New Delhi :A significant majority of the CFOs surveyed by global professional services firm Deloitte have given a thumbs-up to the Goods and Service Tax (GST), stating that implementation of this indirect tax reform has had a positive impact on overall business. This appreciation of GST’s value proposition comes on the eve of India completing one year of GST implementation. Over 250 CFOs with revenues spanning from less than Rs 250 crore to more than Rs 10,000 crore, responded to the Deloitte India CFO Survey 2018. The respondents included listed and unlisted companies from both the private sector and PSUs, Indian companies and MNCs headquartered in India as well as overseas.
GST IMPACT
Seventy-seven per cent of the CFOs believe that GST has had a positive impact on overall business. Additionally, GST has had a positive impact on the revenue (71 per cent) and supply chain (70 per cent), and 58 per cent CFOs felt it had led to an improvement in ease of doing business. On the other hand, industry has witnessed a negative impact (as responded by 66 per cent CFOs) on working capital post-GST implementation.
TOP CHALLENGE
In terms of the external environment, the survey reveals that regulatory and policy changes such as IndAS, demonetisation or GST, are the biggest concerns for CFOs. Technology disruption is also an important concern, as revealed in the survey. Companies have seen numerous technological disruptions and will continue to encounter the same in coming years. As much as 89 per cent of the CFOs highlighted GST as a top challenge and saw it as a key regulatory change faced by the company. Rightly so, given that GST had brought about changes not just in technology, systems and reporting, but has also necessitated a relook into the existing business models impacting each and every aspect of business. The other top challenge seen by CFOs is that IndAS aligned with International Financial Reporting Standards has been introduced, dealing mainly with revenue recognition. The new revenue standard brings in a comprehensive and robust framework (five-step model) for recognition, measurement and disclosure of revenue. This standard would change the manner in which companies recognise and report revenues. Interestingly, the survey highlights that changes in the regulatory environment has added to the cost of compliance. As much as 49 per cent of the CFOs surveyed witnessed a challenge in terms of increased cost of meeting the regulatory requirements, the survey showed.
ECONOMIC OUTLOOK
India’s short and medium-term economic outlook remains optimistic. While two-thirds of the respondents are positive about economic prospects in the near term, the percentage jumps to 94 per cent over the next 2-3 years. Positivity among investors about the economic outlook over the medium term is reflected in the risk appetite of Indian businesses. 57 per cent of CFOs are now willing to take greater business risks, as the next couple of years are expected to be a period for consolidating gains from recent reforms, according to the Survey.
Source: Business Line
The revenue department has decided to keep in abeyance GST provisions relating to reverse charge mechanism, tax deducted at source (TDS) and tax collected at source (TCS) for another three months till September-end. The GST Council in its meeting on March 10 had suspended the provision for deduction of TDS and collection of TCS, as well as implementation of the reverse charge mechanism (RCM) till June 30. A senior revenue official said the GST Implementation Committee (GIC), headed by the Revenue Secretary, has decided to keep in abeyance the TDS/TCS provision and GST by way of RCM by another three months. "The GIC has decided to postpone by three months the TDS/TCS and RCM provisions. Notification will be issued shortly. The GIC decision has been circulated to the states for issue simultaneous notification, the official told . With this, e-commerce companies can heave a sigh of relief as they will not be required to collect 1 per cent TCS while making payment to suppliers under the Goods and Services Tax (GST). As per the Central GST (CGST) Act, the notified entities are required to collect TDS (Tax Deducted at Source) at 1 per cent on payments to goods or services suppliers in excess of Rs 2.5 lakh. GST has been rolled out from July 1, 2017, and transformed India into a 'one nation, one tax'. Besides, the reverse charge mechanism, under which registered dealers are required to make tax payments in case he procures goods from unregistered businesses, too stands deferred till September-end. The law review committee, comprising officers from the Centre and states, had earlier suggested reworking Section 9(3) of Central GST Act by bringing composition scheme dealers in the purview of reverse charge mechanism. A ministerial panel under Bihar Deputy Chief Minister Sushil Modi was constituted in March to iron out issues being faced by businesses under the reverse charge mechanism.
Source: Economic Times
GNPA of SCBs rose to 11.6% in FY18 compared to previous 10.2% in September 2017. This would be be 140 basis points increase in GNPA in just seven months of FY18. The Reserve Bank of India has released the 17th series of Financial Stability Report (FSR), and looking at the trend mapped by the central bank it is clear that the problem of Scheduled Commercial Banks (SCBs) is not over yet and that revival is not nigh. The FSR reflects the overall assessment of the stability of India’s financial system and its resilience to risks emanating from global and domestic factors. The Report also discusses issues relating to developments in and regulation of the financial sector. The major issue of SCBs especially public sector banks (PSBs) have been the gross non-performing assets (GNPA) which clearly is not ready to come down as shown in the report. GNPA of SCBs rose to 11.6% in FY18 compared to previous 10.2% in September 2017. This would be be 140 basis points increase in GNPA in just seven months of FY18. Interestingly, net NPA registered only a smaller increase during the period due to increase in provisioning. According to RBI, credit risk arising from exposure to the infrastructure sector (specifically power, transport and telecommunication) as well as textiles and engineering was examined through a sectoral credit stress test where the GNPA ratio of the specific sector was assumed to increase by a fixed percentage point. RBI said, "The resulting impact on the GNPA ratio of the entire banking system was examined." PSBs had the maximum exposure to these sectors and also account for the highest GNPAs, particularly in the power and the telecom sector. The results of the stress tests show that among the considered sectors, the most severe shock to the power sector will cause the banking system GNPAs to rise by about 68 bps. The textile and the engineering sectors, though small in terms of total advances to that sector as compared to the infrastructure sector, also exhibited considerable transmission of stress to the banking sector. The central bank believes e GNPA ratio of all SCBs may increase from 11.6% in March 2018 to 12.2% by March 2019.
Source: Zeebiz Team
New Delhi : In an effort to boost exports, the government on Wednesday approved financial assistance of over ₹3,000 crore to the Export Credit Guarantee Corporation (ECGC) and National Export Insurance Account Trust (NEIA). These were among the many proposals approved at the meeting of the Cabinet and the Cabinet Committee on Economic Affairs (CCEA). ECGC will receive capital infusion of ₹2,000 crore while NEIA will have grant-in-aid (corpus) of ₹1,040 crore. This will help in providing insurance cover approximately up to ₹3 lakh crore. ECGC provides insurance cover to exporters of goods in case of payment default by the receiving party or in other incidence. Similarly, NEIA provides insurance cover for project export. Interim Finance Minister Piyush Goyal said more financial assistance will help exporters, especially those belonging to Micro, Small and Medium Enterprises (MSMEs). Echoing similar sentiment, an official statement said that it would strengthen India’s exports to emerging and challenging markets like Africa, CIS (Commonwealth of Independent States) and Latin American countries. “With a stronger underwriting capacity, ECGC will be in a better position to support Indian exporters to tap new and unexplored markets. Increased capital infusion will help ECGC to diversify its product portfolio and provide cost effective credit insurance helping exporters to gain a stronger foothold in the difficult markets,” it added. Covers from the corporation will help in improving competitive position of India exporters in international markets. “More than 85 per cent of customers benefited by ECGC’s covers are MSMEs. ECGC covers exports to around 200 countries in the world,” it mentioned. Talking about additional grant to NEIA, another official statement said that the amount of ₹1040 crore is to be utilised during three years from 2017-18 to 2019-20. “An amount of ₹ 440 crore has already been received for the year 2017-18 and ₹300 crore each will be given to NEIA for the years 2018-19 and 2019-20,” it said. It would strengthen NEIA to support project exports from the country that are of strategic and national importance.
Govt doctors
In other decision, the Cabinet approved a proposal for shifting of more experienced doctors belonging to Central Government and Central government entities to teaching, clinical or Public Health Programme implementation activities. The approval seeks to ensure that the doctors belonging to Central Health Service (CHS) and of other Ministries, Departments or Central Government entities, after attaining the age of 62 years, work exclusively in their respective fields of clinical expertise.
Nod for MoU
The Cabinet also approved signing of the Memorandum of Understanding (MoU) between India and Germany on cooperation in the field of civil aviation. This will lead to promotion of safe, effective and efficient development of air transport between India and Germany. The MoU in the form of Joint Declaration of Intent signifies an important landmark in the civil aviation relations between India and Germany, and has the potential to spur greater trade, investment, tourism, and cultural exchanges between the two countries.
Source: Business Line
Trade events are being organised in African, Central and South American countries to explore new markets with a view to boost the country's exports, the commerce ministry today said. "Because of these measures, exports are continuously registering growth," it said. These issues, among others, were discussed in a meeting chaired by Commerce and Industry Minister Suresh Prabhu last week. In the meeting, the minister reviewed a strategy for revitalising India's exports. "The minister reviewed development of USD 100 billion additional export strategy focussing on champion and promising products and market retention," it added. It said that commodity specific strategy includes products like gems and jewellery, leather, textile, pharmaceuticals, electronics, engineering, chemical, marine products and agriculture goods.
India's exports grew by 9.78 per cent to USD 302.84 billion in 2017-18.
Source: Business Standard
The hosiery products that are supplied from Tirupur cluster to the domestic markets have cumulatively become costlier by 123 %, since the first collective decision of entire hosiery manufacturers to increase the prices happened in 2005. A glance through the cost trend graph accessed by The Hindu shows that the prices of the hosiery products from Tirupur cluster were raised on as many as 14 occasions since December 5, 2005. Interestingly, the prices were scaled down only once between December 5, 2005 and the latest decision taken a few days back by the South India Hosiery Manufacturers Association (SIHMA) to increase the costs. “The resolution to bring down the prices on July 11, 2011, by 5 % has been made only because of a significant reduction in the cotton yarn prices during that period, even though the other costs like transportation and labour charges were going higher”, SIHMA sources told The Hindu . The most numbers of price escalations occurred in 2010. The year saw the hosiery products from Tirupur cluster become dearer on a total of four occasions with the prices collectively going up by 32 %. “In 2010, the prices of end products have to be raised by 10, 7, 10 and 5 % within a gap of few months due to periodical hikes in input costs”, said the hosiery manufacturers.
Source: The Hindu
Indian diplomats posted in various countries engaged in dialogues with Rajasthan government officials here today to discuss opportunities of investment and export and for enhancing ties of the desert state with other countries. Ambassadors/High commissioners posted in nine countries held a meeting with Chief Secretary D B Gupta and other officers to discuss the potential of the state in the areas of export and investment. The diplomats suggested the officials to promote Rajasthan, which is known for tourism, as a destination of medical tourism and education hub. They said the state has huge potential of export in sectors like marble, granite, pharmaceutical, jewellery, textile and yarn among other. Gupta said Rajasthan is a leading state in areas of textile, gems and jewellery, minerals and grains production and now the state is emerging as a leader in solar energy production, according to a release. Additional Chief Secretary Industries Rajeeva Swarup informed the envoys that Rajasthan State Industrial Development and Investment Corporation (RIICO) has developed 3,044 industrial areas in the state. He said 52 Japanese companies are successfully running their operations in the dedicated Japanese zone (in Alwar) and second Japanese zone is also being developed. Swarup said factors like availability of manpower and resources, law and order condition have made Rajasthan a preferred destination for investment. Officials from other departments informed about the schemes and programme of the state government. Indian Ambassador Monika Kapil Mohta (Sweden), Rahul Kulshreshth (Turkey), Vijay Thakur Singh (Ireland), Narinder Chauhan (Serbia), Satibir Singh (Algeria), Sanjay Rana (Azerbaijan), Rajesh Agrawal (Niger), Pradeep Rajpurohit (Iraq) and Indian high commissioner to Malta Rajesh Vaishnaw also discussed possibilities for enhancing ties and cooperation of Rajasthan with these countries. Industry commissioner Krishna Kunal informed that the diplomats will visit various industrial, handicrafts exports units here tomorrow.
Source: Business Standard
A U.S. delegation including Assistant Trade Representative Mark Linscott is in Delhi and will, over Tuesday and Wednesday, hold meetings with Commerce Ministry officials at the Joint Secretary level to discuss ways forward to resolve the escalating trade issues between the U.S. and India. The meetings come against the background of India’s recent notification of higher import tariffs for 29 goods originating in the U.S. However, the implementation date for these higher tariffs was set as August 4, leaving room for other solutions that could arise through dialogue. “The U.S. Assistant Trade Representative Mark Linscott will be meeting officials from the Commerce Ministry today and tomorrow,” an official from the Commerce Ministry told The Hindu, adding that while the names of the officials Mr. Linscott would be meeting have not been officially released, they would be at the Joint Secretary level.
Key issues on agenda
The two key issues on the agenda are India’s notified tariffs on U.S. imports, and duties on medical devices. While India had earlier this month written to the World Trade Organisation informing it of its decision to impose tariffs on U.S. imports amounting to $240 million, the actual notification set the implementation date as August 4. In addition, the notification left out the proposed increased tariffs on high-capacity motorcycles, such as those manufactured by Harley Davidson, tariffs on which were a sore point highlighted by U.S. President Donald Trump. Following his visit to the U.S. earlier this month, Commerce Minister Suresh Prabhu had indicated that more talks would follow with U.S. authorities regarding trade related issues. The Minister is currently, however, in Australia to attend the 15th India-Australia Joint Ministerial Commission.
Source: The Hindu
The Taiwan Textile Federation and the Bureau of Foreign Trade would be forming the Taiwan Pavilion for the 6th year at Technotex India Exhibition which will be held in Mumbai from 28th-29th June 2018. Technotex India is organized by the Ministry of Textiles and FICCI. Exploring new partnerships and business opportunities in the growing technical textiles sector of India, this year 10 leading Taiwanese companies producing innovative technical, functional, performance and industrial textiles and accessories will be showcasing their high-end products along with others at the Taiwan Pavilion @ Technotex India Exhibition. This will be an excellent opportunity for Indian buyers of "Smart Technology Textiles" to network with the Taiwanese suppliers here in India. Taiwan is one of the very few countries who can fulfill India's requirements as the Taiwan textiles sector is the leader in technology innovations and manufacturing in the world with a strong research and development segment. Targeting the growing Indian technical textile industry, which is expected to grow at a rate of 20 percent annually to touch USD 30 billion over the next five years, Technotex India is a perfect platform to explore business opportunities under this sector in India. Fashion as part of a function and eco-friendly and sustainable textiles are important factors in the growing apparel industry across major markets. Thanks to a surge in global demand for sustainability, technological, innovation and new functionalities textiles. Taiwan's textile manufacturers are surfing the wave by catering to the wellness generation, getting the production more cost-effective and going greener. Mr. Sean Tsai of Taiwan Textile Federation said, "Technotex is an important platform for us to showcase and promote Taiwan's strength in technical as well as functional textiles amongst the Indian buyers across various industry verticals. India has a huge potential for us and we are looking forward to build new contacts and explore business opportunities in the Indian technical textiles market as well as other sectors such as sports apparel, outdoor gear and wear, home textiles and medical and healthcare sectors. We invite all to come and meet us at Technotex India 2018.
Source: Business Standard
NEW DELHI: "MSMEs need to adopt disruptive thinking to take better advantage of the growth dividend opportunity," opined an expert panel at the Edelweiss SME Lending BSE MSME Day. The theme this year "Limited to Unlimited Celebrating Entrepreneurship, Unlocking Value", was an initiative to salute the spirit of the Indian entrepreneurs and acknowledge their immense contribution in driving India's growth story on India's first International Micro, Small and Medium-sized Enterprises (MSME) day today. The event inauguration was done with the ceremonial "Ringing of the bell" by Rashesh Shah, Chairman and CEO, Edelweiss Group and Ashish Kumar Chauhan, MD & CEO, BSE. Suresh Prabhu, Minister of Commerce & Industry and Civil Aviation and Sudhir Mungantiwar, Minister of Finance & Planning, Forests, Government of Maharashtra, supported the celebrations with video messages for the audience comprising India's leading MSMEs and SMEs, many of which are listed on the exchange. Mr Prabhu said, "MSMEs are the backbone of the Indian economy, are the largest contributors to employment in India, provide significant output and also help exports. Most importantly, they enable development of the Indian society inclusively. Small Industries are key to many large scale Industries as they provide support in terms of components and other allied services essential for these industries to survive. I wish to congratulate you and wish you all the best for the future." Mr Mungantiwar said, "Our society is growing rapidly. MSMEs are very big chunk of our GDP growth.We need to support these businesses in their growth journey. On this International SME day, as the Finance Minister of Maharashtra, I assure our SME players that we will stand alongside them and make sure they get the required support for their businesses."
Source: The New Indian Express
As countries across the world come together to honour, acknowledge and celebrate World MSME Day, the crucial sector of the economy has its own list of demands that it wants fulfilled. As the country surges holding the baton of social progress, economic growth and digitisation, the MSME sector which contributes up to 45% of the GDP can no longer be ignored. Earlier this year, Minister of Commerce, Suresh Prabhu had said, "Ideas are born in human minds, and not necessarily in the boardrooms of large corporate," emphasising how the new industrial policy 2018 will highlight the "M" in SMEs. Prabhu also claimed recently that not only will this new policy, which will be unveiled soon, pay immense attention to MSMEs, but it will also result in manufacturing to make up for $1 trillion of the India's economy by 2025-2026. However, reeling from the impact of demonetisation and the haphazard implementation of the Goods and Services tax, the MSME sector is looking for succor and have some key demand.
Finance
For long, the unavailability of credit for SMEs has been a major stumbling block for small businesses. As the sector is largely informal, banks have hesitated to lend to SMEs for their unreliability to repay loans. With the influx of NFBCs, fintech firms and other alternatives for finances, this problem today has more solutions than it ever did. However, that may still not be the answer. Rajnish Goenka, Chairman, MSME Development Forum says, "NBFCs are gaining popularity in India but they charge 24% interest which is a figure for a small businessman. This year the RBI also said for the first time that SMEs are as relevant as the agriculture sector in the country." Rajiv Chawla, Chairman, IamSME of India adds, "Out of the 21 public sector undertaking (PSUs), 11 are not funding because of issues related to NPA crises. Sources for credit are an issue that needs to be immediately addressed."
Technology
With increasing pace of technology and digitization MSMEs in the country want greater government support in terms of enabling technology adoption. Soft interventions are the way forward and digitising shall help SMEs feel more inclusive. Technology can ease business operations, can be cost efficient, enhance mechanisation in fields like agriculture by lessening manual use of chemicals, and so on. SMEs need more computer friendliness, better cooperative societies, and upgraded equipment. "The government's CGTMSE scheme allots only Rs 1 crore for SMEs. That is quite an inadequate figure set 15 years back. Cost of technology is generally is going up. So when we talk about technology for SMEs, I think we should cover all aspects - plant, machinery, as well as IT operations for technology to be made available to the SMEs," says Ajay Sahai, CEO of Federation of Indian Export Organisation (FIEO).
Marketing
The Union Cabinet had claimed earlier this year that the definition of SMEs will be changed. Yet, this decision which was taken in February is yet to be notified. SMEs need to have clarity on their definition and then be marketed well. The government needs to provide marketing support to MSMEs and also the trading companies to help the SMEs to market their products. While there have been marketing initiatives centered around SMEs, they have failed to live up to the expectation. For example the scheme for providing financial assistance on marketing support under Marketing Assistance Scheme, provides assistance in organising exhibitions abroad and participation in international exhibitions/trade fairs. It is also meant to co-sponsor exhibitions organized by other organisations/ industry associations/agencies and organizing buyer-seller meets, intensive campaigns and marketing promotion events. There are then schemes like the Marketing Assistance & Technological Upgradation (MATU) that aim to help tap and develop domestic/overseas markets. However, MSMEs argue they would want more from these schemes and in fact many do not know how to avail the benefits. Beyond marketing, Chawla says there are other schemes that need a serious relook. For example, the lean manufacturing programme. "The scheme was supposed to assist MSMEs in reducing their manufacturing costs, through proper personnel management, better space utilisation, scientific inventory management, improved processed flows, reduced engineering time and so on. This has been stopped for a year now."
Source: Economic Times
The Indian unit caved in to a fresh intra-day low of 68.68 against the dollar in afternoon deals, prompting the central bank to intervene. The embattled rupee today plunged by 37 paise or 0.54 per cent to settle at a 19-month low of 68.61 against the US dollar as growing crude oil prices fanned fears of a widening current account deficit and a spike in inflation. This is the lowest closing for home currency since November 24, 2016, when it had settled at 68.73. The Indian unit caved in to a fresh intra-day low of 68.68 against the dollar in afternoon deals, prompting the central bank to intervene. Investors grew more nervous that higher crude oil prices will worsen India's current account deficit and fuel inflation. After a short break, crude oil prices rebounded after the US asked its allies to end all imports of Iranian oil by a November deadline. Concerns over supply disruptions in Libya and Canada also flared up the prices. The currency market was nervous after RBI painted a gloomy picture of the banking sector in its bi-annual financial stability report. Higher inflation, concerns over fiscal deficit and hawkish stance from the RBI have drive up bond yields, hurting bond prices. The 10-year benchmark bond yield shot-up to 7.87 per cent from 7.83 per cent. Currency traders were also worried about the future of global trade against the grim backdrop of an escalating trade rhetoric between the US and China. A massive selloff in domestic equities further added pressure fearing heavy capital outflows. The rupee, which strengthened 5.96 per cent against the US dollar last year, has been on a general downtrend since the start of 2018. It has lost nearly 7 per cent this year so far. It had touched a historic low of 68.86 in November 24, 2016 and a lifetime closing low of 68.80 in August 28, 2013. The RBI's intervention cooled the market to some extent as exporters came forward to sell dollars, a forex dealer said. Sentiment remains weak and new support levels are becoming difficult to find, he added. The RBI, meanwhile, fixed the reference rate for the dollar at 68.5246 and for the euro at 79.8654. The dollar index, which measures the greenback's value against basket of six major currencies, was up at 94.69. In the cross currency trade, the rupee continued to slide against the euro and settled at 79.70 as compared to 79.66 and also slumped against the Japanese yen to close at 62.41 per 100 yens from 62.23 yesterday. The local currency also fell back against the pound sterling to finish at 90.45 per pound from 90.38 earlier. In forward market today, premium for dollar declined furher owing to sustained receiving from exporters. The benchmark six-month forward premium payable in October edged lower to 97.50-99.50 paise from 98-100 paise and the far-forward April 2019 contract softened to 244-246 paise from 244.75-246.75 paise previously.
Source: Financial Express
Surat: A survey by fire and emergency services of Surat Municipal Corporation (SMC) at Pandesara GIDC revealed that out of 145 textile units, none had made adequate provisions for fire safety. Chief fire officer (CFO), SMC, Vasant Parikh told TOI, “Until now we have surveyed only half the units at Pandesara GIDC and not found any mill adequately equipped with fire safety provisions. We will be issuing notices to all of them and asking them to comply with fire safety norms.” There are about 350 textile mills located in the city and nearby areas of Palsana and Kadodara. These textile mills employ about 3 lakh workers and their monthly turnover is pegged at about Rs1,800 crore. “With a turnover of Rs21,000 crore per annum, the textile units located in the industrial areas need to take care of their own health. The lives of lakhs of workers are at risk due to weak structures and no fire safety provisions,” a fire officer said. Major industries spend around eight per cent on corporate social responsibility (CSR) and also on lavish layout for their own units. However, other textile mills are run under tin-sheds and have concrete walls and temporary supports. These textile mills dump their finished products and raw materials in semi-open shades, which is a recipe for fire disaster. The recent instruction of Gujarat Pollution Control Board (GPCB) about chimneys to mills has helped bring down air pollution marginally. GPCB vigilance officer at Surat, Anil Patel, said, “In the last few months, we have issued notices to at least 36 textile mills for causing air pollution. They comply with law for a few days and then again turn to their old practices.”
Source: Times News Network
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1315.27 |
USD/Ton |
0% |
6/27/2018 |
|
VSF |
2257.57 |
USD/Ton |
0% |
6/27/2018 |
|
ASF |
3090.27 |
USD/Ton |
0% |
6/27/2018 |
|
Polyester POY |
1373.11 |
USD/Ton |
0.06% |
6/27/2018 |
|
Nylon FDY |
3546.96 |
USD/Ton |
0% |
6/27/2018 |
|
40D Spandex |
5328.05 |
USD/Ton |
0% |
6/27/2018 |
|
Nylon POY |
1613.64 |
USD/Ton |
0% |
6/27/2018 |
|
Acrylic Top 3D |
3630.69 |
USD/Ton |
0% |
6/27/2018 |
|
Polyester FDY |
5746.68 |
USD/Ton |
0% |
6/27/2018 |
|
Nylon DTY |
1636.47 |
USD/Ton |
0% |
6/27/2018 |
|
Viscose Long Filament |
3181.61 |
USD/Ton |
0% |
6/27/2018 |
|
Polyester DTY |
3196.83 |
USD/Ton |
0% |
6/27/2018 |
|
30S Spun Rayon Yarn |
3014.15 |
USD/Ton |
0% |
6/27/2018 |
|
32S Polyester Yarn |
2146.44 |
USD/Ton |
0% |
6/27/2018 |
|
45S T/C Yarn |
2998.93 |
USD/Ton |
0% |
6/27/2018 |
|
40S Rayon Yarn |
2283.45 |
USD/Ton |
0% |
6/27/2018 |
|
T/R Yarn 65/35 32S |
2557.46 |
USD/Ton |
0% |
6/27/2018 |
|
45S Polyester Yarn |
3181.61 |
USD/Ton |
0% |
6/27/2018 |
|
T/C Yarn 65/35 32S |
2679.25 |
USD/Ton |
0% |
6/27/2018 |
|
10S Denim Fabric |
1.43 |
USD/Meter |
0% |
6/27/2018 |
|
32S Twill Fabric |
0.88 |
USD/Meter |
0% |
6/27/2018 |
|
40S Combed Poplin |
1.23 |
USD/Meter |
0% |
6/27/2018 |
|
30S Rayon Fabric |
0.69 |
USD/Meter |
-0.44% |
6/27/2018 |
|
45S T/C Fabric |
0.72 |
USD/Meter |
0% |
6/27/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15223 USD dtd. 27/6/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The Bangladesh Government last week extended the deadline for completing remediation works in the readymade garment (RMG) factories, which are being inspected under the joint initiative of the government and the International Labour Organisation (ILO), from April 30 to December this year after almost all the factories missed the deadline. The country is under pressure in national and international forums due the slow progress in fixing safety faults in the factories, state minister for labour Mohammadd Mujibul Haque said in a meeting with the representatives of the garment factories that missed the deadline. The minister cautioned the representatives that strict action will be taken against those who fail to meet the new deadline, according to Bangladesh media reports. Lack of fund is the main challenge for remediation, according to factory representatives, many of whom said they could not start remediation work as their factories were housed in rented buildings, whose owners were not willing to fix the problems.
Source: Fibre2Fashion
Bilateral tariffs may reduce the value of U.S. farm exports to China by about 40 percent, according to a report published by the Chinese Academy of Agricultural Sciences, a government think tank. U.S. soybean, cotton, beef and cereal shipments to China may each drop by 50 percent in value, it said in a report published on its official WeChat account on Tuesday, citing results of a simulation. The price of imported soybeans may rise 5.9 percent and imported cotton prices may increase 7.5 percent, with minor impacts predicted for other farm goods, it said. China could take measures including sourcing supply from countries within the “One Belt, One Road” initiative, increasing purchases of soybean substitutes and supporting domestic production of the oilseed, according to the think tank. It also suggested that the government maintain its minimum purchase prices for wheat and rice and subsidize growers. The Asian country is the world’s top importer of soybeans and rice, third-biggest cotton buyer and biggest wheat producer. “To resolve the trade dispute via negotiation is still a win-win move,” the report said. China was the world’s largest buyer of farm products in 2017. The country’s large volume of imports of land-intensive crops including grains, oilseeds and cotton, help save its farmland and water resources. Authorities have strengthened control over pollution from livestock and chicken breeding after the country’s first environmental protection tax law came into effect on Jan. 1. The law is set to increase costs and may affect half of China’s pork production, 70 percent of chicken output and 58 percent of its dairy cows.
Source: Bloomberg News
UK recycling operator BIU Group successfully raised over £1 million for charity through donations to its textile recycling banks. The proceeds will go to Dorset and Somerset Air Ambulance, which receives no government funds so relies entirely on goodwill to remain in the air. The generosity of the people of Dorset and Somerset has certainly paid off: BIU Group reached the £1 million milestone for its latest textiles recycling project – the first of which was launched back in 2006. The campaign saw residents hand in unwanted clothes, shoes, bags, bedding and household textiles. Hitting the million pounds mark with one single recycling drive is significant considering Air Ambulance requires around £2.5 million a year to continue its emergency aid services.
Wide reach, major impact
Carrie Smith, contract manager at BIU Group, says she is ‘thrilled’ with the outcome. ‘The Air Ambulance has saved so many lives across Dorset and Somerset. A big thank you to those who have donated and also to those generous supporters who have agreed to have one of our textile banks on their premises over the past 12 years,’ she states. According to Smith, there are more than 100 textiles take-back stations installed across the two counties at the moment. Most of them can be found at local hotspots such as shopping centres, supermarkets, pubs and churches. The items collected are baled and sold to organisations around the world; textiles mostly enter the second-hand market or are used to mattress filling or punch bag pellets.
‘Tremendous plus point’
‘Fundraising for charities takes many forms, but we believe that recycling adds another dimension of benefit for those people we support,’ comments Bill Sivewright, ceo of Dorset and Somerset Air Ambulance. ‘The funds raised are certainly significant and a great source of regular income for the charity. However, the fact that we are also helping the planet in a wider context through effective recycling is a tremendous plus point,’ he adds.
Source: Recycling International
Besides traditional markets such as the US, EU and Japan, Vietnamese enterprises should make inroads into the Middle East market, according to experts. The Middle East is a market with more than 400 million people and 16 countries. This region imports some 40 billion USD worth of food per year, which is projected to hit 70 billion USD by 2035. Over the past few years, trade between the Middle East and Vietnam has grown to reach 8.06 billion USD in 2016 and 12 billion USD in 2017, with Vietnam exporting 9 billion USD and importing 3 billion USD worth of goods. Vietnam mainly exported mobile phones, footwear, garment-textile, rice, pepper, wood and timber products, cashew nuts, fruits and vegetable and coffee. According to the Ministry of Industry and Trade, Middle Eastern nations have big purchasing power with annual average gross domestic product per capita of 60,000 – 127,000 USD. Consumption products and farm produce are the two main import products in the region. Moreover, the Middle East is an entrepot to other markets in North Africa and Central Asia. President of Intimex Group and Vice Chairman of the Vietnam Coffee and Cacao Association Do Ha Nam said the Middle East has big demand for rice, coffee, pepper and aquatic products. He advised businesses to penetrate the market through Dubai because this is one of the most open economies and the gateway of goods to the region. Businesses should participate in trade fairs in Dubai to meet with partners from the Middle East and neighbouring regions. The Ministry of Industry and Trade suggested Vietnamese exporters study business customs as well as regulations and certificates to export to the Middle East. Deputy head of the ministry’s Asia-Africa Market Department Le Thai Hoa said the Middle East is known as a potential market with high import demand without strict quality requirements. To enable domestic firms to boost exports to the region, the Vietnamese Government will simplify administrative procedures on tax and reduce time for customs at international ports, he said. Recently, the Ministry of Industry and Trade abolished thousands of unnecessary administrative procedures to aid local exporters, he added. Deputy Director of the Vietnam Chamber of Commerce and Industry (VCCI) branch in Ho Chi Minh City Nguyen The Hung said the agency has held a number of exchange programmes and survey tours for Vietnamese businesses to explore foreign markets. To increase connectivity between Middle East and Vietnamese enterprises, the United Arab Emirates’s Relam Investment and Vietnam’s MIG Holdings signed a cooperation agreement to launch Trade Hub in Vietnam – a platform operating in many countries to connect online trade. The Trade Hub is set to go into operation in July 2018, connecting manufacturers, services suppliers, financial organisations and investors.
Source: Vietnam News
CAIRO - The Ready-Made Garments Export Council (RMGEC) announced on Tuesday that exports of the sector increased by 12% during the first five months of the current year to reach 645 million dollars, compared with 575 million dollars during the same period in 2017. In its monthly report, the council said that the exports of the sector to the US made an increase of 12% from January to May of 2018, recording 310 million dollars, against 276 million dollars during the same period in 2017. With an increase of 16%, Egypt's exports to Europe registered 219 million dollars, compared with 189 million dollars in 2017. Egypt's garment exports to African countries were notably up in the first five months of 2018 to reach 1.253 million dollars, against 855,000 dollars during the same period in 2017. As for garment exports to Arab countries, they dropped by 16%, recording 30 million dollars in 2018, compared to 35 million dollars in 2017. The report added that the top countries interested in the Egyptian garment exports are the US, Turkey, Spain, Britain, North Ireland, Germany, Italy, France, Saudi Arabia, Belgium and the Netherlands.
Source: Egypt Today
NAIROBI, KENYA: Cotton growers, textile manufacturers and steel makers could turn out to be some of the biggest beneficiaries of this year’s budget. But there are caveats. First, the county governments will have to assist farmers with inputs, training and developing linkages with cooking oil processors and textile firms to guarantee markets and prices. Secondly, the relevant State agencies, including Kenya Revenue Authority and Kenya Bureau ofStandards must up their game to ensure correct duties are paid and only goods that meet the set standards are imported. Thirdly, Government’s procurement department must embrace the ‘Buy Kenya Build Kenya’ mantra. This applies to those who buy uniforms for the various State departments, including hospitals. Parents should also buy school uniforms only from firms that get their supplies from local manufacturers. Factory owners at the export processing zones need to be given incentives to buy their cloth locally even in instances where supplies from other countries may be cheaper. In the event that some pull out of the country, the Government should take over the factories and keep the sewing machines humming because the US market is assured under the Africa Growth Opportunity Agreement (Agoa). Manufacturers of cooking oil and animal feeds should also be encouragement to use the locally sourced raw materials. Fourth, local manufacturers of iron and steel products are also set to be among the biggest beneficiaries following the slapping of a 35 per cent duty on imports.
Missed an opportunity
With the benefit of hindsight, Kenya may have missed an opportunity to expand the manufacturing sector by failing to demand that the Standard Gauge Railway contractors buy iron and steellocally. An admission that Kenya missed an opportunity to become a key iron and steel producer will open the door for discussions between industry players. After all, there are other phases of the SGR construction to consider. Who knows? A government that is serious about expanding the sector might find the right incentives to coax Uganda into importing iron and steel for the construction of its own SGR and for building of residential houses.
Source: Standard Digital Kenya
ARUSHA, Tanzania -- Tanzania is set to increase earnings from cotton exports in the next two years, a senior official said on Tuesday. Mary Mwanjelwa, the east African nation's Deputy Minister for Agriculture, told the National Assembly in the capital Dodoma that the plan is to increase cotton exports from the current 30 million U.S. dollars to 150 million U.S. dollars by 2020. "We have a number of strategies that have been implemented since 2017 to ensure cotton production surpass the 600,000 tonnes mark," said Mwanjelwa, adding that the improved quality of the seeds also added value to the commodity. She noted that the plan is a new blueprint adopted by the government and other stakeholders to improve the production of cotton in the country, and the government is working to re-establish some internal systems starting with the production of seeds. Currently, there are 17 regions that grow cotton in the east African nation. According to the deputy minister, during the forthcoming farming season in 2018, cotton farmers will be required to use improved seeds such as UKM08 seeds rather than the use of substandard seeds.
Source: Xinhua
