach us to have all facilities in place without any hurdles. But, we require a stable policy from the government to retain investors’ trust," said Sharma. Meanwhile, import of goods into SEZs or EOUs either from overseas or from the DTA attract nil duty. But, exports to DTA from SEZ attract the effective rate of duty. However, exports to overseas are duty-free. The implementation of goods and services tax (GST), however, has worsened business environment in the SEZs and EOUs, as units outside these notified areas do not want to sell their goods to the units within. This is because manufacturers inside these zones are required to either purchase goods with applicable GST from buyers or pay the levy from their own books. Sellers outside the EOUs and SEZs do not want to claim input credit under GST, as it blocks working capital for months. This is why SEZs and EOUs business has been badly affected under the GST regime, said Sharma. Currently, goods exported from SEZs attract nil duty while services suffer 18 per cent.
Source : Business Standard
NEW DELHI: With an aim to boost job creation and lift sagging exports, the textile ministry is expecting the finance ministry to clear Rs 170-crore special package for the knitwear sector at the earliest. "The idea is to make the domestic manufacturers more competitive. This is an employment-intensive sector so any effort to boost investment will result in job creation," a top textile ministry official said. The official said that the consultation between the textile and finance ministry is currently stuck on the issue of the monetary resources needed for the package, amounting to around Rs 170 crore. He said the package will be announced as soon as the finance ministry gives its go-ahead, as no Cabinet approval was needed for the proposal entailing less than Rs 200 crore.
The move comes in the backdrop of the reforms announced by the government for generation of one crore jobs in the textile and apparel industry over next three years. The textiles ministry had earlier rolled out similar plans for the apparel as well as the made-ups, which includes towels and decorative cotton products etc. "We have given it to apparel and made-ups, knitwear is also a finished product, so its natural that a package for it is being finalised," said the official. The knitwear industry, which mainly comprises small and medium enterprises, was left out in the earlier scheme of things. Exporters believe that the package can ease the pain especially after the goods and services tax rollout.
Source: The Economic Times
There has been an increase in Textile & Apparel (T&A) exports in November 2017 after witnessing decline since May last year. Based on data published by Directorate General of Commercial Intelligence and Statistics (DGCIS), after a brief period of decline in Textile & Apparel (T&A) exports including handicraft exports every month beginning May, June, July & October 2017, it can be observed that there is a turnaround in T&A exports, with a 20% increase in November, 2017 over October, 2017," said an official release. The 20% overall increase in T&A exports is marked by an increase of 24% in Readymade Garments, 24% in Cotton, 9% in Man Made Textiles, 17% in Silk Products, 28% in Handloom products, 11% in Carpets and 10% in Jute Products. Meanwhile, the exporters to USA have been asked to continue filing SPI ‘A’ for possible future reimbursement of duty paid on items under GSP. India exports a large number of item, duty free, under the ‘Generalised System of Preference’ (GSP) of USA. As the present GSP system has expired on 31st December, 2017, exporters have to pay normal duty for items which were under GSP. The largest export from India Ready Made Garments (RMG) gets about 10% duty concession under USA GSP and till the system is reintroduced, cost of the landed goods, in USA, will surely be increased to that extent. Talking to KNN, Animesh Saxena, said, "In the past also GSP was temporarily suspended but was re-introduced, so Indian exporters may temporarily carry the extra cost due to GSP withdrawal without increasing the landed cost of Garments." However, in the opinion of another expert on foreign trade, the situation appears to be bleak. The Trump administration is quite unpredictable and if the GSP is not introduced, Indian exports to USA will be priced out by other countries, mentioned the experts. He also mentioned about the shortage of working capital the MSME exporters will face even if they want to carry the cost due to GSP withdrawal. Government should come out with specific guidance / package to MSME exporters of items like RMG, to bear the shock of GSP withdrawal. (KNN Bureau)
Source: Knn India
SURAT: Power loom weavers in the country's largest man-made fabric (MMF) industry in the city are planning to file a complaint against yarn spinners before the standing committee on anti-profiteering and state-level screening committee under Anti-Profiteering Rules, 2017, of Goods and Services Tax(GST) Act for not passing on the benefits of tax rate reduction and increasing yarn prices by almost Rs 8 per kilogram in the last 10 days. Power loom sector leaders said the front and second line spinners have gone on a spree to increase prices of yarn, which is the main raw material for power loom weavers. The price hike has come even as there is a subdued demand for polyester fabrics across the country and exports are dwindling. In the last 10 days, the spinners have increased yarn prices by almost Rs 8 per kilogram in various qualities. The spinners said the reason for price hike was crude oil prices had gone up in the international market. Last month, the spinners had increased yarn prices by almost Rs 50 per kilogram in nylon filament yarn and Rs 20 in other categories, giving a tough time to power loom weavers. Pandesara Weavers Cooperative Society Limited president Ashish Gujarati told TOI, "GST on yarn has been reduced from 18 per cent to 12 per cent. Instead of passing on the benefit of rate reduction to weavers, the spinners have increased yarn prices in the last 10 days. The price hike phenomenon is going on since GST was implemented on July 1. We have decided to file a complaint against yarn spinners before the standing committee on anti-profiteering and state-level screening committee." Member of Federation of GujaratWeavers' Association (FOGWA) Mayur Golwala said, "The government must come out with stringent rules against companies indulging in profit-making and not passing on benefit of rate reduction under GST. It is difficult for power loom weavers to operate in such an environment where they have to pay 5 per cent GST on fabric and purchase yarn on increased price."
Processors hike job work charges
Textile processors in south Gujarat, including Surat, have unanimously decided to increase job work charges between 10 and 15 per cent following increase in costs of chemicals, dyes, coal, fuel and labour. The decision to this effect was taken at a meeting convened by South Gujarat Textile Processors' Association (SGTPA) on Friday, where around 100 members from different industrial areas participated. The hike in job charges will come into effect from February 2018.
Source: The Times of India
Shares of Surat Textile Mills Ltd. (SURATEX.BO) have seen the needle move -0.79% or -0.05 in the most recent session. The BSE listed company saw a recent bid of $6.31 on 25832 volume. At times, stock market volatility can wreak havoc on investors. When the market becomes highly volatile, investors may get the jitters and think they need to rush to action. In the heat of the moment, it can be tricky to see the clear skies in the distance. Investors may be best served at times to just let the cards fall where they may and not try to be a hero and drastically change the portfolio. Following a solid plan may allow investors to lay off the gas when times get tough. If the research is well done and the plan is in place, sticking to the plan might be the call. Of course nobody wants to see a significant drop in the value of stocks that they own. Being able to see the overall picture when the markets become turbulent may allow the investor to move forward with confidence. Digging deeping into the Surat Textile Mills Ltd. (SURATEX.BO) ‘s technical indicators, we note that the Williams Percent Range or 14 day Williams %R currently sits at -87.22. The Williams %R oscillates in a range from 0 to -100. A reading between 0 and -20 would point to an overbought situation. A reading from -80 to -100 would signal an oversold situation. The Williams %R was developed by Larry Williams. This is a momentum indicator that is the inverse of the Fast Stochastic Oscillator. Investors are paying close attention to shares of Surat Textile Mills Ltd. (SURATEX.BO). A popular tool among technical stock analysts is the moving average. Moving averages are considered to be lagging indicators that simply take the average price of a stock over a specific period of time. Moving averages can be very useful for identifying peaks and troughs. They may also be used to help the trader figure out proper support and resistance levels for the stock. Currently, the 200-day MA is sitting at 5.22, and the 50-day is 5.94. Surat Textile Mills Ltd. (SURATEX.BO) currently has a 14-day Commodity Channel Index (CCI) of -97.42. Active investors may choose to use this technical indicator as a stock evaluation tool. Used as a coincident indicator, the CCI reading above +100 would reflect strong price action which may signal an uptrend. On the flip side, a reading below -100 may signal a downtrend reflecting weak price action. Using the CCI as a leading indicator, technical analysts may use a +100 reading as an overbought signal and a -100 reading as an oversold indicator, suggesting a trend reversal. The RSI, or Relative Strength Index, is a widely used technical momentum indicator that compares price movement over time. The RSI was created by J. Welles Wilder who was striving to measure whether or not a stock was overbought or oversold. The RSI may be useful for spotting abnormal price activity and volatility. The RSI oscillates on a scale from 0 to 100. The normal reading of a stock will fall in the range of 30 to 70. A reading over 70 would indicate that the stock is overbought, and possibly overvalued. A reading under 30 may indicate that the stock is oversold, and possibly undervalued. After a recent check, the 14-day RSI for Surat Textile Mills Ltd. is currently at 48.36, the 7-day stands at 38.08, and the 3-day is sitting at 21.34. Another technical indicator that may be a powerful resource for determining trend strength is the Average Directional Index or ADX. The ADX was introduced by J. Welles Wilder in the late 1970’s and it has stood the test of time. The ADX is typically used in conjunction with the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI) to help spot trend direction as well as trend strength. At the time of writing, the 14-day ADX for Surat Textile Mills Ltd. (SURATEX.BO) is noted at 18.00. Many technical analysts believe that an ADX value over 25 would suggest a strong trend. A reading under 20 would indicate no trend, and a reading from 20-25 would suggest that there is no clear trend signal.
Source: Claytonnews
The switch, triggering penalty payments by traders, has left cotton buyers in leading markets like Bangladesh, Vietnam and China seeking to make up shortfalls by tapping suppliers in the United States, Australia and Brazil, said association head Atul Ganatra. Indian cotton traders have cancelled contracts to export some 400,000 bales of the fibre after a rally in domestic prices and the rising rupee made overseas sales unattractive, the president of the Cotton Association of India told Reuters. The switch, triggering penalty payments by traders, has left cotton buyers in leading markets like Bangladesh, Vietnam and China seeking to make up shortfalls by tapping suppliers in the United States, Australia and Brazil, said association head Atul Ganatra. The cancellations and higher local prices could cut India's exports to 5 million bales, each of 170 kg, in the 2017/18 marketing year started on Oct. 1 - nearly a quarter below an initial estimate, Ganatra said. Prices surged more than 15 percent in the past six weeks after pest infestations squeezed supplies in the world's biggest producer of the fibre. "Some exports contracts for Bangladesh, Vietnam and China could not be fulfilled due to the sudden rise local prices," Ganatra said. He didn't identify the traders who cancelled export deals in moves confirmed by six dealers contacted by Reuters. After hurricanes raised doubts about the supplies from top exporter U.S. late last year, Indian traders signed a flurry of contracts. Indian traders have so far shipped 1.5 million bales of the 2.5 million bales contracted since Oct. 1, when the current year began, dealers said. Last year India exported 5.8 million bales of cotton. The country's traders are offering cotton to Asian buyers at around 87 cents per pound, including cost insurance and freight, nearly 4 percent more than rival supplies from the U.S., the dealers said. But India has struggled to keep supplies steady after infestations of pests like pink boll worms cut output, lifting domestic prices to 87 cents per lb. Also, the Indian rupee recently rallied to its highest level in 30 months, further slashing exporters' margins and making it difficult for most merchants to stick to their export commitments, said Vinay Kotak, a director at Kotak Commodities, a Mumbai-based brokerage. Depleting supplies from India have also led to a shortage in the global market, lifting international prices to their highest level in 3-1/2 years - and helping the United States, Brazil and some other key suppliers increase their market share, especially in Asia. "The mills have to go somewhere else to import cotton," said Peter Egli, director of risk management at British merchant Plexus Cotton. "They will come to the U.S., West Africa, and later to Australia and Brazil. Those are the main origin points." The U.S. has committed to sell 678,720 bales of cotton to Bangladesh so far this season, more than double the quantity sold a year earlier, according to the U.S. Department of Agriculture. Bangladesh had emerged as a big buyer of Indian cotton thanks to competitive prices and lower freight costs, sourcing nearly half of its annual import requirement of 7 million bales from India. "But now we are in trouble, as many of our contracts with India got stuck over a sudden jump in prices," said Muhammad Ayub, finance director at the Bangladesh Cotton Association.
Source: Moneycontrol.com
After a huge uproar over the loss to the standing crop, in the winter session of the state legislature, agriculture minister Pandurang Fundkar had announced a relief package for the calamity-hit farmers. Cotton farmers in Maharashtra were hit by a pink bollworm attack that reportedly affected one crore quintal of cotton. (HT File) Although the state government announced a compensation of Rs30,800 per hectare to cotton farmers hit by the pink bollworm attack, agriculture department officials and experts have called the move an eye wash, claiming the cotton growers are now unlikely to get even half the compensation. After a huge uproar over the loss to the standing crop, in the winter session of the state legislature, agriculture minister Pandurang Fundkar had announced a relief package for the calamity-hit farmers. The state estimates that 34.39 lakh hectares of the total 41 lakh-hectare area under cultivation, in more than 20 districts of the state, was affected by the attack. The package comprises insurance cover of Rs8,000 per hectare, a compensation of Rs6,800 per hectare under the National Disaster Response Fund (NDRF) and Rs16,000 per hectare out of the recovery from the seed companies. “The state has sought the Centre’s help for Rs2,430 crore under the National Disaster Relief Fund (NDRF), but the Centre never approves 100% of the demand. In that case, the state would not be able to compensate the farmers the contribution announced under the fund. It has also said it will compensate Rs8,000 per hectare under insurance cover, but most of the farmers are unlikely to be eligible as their first two pickings have registered excessive produce,’’ said a senior official. Farmers are eligible for insurance only if the loss is for more than 30% of the total yield and in many cases the farmers have produced more than 70% yield. Similarly, the recovery from seed companies under the Maharashtra Cotton Seeds Act, 2009 ,owing to the failure of seeds is difficult. “Companies have moved the court against our claims of Rs1.51 crore in 2015 and Rs34 lakh in 2016 on technical grounds. This time the claim is higher and the companies are unlikely to concede,” he said. Farm expert Vijay Jawandhia pointed out, “Losses are being calculated for insurance cover at the block level, which means no actual losses are being ascertained. Moreover, seed companies never accept the failure of their seeds. They have already put the blame on the company to which they pay royalty for the BT seeds.’’ He said that farmers have sustained losses of 1 crore quintals of cotton this year. “We have received 10 lakh applications for the compensation. Once the surveys are completed, in 15 days we will ascertain the compensation under the NDRF and insurance. The process of recovery from the seed companies has already begun. We will compensate maximum percentage of the amount declared,” said Fundkar.
Source: Hindustan Times
Kolkata, Jan 14 (UNI) Under the Trinamool Congress Government, during the last six years, the micro, small and medium enterprises (MSME) sector in Bengal has seen a remarkable turnaround. In an effort to further cement the leading position of the state, the government will showcase Metiabruz in western Kolkata as a hub for readymade garments in a big way at the Bengal Global Business Summit (BGBS) 2018. This is expected to give a big boost to the MSME sector. MSME and textiles have been major focus areas of Bengal in various business summits, including in BGBS. The 2018 edition of BGBS will be the fourth edition of this highly successful global business summit, initiated by Chief Minister Mamata Banerjee.
Source: UNI
The import of textiles and apparel by United States increased slightly by 1.24 per cent in the first eleven months of 2017. The total value of imports stood at $98.375 billion, compared to imports valued at $97.174 billion in the corresponding period of the previous year. Apparel constituted the bulk of these imports valued at $74.720 billion, while non-apparel imports accounted for the remaining $23.654 billion. China continued to be the largest supplier of textiles and clothing items to the US market. The US imports from China were valued at $35.987 billion, accounting for 36.48 per cent share of all textile and garment imports made by the US during January-November 2017, according to the Major Shippers Report (November 2017 data), released by the US department of commerce. Vietnam, India, Bangladesh and Indonesia were the next four top suppliers of textiles and garments to the US, with goods valued at $11.318 billion, $6.921 billion, $4.923 billion and $4.445 billion, respectively, during the eleven-month period, the report showed. Segment-wise, among the top ten apparel suppliers to the US, only Vietnam, India, Mexico and Sri Lanka were able to increase their exports by 7.42 per cent, 2.19 per cent, 5.84 per cent and 0.26 per cent year-on-year, respectively. On the other hand, imports from Bangladesh registered a decline of 4.30 per cent compared to the same period of the previous year. In the non-apparel category, among the top ten suppliers, Mexico, Turkey and Vietnam registered a double-digit growth of 12.54 per cent, 15.10 per cent and 16.66 per cent year-on-year, respectively. Imports from Canada, Korea, and Taiwan dropped by 4.88 per cent, 3.21 per cent and 3.35 per cent to $643.159 million, $587.306 million and $418.553 million, respectively. Of the total US textile and apparel imports of $98.375 billion during the period under review, cotton products were worth $42.527 billion, while man-made fibre products accounted for $50.507 billion, followed by $3.752 billion of wool products and $1.587 billion of products from silk and vegetable fibres. In 2016, the US textile and apparel imports had declined by 6.44 per cent year-on-year to $104.722 billion, with apparel alone accounting for $80.713 billion.
Source : Fibre2fashion
Textile and apparel exports from the South American nation of Peru increased by 5.7 per cent in the first eleven months of 2017, according to data from PromPeru, the country’s exports and tourism promotion board. During January-November 2017, Peru exports textiles and clothing valued at $1.153 billion compared to exports of $1.090 billion in same period of 2016. The increase in exports was mainly due to higher shipments of combed fine alpaca hair, which grew from $32.574 million in January-November 2016 to $68.271 million in the same period of last year, registering a growth of 109.5 per cent, the data showed. Cotton t-shirt exports expanded 13.5 per cent to $135.021 million in January-November 2017, as against exports of $118.931 million in the comparable period of 2016. Likewise, innerwear exports too grew by 17.1 per cent from $48.940 million in first eleven months of 2016 to $57.340 million in the same period of 2017, according to PromPeru. Wool yarn exports rose 10.5 per cent during the period under review, while knitted cotton shirt shipments were up 10.4 per cent year-on-year. In terms of export destinations, nearly 50 per cent or $571.919 million worth of textiles were supplied to the US during January-November 2017, showing a growth of 3.2 per cent over $554.047 million exports during the comparable period of the previous year. Peru’s textile and garment exports to Brazil and Ecuador were up 19.5 per cent and 18.6 per cent respectively during the period under review to $51.333 million and $57.070 million. Shipments to Bolivia, Chile and Argentina too grew by 8.2 per cent, 7.3 per cent, and 6.3 per cent, respectively. Textile and apparel constitute less than 3 per cent share in total Peruvian exports.
Source : Fibre2fashion
The government yesterday formed a wage board that will recommend a minimum salary scale for the country's 3.6 million garment workers within six months. Md Mujibul Haque, state minister for labour and employment, announced the formation of the board at his secretariat office in Dhaka. The constitution of the board aims mainly at averting labour unrest. Massive demonstrations by hundreds of workers in Ashulia and Savar in December 2016 for a wage hike prompted nearly 100 factory owners to shutter their production units. The factories were reopened after a negotiation with the labour ministry and trade unions. “We want the minimum wage to be set at Tk 16,000 or $200 as the prices of basic commodities like rice went up abnormally in the local market,” says Nazma Akter, president of Sammilito Garment Sramik Federation, a garment workers' rights group. Akter, the workers' representative to the 2006 board, said rice prices went up to Tk 60 and above. House rent also increased a lot earlier. “So, we want a big hike now.” Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said two workers' rights groups submitted proposals to the BGMEA in writing for taking measures to form the wage board two months ago. “We immediately suggested that the government form the board to increase the salary of workers,” he told The Daily Star over phone. The BGMEA sent a proposal to form the wage board to the labour ministry in August last year. A four-member permanent wage board already exists. Whenever a board is announced afresh, two additional members representing owners and workers are usually included. The permanent board is led by Senior District Judge Syed Aminul Islam. The other three members are Kazi Saifuddin Ahmed, labour adviser to the Bangladesh Employers' Federation (owners' representative); Fazlul Haque Montoo, executive president of Awami League's workers front Sramik League (workers' representative); and Kamal Uddin, a teacher of the University of Dhaka (independent member). The state minister appointed Begum Shamsunnahar, women affairs secretary of Awami League, as workers' representative, and Rahman of the BGMEA as owners' representative as the new members. The minimum wage was last fixed at Tk 5,300 in 2013, up from Tk 3,000 in 2010, Tk 1,662.50 in 2006, Tk 940 in 1994 and Tk 627 in 1985.
Source: The Daily Star
RENEWED CHANCE: Taiwan used to be a large supplier to India with a 12 percent market share in 2012, but last year its share fell to 7.18 percent. India has recommended withdrawing anti-dumping duties on imports of nylon filament yarns from Taiwan and five other nations, the Ministry of Economic Affairs said on its Web site on Thursday. The Indian government has since 2006 imposed an anti-dumping tax ranging from US$0.31 per kilogram to US$0.54 per kilogram on Taiwanese companies’ nylon filament yarn exports. India has also imposed similar tariffs on the yarn — which is used in a wide range of clothing and textiles — from China, Malaysia, Indonesia, Thailand and South Korea, the ministry said.
WINDING DOWN
Taiwan last year was the fifth-largest nylon filament yarn supplier to India, after China, Vietnam, South Korea and Malaysia, ministry data showed. China remained the largest exporter of the product to India with a 28.29 percent market share, while Vietnam and South Korea held 21.34 percent and 9.24 percent respectively. Taiwan last year sold only US$28,097 worth of nylon filament yarn to India for a 7.18 percent market share, compared with exports of US$43,956 with a 12 percent share in 2012, ministry data showed. In light of India’s withdrawal of the anti-dumping duties, Taiwanese nylon filament suppliers could expand their presence in the Indian market, the ministry said.
In the first 11 months of last year, Taiwanese companies sold synthetic fiber valued at US$1.06 billion to overseas customers, with a total shipment of 404,417 tonnes, according to data compiled by the Taiwan Textile Federation.
Source: Taipei Times
SIALKOT-The Pakistan Hosiery Manufacturers and Exporters Association (PHMEA) expressed concerns over increasing taxes on the import of polyester yarn as the industry produces polyester-made garments.PHMEA Central Chairman Dr Khurram Anwar Khawaja said the government had recently imposed a 5 percent regulatory duty on the import of polyester yarn with an average 7% antidumping duty. The total duty and taxes including antidumping on polyester yarn regulatory duty, antidumping and other taxes account for 30% which make the polyester-based sportswear industry more expensive to compete with the international market, he added. He further said that sportswear industry of Sialkot was directly affected by these duties on the polyester yarn. He said that Sialkot is the fourth largest economic centre of the country and the second city earning valuable foreign exchange for the country regarding per capital income. Sialkot is also among the biggest manufacturers of the world, he said. He said major local manufacturers only draw texturised yarn which is texturized (semi dull) and they don't manufacture polyester fully drawn yarn but the antidumping duty is also imposed on the FDY which is not locally manufactured and as per the antidumping law it cannot be imposed on the product that is not locally manufactured. He demanded that government abolish all the duties and taxes imposed on the polyester yarn so that the sportswear manufacturers and exporters could compete with the international market and earn foreign exchange for the country.
Source: The Nation
Zipper manufacturer SBS Zipper has made it to the 2017 National Technological Innovation Demonstration Enterprises list announced by the Chinese ministry of industry and information technology and the finance ministry. The title was bagged for dynamic management that is reviewed triennially to encourage firms' sustainable technological innovation capacities. SBS has been applying innovative transformational technologies, and 213 utility model patents as well as 104 invention patents have been acknowledged, said the Jinjiang-headquartered company in a statement. The company has also worked on 60 collaborative efforts with colleges, universities and scientific research institutes for exchange of ideas, coming to an agreement on over 30 cooperative projects. The company claims to be a pioneer in development of new products and techniques and application of novel materials and research into new types of devices.
Source: Fibre2Fashion
The U.S. Attorney’s Office for the Northern District of Georgia has reached a settlement agreement with textile importer American Dawn, Inc. and its executives Habib Rawjee, Mahmud Rawjee, and Adnan Rawjee (collectively, “American Dawn”) to resolve False Claims Act allegations that American Dawn intentionally misclassified goods imported into the United States in order to pay lower tariff rates. American Dawn agreed to pay $2,338,879 to resolve these allegations.“Importers have an obligation to correctly classify imported goods for tariff purposes,” said U.S. Attorney Byung J. “BJay” Pak. “American Dawn falsely classified goods which gave them an unfair advantage over other similarly situated importers. Their actions caused them to pay high damages and penalties under the False Claims Act.”“Trying to profit by falsely claiming imported products are of a lower value than they are is a costly risk,” said ICE HSI Atlanta Acting Special Agent in Charge Gregory Wiest. “Companies are required to properly identify imports and pay the appropriate tariffs.”“This settlement agreement is another example of CBP’s day to day collaborative efforts between U.S. Customs and Border Protection Officers at ports of entry, Import Specialists with the Centers of Excellence and Expertise, and Immigration & Customs Enforcement Homeland Security Investigations to protect the American public and the U.S. economy.” said Donald F. Yando, Director, Atlanta Field Office U.S. Customs and Border Protection. The U.S. Attorney’s Office initiated an investigation after a former employee of American Dawn filed a qui tam, or whistleblower, complaint in the Northern District of Georgia under the False Claims Act. The False Claims Act permits a private individual, called a relator, to sue on behalf of the government for false claims and to share in any recovery. The relator in this case alleged that American Dawn intentionally misclassified certain textiles, such as bath towels and shop towels, as polishing cloths in order to pay a lower tariff rate. The U.S Attorney’s Office, in conjunction with agents from the Atlanta offices of U.S. Customs and Border Protection and the Department of Homeland Security, investigated the allegations and determined that American Dawn had misclassified several categories of goods. These misclassifications resulted in American Dawn paying lower than appropriate tariffs on numerous imports. As a result of the whistleblower suit and the government’s investigation, American Dawn has agreed to pay $2,338,879. The relator will receive approximately 17% of this settlement. Assistant U.S. Attorney Emily Shingler is representing the United States in this matter. The claims resolved by this settlement are allegations only, and there has been no determination of liability. For further information please contact the U.S. Attorney’s Public Affairs Office atUSAGAN.PressEmails@usdoj.gov(link sends e-mail) or (404) 581-6016. The Internet address for the home page for the U.S. Attorney’s Office for the Northern District of Georgia Atlanta Division is
Source: Coosa Valley
