The prices of polyester yarn have increased about 12-15 per cent in the last 3 months, adding to the woes of the crisis-ridden textile industry of Surat. The yarn prices increased by 6-8 per cent in the past month itself. The demand for fabric is currently low and is not expected to pick up pace before the festival season that will begin a few months later. A meeting of powerloom cooperatives of Surat and job workers was held recently and it was proposed that the number of daily operating shifts will be reduced from 3 to 2. This will lead to a fall in production. A fall in the third of the total production of synthetic fabric was also witnessed in Surat after GST was imposed. The cooperatives will now work in 2 shifts of 8 hours or 6 hours each, leading to a one third cut in production, a top English daily reported. Weavers’ cooperatives and job workers will cut one shift as the slowdown in yarn weaving and fabric production will result in less processing work for job workers. Moreover, synthetic fabric attracts 5 per cent GST, whereas yarn has 12 per cent GST, thus making it difficult for power looms to claim full GST of yarn when selling fabrics. This will cause a high amount of unused tax to remain in the books. It was decided at the meeting that they will ask for refund of the unused tax credit from the finance ministry, said a person who attended the meeting. Recently, textile processors in Surat also decided to hike their job charges for processing all types of finished fabrics by ₹2 per metre due to rising costs of dyes, chemicals, coal and textile workers’ wages.
Source:Fibre2Fashion
Indian textile and clothing exports continue to register positive growth. In 2017, India remained the world‘s leading cotton yarn exporter, with a global market share of 25%. The Southern India Mills‘ Association (SIMA), based in Coimbatore, India, released data for textile and clothing exports from India for 2017, showing that India‘s textiles and clothing exports grew about 5.37%, which was higher than the global growth rate of 3.94%. Indian textile and clothing exports reached US$37.4 billion in 2017 compared to US$35.5 billion in 2016. In a telephone interview, Dr. K. Selvaraju, SIMA secretary general, noted that the future of the Indian textiles sector is good, even amidst challenges. The goal is to move towards more value addition. Tamilnadu is strong in spinning, contributing 47% of total yarn production in India. Selvaraju stated that this is also evident in the strong membership of SIMA, with about 700 members representing the entire value chain from ginning to finished goods sector. The Coimbatore district in Tamilnadu has about 7.2 million ring spindles and 100,000 rotors – much higher than those available in the northern states of Gujarat and Maharashtra. The contribution of Tiruppur and Coimbatore districts in Tamilnadu accounts for about 70% of total cotton knitted goods production in India. Dr. Seshadri Ramkumar is a professor in the Department of Environmental Toxicology and The Institute of Environmental and Human Health at Texas Tech University.
Source: Cotton Grower
Geneva: The US wants to capture the Indian market for dairy products and medical instruments, while preparing the ground to discontinue benefits of around $6 billion for Indian textiles and leather products under the generalized system of preferences (GSP) scheme, according to people aware of the development. India, which is largely self-sufficient in the production of dairy products following the Operation Flood‖ and White Revolution‖ launched by Varghese Kurien in 1970, is now the prized target for American dairy products for the Trump administration, said a trade analyst, who asked not to be identified. The US also remains determined to increase its exports of high-end medical equipment to India, the analyst said. Both dairy and medical equipment are top priorities for the US in the Indian market,‖ the analyst said last week. Given the large size of the India dairy market due to growing demand from the middle classes, the US reckons that India can be a lucrative destination for its dairy sector. Also, India‘s increasing disease burden as well as the rapid privatization of the health sector offers a huge market for American medical equipment makers, the same analyst said. Despite its ambitious drive to turn India into a win-win destination for American dairy products and medical equipment, the US is in no mood to relent on its current hard line positions to terminate benefits offered to the Indian textile and leather exports under the GSP scheme. The developing and the least-developed countries are allowed to export textiles, leather and other products on a preferential tariff framework by industrialized countries on an MFN (most-favoured-nation) basis that requires all partners be treated on an equal footing. The donor countries the US, the European Union (EU), and Japan, among others want to discontinue the MFN framework that would allow equal treatment for all countries for GSP benefits and introduce differentiation‖ wherein they will decide which countries can avail of GSP benefits on their conditions. In a separate development, India signalled to the US at the World Trade Organization (WTO) on Friday that New Delhi may impose trade retaliatory measures to the tune of $165.56 million on a range of sensitive American farm products from 21 June if the Trump administration makes its controversial duties on steel and aluminium products from India permanent. The US enacted tariffs of 25% on steel and 10% on aluminium against all countries, invoking national security considerations. Several countries China, the EU, India, Russia, and Thailand, among others- called upon the US to enter into safeguard consultations. The US, however, rejected the calls from China, the EU, India, and other countries. In a four-paged notification filed with the WTO‘s Council for Trade in Goods, India notified the US that it proposes to suspend concessions and other obligations to the US on a range of American agricultural products due to the steel and aluminium safeguard duties. India said the US‘s duties amount to definitive safeguard steps despite the US‘s rejection that measures imposed under security considerations are not safeguard duties. India believes the measures taken by the US are not consistent with its obligations under the relevant provisions of the GATT 1994 and Safeguards Agreement.‖ India said its proposed additional duties on American products will come into effect on 21 June in case the US decides to continue the period of application of the measures in accordance with Article 7 of the Agreement on Safeguards. The US said it will decide whether to make the steel and aluminium duties permanent by 31 May. Significantly, India has targeted American walnuts (100% additional duty), cashew nuts and almonds (10%), apples fresh (30%) and several other products between 10% and 20%.The European Union also signalled its intention to impose trade retaliatory measures in case Washington makes the steel and aluminium duties permanent.
Source: The Mint
The government has urged industry players to invest in technical textiles as its market is likely to double to about Rs 2 lakh crore by 2022, a top official said on Tuesday. With growing economy and rising disposable income, the demand for technical textile products is bound to increase, creating lucrative opportunities for investment, said the official. "The size of the Indian technical textiles market is about Rs 1 lakh crore. For the past four years, the sector has been growing at a CAGR of 12 per cent. For the next four, it is estimated to grow at a CAGR of 20 per cent and reach the Rs 2-lakh-crore mark. We want domestic and foreign investors to invest in this sector," said Textile Commissioner Kavita Gupta while interacting with media persons on the sidelines of a roadshow in Ahmedabad, to promote the upcoming 'Technotex 2018' – the international exhibition and conference on technical textiles – to be held at the Bombay Exhibition Centre in Mumbai on June 28-29. Gupta said that the government is also providing incentives to the tune of 15 per cent on capital investments in the sector. Despite this, in a global scenario, the growth in technical textiles is not as encouraging as expected. The per capita consumption of technical textiles in India is 3-4 kg as compared to 30-40 kg per capita in other countries. The government is betting high on Gujarat to fuel the growth in this sector. Chairman of Federation of Indian Chamber of Commerce and Industry (FICCI), Rajiv Vastupal, urged businesses in Gujarat to make the most of the upcoming expo. "This is a unique platform which has made it easy to mobilise investments, forge alliances and JVs, enhance trade, project collaborations, and much more for the Indian manufacturers," said Vastupal. Shailesh Patwari, president of Gujarat Chamber of Commerce and Industry (GCCI), said that India still has to import technical textiles and so it is necessary to increase the capacity within the country.
Source: Daily News Analysis
The Apparel Export Promotion Council (AEPC) has requested union textiles minister Smriti Irani to consider refunding the embedded tax ranging from 4-5 per cent on the industry, as it would fill the gap between reduced drawback and rebate on state levies.The AEPC also requested the minister to raise the issue of Free Trade Agreement with the commerce ministry for further growth of exports since the competitive countries were enjoying the duty-free status, vice-chairman of the council, A Sakthivel said in a press release. Sakthivel, who met Smriti yesterday at her office in New Delhi, thanked her on behalf of the apparel industry for her support and efforts to revive the industry.
Source: Financial Express
New Delhi : Even after 10 months of the Goods and Services Tax (GST) rollout, tax authorities are not in a position to tell which sector or item generates higher revenue and which one lags. The reason for this is the Tax Department has no item or sector-wise tax collection details under the biggest tax reform. Meanwhile, officials under the Central Board of Indirect Taxes and Custom (CBIC, previously known as Central Board of Excise and Custom or CBEC) have started preliminary work on developing software to record item-wise details under GST. “Take the example of services, prior to July 1, 2017 we used to have over 250 heads for recording revenue collection and we used to find which sector is performing well and which is not. As of now we do not have such excel sheet under GST,” a senior Government official told BusinessLine adding that it is really hard to say that tax deposited is from goods or services. GST was introduced on July 1 last year and had subsumed 17 taxes and 23 cesses of both Central and States. According to the official quoted above, lack of item-wise data has its own disadvantage “Earlier, tax details were really helpful for the Government to plan incentive or give a boost to a particular sector. Now for the time being, it is difficult,” the official mentioned.
Different codes
Under the GST regime, every goods or goods category and service or service category has been given a code. For goods, there is HSN or Harmonised System of Nomenclature code, while for services there is SAC or Services Accounting Code. Both these are internationally accepted code and used in the international trade. Trade and industry are required to use two to eight-digit code based on their turnover or nature of the business. Taxpayers whose turnover is above ₹1.5 crore but below ₹5 crore shall use the two-digit code and the taxpayers whose turnover is ₹5 crore and above shall use the four-digit code. Taxpayers whose turnover is below ₹1.5 crore are not required to mention the code in their invoices. For export and import business, the code will have 8 digits.
Return filing
Officials say that reason for not getting item-wise detail lies in the present system of return filing. Explaining this, Saloni Roy, Senior Director with Deloitte India, says that the current return filing system (where GSTR -1 and GSTR -3B are to be filed) provides tax collection information on a consolidated basis. “The current return filing system is unable to throw up tax collections on an item wise/HSN wise basis due to the return formats of GSTR 1 and 3B,” she said. Echoing the same sentiment, Bipin Sapra, Tax Partner with EY India, feels that the tax authorities are unable to process the HSN wise details of revenue collection as today the revenue collection is based on GSTR3B return. GSTR3B return does not include the filing of HSN-wise details of revenue and hence the details are not readily available for collation. The GSTR1 has the details but the same may not match with the figures of GSTR3B, given that HSN is not a mandatory field and there is no validation of the correctness of this data. “Once GSTN comes out with a detailed analysis of GSTR1 data, HSN-wise details may be available. However, GSTR1 does not have the data of actual tax payment through cash and credit for the HSN-wise GST liability of a company,” he said. Meanwhile, Roy expects that it is possible when the new monthly return is introduced, the Government may be able to gather and monitor item-wise tax collections. However, this will be dependent on the format of the new return. The new monthly return format is expected to be in place by the year-end.
Source: Business Line
New Delhi : The Finance Industry Development Council (FIDC) has urged the GST Council to exempt securitisation transactions from the GST levy. There is need for the GST Council to confirm the position about the non-applicability of GST on securitisation transactions, FIDC Chairman Raman Aggarwal told BusinessLine. FIDC is a self regulatory body representing asset-financing non-banking finance companies (NBFCs). Aggarwal pointed out that the erstwhile service tax law had explicitly excluded transaction in money (securitisation) from the purview of service tax. However, the new GST regime is silent on this aspect, he said. “We want the non-applicability of GST to be confirmed for securitisation transactions, just as it was exempted for service tax,” he said. Absence of appropriate clarification from the Government may lead to unnecessary interpretation and litigation, according to Aggarwal. FIDC has now written to the Working Group for GST (Banking, Financial and Insurance Sector) detailing the concerns of the NBFC sector on such transactions. Aggarwal said securitisation is basically a money transaction and one of the modes of obtaining funds by the NBFC for its business purposes. Further securitisation transactions are clearly governed by the RBI regulations and duly monitored. These transactions are simple money transactions, wherein a secured debt is assigned to a Trust/Bank. Thus, it is very similar to actionable claims, according to FIDC. While actionable claims is clearly excluded from the purview of GST, same position needs to be extended to securitisation transactions, the FIDC said.
Source: Business Line
Given how rapidly global oil prices are rising they rose over $6 per barrel (Brent crude) between just April 22 and May 22 and the possibility that the spiral will continue given the Iran sanctions and the concerns over Venezuelan supplies, it is hardly surprising the chorus for an excise duty cut is rising by the day. And while there is no doubt the Opposition is contributing to fanning protests, when Rs 19.48 of the Rs 76.87 per litre retail price of petrol (in Delhi) and Rs 15.33 of the Rs 68.08 per litre diesel price is accounted for by excise duty, it is quite natural to argue that the Centre must cut its taxes. While the central government may just cut rates it did by Rs 2 per litre in October when crude was at around $57 per barrel, and petrol at retail was Rs 70.83 in Delhi, and diesel at Rs 59.07 this is really missing the point. For one, it is important to keep in mind that the central excise rate is an absolute, or specific, number, and does not change when the price of crude goes up or down. VAT rates by state governments, on the other hand, are ad valorem and so states get an unexpected bounty every time crude oil prices rise or the rupee depreciates. An analysis by FE for just four states, from January 1 to May 21, found that states are just raking it in. In the case of Delhi, for instance, the oil/rupee movement has meant that VAT realisations are up Rs 1.4 per litre on petrol and Rs 1.2 on diesel; for Tamil Nadu, petrol VAT is up Rs 1.7 per litre and diesel by a whopping Rs 4.2. As a result, given the daily quantity of petrol/diesel used in these states, Delhi is seeing its daily VAT revenues rising by Rs 1.2 crore and Tamil Nadu by Rs 9.4 crore in comparison with January 1. Surely it is more justified to ask the states to drop their tax rates, more so because their revenues are not going to be impacted—Tamil Nadu, for instance, can drop diesel taxes by over Rs 4 without it making any difference to its budgeted collections. Given how many states the BJP is ruling, either on its own or in an alliance, though, the ball is still probably in prime minister Narendra Modi’s court. It is equally important to retain perspective on why the central government excise rates are what they are today. When the NDA came to power, the economy was quite fragile and, as a result, private investment had dried up significantly, and the central government coffers were also in bad shape. Thanks to the bonanza created by falling oil prices, Modi took a bold decision not to pass it on to users, and used the money to both stabilise the budget as well as to significantly step up government capex. So, road building rose from 4,260 km in FY14 to 9,829 km in FY18 and railway capex from Rs 67,432 crore to Rs 131,000 crore in the same period. Other ambitious plans such as free health insurance for 10 crore families and MSP-based returns for farmers also need budget funding this year. An excise cut along the lines of that made in October will generate a lot of goodwill for the central government but its impact in terms of higher deficits and lower government spending mean that the net impact will be negative.
Source: Financial Express
The Maharashtra government seems to have stepped up its vigil against co-marketing of Bt cotton seeds. The Maharashtra government seems to have stepped up its vigil against co-marketing of Bt cotton seeds. This kharif season, the state government has granted sale licences for 370 varieties of Bt cotton from 42 seed companies. Farmers have been urged to purchase seeds from these companies, top officials of the state agriculture department said. This is fallout of the action taken by the government against co-marketing of brands for Bt cotton seed companies. The brand marketing licences of as many as 74 companies have been scrapped, officials said. The action follows the state‘s decision against co-marketing of brands for Bt cotton seed companies. Selling Bt seeds that are produced in other states under different brand names is termed as co-marketing. A couple of months ago, Maharashtra had made it mandatory for Bt cotton seed companies in the state to submit seed samples, which they wished to sell in the market, to government-approved laboratories for getting them tested in order to obtain sale licenses. MS Gholap, Director of agriculture, inspection and quality control (I&QC) said that seed companies were required to get the DNA and DUS tests done and submit the acknowledgement from the laboratories to the agriculture department for obtaining licences. The step was taken to prevent the sale of illegal varieties in the market, industry observers said. Gholap pointed out that there are three agriculture universities in the state that conducts such tests in addition to the Central Institute for Cotton Research (CICR), Nagpur and National Chemical Laboratory (NCL), Pune. DUS testing is a way of determining whether a newly bred variety differs from existing varieties within the same species (the distinctness part), whether the characteristics used to establish distinctness are expressed uniformly (the uniformity part) and that these characteristics do not change over subsequent generations (the stability part). DNA markers are used for assessing the genetic purity. There are over 150 companies in the market, which include around 65 seed companies. Usually seed companies enter into distribution arrangement with companies to widen their market reach. Nationally, annual seed market for the legally approved varieties is estimated at around 4.5-4.8 crore packets (of 450 gram each) and the area under the fibre crop is around 120 lakh hectares. Maharashtra is targeting 40 lakh hectares for cotton sowing this season and normally some 1,6 crore packets of seeds are required for a season, Gholap said. A major portion of the crop is in Vidarbha, Marathwada and Khandesh pockets of the state. The government had earlier asked the companies to amend their licenses issued for co-marketing as per the permissions granted by the Genetic Engineering
Source: Financial Express
The rupee on Tuesday staged a mild recovery after two sessions of decline and edged higher by 8 paise to end at 68.04 against the U.S. dollar on fresh selling of the American currency by banks and exporters. Weakness in the greenback against other currencies overseas along with a positive closing of local bourses too supported the rupee recovery momentum. The domestic currency on Monday hit a fresh 16-month low of 68.12 amid weak global cues. Overall, forex market sentiment improved amid easing of tensions between the US and China over trade tariff issue. “The rupee rebounded from its previous 16-month low and traded higher against dollar in the morning session on the back of speculation of selling of USD by banks and also as signs of easing tensions between the U.S. and China prompted USD to give away some of its recent gains. However, the rupee’s gains were limited as Brent remained stubbornly close to 80,” Anand James, Chief Market Strategist, Geojit Financial Services, said. Meanwhile, investors turned a bit cautious ahead of the U.S. Federal Reserve’s May policy meeting minutes release on Wednesday even as U.S. bond-yields have stabilised. In the meantime, global crude prices rose towards the key $80 a barrel, underpinned by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply. The Brent crude futures, an international benchmark, was trading higher at $79.79 a barrel in early Asian trade. Reversing a two-day downtrend, the rupee resumed higher at 68.03 against Monday’s close of 68.12 at the Interbank Foreign Exchange (forex) market on fresh dollar unwinding. It later moved in a tight range of 67.92 and 68.09 most part of the day with positive bias before ending at 68.04, showing a gain of 8 paise, or 0.12%.The various measures taken by the RBI in conjunction with the government largely helped in restoring stability to the forex market at this juncture, a forex dealer said. The RBI, meanwhile, fixed the reference rate for the dollar at 68.0187 and for the euro at 80.0716. The yield on the benchmark 10-year government bond maturing in 2028 held steady at 7.81%.The dollar index, which measures the greenback’s value against a basket of six major currencies, was higher at 93.38. In the cross currency trade, however, the Indian unit fell back against the pound sterling to finish at 91.51 per pound from 91.41 and also retreated against the Japanese yen to settle at 61.34 per 100 yens as compared to 61.23 earlier. The home unit remained weak against the euro and closed at 80.34 from 80.10 on Monday. Elsewhere, the common currency euro is trading little higher against the U.S. currency after recovering from overnight fresh 2018 lows amid prospect of a new coalition government in Italy. The British pound also regained some lost ground as markets digest the dovish and cautious remarks from the key Bank of England (BOE) policymakers. In forward market on Tuesday, premium for dollar finished virtually stable in the absence of any market moving factors. The benchmark six-month forward premium payable in September and the far-forward February 2019 contract both settled unchanged at 93-95 and 228-230 paise, respectively.
Source: Financial Express
NEW DELHI: Prime Minister Narendra Modi and Russian President Vladimir Putin have agreed on the necessity of having a non-bloc security architecture in the Indo-Pacific region, according to people aware of the development, even as India is working with the US, Japan and Australia to bring stability for a rules-based order in the region. At an informal meeting in Sochi, the two leaders agreed that amid the current geo-political trends, a new architecture of security and cooperation in the Asia-Pacific region should be based on non-bloc principles, openness and equitable and indivisible security, the persons cited earlier told ET. It is also understood that Modi during his informal summit with Putin also emphasised on Russia's pre-eminent role as a military supplier to India and mentioned India's commitment to fulfil pending defence purchases including S-400 air defence system besides Kamov helicopters and frigates. The two leaders gave directions to technical teams to expedite the processes in keeping with annual summit here later this year. Delhi and Moscow have also decided to hold their maiden strategic economic dialogue in July in St Petersburg to push economic partnership. This will be preceded by visit of Commerce Minister Suresh Prabhu for St Petersburg International Economic Forum. In energy sector LNG will emerge as the next big story, informed persons familiar with developments. and Putin also agreed to a proposed document on fight against extremism, separatism and terrorism, to be signed at the Shanghai Cooperation Organisation (SCO) summit in China next month. "A great deal was said about the trends we observe in the Asia-Pacific region… The trends that can be observed in the Eurasian continent were mentioned precisely in this fashion," Russian Foreign Minister Sergey Lavrov is said to have told reporters in Sochi while highlighting key outcomes from the informal summit. Lavrov, a key Putin aide, was present at the restricted format meeting with the two leaders at the Russian Black Sea resort. While India is engaged with the US and its allies Japan and Australia across bilateral, trilateral and quadrilateral formats to bring stability in the Indo-Pacific region and make it inclusive amid China’s ambitions and BRI (belt and road initiative) projects, Delhi is also engaged with Moscow to make the region multipolar. The two have held dialogues in recent months to share perspective on the Indo-Pacific region and might engage in joint projects in SE Asian nations, including oil exploration in Vietnam. Moscow wants to widen its footprint in the Indo-Pacific or Asia-Pacific region, where the US is present in a big way and has reservations against any bloc in the region. ET has learnt that Russia wants to connect the Indo-Pacific region with its initiatives in the Eurasian region and views India as a key player in that process. Moscow is also exploring expanding partnership with Japan for developing Russian Far East, where China has made deep inroads."The beginning of talks on creating a free-trade zone of the Eurasian Economic Union (EAEU) and India is scheduled for autumn. It is a major Eurasian project, as President Putin once described it. It is an imperative of the course of life. It does not shut the door to anyone and remains open to all countries, which in this fast geopolitical space can cooperate to mutual benefit," Lavrov said. In Lavrov’s opinion, all these processes match well with the current developments within the framework of the SCO and India's and Russia's respective ties with the ASEAN member-states. People in the know said Moscow is paying special attention to develop its ties across SE Asia. EAEU is an economic union of states in Eurasia comprising Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan. Other countries in Eurasia are also in talks to join the EAEU, which seeks to enhance trade with East Asia. From SE Asia, Vietnam, a long-time Russian partner, has signed an FTA with the EAEU. Lavrov also mentioned that Russia and India had discussed other aspects of cooperation in international affairs, including that in the United Nations, the troika Russia-India-China, the BRICS group and the SCO. "Preparations were discussed for the forthcoming SCO summit, due in China’s Qingdao in early June," he said, adding that a number of documents were to be signed at the meeting. India and Russia would pay special attention to fight against extremism, separatism and terrorism in SCO. Lavrov said Russia had reaffirmed his support for the Indian initiative, being discussed in the United Nations for a comprehensive convention on struggle against terrorism."We fully support this initiative," Lavrov said. According to the Russian minister, enhancing economic cooperation was a key part of Modi-Putin informal summit. Apart from that focus was on the energy sector. Russian oil exports to India in 2017 had increased by nearly 10 times. Besides Rosneft and Gazprom, Gapromneft also has plans for India.
Source: The Economic Times
The Yarn Fabric & Accessories Show (YFA) 2018 which runs from August 30th – 01st , September 2018 at Dana Mandi, Bahadur K Road, Ludhiana aims to redefine the way fiber, yarn, fabric and apparel accessories are sourced and bring renowned suppliers from the these four segments closer to buyers and also offer buyers a one-stop place to source all their requirements. Renowned and major textile companies like Bhilosa Industries Pvt. Ltd., RSWM Limited, Sanathan Textiles Pvt. Ltd., J B Ecotex LLP, J Korin, Arvind Limited, Kautilya Industries Pvt. Ltd., Arisudana Industries Limited, GTN Engineering India Limited, Gillanders Arbuthnot & Co. Ltd., Alkey Synthetics Pvt. Ltd., Jingletex Development Co. Ltd. from Taiwan and many others have already signed up to exhibit at the Ludhiana’s first ever exhibition of fibers, yarns, fabrics and accessories and which has already received support from the various associations of the industry. The Indian textile industry is the world’s second biggest industry, while India also has the second biggest population with rising incomes. With rising costs, China is losing its competitiveness, due to which, India is emerging as the next best worldwide alternative to do business in the sector, due to its cost-effectiveness and also demographics. By exhibiting, the YFA show can prove to be a gateway for companies to enter the attractive and lucrative north Indian market and grab a slice of the ever-growing market for textiles and apparels, since the show is taking place in a northern region of India, which is one of the biggest Indian hubs for manufacturing textiles and apparel. The show has attracted attention of Indian textile companies in the textile value-chain, not only from Northern India, but also Southern, Western and Eastern India, which goes to prove the popularity of the show with exhibitors. In order that exhibitors get full advantage during the course of the three-day show, the organizers have also planned several B2B meetings between exhibitors and visitors and also invited business delegations from various parts of the country. Ludhiana and its surrounding area, is the headquarters for several renowned Indian and global apparel brands and also home to Thousand of Knitting spinning and weaving units as well as garment manufacturing units. Top officials, merchandising and sourcing teams from these companies and brands are expected to attend to the show, which will provide exhibitor’s access to the most exclusive buyers ever seen in any other exhibition of this category. The show has already gathered a lot of enthusiasm among the industry. Vision Communications, the organizer, has initiated a 360 degrees integrated marketing and PR campaign to attract the maximum number of genuine visitors. Founder duo of Vision Communications, Abhishek Sharma and Ankur Goel say, “Our aim is to bring producers of world class and multiple varieties of value added fibers, yarns, fabrics and also garment accessories closer to the end-users in LUDHIANA and its surrounding areas (i.e. Panipat, Amritsar, Chandigarh, Ambala, Jalandhar etc.) through YFA 2018.” So, if you are a producer of fibers, yarns, fabrics or clothing accessories, YFA LUDHIANA 2018 is the place to be, whereby, participating in this exhibition will offer a sense of satisfaction never seen before, as a large number of only genuine and serious buyers will be seen visiting the exhibition.
Source: YFA Trade Show
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1409.14 |
USD/Ton |
0% |
5/22/2018 |
|
VSF |
2207.86 |
USD/Ton |
0% |
5/22/2018 |
|
ASF |
3044.25 |
USD/Ton |
0% |
5/22/2018 |
|
Polyester POY |
1432.68 |
USD/Ton |
-0.98% |
5/22/2018 |
|
Nylon FDY |
3420.86 |
USD/Ton |
0.46% |
5/22/2018 |
|
40D Spandex |
5570.66 |
USD/Ton |
0% |
5/22/2018 |
|
Nylon POY |
5931.58 |
USD/Ton |
0% |
5/22/2018 |
|
Acrylic Top 3D |
1702.58 |
USD/Ton |
-0.46% |
5/22/2018 |
|
Polyester FDY |
3122.71 |
USD/Ton |
0% |
5/22/2018 |
|
Nylon DTY |
3138.40 |
USD/Ton |
0% |
5/22/2018 |
|
Viscose Long Filament |
1733.97 |
USD/Ton |
-0.45% |
5/22/2018 |
|
Polyester DTY |
3609.16 |
USD/Ton |
0% |
5/22/2018 |
|
30S Spun Rayon Yarn |
2950.10 |
USD/Ton |
0% |
5/22/2018 |
|
32S Polyester Yarn |
2259.65 |
USD/Ton |
1.41% |
5/22/2018 |
|
45S T/C Yarn |
3012.86 |
USD/Ton |
0% |
5/22/2018 |
|
40S Rayon Yarn |
3122.71 |
USD/Ton |
0% |
5/22/2018 |
|
T/R Yarn 65/35 32S |
2683.33 |
USD/Ton |
0% |
5/22/2018 |
|
45S Polyester Yarn |
2353.80 |
USD/Ton |
0% |
5/22/2018 |
|
T/C Yarn 65/35 32S |
2557.80 |
USD/Ton |
0% |
5/22/2018 |
|
10S Denim Fabric |
1.46 |
USD/Meter |
0% |
5/22/2018 |
|
32S Twill Fabric |
0.90 |
USD/Meter |
0% |
5/22/2018 |
|
40S Combed Poplin |
1.25 |
USD/Meter |
0% |
5/22/2018 |
|
30S Rayon Fabric |
0.70 |
USD/Meter |
0% |
5/22/2018 |
|
45S T/C Fabric |
0.74 |
USD/Meter |
0% |
5/22/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15692 USD dtd. 22/5/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Donating used clothing to charities obviously helps clothe and employ fellow Americans, but other benefits fly below the radar: exporting worn textiles provides income to low- and middle-income foreign countries, and also helps the environment. That win-win-win situation gives new meaning to the phrase, giving the shirt off your back. Virginia Tech researchers are examining the factors that drive U.S. exports of used clothing and other worn textiles. Funding from USDA‘s National Institute of Food and Agriculture supported this study. According to Marjorie Norton, professor of apparel, housing, and resource management at Virginia Tech, exporting used clothing and textiles is extremely valuable to low- and middle-income countries where non-agricultural jobs are scarce. A USAID report published in 2017 reported that the secondhand clothing industry accounted for 355,000 jobs in five East African countries, generating total income of more than $250 million. The United States is the world leader in exporting used textiles, accounting for more than 40 percent annually. Helping raise income abroad also helps at home, Norton said. As consumer incomes rise in low-income and middle-income countries, those countries expand their food imports from the United States, benefitting farmers and food processors here. Other stateside benefits include employing 55,000-70,000 people in trucking and port operations and in organizations that collect, sort, bale, and export the goods. In a case of addition through subtraction, exporting used textiles also benefits the environment. Rather than ending up as waste in American landfills, exported textiles are used abroad. According to the U.S. Environmental Protection Agency, 32 percent of the 12.4 million tons of textile waste generated in 2013 was recovered for export. This recovery has contributed to a 20 percent drop in total waste tonnage deposited in U.S. landfills. Information from this study will help inform future business and policy decisions by providing details on factors that drive U.S. used clothing and textile exports. NIFA invests in and advances agricultural research, education, and extension and seeks to make transformative discoveries that solve societal challenges.
Source: NIFA, USDA
Vietnam mainly ships traditional products like garments-textiles, leather and footwear, timber products, machines and electronic equipment to the US. Hanoi (VNA) Experts at the recent Vietnam-US Trade Forum in Ho Chi Minh City have suggested Vietnamese enterprises step up the export of processed goods of high added values to the US, apart from raw products. US investors have highlighted positive prospects of the Vietnam-US trade ties, saying Vietnam‘s exports to the US have continuously increased over the past years. According to the Vietnamese Ministry of Industry and Trade (MoIT), the US has remained Vietnam‘s leading trade partner over the past decade. In 2017, Vietnam exported 41.6 billion USD worth of goods to the US, making up more than 20 percent of the country‘s total export revenue. Two-way trade expanded 47 times, from 220 million USD in 1994 when the US lifted economic embargo against Vietnam to 1.4 billion USD in 2001, one year before the Vietnam-US bilateral trade agreement took effect, and 50.81 billion USD in 2017. Currently, Vietnam ranks 12th among exporters to the US and the 27th among the importers of US goods. The Southeast Asian nation is the US‘s 16th largest trade partner. MoIT Deputy Minister Do Thang Hai said the Vietnamese and US economies are supplementary. He explained that as a developing economy, Vietnam has great demands for imported machines, high-tech equipment, technology and materials in service of agricultural production. Meanwhile, the US is in need of typical farm produce and products that Vietnam has a competitive edge in production. However, he pointed out that Vietnam mainly ships traditional products like garments-textiles, leather and footwear, timber products, machines and electronic equipment to the US. Products of high added values or luxury consumer goods make up only a small share of the country‘s total exports to the US. But to increase the shipment of products with high added values, a major challenge to Vietnamese exporters is how to satisfy standards set by the US, Hai said, adding that the US law system has imposed multiple strict regulations for imported goods, at both federal and state levels. Besides, the US has increased regulations and standards regarding food quality and safety, and product origin, especially to agro-forestry-fishery products under its recent new trade policy, the official said. Virginia Foote, from the American Chamber of Commerce (AmCham) in Hanoi, suggested Vietnamese enterprises increase added values for export items to the US, possibly by partnering with local businesses. Regarding the US barriers to the fishery sector, Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), said his association always accompanies domestic seafood businesses to employ concrete measures in order to ensure food safety and quality of products. Hai said the MoIT encourages Vietnamese enterprises to join hands in developing supply chains to the US, noting that his ministry is always ready to support them. He added that linkage and cooperation among enterprises are also important in dealing with trade lawsuits.-VNA
Source: Vietnam plus
With more and more manufacturing companies setting up shop in Vietnam, many see the nation as a natural competitor to China. But with both countries seeing big growth in this sector, rather than being rivals, they may be playing in completely different leaguesA worker operates at a transformer manufacturing workshop in Hanoi Photo: Minh Hoang / EPA. Manufacturers in China would be wrong to consider their Vietnamese counterparts as serious competition. And if a management team were questioning this, it would be a clear signal their company‘s business model in China was no longer viable because in reality, the competition already has the upper hand. Executives who worked and traveled in China during the 1990s and early 2000s often make the mistake of assuming that China is as it was then: a low-cost and rapidly developing economy. While the latter may be true, cost and a lack of regulation are quickly becoming antiquated aspects of China‘s competitive advantage. China is instead embracing rising labour costs and increased regulation as a means of building up a new competitive edge deep technical talent pools, efficient quality control and a huge domestic consumer market. China‘s increasing economic costs, while opening doors for new investment, have left the first wave of outsourced manufacturing operations, which set up shop in China decades ago, with similar costs and regulatory conditions to those they originally fled. Textiles producers, positioned at the low end of the value chain, were the first manufacturers to jump ship. Nike and Adidas began to move production facilities from China to Vietnam as early as Vietnam‘s accession to the World Trade Organisation in 2007. Textiles were only the start. In recent years, electronics facilities have followed suit, becoming a staple in Vietnam‘s numerous industrial parks. Samsung, LG and Foxconn are prominent industry leaders that exemplify this trend and showcase the changing nature of manufacturing capacity in Asia. Analysts may point to increased investment outflows as evidence that Vietnam is increasing its competitive position relative to China, or to substantiate arguments that China is losing its economic muster. This couldn‘t be farther from the truth. Despite a continued movement of low-cost manufacturing from China to Vietnam, both countries maintained healthy growth rates of 6.7% and 6.8% in 2017, respectively. China is simply moving on from low-cost production. Investors that are no longer required to boost its GDP are finding a home in surrounding countries such as Vietnam. Firms that realise the lack of competition between China and Vietnam and start to identify the complementary production strategies between the two are going to be the winners in the next decade. So what makes Vietnam the rising manufacturing star of Southeast Asia? Vietnam is just starting its journey up the value chain as it models successful development policy by China and South Korea – Vietnam‘s largest foreign investor. Vietnam‘s stable governance easily outshines competitors such as Cambodia and Myanmar for all but the lowest-cost manufacturing. Investors will also find Vietnam to be consistently more receptive to foreign investment than regional competitors such as Indonesia. Vietnam‘s largest asset for investors is its network of trade agreements. This is a tool that not only benefits producers in Vietnam but also underscores the complementary rather than adversarial relationship between China and Vietnam. Vietnam‘s inclusion in the Asean-China Free Trade Area allows for inputs to be imported with almost no tariffs. Vietnamese investors can then assemble goods for sale in markets such as the European Union, which looks set to implement a free-trade agreement (FTA) with Vietnam in late 2018. Electronics exemplify this advantage. Complex components can be sourced from China, Malaysia, Singapore or Korea (all of which enjoy FTAs with Vietnam) and then assembled in Vietnam with cheaper components that are sourced or produced in country. Vietnamese assembly and limited production is usually sufficient to satisfy rules-of-origin provisions under Vietnam are various FTAs. Companies employing this model of operation in Vietnam are often at a significant advantage over their counterparts operating exclusively in China. While Chinese talent pools run deep, increased operational costs and imposition of import duties by key import markets such as the European Union result in a clear cost advantage for companies that assembles in and export from Vietnam. This is not to count out the benefits of China. In fact, for many industries, Vietnam and other alternatives to China are simply not capable of producing the inputs required to house an entire production chain of a more complex product. Ultimately, Vietnam and China are not in competition over investment. Companies operating exclusively in each market are not in competition either. The real competition is between companies that are producing goods exclusively in China and those that are diversifying their production chain to include both China and Vietnam.
Source: Globe
KARACHI: Pakistan planned to import 20,000 tons of cotton from Afghanistan to somehow ease shortfall of the textile sector‘s major input in the country where water shortage is dampening the crop outlook, officials said on Tuesday. Officials said the government is willing to import 20,000 tons of cotton stored in southern region of Afghanistan in sealed containers after matching the crop with sanitary and phytosanitary standards. A team of Department of Plant Protection and Ministry of National Food Security and Research would visit Afghanistan for pest risk analysis, an official said. A report, submitted to the cabinet, said cotton production faced virtual stagnation since 1991/92, fluctuating in the range of 10 to 12 million bales. In 2015/16, the cotton output dropped below 10 million bales, standing at 9.9 million bales. Pakistan‘s annual consumption needs are estimated at 15 million bales. Previously, Afghan ministry of commerce sought an access to Pakistan‘s market for its cotton. Officials said the landlocked country wants to use Torkham and Chaman border points to save cost and time for Afghan exporters as well as local importers. Currently, Pakistan Plant Quarantine Act 1976 and Plant Quarantine Rules 1967 authorises import of cotton through Karachi port only. An official said Afghan commerce ministry has agreed to share information on cotton production with Pakistan. Officials said government has already initiated a pre-consultative process with the relevant stakeholders, including, ministry of national food security, customs department and cotton associations. An official said Torkham and Chaman stations are known as primary source of influx of smuggled goods from Afghanistan and Customs authorities as well as border security agencies had sealed the points time and again. Goods transported under Afghan transit trade agreement find their way back into Pakistan through Torkham and Chaman borders, escaping duty and taxes. Government has put a halt to cotton imports during crop harvest in an effort to ensure that farmers get an attractive price and are encouraged to plant more in the next season as cotton production has dropped sharply over the past four years. Previously, the government allowed duty-free import of cotton on the persistent demand from textile millers, but that hurt the interest of Pakistan‘s growers and benefitted Indian farmers who exported a significant quantity of cotton. Last year, Pakistan allowed resumption of cotton imports from India which used to export 0.5 to 2.8 million bales to the former in the past. Trade volume between Pakistan and Afghanistan stood at $1.62 billion in the fiscal 2016/17, of which Pakistan‘s export to Afghanistan remained $1.28 billion and the value of imports from Afghanistan to Pakistan was $337 million.
Source: The News
Green Theme International (GTI), the creators of sustainable and water-free textiletechnologies, is participating in the Planet Textiles 2018 Sustainable Summit in Vancouver, Canada. During the one-day summit, GTI will be featured as a 'real world example' of technologies that are helping to minimise water and chemical use in textile processing. During the one-day summit, GTI will be given a platform to submit its own innovative, compelling and entirely new manufacturing ideas with its ‗real world‘ business experience. The mission-aligned businesses and organisations will bring together business trailblazers in the sustainable textile industry from North America, Europe and Asia to share and implement radical new environmental initiatives and business models in the textile supply chain. "GTI is pioneering water-free textile finishing which entirely eliminates water and harmful chemicals from the process—and has a zero waste stream," said GTI‘s president, Martin Flora. "To achieve this simple goal requires rethinking traditional processes and implementing new technologies."
Source: Fibre2Fashion
