MUMBAI he Southern India Mills’ Association (SIMA) has appreciated the proactive approach of the government especially the Union Textile Minister for organizing a meeting for the first time jointly with Union Finance Minister and taking certain major decisions. Mr. P. Nataraj Chairman SIMA stated that the Ministers had indicated clearing all the government dues such as RoSL and IGST very soon and the Finance Ministry would allocate necessary funds within 15 days on a priority basis. He has stated that this would greatly benefit the exporters and relieve them from the financial crisis. As the market condition is gaining momentum this would strengthen the hands of exporters for enhancing exports says Mr.Nataraj. Mr. Nataraj informed that the Ministers had expressed concern over migration of investment to countries like Ethiopia and indicated taking necessary steps to create a level playing field and also take necessary safeguard measures to prevent cheaper imports. The Ministers had indicated mandating the duty drawback committee immediately to recommend enhanced duty drawback rates and RoSL fully taking account of embedded taxes and state levies that are not subsumed under GST SIMA Chairman added. He said that the Ministers indicated taking immediate decision on the rates of blocked/ embedded central taxes and would also to recommend all the major textile manufacturing states to consider refunding the state levies through RoSL. They also advised the industry associations and export promotion councils to take-up the matter directly with the respective State Governments in their regions. SIMA Chief stated that the Ministers also indicated to work out alternate schemes/benefits in lieu of certain non-WTO compatible benefits like MEIS EPCG etc. He has added that the government would advise Exim bank to work out a special scheme for reducing the interest rate burden on exports instead of increasing the IES benefits. It may be noted here that the textile industry has been facing numerous challenges in the international market and the global competitiveness of the industry has been affected after the implementation of GST due to considerable reduction in the duty drawback rates and RoSL benefits. The delay in clearing the various government dues like IGST RoSL and TUFS subsidy has made the industry to pass through a severe financial crunch. In addition the high tariff barrier has been the major bottleneck for India to achieve a sustained growth rate in exports. With the drop in the global textile and clothing trade from USD 820 Bn prevailed during 2014 to USD 755 Bn in 2017 Indian garment exports started continuously falling after the implementation of GST when compared to the previous years. The cyclic element of lower global demand changes in the structural demand reduction in export benefits and mainly the tariff barriers affected the exports. Certain leading manufacturers had to diverse their investments to countries like Ethiopia and other countries to overcome the challenges of tariff barriers as per the demand of certain global buyers. The industry has been demanding the government to address the various issues to enable the industry to revive from the recession and grab the emerging global opportunity. Against this background Union Finance Minister Mr. Piyush Goyal and Union Textile Minister Mrs. Smriti Zubin Irani convened recently had a detailed deliberation on a one-toone basis with the EPCs and SIMA and took major decisions to address the issues affecting the performance of the textile industry.
Source : Tecoya Trend
India is planning to scrap financial incentives aimed at boosting exports of certain products after the US complained to the world trade body, people with knowledge of the matter said. Instead, Prime Minister Narendra Modi plans to replace the incentives with support to regions that are known to be export-intensive, a practice that is followed by several countries and are compliant with global rules, the people said, asking not to be identified as the matter is not public. The subsidy payments will be available to all producers in these clusters and won’t be exclusive to exporters, the sources claimed. US President Donald Trump has repeatedly singled out India, apart from China, for running a trade surplus. Besides complaining to the World Trade Organization that India’s export subsidies were hurting American companies, the US has also put India on its watch-list for currency manipulators--triggered by a trade surplus and foreign exchange interventions. India has been looking to boost its exports, which have been through a rough patch, widening the third-largest Asian economy’s trade deficit. At the same time, the South Asian nation is wary of upsetting ties with Washington, which have grown much closer in the past two decades with the US emerging as a key defense supplier, in part due to its strategic concerns about China’s growing influence in Asia. Trade surplus --merchandise and services-- with the US stood at $28bn in 2017--marginally lower than the $30.8bn in 2016. Commerce Ministry spokesperson was not immediately available for a comment. India has told the US its actions don’t mean to distort trade. Under the new plan, expected to be rolled out in the next two months, options include refund of taxes paid on inputs used in manufacturing, incentives to sectors in certain regions and those providing a certain number of jobs.
Source: Bloomberg
India’s gross domestic product (GDP) grew at 7.7% in the final quarter of the last financial year (Q4FY18), the fastest pace in seven quarters, aided by the gradual broad-basing of a recovery in private investments and a sustained push from government expenditure, especially of the consumption variety. According to data released by the Central Statistics Office (CSO) on Thursday, the Q4FY18 GDP expansion that came on a 6.1% growth in the year-ago quarter was much higher than (a revised) 7% in the previous quarter (Q3FY18). However, the last fiscal still witnessed the lowest economic growth under the National Democratic Alliance government’s watch, as the first two quarters of the year, along with the last quarter of FY17, saw the adverse impacts of demonetisation and the goods and services tax’s transition blues, both of which have since faded. Among individual sectors, manufacturing and construction did well in the March quarter with year-on-year growth rates of 9.1% and 11.5% respectively, although the latter’s performance was on a weak base (-3.9%). In what indicated sustained government consumption, “public administration, defence and other services” grew spectacularly at 13.3% on a robust base of 16.4% growth. Growth increased 70 basis points sequentially in each of the three quarters to Q4. An unusual rolling back of the subsidies — as per Controller General of Accounts (CGA) data released separately, the Centre’s expenditure on subsidies in FY18 was Rs 23,735 crore lower than the figures released for April-December 2018 period, indicating the sum was returned to the exchequer by the agencies concerned also made the GDP figure look rosier. The gross value added (GVA), the CSO said, grew 7.6% in Q4FY18. While analysts are wary of the rising crude prices hitting India’s growth in FY19 (Moody’s had on Wednesday trimmed its India growth forecast to 7.3% for calendar year 2018 from a previous projection of 7.5%, citing higher oil prices and tighter financial conditions), economic affairs secretary Subhash Chandra Garg said that there wasn’t any direct correlation between oil prices and the country’s economic growth. Based on the current indicators, he said, the country could “maintain (Q4FY18) kind of growth level in FY19”. FY18 saw heightened investment activity in a slew of sectors infrastructure segments like ports, national highways and railways topped the list. Relative to GDP, gross fixed capital formation (GFCF) increased marginally to 31.4% in FY18 from 31.1% in the previous year. Quarter-wise data indicate that investments have indeed picked up in Q3 and Q4 of last fiscal. From 30.8% of GDP in Q2FY18, GFCF grew to 31.6% of GDP in Q3 and 32.2% in Q4. That this pick-up was driven by private investments as well is evident from the fact that the Centre’s budgetary capex stood at just Rs 27,108 crore in Q4FY18 against nearly Rs 1 lakh crore in Q4FY17. Of course, CPSEs and other government entities have kept up the investment momentum and offset the compression in budgetary capex. Higher growth and rising retail inflation (it rose 30 basis points sequentially in April to 4.58%) may prompt the central bank to turn more hawkish and the monetary policy panel may go for a rate hike by August, some analysts said. Garg said decent credit growth and improving capacity utilisation indicate an investment recovery. The rupee’s slide in recent months will be contained, with even foreign portfolio investors returning in the past three to four days, he added. Interim finance minister Piyush Goyal said the Q4 growth shows “the economy is on the right track and set for even higher growth in future”. Since a pick-up in oil and other commodity prices inflated India’s import bill, negative net exports again weighed on the pace of economic growth. Net exports dragged down growth by a substantial 150 basis points in the last fiscal, while they had, unusually, raised the GDP expansion by 10 basis points in 2016-17. Another worrisome aspect is the slowing of private consumption, the main growth engine. The share of private consumption expenditure in GDP was lower at 54.6% in Q4 against 59.3% in the previous quarter. Pronab Sen, former chairman of the National Statistical Commission, told FE that while the Q4 growth is better than expected, on an annual basis government consumption has been the prime driver. Given the limited ability of the government to spur growth without breaching the reduced fiscal deficit target of 3.3% for 2018-19, private consumption and investment have to pick up higher than the headline GDP growth rate this fiscal for this momentum to sustain, he said. According to Aditi Nayar, principal economist with Icra, growth will consolidate above 7% in the current fiscal on the back of the continued benefits of the implementation of GST, healthy consumption demand, government expenditure, and a back-ended pick-up in investment activity. “However, the ability of public sector banks to support lending growth, the risk of monetary tightening and trade wars, and the impact of higher crude oil prices on purchasing power of consumers and corporate earnings have emerged as risks,” she said. Robust rabi harvest propped up agriculture growth to 4.5% in Q4 against 3.1% in the previous quarter, despite an unfavourable base.
Source: Financial Express
New Delhi : An increase in cement and coal production pushed core sector growth to 4.7 per cent in April, compared to 2.6 per cent in the same month last year. The core sector growth was at 4.4 per cent in March this year. The core sector comprises eight key industries and contributes over 40 per cent to overall industrial production. According to data released by Commerce and Industry Ministry, while cement production increased by 16.6 per cent in April this year over April last, coal production went up by 16 per cent during the same period. Higher cement outgo indicates construction sector is accelerating and this is good news for the entire economy, especially from employment point of view as construction sector has very high potential to create direct and indirect employment. Increase in coal production has come at a time when there is higher demand from the power sector There is also an indication that if production continues at the same rate during the coming months, the electricity situation will improve. Meanwhile, electricity generation increased by 2.2 per cent in April. Its cumulative index increased by 5.3 per cent during April-March, 2017-18 over the corresponding period of previous year. Fertilizers production went up by 4.6 per cent in April while steel production increased by 3.5 per cent. Among petroleum products, natural gas and refinery production went up by 7.4 per cent and 2.7 per cent respectively. However, crude production declined 0.8 per cent.
Base effect
Commenting on the core sector data, Aditi Nayar, Principal Economist with ICRA, said a favourable base effect boosted the core sector growth. The underlying trends are favourable with a sequential dip in growth in only two of the eight constituents, and only one sector displaying a contraction, amid double-digit expansion in cement and coal. She also said that the low base of April 2017 pushed the expansion in coal output to a high of 16 per cent, which would support mining growth in that month. The weak performance of the coal sector in May-June 2017, suggests a moderate growth outlook for the coming two prints. “Despite the surge in the expansion of coal output, growth of electricity generation eased in April 2018 relative to the March 2018 levels. According to data released by the Central Electricity Authority, hydro electricity generation contracted by a sharp 26 per cent in April 2018. The y-o-y decline in reservoir levels suggest that hydro generation would continue to contract over the next two months,” she said. The pickup in the pace of growth of the core sector and non-oil merchandise exports, as well as the favourable base effect, suggest a mild recovery in the industrial growth in April 2018, led by mining and manufacturing, she said.
Source: Business Line
Engineering exporters should work on diversifying their export basket and explore new markets to boost shipments, a top government official today said. Commerce Secretary Rita Teaotia said that the commerce ministry is working to resolve issues being faced by engineering exporters and they should work on increasing their share in the global trade.Engineering Export Promotion Council (EEPC) has raised issues related with delay in GST (Goods and Services Tax) refund, increasing raw material prices and increasing protectionism. The share of India's engineering exports in the global engineering trade is 1.2 per cent and "it is fairly steady over the years" and increasing this share is an aspiration that "we need to work towards," she said here at EEPC India awards function. She suggested the exporters to aim at doubling the share in the coming years. Teaotia also emphasised on the need to focus on 4-5 categories of the sector to boost the exports. "We should try to become world leader in those 4-5 categories...We need to work to completely wipe out engineering trade deficit in the next five years," she said adding the deficit was about USD 16 billion last year. "Diversify export basket and focus on newer markets for existing and new products. Work on a strategy and plan to look at these targets," she said. Talking about the challenges of the sector, she said energy cost and interest rates are high in India besides there are bottlenecks in areas such as logistics and transportation. "We need to address these concerns," Teaotia said. The sector assumes significance as it contributes over 25 per cent in the country's total merchandise exports. The exports from the sector increased to USD 76.2 billion in 2017-18 from USD 65.2 billion in the previous fiscal. Exporters who received awards by the secretary and Minister of State for Commerce and Industry C R Chaudhary include Gujarat-based Industrial Boilers, manufacturers of turbines and boilers for power generation. There is a huge potential to further boost engineering exports, Homai Engineer, CMD Industrial Boilers Ltd said.
Source: Money Control
Union Textile Minister, Smriti Irani, on Thursday asked the domestic cotton industry to come up with a proposal regarding branding of the country‘s cotton, primarily aimed at the export market. Unlike US, China or Egypt, Indian cotton has no brand of its own and hence is unable to carve a niche and earn a premium, industry sources said. I will ask the industry to come up with a proposal on how to make good quality Indian cotton a global brand, Irani said at a special session on developments in textile industry organised by the Merchants‘ Chamber of Commerce and Industry here today. According to Sanjay K Jain, Chairman of Confederation of Indian Textile Industry and board member, Cotton Association of India, the matter is currently under deliberation. ―The Suvin cotton produced in Tamil Nadu and Shankar 6 produced in Gujarat are both good quality cotton and can be projected as a global brand. The matter is in the deliberation stage,‖ he told BusinessLine on the sidelines of the session. The proposal, once ready, would be placed before the Textile Ministry as well as the Commerce Ministry, Jain said. He however was unable to give a timeline for the same.
Source: The Hindu Business Line
Use of certified seeds will naturally improve the crop quality, which in turn will help jute traders to go for enhanced diversification of jute products said the Union Textiles Minister. The National Seeds Corporation (NSC) will provide certified jute seeds to farmers in the state in order to improve crop quality, said Union Textiles Minister Smriti Irani. Speaking at an interactive session with the members of Merchants‘ Chamber of Commerce and Industry in Kolkata on Thursday, Irani said, ―NSC will supply these certified seeds to the jute farmers in the state through different central and state government agencies. Use of certified seeds will naturally improve the crop quality, which in turn will help jute traders to go for enhanced diversification of jute products. According to her, the diversification of jute products will help jute mill owners reduce their dependence on the government under the Jute Packaging Materials (Compulsory use in Packaging Commodities) Act, 1987, which mandates packing of 90 per cent of food grains and 20 per cent of sugar in jute bags. According to the Union minister, West Bengal has all the potential to become the largest exporter of diversified jute products. ―The only thing that is necessary is to stop dependence on JMP Act and go for diversification of jute products,‖ she said.
Source: The New Indian Express
Bihar Khadi has started catching the attention of textile giants including Raymond. In the recent development, Branded fabric and fashion biggie Raymond has placed procurement orders with two state khadi institutions. Also, the industries department is in talks with companies like Fabindia and Arvind Limited (formerly Arvind Mills) to supply khadi cloth to them too. Talking about the recent engagement with Raymond, Bihar Industries Minister Jai Kumar Singh said, ‖Our officials had a meeting with Raymond representatives, who took cloth samples from five khadi institutions for testing. All were found to be real khadi (hand spun and hand woven), and of high quality. The cloth company has placed procurement orders with two khadi institutions, he added. Singh was speaking prior to inaugurating a mobile van that will travel around Patna to sell khadi items. His department is planning to requisition more such vans that will travel across Bihar to take khadi to the masses. The cloth produced in the state has been branded "Bihar Khadi" and has been given a logo which resembles a charkha and is currently in the process of being patented. Also, the state government is in the process of framing a Khadi policy as well. In a tie-up with the state government, National Institute of Fashion Technology Patna has provided 100 new khadi designs to make it attractive for the youth. Principal secretary Siddharth said big companies like Raymond could market "Bihar Khadi" pan-India and even abroad. "Khadi produced in our state is among the finest. We are also planning to target international buyers by offering khadi cloth dyed with natural colours. Training and testing work is going on at one of our facilities in Gaya district," Siddharth added. Khadi Board CEO Prasad said Raymond has "placed initial orders of around Rs 2 lakh each for khadi cloth to khadi institutions in Madhubani and Bhagalpur district, but the amount is expected to increase from the next batch".
Source: KNN India
India‘s apparel exports, particularly from Punjab, Haryana and Uttar Pradesh, have seen a steep decline due to high input cost, delay in Goods and Services Tax refund and stiff competition from Bangladesh, Vietnam, Pakistan and China. The three states have been the worst sufferers in the declining apparel exports, which continues to fall for the seventh month in a row. The country has experienced about 23 per cent decline in apparel exports in April 2018 compared to April last year. The decline in exports is giving sleepless nights to around 200 exporters in Punjab and Haryana, said Harish Dua, managing director of Ludhiana-based KG Exports. He said the input cost in Punjab, Haryana and Uttar Pradesh was much higher compared to the Tiruppur cluster in Tamil Nadu. Concerned over the steep fall in exports, apparel exporters met Finance Minister Piyush Goyal and Textiles Minister Smriti Irani recently. The Finance Minister has assured exporters that the government will expedite the refund of the GST and remission on state levies (RoSL) in a time-bound manner and has directed the bureaucrats to do the needful, a member of the Apparel Export Promotion Council (AEPC) said. Declining business is a major concern for exporters. The government should swing into action and must do something to boost the exports, otherwise many units would be forced to close down operations,‖ said Dua. Total readymade garment exports in April this year were around $1.34 billion while it was $1.74 billion in the same month last year. In rupee terms, exports in April 2018 were around Rs 8,860 crore, a decline of 21.4 per cent compared to the corresponding period last year. Previously (2016-17), the industry had witnessed a strong growth, but now exports are in a negative territory since October last year. It is because of the continued backlog in the GST and RoSL, which is affecting the business sentiments,‖ AEPC chairman HKL Magu said. According to garment sector experts, due to the increasing un-competitiveness of Indian apparel exporters in the international market, many exporters have increased their exposure in the domestic market. This will not be good in the long run for India, which used to be a dominant player in the international apparel export market, Dua said. India‘s readymade garments export to the international market in the previous financial year was around $16.71 billion, compared to $17.38 billion in 2016-17.
Source: The Tribune
Union Textiles Minister Smriti Irani today urged the jute mill owners to reduce dependence on government orders and go for enhanced diversification of jute products. Presently, the government's Jute Packaging Materials (Compulsory use in Packing Commodities) Act, 1987 (JPM Act) allows mandatory packaging of 90 per cent of foodgrains and 20 per cent of sugar in jute bags. "Jute producers should go for enhanced diversified products rather than depend on government orders," Irani said at an event at the Merchants' Chamber of Commerce & Industry here. She said it was necessary to reduce dependence on the JPM Act. "West Bengal should become the largest exporter of diversified jute products," she added. Jute also holds great potential for finding application in the technical textiles sector which includes automotive applications and geotextiles. Geotextiles are permeable fabrics that are used in civil construction like building roads. Regarding the Technology Upgradation Fund (TUF) scheme of the ministry, she said that at the recent inter-ministerial panel meet, where industry representatives were present, pending issues were taken up and 90 per cent of funds sought under the scheme had been disbursed. Irani said that till 2022, the government had sanctioned Rs 17,822 crore under the TUF scheme. She said that the finance ministry had been approached to seek a balance between the domestic and export markets in the textiles sector.
Source: Business Standard
The rupee edged up against the US dollar on Friday, extending its mild recovery to the third straight session. In morning trade, the rupee rose to as much as 67.18 against the US dollar, a level last seen three weeks ago. Gains in the rupee came a day after official data showed GDP growth rose a better-than-expected 7.7 per cent in January-March quarter. However, the rupee - which had last month dipped to as much as 18-month low of 68.42 against the dollar - is still down over 5 per cent so far this year. With GDP data behind, analysts will now watch the Reserve Bank of India's next bi-monthly policy for cue. Here are five things to know about movement in the rupee against the US dollar (INR vs USD) today:
1. The strong GDP numbers has strengthened expectations that RBI could possibly go for rate hikes sooner than estimated. "In terms of RBI's outlook, we expect a rate hike soon. There's a 50 per cent chance of a rate hike happening in June," said Teresa John, economist at Nirmal Bang Institutional Equities.
2. "The down move in crude prices seems to have halted for now and that could support USD-INR. The USD-INR pair is continuing its bearish momentum. But it has immediate support at 67.30 levels," forex advisory firm IFA Global said in a note.
3. Crude oil prices had last month touched $80 per barrel, a level last seen in 2014. With crude oil being the largest item on India's import bill, the prices influence the rupee's movement against the US dollar. On the higher side, USD-INR has immediate resistance at around 67.55-67.60 levels, IFA Global added.
4. "Rupee seems to have benefited from the easing on Brent crude from $80 levels," Salil Datar, CEO and executive director, Essel Finance VKC Forex, told NDTV.
5. He expects the rupee to trade between 67.30/35 to 67.75/80 levels in near term.
Source: NDTV News
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1374.74 |
USD/Ton |
-0.79% |
5/31/2018 |
|
VSF |
2265.29 |
USD/Ton |
1.04% |
5/31/2018 |
|
ASF |
3020.39 |
USD/Ton |
0% |
5/31/2018 |
|
Polyester POY |
1354.50 |
USD/Ton |
-2.79% |
5/31/2018 |
|
Nylon FDY |
3518.59 |
USD/Ton |
0.44% |
5/31/2018 |
|
40D Spandex |
5527.00 |
USD/Ton |
0% |
5/31/2018 |
|
Nylon POY |
5885.08 |
USD/Ton |
0% |
5/31/2018 |
|
Acrylic Top 3D |
1665.88 |
USD/Ton |
-0.70% |
5/31/2018 |
|
Polyester FDY |
3176.08 |
USD/Ton |
0.49% |
5/31/2018 |
|
Nylon DTY |
3191.65 |
USD/Ton |
0.49% |
5/31/2018 |
|
Viscose Long Filament |
1642.53 |
USD/Ton |
-2.31% |
5/31/2018 |
|
Polyester DTY |
3658.72 |
USD/Ton |
0.86% |
5/31/2018 |
|
30S Spun Rayon Yarn |
2989.25 |
USD/Ton |
0.52% |
5/31/2018 |
|
32S Polyester Yarn |
2245.05 |
USD/Ton |
-0.07% |
5/31/2018 |
|
45S T/C Yarn |
3051.52 |
USD/Ton |
0.51% |
5/31/2018 |
|
40S Rayon Yarn |
2335.35 |
USD/Ton |
-0.66% |
5/31/2018 |
|
T/R Yarn 65/35 32S |
2584.45 |
USD/Ton |
0% |
5/31/2018 |
|
45S Polyester Yarn |
3144.94 |
USD/Ton |
0.50% |
5/31/2018 |
|
T/C Yarn 65/35 32S |
2662.30 |
USD/Ton |
0% |
5/31/2018 |
|
10S Denim Fabric |
1.45 |
USD/Meter |
0.11% |
5/31/2018 |
|
32S Twill Fabric |
0.90 |
USD/Meter |
0.17% |
5/31/2018 |
|
40S Combed Poplin |
1.25 |
USD/Meter |
0.12% |
5/31/2018 |
|
30S Rayon Fabric |
0.71 |
USD/Meter |
0.44% |
5/31/2018 |
|
45S T/C Fabric |
0.74 |
USD/Meter |
0.21% |
5/31/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15569 USD dtd. 31/5/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Bangladesh’s RMG sector is much safer than in 2013 when the Rana Plaza disaster occurred, said US ambassador Marcia Bernicat. She added that Bangladesh has made progress on workplace safety, especially with the support of buyer-led initiatives like the Accord and the Alliance, and it must do a better job at marketing the dramatic improvements. Bernicat was speaking at a press conference on Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the BGMEA Institute of Fashion & Technology (BUFT)’s journalism study tour through the International Visitor Leadership Program (IVLP) entitled ‘Economic and Labor Reporting’. “We must all recognise that there is still work to be done on factory and building safety that we must continue our efforts to ensure remediated factories stay safe, and that new workers are properly trained on safety practices. I urge BGMEA and the government of Bangladesh to come to a quick resolution on the Accord and Alliance’s extensions in Bangladesh. Delays in approving their extensions will send a negative signal to buyers and consumers that Bangladesh is not committed to workplace safety,” added the US ambassador. IVLP will allow 11 Bangladeshi participants to travel to Washington, D.C. and New York to meet with policymakers, journalists, apparel industry leaders, labour rights organisations, and consumer rights organisations. IVLP is one of the most prestigious state department exchange programmes for professionals. Every year the US Embassy partners with the private sector and NGOs throughout Bangladesh to design IVLP proposals and send dozens of professionals to the US for this learning opportunity. When these BGMEA-BUFT Journalism Fellows returns from the programme, they will also join a global network of alumni who work every day to improve their professional sectors, communities, countries, and the world. In addition to learning about US journalism methods and best practices, the fellows will experience first-hand why the US cares about workplace safety and labour rights issues as a global issue. Factory safety and labour rights are not just a priority for the US government they are a priority for our legislators, civil society, US businesses and, more importantly, for US consumers. Respecting workers’ rights is important to ensuring free and fair trade and investment around the world. The US Embassy’s efforts to improve workplace safety and labour rights, which includes a broad range of programming and outreach, are derived from the priorities of stakeholders in the US, said Bernicat at the conference. “I would also like to take this opportunity to thank BGMEA for its work to propose significant reforms the Bangladesh Labor Act and the EPZ Labor Law. Recent proposals that have been discussed are movement in the right direction, but I call on BGMEA and the government of Bangladesh to do more to truly meet international standards, as recommended by the International Labor Organization (ILO),” she continued. BGMEA and the government of Bangladesh are at a critical juncture as Bangladesh prepares to graduate from least developed country status in 2024, having already met all three criteria required for this important step. Ahead of the International Labor Conference on May 28 and the Sustainability Compact on June 25, I encourage BGMEA and the government of Bangladesh to seize the moment and resolve the long-standing labour rights concerns now, so that Bangladesh can focus on preparing for its future as a middle income country and, eventually, a developed country,” concluded Bernicat. (KD)
Source:Fibre2Fashion News
Deliveries of new short-staple spindles, long-staple spindles, and open-end rotors respectively improved by 21 per cent, 46 per cent, and 24 per cent from 2016 to 2017, according to the International Textile Manufacturers Federation (ITMF). The number of shipped draw-texturing spindles and shuttle-less looms increased by 23 per cent and 13 per cent. Shipments of new electronic flat knitting machines and finishing machines of the category ‘fabric discontinuous’ each rose by 44 per cent year-on-year. In contrast, deliveries of circular knitting machines stagnated in 2017 (+0.12 per cent) and finishing machines of the category ‘fabrics continuous’ fell by 2 per cent, ITMF said in the 40th annual International Textile Machinery Shipment Statistics (ITMSS). The report covers six segments of textile machinery, namely spinning, draw-texturing, weaving, large circular knitting, flat knitting and finishing. The 2017 survey has been compiled in cooperation with more than 200 textile machinery manufacturers representing a comprehensive measure of world production. This number includes numerous Chinese companies represented by the so-called ‘District’, ITMF said in a statement. In spinning machinery, shipments of new short-staple spindles increased for the first time since 2013. The level of short-staple spindles improved by about 1.65 million spindles. Most of the new short-staple spindles (95 per cent) were shipped to Asia, whereby shipments rose by almost 24 per cent year-on-year. Thereby China, the world’s largest investor of short-staple spindles, experienced an increase of 34 per cent, whereas deliveries to Bangladesh and Vietnam decreased by 33 per cent and 39 per cent, respectively. Shipments to Indonesia strongly increased last year (+ 135 per cent). The six largest investors in the short-staple segment in 2017 where China, India, Uzbekistan, Bangladesh, Pakistan, and Indonesia. In texturing machinery, global shipments of double heater draw-texturing spindles (mainly used for polyester filaments) the downward trend ended and global shipments increased by 27 per cent on an annual basis to about 340,000 spindles. Asia’s share of worldwide shipments amounted to 90 per cent. Thereby, China remained the largest investor accounting for 66 per cent of global shipments, the report said. In weaving machinery segment, 2017 worldwide shipments of shuttle-less looms increased by 12 per cent to 95,400 units. Thereby, shipments of air-jet, water-jet, and rapier/projectile shuttle-less looms increased by 18 per cent (to almost 27,000), 14 per cent (to 36,200), and 7 per cent (to 32,000), respectively. Not surprisingly, the main destination of shipments of all shuttle-less looms (air-jet, water-jet and rapier/projectile) in 2017 was Asia with 91 per cent of worldwide deliveries. Global shipments of large circular knitting machines rose slightly by 0.12 per cent to a level close to 28,000 units in 2017. Asia is also the world’s leading investor in this category. 84 per cent of all new circular knitting machines were shipped to Asia in 2017. With 39 per cent of worldwide deliveries, China was the single largest investor. India and Vietnam ranked second and third with 5,100 and 2,000 units, respectively, according to ITMSS. In 2017 the segment of electronic flat knitting machines soared by 44 per cent to around 202,000 machines, the highest level ever. Not surprisingly, Asia received the highest share of shipments (96 per cent). China remained by far the world’s largest investor for flat knitting machines in 2017. Thereby, Chinese investments increased from 101,550 units to 154,850 and the country had a global share of 76 per cent. In the segment of fabrics continuous (finishing machinery), shipments of mercerising-lines, singeing-lines, and stenters, increased in 2017 by 54 per cent, 11 per cent, and 2 per cent, respectively. Deliveries in the other sub-segments decreased. In the segment fabrics discontinuous, shipments of air-jet dyeing and overflow dyeing machines increased by 35 per cent and 72 per cent, respectively, whereas those of jigger dyeing/ beam dyeing machines fell by 7 per cent. (RKS)
Source :Fibre2Fashion
ADDIS ABABA - Ethiopia exported 239.82 million U.S. dollars' worth of goods to China in 2017, accounting for 8.25 percent of its total exports, the Ethiopia Ministry of Trade (MoT) said on Thursday. The revenue was earned from the exports of agricultural products, textile and garment, leather products, minerals, flowers and construction materials, according to the MoT Public Relations and Communication Affairs Office. Ethiopia's export revenue to China accounted for about 8.25 percent of the country's total exports in 2017, the second largest export destination for the East African country. Ethiopia exported about 2.9 billion U.S. dollars worth of goods in 2017. Ethiopia's largest export destination in 2017 was neighboring Somalia, which imported 269.3 million U.S. dollars' worth of goods accounting for 9.26 percent of Ethiopia's total exports. Speaking to Xinhua recently, Wondimu Filate, head of Public Relations and Communications Affairs Office at MoT, said China is becoming a key export destination, in particular because of increasing demands for Ethiopia's organic, high quality and high nutritional agricultural exports. "China is a big export market for Ethiopian products, with Chinese firms located in Ethiopian industrial parks tentatively starting to export industrial goods to China. The volume of Ethiopian exports to China is expected to significantly increase in the coming years," he said.
Source: Xinhua
WASHINGTON
The Trump administration delivered a gut punch to America's closest allies Thursday, imposing tariffs on steel and aluminum from Europe, Mexico and Canada in a move that drew immediate vows of retaliation. Stock prices slumped amid fears of a trade war, with the Dow Jones industrial average falling nearly 252 points, or 1 percent, to 24,415.84. The import duties threaten to drive up prices for American consumers and companies and are likely to heighten uncertainty for businesses and investors around the globe. Commerce Secretary Wilbur Ross said the tariffs 25 percent on imported steel, 10 percent on aluminum would take effect Friday. President Donald Trump had originally imposed the tariffs in March, saying a reliance on imported metals threatened national security. But he exempted Canada, Mexico and the European Union to buy time for negotiations a reprieve set to expire at midnight Thursday. Other countries, including Japan, America's closest ally in Asia, are already paying the tariffs. The administration's actions drew fire from Europe, Canada and Mexico and promises to quickly retaliate against U.S. exports. "This is protectionism, pure and simple," said Jean-Claude Juncker, president of the European Commission. French President Emmanuel Macron called the U.S. decision to levy tariffs on the European Union "illegal" and a "mistake." He ominously recalled the pre-World War II period saying, "Economic nationalism leads to war. This is exactly what happened in the 1930s." The EU earlier threatened to counterpunch by targeting U.S. products, including Kentucky bourbon, blue jeans and motorcycles. David O'Sullivan, the EU's ambassador in Washington, said the retaliation will probably be announced in late June. Mexico complained that the tariffs will "distort international trade" and said it will penalize U.S. imports including pork, apples, grapes, cheeses and flat steel. In Canada, Prime Minister Justin Trudeau said: "These tariffs are totally unacceptable." Canada announced plans to slap tariffs on $12.8 billion worth of U.S. products, ranging from steel to yogurt and toilet paper. "Canada is a secure supplier of aluminum and steel to the U.S. defense industry, putting aluminum in American planes and steel in American tanks," Trudeau said. "That Canada could be considered a national security threat to the United States is inconceivable." Trump had campaigned for president on a promise to crack down on trading partners that he said exploited poorly negotiated trade agreements to run up big trade surpluses with the U.S. The U.S. tariffs coincide with and could complicate the Trump administration's separate fight over Beijing's strong-arm tactics to overtake U.S. technological supremacy. Ross is leaving Friday for Beijing for talks aimed at preventing a trade war with China. The world's two biggest economies have threatened to impose tariffs on up to $200 billion worth of each other's products. The steel and aluminum tariffs could also complicate the administration's efforts to renegotiate the North American Free Trade Agreement with Canada and Mexico, a pact that Trump has condemned as a job-killing "disaster." The White House released a statement from Trump Thursday night saying of NAFTA, "Earlier today, this message was conveyed to Prime Minister Justin Trudeau of Canada: The United State (sic) will agree to a fair deal, or there will be no deal at all." Trump had offered the two U.S. neighbors a permanent exemption from the steel and aluminum tariffs if they agreed to U.S. demands on NAFTA. But the NAFTA talks stalled. Ross said there was "no longer a very precise date when they may be concluded," and that as a result, Canada and Mexico were added to the list of countries hit with tariffs. Likewise, the Trump trade team sought to use the tariff threat to pressure Europe into reducing barriers to U.S. products. But the two sides could not reach an agreement. The import duties will give a boost to American makers of steel and aluminum by making foreign metals more expensive. But companies in the U.S. that use imported steel will face higher costs. And the tariffs will allow domestic steel and aluminum producers to raise prices, squeezing companies from automakers to can producers that buy those metals. House Speaker Paul Ryan and several leading Republicans in Congress were critical of the administration's tariff action. Ryan said there are better ways to help American workers and consumers and that he plans to work with Trump on "those better options." Prices started rising even before all the tariffs kicked in. Stripmatic Products, an auto parts supplier in Cleveland, has seen a 40 percent increase in the price of steel. The higher cost meant it lost out this year to a Chinese company on a contract to branch out into a new market: making food-processing equipment. "We were basically eliminated from contention," said Stripmatic president Bill Adler. He said the company needed four or five years to recover the last time the U.S. imposed tariffs on steel, in 2002. Measured purely in dollars, the tariffs don't amount to much in America's $20 trillion economy. Speaking on CNBC on Thursday, Ross called the tariffs "blips on the radar screen." But Oliver Rakau, an economist with Oxford Economics, warned that the tariffs could cause economic damage because "the specter of an escalation is likely to weigh on business sentiment and may derail the investment recovery." The Trump administration is turning to a little-used weapon in trade policy: Section 232 of the Trade Expansion Act of 1962. It empowers the president to restrict imports and impose unlimited tariffs if the Commerce Department sees a threat to national security. Europe, Japan and other U.S. trading partners are contesting the U.S. tariffs at the World Trade Organization. The WTO gives countries broad leeway to determine national security interests. But there was an unwritten agreement that WTO member countries would use the national-security justification sparingly to avoid abuses. Now that Trump has broken the taboo, critics fear that other countries will impose sanctions.
Critics say the steel and aluminum tariffs would do little to address the real problem plaguing metals producers around the world: massive overproduction by China that has flooded world aluminum and steel markets. Canada, a staunch U.S. ally, is the largest supplier of steel and aluminum to the United States. "The administration's trade remedies should specifically target structural aluminum overcapacity in China, which is caused by rampant, illegal government subsidies," said Heidi Brock, president of the Aluminum Association, which represents aluminum producers, fabricators, recyclers and suppliers. Ross said negotiations with Mexico, Canada and the EU can continue even once the tariffs are in place. But Philip Levy, senior fellow at the Chicago Council on Global Affairs and a former White House trade adviser, said: "I don't think this is prelude to a series of deals. If anything, this kills the possibility of deals." If the U.S. can impose tariffs any time it declares imports a threat to national security, Levy asked, "Why would anyone want to negotiate with us?
Source: Ken Thomas and Paul Wiseman
HONG KONG - Chinese factory activity grew at its fastest rate in eight months on stronger demand, a survey showed Thursday, in a positive sign for the world's No. 2 economy despite trade tensions with the U.S. The official purchasing managers' index rose to 51.9 in May from 51.4 the previous month. Readings above 50 indicate expansion, while lower numbers indicate contraction on the index's 100-point scale. Production, new export orders and overall new orders all increased from the previous month, indicating an uptick in demand, the China Federation of Logistics & Purchasing's survey found. "The pace of manufacturing expansion has accelerated and development momentum has been further strengthened," said Zhao Qinghe, senior statistician at the National Bureau of Statistics, which released the data on its website. The latest figures show China's outsized export-manufacturing sector remains resilient despite continued tensions with the U.S. over the trading relationship between the world's two biggest economies. The tensions had been ebbing until earlier this week, when President Donald Trump's administration renewed its threat to slap $50 billion worth of tariffs on Chinese goods and said it would also limit U.S. exports of high-tech goods to China. It's part of U.S. efforts to contain China's state-directed efforts to transform itself into a tech superpower. But despite Washington's efforts, activity expanded in May, according to the survey's high-tech manufacturing sub-index, which rose in May to 54.8, up 1 point from the previous month. The tariff threat came ahead of U.S. Commerce Department Secretary Wilbur Ross's visit to Beijing on Saturday for further negotiations on economic and trade issues. Activity in China's increasingly important services sector also expanded. The group's non-manufacturing PMI rose to 54.9 for the month from 54.8 previously. China's services industry is playing a bigger role as communist leaders upgrade economic growth, shifting it from a worn-out model based on wasteful trade and investment to one focused on domestic spending.
Source: The Newser
Euro zone inflation is right at the European Central Bank's target of close to, but just below 2% in May. Inflation in the euro zone leaped to the ECB's target in May, data showed today, fuelled by a huge increase in oil prices as the US decided to pull out of a nuclear deal with Iran. The EU's statistics authority, Eurostat, said inflation in the euro zone jumped to 1.9% in May, a massive jump from the 1.2% recorded in April. That puts inflation right at the European Central Bank's target of close to, but just below 2%. Analysts believe increased inflation will heap pressure on the ECB to scale back its massive stimulus programme that has helped keep government borrowing prices at super low levels. This would be especially sensitive in heavily-indebted Italy, which is hit by a political crisis and benefits greatly from the ECB bond-buying programme. The strong jump in inflation was mainly due to energy prices, which shot up by a dizzying 6.1% in May compared to 2.6% the month before. Oil has been trading at three and a half year highs recently amid concerns about supply disruptions caused by the US decision to quit the Iran nuclear deal, as well as unrest in Venezuela. Eurostat also said the jobless rate in the single currency area fell to 8.5% in April, a nine-year low and down from 8.6% a month before.
Source: Financial Express
JOHANNESBURG - The high levels of inequality in South Africa have been partly driven by the relative de-industrialisation of the country over the past two decades, according to Martyn Davies, managing director emerging markets and Africa automotive leader at Deloitte Africa. Davies said that the contribution of manufacturing to GDP had declined in this period from about 23percent to about 13percent currently. He said countries with high manufacturing value add to GDP also had low levels of inequality in society. This was because there was no sector like manufacturing that absorbed employment, created stable jobs in the market place and diffused wealth through society and the economy, he said at the launch of a Deloitte Africa consumer perspective report on the East African automotive market yesterday. Davies said South Africa had suffered from premature de-industrialisation. For our per capita income level, we should not have de-industrialised as we have, considering we have lost predominantly the lower end manufacturing, which is highly labour absorptive. It's the textile, garments and footwear (manufacturing) that we have lost. We have the most sizeable manufacturing sector in the region, but relative to GDP it's shrunk significantly, to an extent replaced by services. Employment unfortunately does not transition to services as it should have, he said. Turning to the East African markets, Davies said deep customer insights were the key to unlocking the automotive markets in this region. The lack of sufficient purchasing power combined with the massive mobility need and many aspiring consumers mean that industry players need to re-examine where and how they position themselves within the customer journey. This will enable them to take full advantage of the nascent East Africa automotive market, he said. Mike Vincent, consulting leader automotive at Deloitte Africa, said the automotive sector in Africa was dominated by second-hand and grey imported markets, with access to finance a major challenge and most people using cash to buy vehicles. Vincent said there were also massive challenges in getting vehicles into these markets, because of very high tariff barriers. Simphiwe Nghona, head of vehicle and asset finance at Standard Bank, said there were massive opportunities for banks in these markets. Nghona said a key component to addressing the affordability and access to finance issues in these markets was to co-operate with new car manufacturers to develop schemes that addressed these issues. Jim Dando, the director of sales and operations at Nissan South Africa, said they had established a semi-knocked down (SKD) plant in Nigeria and started negotiations with the government about an automotive policy. But Dando said the sharp decline in the oil price in 2014 resulted in funding drying up and they had gone through a rough time since then. Dando said they saw automotive opportunities in West Africa and Nigeria and the East Africa community, but Nigeria was the leader in the development of automotive policy and other countries would have to follow. He said Nissan ultimately wanted to be in a position where it developed a market from SKD to completely knocked down (CKD) manufacturing. Nonkqubela Maliza, director of corporate and government affairs at Volkswagen SA, said unless governments were willing to come to the party‖ and invest in the automotive sector to get it off the ground, it would not happen.
Source: Business Report
Syed Mazhar Ali Nasir, Senior Vice President and Chairman, Budget Advisory Council of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the incumbent government to also include cotton yarn and tanned leather in the recently announced extended export incentive package for traditional and non-traditional items for the next three years from June 2018 to June 2021. He elaborated that although these items were included in the original exports package of Rs. 180 billion as announced in year 2017, but have been excluded in the newly announced package without any valid reason. The FPCCI recalled that after announcement of the Prime Minister‘s Export Package of Rs. 180 billion for exporters of textile and non textile sectors the exports have been increased by 13% in the first nine month of the current year 2017-18, However removal of these textile yarn and tanned leather from the recently announced package may create hurdle in keeping the current increasing trend in exports‖, he apprehended.
Source: Pakistan Observer
As consumers are requesting more-sustainable options in their clothing, Cone Denimannounced it is introducing a new denim fabric that will be made of Tencel and Refibra-branded lyocell fibers, which are among the most sustainable fibers available. The new denim fabric will be introduced at the Kingpins trade show in New York June 6–7. Tencel is made from repurposed wood pulp and Refibra is made from recycled cotton scraps and wood. Both are made by the Lenzing Group , an Austrian-based company that produces high-quality fibers. Cone Denim, a historic denim maker with more than 125 years of history in the United States, said it is reacting to the apparel market‘s call for fabrics produced with more consideration for the environment. The sustainable denim will be made in Cone‘s North American mills and will be traceable with a fiber identification, which will provide brands an independent way to verify that the denim contains genuine Tencel and Refibra lyocell fibers. Denim consumers want authentic yet innovative products that maximize comfort, style and performance,‖ said Kara Nicholas, Cone Denim‘s vice president of product design and marketing, in a statement. They also want to know that their favorite jeans are responsibly made and remain sustainable at the end of their lifecycle when finally discarded. Cone Denim, based in Greensboro, N.C., was known as the last domestic producer of selvage denim, but at the end of last year it shut down its White Oak plant, where the tightly woven denim was made on old wooden shuttle looms from the 1940s. The weaving process was painstakingly slow, but selvage denim has always had its following among true denim worshipers.Many tried-and-true blue-jeans makers are now going to Japan for their selvage denim.
Source: Apparel news California
ATLANTA, Georgia Cooling fabrics, smart light technology, recycled fibers, 3D body scanning, and cloud connected smart machines were just some of the highlights during the fifteenth edition of Techtextil North America, and fourth Texprocess Americas that took place May 22-24, 2018 at the Georgia World Congress Center in Atlanta, Georgia. The co-located events brought together the latest innovators in technical textiles, nonwovens, textile machinery, sewn products, equipment, and technology. The events brought 567 Techtextil North America and Texprocess Americas exhibitors representing 32 countries, while total attendance grew to 8,292, roughly a 4% increase* over the 2016 events. Country pavilions included Italy, Texclubtec, Belgium, China, Taiwan, High-Tex from Germany, and SEAMS Made in USA. The co-located events once again returned strong numbers, and continue on their path of consistent growth in the quality and amount of visitors and exhibitors over the past editions. It was clear that everyone, both visitors and exhibitors, could feel the energy and excitement on the show floor,‖ stated Dennis Smith, President & CEO, Messe Frankfurt Inc., We are proud to serve as the platform for furthering the growth and development of the North American technical textile and sewn products industries. There is an immense amount of talent and innovation coming from the US, and Techtextil North America and Texprocess Americas have become the premier events where professionals from all industries come to see the trends and technologies that are coming their way. We are truly grateful for the large network of exhibiting and visiting companies responsible for the growth of these two events, and we look forward to our continued success together, next in our 2019 edition of Techtextil North America in Raleigh, North Carolina and then back in Atlanta for the 2020 co-located events. With 18 paid symposium sessions (including two bonus Lunch N‗ Learn sessions) being held throughout the first and second day and complimentary sessions taking place on the show floor, the co-located events were buzzing with visitors and speakers discussing new technology, game-changing research and cross-industry collaborations. Among the topics presented, smart textiles, wearables and the future of the technology that powers them proved to be top of mind for many attendees. In addition, how automation, robotics and connected machines are contributing to the industry’s evolution made an evident impression on both visitors and exhibitors alike. This year‘s symposium was definitely worth our company‘s time and money. It has been really interesting to learn about the communication between the industries and how they are working together to make sure there are no blind spots, said Sharon Tedesco, symposium attendee from Abigail & Company in Cottonwood, California. The focus on Industry 4.0 – the communication between the fabrics, the machine, the human, the CAD, the entire system – has been really interesting and informative.
Attendee Statements:
USA: Miguel Ferrer, President of the Kiko Sewing Machine Co., attends the show every year, usually with clients in-tow: ―The show never ceases to amaze me. There is always something new to learn about and a new technology to see. I really like the Made in America movement this year, as we are seeing a lot of jeans factories opening up in Los Angeles again. Nicaragua: Francisco Diaz, visiting on behalf of Hansae International said: We come to see the newest innovations that are coming out in the garment industry and learn how we can use them in our factories. This year‘s show was definitely worth the trip.‘
USA: Devin Steele, Publisher of eTextileCommunications, reflected on his experience as a journalist covering the industry: ―I have been covering these textile shows for over 20 years, and this is probably the best one I‘ve seen, let me rephrase that, this is THE best textile trade show I have attended in terms of serious conversations, the quality of visitors, the sheer attendance numbers and number of exhibitors in at least 15 years in the US. ‖
Exhibitor Statements:
USA: Joel Elam, Sales Engineer, Card Clothing & Services, Inc., stated: ―This show has been very solid. The first day we had many contacts come into the booth from all over the world. It has been a very positive show – a beautiful layout with lots of new equipment, products and a lot of interest from visitors in what‘s next for the textile industry. For us, this has been a very positive experience.‖
USA: Daniella Ambrogi, Vice President of Marketing, Lectra, stated: ―This show is a great opportunity for us to showcase our new technology. This year has been a busy show and we‘ve had a great turnout of visitors. We are happy to be here.‖
Germany: Rene Gotolle, Training Manager, ZSK Technical Embroidery Systems said: ―We started with the show many years ago exhibiting in Frankfurt. But Atlanta has become really important for us because we make so many connections with different companies across industries, so we always make sure to be here.
USA: Dave Gardner, Managing Director, SPESA and the co-Producer of Texprocess Americas said: ―The 2018 edition of Texprocess Americas was phenomenal… a collaboration of suppliers and manufacturers who came together to showcase and experience the latest innovations and trends influencing today‘s sewn products industry… SPESA expects Texprocess Americas 2020 to be even bigger and better as the industry continues to embrace the latest advances to increase production and speed.
Techtextil North America 2019
The sixteenth edition of Techtextil North America, the only trade show in the Americas dedicated to technical textiles and nonwovens, will take place February 26-28, 2019 in Raleigh, North Carolina.
Techtextil North America and Texprocess Americas 2020
Techtextil North America / Texprocess Americas Atlanta, Georgia May 22-24, 2018
Messe Frankfurt Inc. is pleased to announce the show dates for Techtextil North America and Texprocess Americas which will take place May 12-14, 2020 at the Georgia World Congress Center in Atlanta, Georgia.
*Percent increase based on total number of attendees from Techtextil North America and Texprocess Americas only. 2016 attendance number used for comparison excludes JEC Americas attendees.
Source: Textile World
ThreadSol has joined hands with the Thai Garment Manufacturers Association (TGMA), which supports research and development in the Thai garment industry, to introduce innovative tech into the Thailand Ready Made Garment (RMG) sector. ThreadSol is a technology leader for the global apparel industry using Artificial Intelligence (AI) and Big Data. As a first step towards the partnership, ThreadSol and TGMA jointly organised a seminar for Thai garment manufacturers on May 18, 2018, named ‘Apparel Tech Up Forum Thailand 2018’. The theme of the seminar was ‘Digitisation of the Thai Garment Industry’. The seminar was led by Saurav Ujjain, business head, SEA for ThreadSol. He talked about the emerging global sourcing trends and how technology like AI, Big Data, and IoT-based Mobility can aid manufacturers in reducing costs and boosting revenue. Khun Raweewan Metsiritrakul, VP of TGMA said, “Today the market is increasingly competitive. We need to be prepared to adapt to the changes for instance, fashion trends, cost, and technology. ThreadSol is providing a genius solution which can help manufacturers save cost for raw material purchasing at least 10 per cent. This information will give our members new ideas.” ThreadSol solutions for garment manufacturers concentrate on the biggest investment of the fabric manufacturer, which is the fabric. The two solutions work in the fabric cutting and fabric procurement. IntelloCut is the world’s first AI based fabric planning system. IntelloCut impacts top-line and enables manufacturers to cut more and ship more with the same fabric. It is is the world’s first Big Data-enabled fabric estimation system. IntelloBuy impacts bottom-line and enables manufacturers to buy less fabric at the booking stage. (GK)
Source: Fibre2Fashion
