NEW DELHI: Commerce and industry minister Suresh Prabhu has said India’s purchases of commercial aircraft and gas from the US would help bridge the trade deficit between the two countries even as they agreed to hold official talks soon to address trade and economic irritants between them. In his interaction with business leaders during his just concluded visit to the US, the minister noted the encouraging growth in trade volumes through purchases of US-made civilian aircraft by Indian companies and enhanced cooperation in the area of energy, including procurement of petroleum and LNG by India from the US. In 2017-18, India had a $21-billion trade surplus with the US. Prabhu pointed out to new market opportunities in these as well as other areas, adding that these purchases had already led to reduction in bilateral trade deficit in 2017. “Future sales will sustain this trend and create a balanced trade relationship between the two countries,” the commerce and industry ministry said in a statement on Wednesday after the minister’s visit from June 10-12. His statement assumes significance in the wake of US President Donald Trump accusing India of levying 100% tariff on some American products and threatened to cut off trade ties if America’s trading partners did not cooperate. “In this context, it was agreed that Indian and US officials would meet at a senior level at an early date to discuss various issues of interest to both sides and carry forward the discussions in a positive, constructive and result oriented manner,” the ministry said. However, trade experts have cautioned that India’s gains from the talks could be limited because the US tariffs are already low and it can’t offer any more duty concessions to Indian exports. “The US can’t meet our demands for reducing visa restrictions. On goods front, we might have to reduce tariffs for them, especially for their dairy products. This could impact our dairy farmers and cooperatives,” said an expert. Another expert said the talks could be a likely precursor to a possible trade agreement between the two countries. India and the US have been embroiled in a series of trade spats as the US has imposed additional import duties on steel and aluminium from India, delayed extension of the generalised system of preferences offering duty-free/low duty market access to many Indian products and initiated a dispute targeting New Delhi’s export promotion schemes.
Source: The Business Line
As President Donald Trump steps up attack against countries for what he calls “unfair trade”, India has told the US that it bought more American goods in 2017 than in the previous year, leading to reduction in its merchandise trade surplus with Washington. In his meetings with various stakeholders in the US, commerce, industry and civil aviation minister Suresh Prabhu highlighted the “encouraging growth” in US supplies of civilian aircraft and energy products to Indian companies, according to an official statement. India’s rapid economic growth will create significant new markets opportunities in these areas and others, Prabhu stressed. The minister was on a two-day visit to the US through June 12 during which he met US commerce secretary Wilbur Ross, trade representative Robert E Lighthizer and agriculture secretary Sonny Perdue, apart from senators, think-tanks and businessmen. The two countries decided to soon hold a meeting of senior officials to discuss various issues of common interests, according to the statement. India’s goods trade surplus with the US dropped almost 6% to $22.9 billion in 2017 from the previous year, according to US official data. India is one of the few countries with which US’ trade deficit has decreased in the last one year. While China alone accounted for $375 billion, or 46% of the US goods trade deficit of $810 billion in 2017, India made up for just 2.8% and occupied the 9th spot in the list of nations with which the Trump administration seeks to pursue a trade balance agenda. Trump has already angered China and upset allies in the G7, signalling escalation of a trade war. He has already imposed high tariffs on steel and aluminium from select countries, including India and China. India has been affected in this process, as Trump has threatened to spare none in his attempts to reduce what he calls massive trade imbalance facing the US. India wants an exemption from import duty slapped by the US on steel and aluminium relaxed visa regime for skilled professionals delinking of a special tariff regime from market access talks and aircraft manufacturing in India by US firms, among others. For its part, the US wants greater market access to reduce trade imbalance zero import duty on Harley Davidson bikes and removal of price curbs on stents and other medical equipment.
Source: Financial Express
NEW DELHI With oil producers’ cartel OPEC playing havoc with prices India discussed with China the possibility of forming an ‘oil buyers club’ that can negotiate better terms with sellers as well as getting more US crude oil to Asia to cut dominance of the oil block. As a follow up of Oil Minister Dharmendra Pradhan’s idea floated at the International Energy Forum (IEF) meeting here in April Indian Oil Corp (IOC) Chairman Sanjiv Singh travelled to Beijing this month to meet Wang Yilin Chairman of China National Petroleum Corp (CNPC) a top source said. On discussion table was debottlenecking infrastructure to facilitate more US crude oil comes to Asia so as to cut the dominance of Organization of the Petroleum Exporting Countries (OPEC) which supplies about 60 per cent of India’s oil needs. Production cuts by OPEC have led to international oil prices hitting a four year high last month that forced a Rs 3.8 per litre hike in petrol and Rs 3.38 a litre increase in diesel prices. Rates started to cool towards month end and retail prices have been cut thereafter. In a throwback to 2005 when the then oil minister Mani Shankar Aiyar had proposed an alliance of the oil consuming nations Pradhan wants to form an oil buyers club with China Japan and South Korea to take up issues like premium being charged from Asian buyers. At the IEF meeting India and China agreed to join hands to have a collective bargaining power against cartelisation of oil producers. Singh’s visit was to take this forward with concrete proposals for cooperation the source said. So far India has not been able to bargain better rates from the Gulf-based producers of the oil cartel OPEC. Instead of getting a discount for bulk purchases West Asian producers such as Saudi Arabia charge a so-called ‘Asian Premium’ for shipments to Asian buyers including India and Japan as opposed to Europe. According to Prof Yoshiki Ogawa of Japan the Asian Premium annually costs somewhere around USD 5-10 billion for Asian importers. The source said possibilities of joint sourcing of oil as well as combined bargaining to bring down Asian premium was discussed. Similar collaboration will be proposed to Japan and Korea as well. With CNPC or its affiliates selling in the overseas market a large portion of oil produced from fields it owns in third countries India expressed interest in buying the Chinese firm’s equity oil directly the source said.
Source: Tecoya Trend
The city of Visakhapatnam may not be as famous as Vijayawada for its micro, small and medium enterprises, but post the setting up of the Visakhapatnam Steel Plant and other PSUs, this sector has grown sizeably. But post demonetisation and the implementation of the GST, the performance of this sector has been hit badly. To give a fillip to this sector, the State government is proposing to set up at least one MSME park in each Assembly constituency. It has set up the MSME Development Corporation and has set an ambitious target of setting up around 200 MSME Parks by 2023. According to A. Ramalingeswara Raju, General Manager of the District Industries Centre, the aim is to facilitate setting up of 30,000 MSMEs that will generate around 3 lakh jobs. The investment could be around ₹45,000 crore. In Visakhapatnam district, the authorities are taking steps to set up at least five parks in the first phase — one each at Narsipatnam, Gurrampalem, P. Anantavaram, Nakkapalli and Atchuthapuram. “The existing MSMEs are in the recovery mode, but we are confident that the new units will overcome the teething troubles,” he said.Around 2,400 new MSMEs have come up in the district in the last four years in addition to the existing 13,000 units. Mr. Ramalingeswara Raju pointed out that getting land for the parks is a challenge and the department is focussing on availability of government land for the first phase.
Source: Business Line
The National Retail Federation (NRF) has welcomed the recent announcement that labour and management at East Coast and Gulf Coast ports have reached a tentative agreement on a six-year contract renewal. US retailers can now receive merchandise without supply chain disruption, NRF vice president for supply chain and customs policy Jonathan Gold said. The International Longshoremen’s Assocation and the United Maritime Alliance recently announced that they have reached tentative agreement on a six-year contract covering East Coast and Gulf Coast ports that would take effect after the current contract expires on September 30. The two sides have until July 10 to finalize the agreement, which will then be subject to ratification votes by the full membership of each group. NRF had led more than 100 organizations in a March letter to the union and management urging both parties to resume talks after negotiations broke down earlier this year. (DS)
Source:Fibre2Fashion
The solar thermal industry in India is miffed as it believes that the ministry of new and renewable energy is ignoring its contribution in the renewable energy space though the country ranks among the top five markets globally for solar thermal. There is scope to save Rs 5,000 crore annually by supplementing solar thermal with fuel oil said the Solar Thermal Federation of India (STFI). According to the STFI the solar thermal industry in India has been growing without any financial assistance from the Centre. Yet it fails to find a mention of its contribution. Solar heating and cooling solutions are a substitute for fuel oil/diesel. Solar heat is used in large public and private building as well as factories for cleaning steam production heating and surface treatment in manufacturing and comes at 40% lower costs. As per the Renewable Global Markets Status 2018 India continues to maintain its position among the top five markets globally for solar thermal. “Solar heat for industrial processes (SHIP) is a an upcoming market in India and we are placed fourth in the world. With oil prices looking high SHIP will have a vital role to play in reducing dependence on oil” Jaideep N Malaviya secretary general at STFI said. The Indian solar thermal capacity saw a 26% y-o-y growth in 2017 the highest growth across the globe. With capacity of 2.8 MW thermal India was among the top 10 markets for concentrated heat technologies in 2017 along with Oman China Italy and Mexico. When it comes to solar water heating collectors capacity in operation India was at number six behind China the US Turkey Germany and Brazil. India has used solar thermal across various industries and has the largest number of units using the technology unlike in other countries where it is used in limited areas Malaviya said. The Swiss use it in the dairy industry Chile uses it in mining and in the Gulf it is used for refining. In India it is used in pharma textile food processing textile fertiliser and many more industries an achievement which is appreciated globally but ignored at home said Malaviya. The Ministry of New and Renewable Energy has not considered this contribution either in the grid-interactive power capacity or the off-grid/captive power segment said Malaviya. There needs to be a special category for solar thermal if it does not fit into either of these categories he suggested. The energy demand of the industrial sector in India accounts for 189.43 million tonne of imported crude oil as per a study by GEF-UNIDO. Of this around 30 million tonne is provided by the therrmal energy at temperature below 250 degree Celsius and solar technologies can produce a range of temperature between 50 degree C and 400 degree C which can be used in a variety of industrial heating applications and can supplement up to 5% of fuel oil which translates into `5 000 crore in annual savings Malaviya said. While there is 30% subsidy for solar thermal the STFI said it needs something similar like the power sector has with its RPO or renewable purchase obligation. The STFI has 28 members who account for close to 80% of the solar thermal manufacturing in India.
Source: The Financial Express
Tariff concessions are crucial for Indian SMEs exporting their products to the US market. New Delhi: India’s exports to the US especially those from sectors like textiles gems and jewellery automotive organic chemicals and pharmaceuticals could be hurt badly if US President Donald Trump carries out his threat of imposing retaliatory import duties on Indian products. This possibility looks real given the way Trump has publicly shamed traditional US allies like Japan Germany and Canada and levied punitive duties on their steel and aluminium exports. Any US move to levy retaliatory tariffs will largely hit India’s small and medium enterprises. That could complicate the Narendra Modi government’s political challenges with general elections just around the corner. The US accounts for nearly 16% of India’s total exports. In 2017-18 India had a trade surplus of $21 billion with the US. The US’s industrial tariffs have fallen to close to zero after several rounds of trade liberalization. But on the other hand India still continues to impose high import duty which riles Trump. For example India has kept high tariffs on automobiles and motorcycles (60-75%) alcoholic beverages (150%) and textiles (some ad valorem equivalent rates exceed 300%). What is even more worrying for the US is that as much as 25% of India’s industrial tariffs remain unbound at the WTO. According to latest WTO data in 2015 India’s average bound tariff rate was 48.5% while its simple ‘most favoured nation’ average applied tariff was 13.4%. The US has expressed concern over this saying its exporters face tremendous uncertainty as India has considerable flexibility to change tariff rates at any time. Meanwhile US exporters of stents and knee implants are seething with anger over price caps placed by India on these medical devices. The US trade deficit with India has become a sore point for the Trump administration which wants full reciprocity in trade relations with all countries. That Trump has publicly flagged that India imposes prohibitive duties of 100% on some products has left little doubt about US intention. Indian trade diplomats’ hope of being exempted from prohibitive US steel and aluminium tariffs has already proved false. They cannot afford to stay complacent about the threat of US slapping punitive tariffs on Indian exports said trade experts. “We’re like the piggybank that everybody is robbing” Trump said while addressing a press conference in Canada’s Quebec City at the conclusion of the G7 summit. Trump has made it clear that his tariff grievances went beyond developed economies. He especially mentioned India which he said imposed prohibitively high tariffs on US products like Harley Davidson motorcycles. Indian exporters worried Meanwhile garment exporters are worried at the prospect of the US levying equivalent import tariffs. Currently US import duty on garment import varies from 8% to 28%. In comparison India imposes customs duty on garment imports at the flat rate of 32%. India’s garment exports in 2017-18 were 11% lower than the preceding year. This declining trend continues in the current fiscal year too. As much as 30% of India’s garment exports go to the US. One Gurgaon-based garment exporter who did not want to be identified told The Wire that the sector could face troubles if the US imposes an equivalent duty on garment imports. Indian exports of gems and jewellery to the US estimated at $10 billion in 2017-18 too could face serious hurdles if the latter levies retaliatory tariffs. Export of road transport vehicles and organic chemicals are also at the risk of being hit with high tariffs. Task cut out for Indian trade diplomats The Trump administration has ordered a review of India’s compliance with 15 conditions outlined by the Congress for availing concession tariffs in the US market under Generalised System of Preferences (GPS). Tariff concessions are crucial for Indian SMEs exporting their products to the US market. The Indian government has pleaded its case before the GSP subcommittee which is conducting a review of India’s eligibility and will decide if the country is providing “equitable and reasonable” market access as a quid pro for GSP benefits. But there is not much hope of India getting a clean chit in the GSP review in which powerful US trade associations are petitioners. While the National Milk Producers’ Federation and the US Dairy Export Council have complained about restricted market access for farm products the Advanced Medical Technology Association has brought up price caps on coronary stents and knee implants. Given all of this it would not be surprising if the US president goes ahead with his threat of increasing tariffs on exports from India in the event talks do not yield results. Starting from June 10 India’s commerce minister Suresh Prabhu was on a two-day visit to the US where he held talks with US secretary of commerce Wilbur Ross and US Trade Representative Robert E. Lighthizer to cool the rising trade tensions between the two countries. However chances that Prabhu persuaded the US administration to drop its demand of full reciprocity in bilateral trade relations look dim. India’s exports to the US grew by 13.42% during the year much faster than the 9.98% growth rate of its overall merchandise exports underlining the significance of the American market for Indian industry. However the easy access that Indian exports have traditionally enjoyed in the US market could be a thing of the past soon if the Modi government does not properly handle Trump’s demand on reciprocity in bilateral trade relations.
Source: Noor Mohammed The Wire
Mumbai: The bankruptcy resolution of Alok Industries which owes more than Rs 29 500 crore to lenders has got a new lease of life with the amendment of the bankruptcy law and a court ruling that lenders should go in for fresh round of voting. These two developments favour the sole bidder — Reliance NSE -0.72 % Industries-JM Financial ARC — who narrowly missed getting lenders approval twice in the past. “Now with the court ruling and the amendment to Insolvency and Bankruptcy Code providing for 66 per cent vote for the resolution plan RIL-JM may get the bankrupt textile company at a throw-away price ” said a bank official. In the earlier rounds 71 per cent voted in favour of the RIL-JM but the law required 75 per cent votes. RIL- JM Financial ARC had offered Rs 5 050 crore in the second round of bidding just about Rs 100 crore more than what was offered in the first round. The lenders had rejected their bid in the first round as well. “The tribunal has not asked the bidder to reconsider their offer. But lenders have been asked to reconsider their decision” said a bank official. The offer of Rs 5 050 crore would translate to an 83 per cent haircut for lenders. The RBI has asked banks to make 100 per cent provision on accounts where resolution failed and the court ordered liquidation. Lenders such as IDBI Bank, Bank of India Central Bank of India and Dena Bank were among those that voted against the offer although their respective stands on the revised bid could not be independently verified with each bank. The 270-day window for arriving at a resolution plan ended in the middle of April 2018 following which the RP suggested liquidation of Alok Industries. The lenders have been waiting since for a court decision on the matter. Alok Industries is one of the few companies wherein the RP called for a resolution plan several times after the bankruptcy case against the company was admitted.
Source: Economic Times
Eyes 18-25% share in premium denim segment in 7 years Aditya Birla Fashion and Retail Ltd (ABFRL) has introduced the American Eagle casual denim brand in India and plans to open 30 exclusive stores in three years. The company has opened the first outlet in Delhi and plans to focus on the top five metros to begin with. In the mid to premium denim clothing segment the brand is eyeing a market share of 18% to 25% in seven years top company officials said. In August 2017 ABFRL entered into a multi-store retail and e-commerce licence agreement with American Eagle Outfitters (AEO) Inc. and the brand has been rolled out according to this partnership agreement. “We have aggressively planned to expand the reach of the brand in the next three years ” said Sathyajit Radhakrishnan President International Business ABFRL. “We also plan to invest in retailing the AEO merchandise through the brand’s exclusive India website www.aeo.in ” he added. Mr. Radhakrishnan said the brand would target both men and women in the age group of 15-28 years. Jeans are priced from ₹2 499 to ₹4 000. ‘Lack of choice’ “India has the fastest growing youth market in the world with upwardly mobile consumers who are driving demand for brands having international aesthetics and style. But there is a paucity of choices when it comes to jeans. With the entry of American Eagle ABFRL will fill the gap and corner a significant share of the country’s premium jeans wear market” he said. Mr. Radhakrishnan said “American Eagle Outfitters is an iconic jeans brand from the US and we are excited to bring it to the fashion enthusiasts in India. The brand will add great value to our international portfolio and strengthen our position in the youth centric lifestyle space giving our discerning customers a true taste of high-end fashion.”
Source: The Hindu
Surat: The Gujarat Pollution Control Board (GPCB) seems to be remaining a mere paper tigers as closure notices are hardly any deterrent for polluting mills. “In the last eight months we have issued not less than 50 notices to these textile mills in the city limits and closed down 10. However they all restart business in a couple weeks and same problem emerges.” Member secretary GPCB K U Mistry told TOI “The textile mill owners are not taking our punitive actions seriously. Once the closure is applied they are supposed to maintain certain quality of air which they do for some days but are back to the usual functioning. We will be taking very stringent action against such errant mill owners soon.” Mistry added “A policy decision is being taken by the state government and mill owners will be soon asked to move out of the city limits once the development plan of Surat Urban Development Authority is approved and residential zone is be declared.” At present the regional office of GPCB in Surat is headless. The vigilance officer of the Surat region is being given charge of the regional officer (RO) who is overworked and has issued 36 notices in last one-and-a-half-month to textile mills. The RO was transferred to Palanpur and the officer appointed in his place is on leave. There are just three staffers in the GPCB office located at Belgium Square.
Source: Times News Network
MUMBAI: The rupee on Wednesday slid further by 16 paise to close at near one-week low of 67.65 against the US currency on sustained dollar demand ahead of the key US Federal Reserve's decision on rate hike. The domestic currency opened weak at 67.62 per dollar and oscillated between 67.55 and 67.71 during the day amid suspected dollar selling by the central bank. The rupee had dropped by 7 paise to 67.49 per dollar yesterday. Robust demand for the US currency from private sector lenders, probably at the behest of their corporate clients largely kept the home unit under immense pressure, a forex dealer said. Foreign portfolio investors (FPIs) sold shares worth Rs 1,238 crore on net basis in past two sessions, provisional data showed. Investors were cautious ahead of the US Federal Reserve's June monetary policy decision due late today as the FOMC meeting was widely expected to increase rates for the second time this year. Robust US economic news-flows along with inflation reading, the highest in six years, bolstered the rate hike fears. Investors were awaiting the announcement to look for cues if the Fed looks to tighten policy four times in 2018 or three times, as it indicated earlier this year. The greenback traded broadly higher against its major counterparts in Asia Pacific trade. The dollar edged up against the euro and hit a three-week high versus the yen today. The dollar index was down at 93.70 after initial gains of up to 0.12 per cent. On the energy front, crude prices dropped, hit by rising supplies in the US and expectations that producer group OPEC could relax voluntary output cuts. Saudi Arabia said it has raised its production above 10m barrels a day. Brent crude futures, an international benchmark, were trading down at USD 75.64 a barrel, in early Asian trade.
Source: The Economic Times
India's cotton exporters have signed contracts to ship 500 000 bales (85 000 tonnes) of their new season harvest to China as the world's biggest consumer of the fibre looks to raise its imports in the next crop year industry officials told Reuter Exporters in India the world's biggest producer of cotton usually start selling new season cotton from end-August after estimating the nation's crop size. But robust demand from China and higher prices has prompted Indian exporters to sign deals in advance the officials said. "Chinese demand is very robust. They are ready to book Indian cotton " said Atul Ganatra president of the Cotton Association of India (CAI). "But Indian traders don't have a clear idea about the upcoming crop size and prices so they are hesitant to commit to large amounts” he said. Most Indian farmers sow cotton with the arrival of monsoon rains in June and the crop is typically ready for harvesting from the end of September. Indian cotton was sold at around 86 to 92 cents per pound on a cost and freight basis (C&F) to China for shipments in November and December said Chirag Patel chief executive at Jaydeep Cotton Fibres Pvt Ltd a leading exporter. The country could export more than 2 million bales (340 000 tonnes) to China in November China will import 1.4 million tonnes of cotton in the 2018/19 crop year its agriculture ministry said on Tuesday raising its forecast from a previous estimate of 1.2 million tonnes due to a poor local crop. Some traders said China's forecast was too low with one estimating Chinese imports in the range of 1.5 million to 2.5 million tonnes. "Everyone thinks prices will go up further so many deals have been signed " said an Indian trader who declined to be named. New York cotton futures were trading near their highest in more than six years due to worries over dry weather in West Texas a major producing region in top exporter the United States. India's cotton exports are likely to jump nearly 30 percent from the previous year to a fouryear high of 7.5 million bales (1.3 million tonnes) in the 2017/18 crop year which ends on Sept. 30. Amid the robust export demand cotton sowing in India has been delayed by nearly a fortnight in central and southern India due to patchy rainfall but it is expected to pick up in coming weeks said Ganatra of CAI.
Source: Economic Times
MUMBAI — The Cotton Association of India (CAI) in its May estimate of the cotton crop for the season 2017-18 beginning from 1st October 2017 has estimated cotton crop for the ongoing 2017-18 season at 365 lakh bales of 170 kgs. each which is higher by 5 lakh bales from its previous estimate – 3 lakh bales in Gujarat 1 Lakh bales in Karnataka 50 000 bales in Andhra Pradesh & 25 000 bales each in the states of Madhya Pradesh & Tamil Nadu. This estimated increase in production figures is mainly due to the realization of higher yields more particularly in the State of Gujarat informed Mr. Atul Ganatra President CAI. The Statistic Committee of the CAI in its meeting held in city was also attended by over 30 representatives from various upcountry associations MNCs Ginners Exporters Importers textile mills etc has reviewed the current cotton scenario. The total cotton supply upto 31st May 2018 has been projected at 378.50 lakh bales which consists of the opening stock of 30 lakh bales at the beginning of the season on 1st October 2017 the arrival of 340 lakh bales upto 31st May 2018 and imports which the Committee has estimated at 8.50 lakh bales upto May end Mr. Ganatra informed. Further the Committee CAI President said has estimated cotton consumption for 8 months i.e. from October 2017 to May 2018 at 216 lakh bales at an average of 27 Lakh bales per month while the export shipment till 31st May 2018 has been estimated at 62 lakh bales. The stock at the end of May 2018 is estimated at 100.50 lakh bales including 58 lakh bales with textile mills while the remaining 42.50 lakh bales are estimated to be held with CCI & May 2018 is equal to 362 lakh running bales of 160 kgs. each. Around 93 % of the total crop for the season has already arrived in the market upto 31st May 2018. others (MNCs Traders Ginners etc). The projected yearly Balance Sheet for the Season 2017-18 drawn by the CAI has estimated total cotton supply till end of the season i.e. upto 30th September 2018 at 410 lakh bales of 170 kgs. each including the opening stock of 30 lakh bales at the beginning of the season. The CAI has estimated domestic consumption for the season at 324 lakh bales while the exports for the season are estimated by the CAI at 70 lakh bales. The carry-over stock at the end of the 2017-18 crop year is estimated at 16 lakh bales Mr. Ganatra informed. It may be noted that the crop size of 365 lakh bales of 170 kgs. Each is equal to 388 lakh running bales of 160 kgs. each and the estimated arrival of 340 lakh bales 170 kgs. each upto 31st May 2018 is equal to 362 lakh running bales of 160 kgs. each. Around 93 % of the total crop for the season has already arrived in the market upto 31st May 2018.
Source: Tecoya Trend
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1372.47 |
USD/Ton |
-0.11% |
6/13/2018 |
|
VSF |
2315.56 |
USD/Ton |
0.20% |
6/13/2018 |
|
ASF |
3075.96 |
USD/Ton |
0% |
6/13/2018 |
|
Polyester POY |
1405.26 |
USD/Ton |
0.95% |
6/13/2018 |
|
Nylon FDY |
3638.06 |
USD/Ton |
0% |
6/13/2018 |
|
40D Spandex |
5464.90 |
USD/Ton |
0% |
6/13/2018 |
|
Nylon POY |
1655.08 |
USD/Ton |
0.47% |
6/13/2018 |
|
Acrylic Top 3D |
3723.94 |
USD/Ton |
0% |
6/13/2018 |
|
Polyester FDY |
5886.48 |
USD/Ton |
-0.26% |
6/13/2018 |
|
Nylon DTY |
1670.70 |
USD/Ton |
0% |
6/13/2018 |
|
Viscose Long Filament |
3255.52 |
USD/Ton |
0% |
6/13/2018 |
|
Polyester DTY |
3200.87 |
USD/Ton |
0% |
6/13/2018 |
|
30S Spun Rayon Yarn |
3091.57 |
USD/Ton |
0.51% |
6/13/2018 |
|
32S Polyester Yarn |
2240.61 |
USD/Ton |
0% |
6/13/2018 |
|
45S T/C Yarn |
3091.57 |
USD/Ton |
0% |
6/13/2018 |
|
40S Rayon Yarn |
2342.10 |
USD/Ton |
0% |
6/13/2018 |
|
T/R Yarn 65/35 32S |
2623.15 |
USD/Ton |
0% |
6/13/2018 |
|
45S Polyester Yarn |
3247.71 |
USD/Ton |
0.48% |
6/13/2018 |
|
T/C Yarn 65/35 32S |
2748.06 |
USD/Ton |
0.57% |
6/13/2018 |
|
10S Denim Fabric |
1.46 |
USD/Meter |
0% |
6/13/2018 |
|
32S Twill Fabric |
0.90 |
USD/Meter |
0% |
6/13/2018 |
|
40S Combed Poplin |
1.26 |
USD/Meter |
0% |
6/13/2018 |
|
30S Rayon Fabric |
0.72 |
USD/Meter |
0% |
6/13/2018 |
|
45S T/C Fabric |
0.74 |
USD/Meter |
0% |
6/13/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15614 USD dtd. 13/6/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
BRUSSELS - Industrial production in the 19 countries sharing the euro currency fell in April, European statistics office Eurostat said on Wednesday, adding further evidence of a slowing economy across the bloc. A Porsche 911 is seen at the Porsche factory in Stuttgart-Zuffenhausen, Germany, January 26, 2018. REUTERS/Ralph OrlowskiFactory output decreased 0.9 percent in the euro zone compared to last month, as the production of energy, durable and non-durable goods as well as intermediate goods fell in the month. Only the production of capital goods, such as machinery, rose in April. The falling industrial production numbers add to a string of data pointing to a cooling off of the euro zone economy and to the conundrum facing the European Central Bank on how to exit a large stimulus package aimed at boosting inflation. Retail sales were lower in April, while forward-looking indicators such as economic sentiment also showed a fall last month. In a separate release, euro zone employment increased by 0.4 percent in the first quarter compared to the final quarter of 2017.
Source: Financial Express
ISLAMABAD: Although the government of Pakistan Muslim League Nawaz (PML-N) started the negotiations on various trade agreements including the Free Trade Agreement (FTA) and Preferential Trade Agreement (PTA) with a number of countries it could not conclude any such agreement in the past five years. As per officials the government which remained highly involved in the political crisis and focused its powers on mega projects gave no serious thought to such trade agreements. Even the revision of the FTA with China despite the conclusion of various rounds of talks remained inconclusive knowing that the agreement was largely in favour of China inevitably causing a huge trade imbalance. The previous government since it took charge in 2013 negotiated FTAs with Thailand Korea and Turkey. As per the available documents nine rounds of negotiation were held between Pakistan and Thailand but due to differences on a few subjects the agreement could not be signed. Earlier the Cabinet had accorded the approval to initiate negotiations on the Pak-Thailand FTA in its meeting on the 24th Augst 2015. One of the major sectors which showed concerns about the terms of the FTA with Thailand was the auto sector as about half the imports from Thailand consist of auto parts. According to experts on one hand allowing Thailand access to Pakistan’s auto sector may increase its challenges and put the FTA at odds with the new auto policy which aims at enhancing the domestic production. On the other hand lower duties on parts that cannot be manufactured in Pakistan may support domestic production while bringing down costs for consumers. Presently bilateral trade is in favour of Thailand however the FTA – if implemented is reportedly expected to lessen the differential of the nearly $700 million trade deficit while doubling bilateral trade. Similarly another major FTA was to be signed with Turkey but that too remained inconclusive for various reasons. According to the officials at the Ministry of Commerce the refusal to either reduce its additional duties or extend GSP Plus status by Turkey to Pakistan in line with the European Union (EU) with the World Trade Organisation (WTO) is the major reason of failure in moving forward on the bilateral FTA. Pakistan had asked for a reversal of a set of additional duties that the Turkish government had imposed on Pakistani products having high export potential in the Turkish market back in 2011. The products in question are cotton fabrics apparel and home textiles carpets manmade fibres plastics and footwear. The additional duties range from 20 to 50 per cent bringing the total duties on these critical products to between 28 and 67 per cent when combined with other duties also applicable on them. As a result Pakistan’s exports to Turkey plummeted from $906 million in 2011 to $282 million in 2017 a decline of 69 per cent. Besides Islamabad was also demanding the Turkish government to grant it the GSP Plus status as it was under an obligation to extend the facility because the foreign country is a member of the EU customs union. However the deadlock on bilateral talks resulted in the failure of the proposed FTA. The next FTA in question was with South Korea. Both sides had concluded a feasibility to explore the possibility of a free trade agreement between the two countries. However no serious efforts were made so far to conclude the talks on FTA. Currently bilateral trade between the two countries is around $1.1 billion and both sides had wished to further promote trade and investment relationship between the two countries. The major failure of the previous government in bilateral trade agreements was related to the renewal of the Pak-China FTA. The two countries in April this year failed to sign even official minutes on the conclusion of 10th rounds of parleys held at Islamabad for finalising the second phase of China Pakistan Free Trade Agreement (CPFTA) mainly because both sides could not sort out differences on granting incentives for boosting each other exports. As per the original plan the second phase was supposed to be implemented from Jan 1 2014. Both countries started negotiations for the second phase in 2011. Both the countries held 8th round of negotiations of the 2nd phase of FTA but failed to sign it. Pakistan has signed a PTA with Indonesia in 2013. Trade deficit between the two countries has widened in favour of Indonesia during the said period as the import of palm oil shifted from Malaysia to Indonesia. Pakistan is presently conducting a review of the PTA with Indonesian side and efforts are at hand to rectify the widening trade deficit. It is worth mentioning here that Pakistan Business Council a business advocacy group in its report noted that Pakistan’s economy failed to benefit from any of the six bilateral trade agreements over the past one decade with the country struggling to get tariff incentives from its trading partners. The country has so far signed free and preferential trade agreements with six countries including China Malaysia Sri Lanka Iran Mauritius and Indonesia.
Source: Profit by Pakistan
Garment shipments to India a country with a $50 billion apparel market more than doubled in the first 11 months of the fiscal year -- in a promising development for Bangladesh's manufacturers. Between July last year and May this year apparel items worth $253.07 million were shipped to the neighboring country in contrast to $117.21 million a year earlier according to data from the Export Promotion Bureau. The reason for the exponential rise is bulk purchase by Western brands with operations in India and Indian clothing chains which are finding Bangladesh's garment items to be more competitively priced for India's bulging middle-class demographic. Like in previous years woven garment shipments outnumbered knitwear as the demand for formal shirts is high in the country packed with office-going executives. Between July and May $187.37 million worth of woven garment items were shipped to India and $65.70 million worth of knitwear products EPB data showed. “Garment export from our factory to India is increasing every year. But the receipts are still very low” said Mohammad Hasan executive director of Babylon Group a leading garment exporter. Apart from Indian retailers like Tata Reliance and Arvind Western brands like H&M Zara and Mango are sourcing garment items from Bangladesh in bulk quantity. “We see India as an emerging market for us ” Hasan said. In the next few years garment exports to India might cross the $1 billion-mark said Siddiqur Rahman president of the Bangladesh Garment Manufacturers and Exporters Association. Were garment afforded the privilege of duty-free access to India the receipts would have hit $1 billion by now. Bangladeshi garment exporters face 12.5 percent countervailing duty for shipment to India although India announced duty-free facility on all Bangladeshi products except some alcoholic and beverage items in 2012. Overall exports to India increased 24.67 percent year-on-year to $792.88 million in the July-May period.
Source: The Daily Star
ANKARA - Turkey wants to impose new requirements on textile firms importing material from China alarming leaders of one of the country’s biggest export industries three clothing company executives told Reuters. They said the plans were discussed at a meeting in Ankara on Monday between economy ministry officials and representatives of textile companies who had requested the meeting to ask that the planned measures be delayed or revised. An economy ministry official confirmed the meeting at the ministry without giving details. “We expressed support for production imports from China but on the condition of bringing value added to Turkey” the official said. Turkey’s textile sector is a pillar of its economy. Ready-to-wear clothing accounted for about 18 percent of Turkey’s $157 billion exports last year. Cuneyt Yavuz Chief Executive Officer of jeans retailer Mavi said he believed the government plan was aimed partly at tackling Turkey’s widening current account deficit which reached $47.1 billion last year. Turkey imported a quarter of its $10.1 billion textile imports from China in 2017 more than half of which are cotton fabrics and intermediary goods. “The ministry had a plan to increase the documentation of textile imports from China” Yavuz told Reuters. “This plan was only regarding the textile sector... and it would go into effect in mid-July”. He said business leaders at the meeting told the ministry that material imported from China was sold on to other countries such as Russia and the United States benefiting Turkey. “I was told that there would be either a postponing or at least a revision in the ministry’s plans” which were originally intended to go into effect in mid-July Yavuz said. FRUITFUL MEETING Another senior textile sector executive who attended Monday’s meeting said the new measures included obtaining documents about the Chinese companies they are buying from which will add costs and cause delays in trade. “The ministry undersecretary told us that there is a huge trade deficit with China where our imports are about 10 times the size of exports” the executive told Reuters. “They want some balance. But they understood our concerns and promised to take another look at the proposed measures.” The chief executive of another major Turkish textile company confirmed that the ministry had been asking for additional documents for textile imports from July but said the ministry had been asked to postpone the move until January. “We had been informed that we would need a lot of extra documents for imports from China so we demanded this meeting” said the CEO whose company has almost 150 stores in Turkey and exports to seven other countries. “The ministry didn’t ask us to stop producing in China. It was a fruitful meeting. We asked them to postpone the plan until at least January 2019 which the ministry will evaluate.”
Source: Reuters
EPFL scientists have found a fast and simple way to make super-elastic multi-material high-performance fibres which have already been used as sensors on robotic fingers and in clothing. This method opens the door to new kinds of smart textiles and medical implants according to the team of scientists. “It’s a whole new way of thinking about sensors” they say. “The tiny fibres developed at EPFL are made of elastomeric and can incorporate materials like electrodes and nanocomposite polymers. The fibres can detect even the slightest pressure and strain and can withstand deformation of close to 500% before recovering their initial shape. All that makes them perfect for applications in smart clothing and prostheses and for creating artificial nerves for robots.” The fibres were developed at EPFL’s Laboratory of Photonic Materials and fibre Devices (FIMAP) headed by Fabien Sorin at the School of Engineering. The scientists came up with a fast and easy method for embedding different kinds of microstructures in super-elastic fibres. For instance by adding electrodes at strategic locations they turned the fibres into ultra-sensitive sensors. What’s more their method can be used to produce hundreds of metres of fibre in a short amount of time. Heat then stretch To make the fibres the scientists used a thermal drawing process which is the standard process for optical- fibre manufacturing. They started by creating a macroscopic preform with the various fibre components arranged in a carefully designed 3D pattern. They then heated the preform and stretched it out like melted plastic to make fibres of a few hundred microns in diameter. And while this process stretched out the pattern of components lengthwise it also contracted it crosswise meaning the components’ relative positions stayed the same. The end result was a set of fibres with an extremely complicated micro architecture and advanced properties. “Until now thermal drawing could be used to make only rigid fibers” the university explains. “But Sorin and his team used it to make elastic fibres. With the help of a new criterion for selecting materials they were able to identify some thermoplastic elastomers that have a high viscosity when heated. After the fibres are drawn they can be stretched and deformed but they always return to their original shape.” Rigid materials like nanocomposite polymers metals and thermoplastics can be introduced into the fibres as well as liquid metals that can be easily deformed. “For instance we can add three strings of electrodes at the top of the fibres and one at the bottom. Different electrodes will come into contact depending on how the pressure is applied to the fibres. This will cause the electrodes to transmit a signal which can then be read to determine exactly what type of stress the fibre is exposed to – such as compression or shear stress for example ” said Fabien Sorin. Artificial nerves for robots Working in association with Professor Dr Oliver Brock (Robotics and Biology Laboratory Technical University of Berlin) the scientists integrated their fibres into robotic fingers as artificial nerves. Whenever the fingers touch something electrodes in the fibres transmit information about the robot’s tactile interaction with its environment. The research team also tested adding their fibres to large-mesh clothing to detect compression and stretching. “Our technology could be used to develop a touch keyboard that’s integrated directly into clothing for instance” added Sorin. The researchers say they see many other potential applications. Especially since the thermal drawing process can be easily tweaked for large-scale production. This is a real plus for the manufacturing sector. The textiles sector has already expressed interest in the new technology and patents have been filed.
Source: Innovation in Textiles
Edinburgh outfit's design could increase energy output by 9.7% Edinburgh-based ACT Blade has designed a textile blade for wind turbines that could increase energy production by 9.7% and reduce the levelised cost of energy by 8.7%. The company an offshoot of racing yacht sail specialist AMAR Azure designed the blade as part of the Offshore Renewable Energy Catapult's Innovation Challenge. ORE Catapult then led a study that identified the company's technology could be used to produce a textile blade up to 50% lighter and 30% stiffer than conventional fibreglass equivalents said ACT Blade's Sabrina Malpede (pictured). “I didn’t have knowledge of the renewable energy sector and needed to qualify my theory with sector experts ” she added. “From these insights we were able to create the ACT Blade the world’s first textile blade capable of capturing more energy than a fibreglass blade by covering a larger swept area significantly increasing annual production.” ORE Catapult research and innovation project manager Vicky Coy said: “This is just one example of how technology can be adapted from one sector to create something genuinely ground breaking in another industry. “There are very few innovations in any field that deliver such a dramatic performance improvement with one fell swoop. This is a tremendous opportunity not just for ACT Blade but for the UK to establish a new textile blade supply chain for the global Marketplace.
Source: Renews Biz
The breakthrough technologies in the apparel and textile industry, with many innovations will be unveiled at the Apparel Textile Sourcing (ATS) Canada from August 20. Among the latest advances to be showcased is a line of futuristic clothing – featuring seamlessly-integrated technology – that is designed to both diagnose and treat health conditions. Some of these innovations to be displayed at the three-day exhibition include stylish undergarments that act as an ECG monitor 24-7, alerting users to potential heart rhythm issues, as well as apparel that provides users with remote physiotherapy, meaning patients can receive professional rehabilitation therapy – including heat, electric stimulation and compression treatment – remotely from the comfort of their home. The new offerings will be among a wide range of features at ATSC, including 600 local and international exhibits, three full days of seminars, panels and sessions by industry, government and fashion leaders, business matchmaking services, and fashion runway events. The show will provide the thousands of expected attendees with unprecedented networking and business opportunities with international suppliers on Canadian turf. “ATSC will display the latest trends and unique offerings in apparel and textile from more than 20 countries, including Canada, China, Bangladesh, India, Pakistan, the U.S., the U.K., Turkey, Switzerland, Spain, Nepal and, for the first time, the Ukraine,” said Jason Prescott, CEO of JP Communications, ATSC producer. The show will double in size from 2017 to include additional categories such as accessories, giftware, home electronics, footwear, luggage and housewares and general merchandise as part of the popular China Brand Show, coming to Canada for the first time as part of the event. Ten premier brands from China will also unveil their trending, high-quality collections as they look to collaborate with reputable Canadian retailers. ATSC will follow the Toronto show with its first business matchmaking event in Montreal on August 24. For the first time, the Montreal community will have the opportunity to network and connect with top apparel and textile manufacturers from across the globe eager to do business with the local industry. ATSC is supported by many international governments and associations, headed by the China Chamber of Commerce for Import and Export of Textile and Apparel and the Bangladesh High Commission on behalf of the Export Promotion Bureau and the Bangladesh Garment and Manufacturers Export Association.
Source:Fibre2Fashion
