The Cabinet Committee on Economic Affairs on Wednesday approved a capital infusion of Rs.2,000 crore into the Export Credit Guarantee Corporation (ECGC) to be infused over the three financial years 2017-20. The break-up of the infusion would be Rs.50 crore in 2017-18, Rs.1,450 crore in 2018-19, and Rs.500 crore in 2019-20.
MSME exports
“The infusion would enhance insurance coverage to MSME exports and strengthen India’s exports to emerging and challenging markets like Africa, CIS and Latin American countries,” the government said in a release. “With enhanced capital, ECGC’s underwriting capacity and risk to capital ratio will improve considerably. With a stronger underwriting capacity, ECGC will be in a better position to support Indian exporters to tap new and unexplored markets.” The increased capital infusion would also help ECGC to diversify its product portfolio and provide cost-effective credit insurance to exporters, the government said. “Covers from ECGC will help in improving competitive position of India exporters in international markets,” the government said. “More than 85% of customers benefited by ECGC’s covers are MSMEs. ECGC covers exports to around 200 countries in the world.” Separately, the Cabinet Committee on Economic Affairs also approved the contribution of grant-in-aid of ₹1,040 crore to the National Export Insurance Account Trust (NEIA). “The corpus is to be utilised during three years from 2017-18 to 2019-20,” the government said. “An amount of Rs.440 crore has already been received for the year 2017-18. ₹300 crore each will be given to NEIA for the years 2018-19 and 2019-20. The corpus would strengthen NEIA to support project exports from the country that are of strategic and national importance,” the Centre added.
Source: The Hindu
The rupee has shed 7.7 percent so far this year at its record low, making it the worst performing currency in Asia, followed closely by the Philippine peso. The rupee fell to its lowest ever against the U.S. dollar on Thursday on the back of weak macro-economic fundamentals, broad dollar strength overnight and declining Asian peers, but mild intervention from the central bank helped stem losses. Most other Asian currencies also edged down as a trade spat between the United States and China kept investors on edge due to its potential spillover effect. The Reserve Bank of India is suspected to have sold dollars through state-run banks around 69.09 rupee levels, traders said, but they are hopeful of larger dollar sales to prevent sharper falls in the coming days. The partially convertible rupee was trading at 68.93/94 to the dollar at 0802 GMT, after hitting a life low of 69.0950 earlier in the session, and sharply lower than its previous close of 68.65/66. The rupee's last record low was 68.8650 per dollar, hit on Nov. 24, 2016. The central bank is estimated to have sold about USD 700 million-USD 800 million, HDFC Bank analysts wrote in a note. "The fall in the rupee was led by higher oil prices and rising trade war tensions between US and China. In the near term, the rupee is likely to be under pressure as oil prices continue to remain high, capital outflows from emerging economies continue and trade war tensions keep markets jittery," the analysts said. Things have gone from bad to worse for the rupee, Indonesian rupiah and Philippine peso after the benchmark 10-year U.S. Treasury yield posted its first weekly close above the 3 percent threshold in nearly seven years, a Reuters forex analyst wrote. The rupee has shed 7.7 percent so far this year at its record low, making it the worst performing currency in Asia, followed closely by the Philippine peso. "Weakening at this pace shatters confidence. Markets expect RBI to manage the currency more effectively. The pressure on INR is high, thus in the absence of major action from regulators, 70 levels can be seen," the head of currency and debt trading at a foreign bank, said. "The RBI has been effectively managing (the rupee) over the years, and they do have ample firepower to manage sharp falls." India's foreign exchange reserves stood at USD 410.07 billion as of June 15, latest data from the central bank showed. The widening current account deficit (CAD) due to higher global crude oil prices and steady capital outflows have weighed on the rupee this year. Oil prices have rallied for much of 2018 on tightening market conditions due to record demand and voluntary supply cuts led by the Middle East-dominated producer cartel of the Organization of the Petroleum Exporting Countries. India's January-March CAD widened to USD 13.0 billion, or 1.9 per cent of GDP, from USD 2.6 billion, or 0.4 per cent of GDP, from a year earlier. The rupee's fall, however, is expected to help exporters, though currency moves in other trading partners will also have an impact, especially with the Chinese yuan in retreat. Shares of software service exporters such as Infosys rose 1.6 percent, while textile exporters such as Arvind Ltd gained 0.7 percent. "With the trade wars going on globally, export demand is not likely to go up immediately. Though technically exporters should benefit, the world markets are in a turmoil and people will wait for things to settle down a bit before booking new orders," said Pritam Kumar Patnaik, business head - Reliance Commodities Ltd. Investors are now awaiting the fiscal deficit data from the government due to be released on Friday. Despite the rise in CAD, it remains modest relative to GDP and is largely financed by equity inflows, including foreign direct investment, Moody's said in a note on Thursday, adding that the large foreign exchange reserves provided a good buffer. "India's low dependence on foreign-currency borrowing to fund its debt burden limits the risk of currency depreciation transmitting into materially weaker debt affordability," Moody's added.
Source: The New Indian Express
The technical textiles industry is projected to grow at 20 per cent year-on-year and the segment’s potential is largely untapped, a senior government official said here. “We see huge growth potential for the technical textile industry in India. With 12 segments of technical textiles and a market size of Rs1,16,000 crore, it is projected to grow 20 per cent per annum,” Textile Commissioner Kavita Gupta said here. India accounts for just 3 per cent of global technical textile production. As compared to countries like Germany where technical textile contributes 50-60 per cent, in India, the contribution is only 12 per cent, she said. Inaugurating TECHNOTEX 2018 — an International Exhibition and Conference on Technical Textiles jointly organised by FICCI — Gupta said technical textiles are being promoted at the highest level by the government in order to realise the full potential of the critical segment. She said the Ministry needs the support of industry to promote usage of technical textiles. Shishir Jaipuria, Chairman, FICCI Textile Committee and Chairman and Managing Director of Ginni Filaments, in his welcome address said, “The Government has special focus on technical textiles and has announced various flagship schemes and future looks promising. We want to pass on the benefits to the consumers.” Nearly 168 exhibitors from 39 countries, including China, Taiwan, South Korea, Vietnam and USA, are participating in Technotex. A total of 225 international buyers will be taking part in the reverse buyer-seller meet and 7,000 visitors are expected at the two-day event.
Source: The Hindu Business Line
On the eve of one year of GST rollout, the mood across different sections of the trade remains mixed. A wholesale textile merchant in Coimbatore, while welcoming the tax regime, said a good number of his customers were women, who sold goods from their homes, and tailors, who sourced cloth from him to carry on job works. “We source goods from Surat and sell them here. Till July last year, these women used to buy the material in bulk, at times in excess of Rs. 1.5 lakh and sell them in their neighbourhood. Now, with no GSTN, they are in a dilemma, limiting their purchases to below the Rs.50,000. This has impacted our turnover,” said Mukesh, owner of Dinesh Textiles. Many such traders have started raising sales invoice meticulously only after the implementation of the Goods and Services Tax and on the advice of their auditors. Mukesh is no exception. In a brief chat with this correspondent, he said, “GST is now a given. The issue most of us have to reconcile with is the money we have to shell out to the auditor. Earlier, we used to pay an annual sum as audit fee. Now, we have to pay every quarter and the audit fee has also surged.” Suresh Krishnan, managing partner, Gramma Technologies, a small unit that is engaged in the manufacture of weighing machines, says the dust has settled. “Weighing machine is an unorganised industry, but we have managed to swim with the tide,” he said unlike many others in the unorganised sector.
Source: The Hindu Business Line
As the goods and services tax (GST) approaches one year of implementation, traders have requested the finance ministry to review issues like filing of multi-returns, refunds from the department, awareness about the unified tax regime and its compliances. The Confederation of All India Traders (CAIT), in a letter written to the ministry today, has suggested that instead of monthly returns, quarterly returns should be prescribed on Form 3B to make return filing simpler. Asking for the refunds to be automatically credited to traders’ bank accounts, it has called for one registration number for traders to be allowed across India, instead of taking registrations in every state for doing business. Further, the body suggested that the HSN Code should be made applicable only on the manufacturers and not traders. It has also appealed for assistance to traders to equip them with computers, in order to encourage e-compliance. “A comprehensive incentive scheme should be given to traders who adopt digital payments for complying tax obligations and use digital payment in their day to day business by allowing rebate in tax,” it further said. Also, it is necessary that pending amendments in GST Act should be done as early as possible, the letter read. Other suggestions include no input credit should be denied on pretext of invoice matchmaking, traders should be allowed to edit the returns, the classifications of goods should be made easier, inter-state supplies should be allowed in composition scheme and a GST Lokpal should be constituted for fair and transparent redressal of grievances. CAIT has also said that reverse charge mechanism should be deferred till March next year. It has also urged the ministry to constitute a joint committee of traders and senior officials at district level to take GST down the line. The GST, which was implemented on July 1, 2017, replaced over a dozen indirect taxes levied by the Centre and state governments.
Source: The Financial Express
Avoiding any direct reference to US President Donald Trump’s call to all nations to stop crude oil imports from Iran, petroleum minister Dharmendra Pradhan said on Thursday that India has kept all options open to secure crude from any country of its choice at competitive rates and “on own terms.” “In the last two years, India’s position has become so strong that no producing country can ignore our requirement and expectations. My interest is paramount to me and I will take crude from whoever I want, depending on my needs and geopolitical situation. We will get crude from wherever we want” Pradhan said, while speaking to media at the roadshow for the ninth round of the city gas distribution auctions in Mumbai. “We are a very stable market, a mature democracy and have a visionary leadership. We will go by our interests,” he added. Pradhan said India is also working towards restrategising its energy mix by reducing dependency on imports and development of new models to increase production from domestic hydrocarbon fields. Iran is India’s third-largest supplier of crude oil behind Iraq and Saudi Arabia. Iran supplied 18.4 million tonne of crude oil in the first 10 months during April 2017 and January 2018. Earlier during 2010-13, India resisted US sanctions on trade with Iran to preserve its longstanding relation by trading and settling its transactions in Rupee. However, Reserve Bank of India had ceased using Tehran-based regional body, the Asian Clearing Union to handle transactions with Iran. In a recent report, Congressional Research Service (CRS) said, “During 2011-2015, India reduced its purchases of Iranian oil — at some cost to its own development — in order to receive from the US administration, exemptions from sanctions. India has increased oil purchases from Iran to nearly pre-2012 levels after sanctions were lifted, and in May 2016, India agreed to transfer to Iran about $6.5 billion that it owed for Iranian oil shipments but which was held up for payment due to sanctions.” Speaking on West Coast Refinery in Maharashtra, Pradhan said the oil ministry is working on resolving all concerns related to construction of the world’s largest West Coast Refinery in Maharashtra that is facing concerns related to acquisition of land. “Today is the zero date for moving towards the construction of West Coast Refinery and we are open to address everyone’s concerns. I am ready to meet Udahav Thackeray as well,” he said.
Source: Financial Express
CHENNAI: Country’s leading port developer Adani Ports and Special Economic Zone Ltd (APSEZ) is all set to acquire 97 per cent stake in Marine Infrastructure Developer Private Limited (MIDPL)- the developer and operator of Kattupalli Port near Chennai for Rs 1950 crore. “The Company has signed Share Purchase Agreement on June 27, 2018 between Larsen and Toubro Limited, Marine Infrastructure Developer Private Limited, L8T Shipbuilding Limited and Adani Kattupalli Port Private Limited to acquire 97 per cent stake of Marine Infrastructure Developer Private Limited,” APSEZ said in a regulatory filing. Of the total amount, Adani will be paying Rs 1,562 crore towards settlement of dues of MIDPL, while Rs 388 crore is the consideration for the acquisition for the share. MIDPL was incorporated on January 22, 2016, and had Rs 98.64 crore revenue in 2016-17, the filing said. The balance 3 per cent will be held by Tamil Nadu Industrial Development Corporation on behalf of the Tamil Nadu Government. The firm said the acquisition will enable the company to develop container terminal operation to increase market share and provide container, bulk terminal operation and marine services. “Adani Ports is committed to make Kattupalli port one of the largest ports in southern India. We are going to start our construction to diversify the cargo of the port and will be adding 40 MMT of new capacity in next 3 years,” Karan Adani, CEO of APSEZ said. With backup area of 322 acres, Kattupalli port provides ample space for future expansion of port to facilitate trade requirements, the company said adding that it is one of the most modern ports in India, and emerging as a new gateway for EXIM trade in Chennai/Bangalore region.
Source: Money Control/
Due to Prime Minister Narendra Modi’s efforts, Khadi and village industry is witnessing unprecedented rise of 133 per cent in the past four years, said BJP’s national president Amit Shah after unveiling steel spinning while (charakha) at Sabarmati Riverfront in Ahmedabad. Before 2014 it used to be meager 6 per cent annually, said Shah. The 11 feet high, 22-feet long, and 6.5 feet broad high quality chromium-nickel stainless steel Charkha was made at Ahmedabad, by an institution of Khadi and Village Industries Commission (KVIC). Addressing a capacity crowd in Tuesday evening, the BJP President said that PM Modi is popularising Khadi among the youth and in the last four years Khadi had given employment to more than 15 lakh people through its PMEGP scheme. “Narendrabhai has connected employment with Khadi. He has used Charkha as a weapon against unemployment. In the last two and a half years, we have distributed over 30,000 Charkhas. Gandhiji had brought Khadi revolution while Narendra Modi will bring Sweet Revolution. Like Charkha is connected with Mahatma Gandhi, honey will be associated with Narendra Modi,” he said Comparing Prime Minister’s Sweet Revolution with Mahatma Gandhi’s Khadi Revolution. Union Minister of State for MSME (Independent Charge) Giriraj Singh said that the institutions promoting Khadi had almost disappeared and become hubs of corruption during the Congress rule. Taking a jibe at the Congress over Mahatma Gandhi, Singh said, “Those who came to power after Independence exploited Gandhi politically, but buried his policies.”The Minister further said that the NDA government was working to bring the charkha and solar power together under the Solar Charkha Mission, which would provide jobs to five crore women. KVIC Chairman Vinai Kumar Saxena said that nothing could be the better fitting tribute to Saint of Sabarmati Mahatma Gandhi ahead of his 150th Birth Anniversary that the KVIC had installed the first Grand Steel Charkha of his home state on the other side of his Sabarmati Ashram - to spread his message of non-violence and self-reliance. “Exactly 101 years ago in June 1917, he established Sabarmati Ashram - to spread his message of non-violence and self-reliance across the nation. And, now we are leaving no stone unturned to spread his policies globally,” he said, adding, “To mark the 150 years of Gandhiji’s Birthday next year, we are going to provide Charkhas to all the jails where he had being imprisoned during our freedom struggle,” said Saxena.
Source: The Pioneer
Patna: Ludhiana-based apparel manufacturers have agreed to set up around 25 units at Dehri-on-Sone in a move that could create around 25,000 jobs for textile workers in Bihar. The deal was clinched at a roundtable meeting between a delegation of the industries department led by principal secretary S. Siddharth and the Apparels and Textile Manufacturers of Ludhiana. "Various apparel manufacturers of repute have agreed to establish 25 manufacturing units in Bihar. They will provide direct employment to 25,000 people. We have asked them to apply for stage-I clearance from the State Investment Promotion Board (SIPB) within a month," Siddharth told The Telegraph. The apparel units will be located at Dehri-on-Sone in Rohtas, around 140km southeast from Patna. The place is equidistant from Varanasi in Uttar Pradesh, and lies close to National Highway 2, also known as the Grand Trunk Road. The dedicated freight corridor being constructed by the central government will also pass along the same alignment, providing wide-ranging transportation facilities to the manufacturers, who export apparels to countries globally. "We have 79 acres available for industries at Dehri-on-Sone. We will give common industrial infrastructure to facilitate the entrepreneurs. They are happy over the provisions and benefits of the new Bihar Industrial Investment Promotion Policy (BIIPP) 2016," Siddharth added. Apparel manufacturers of Ludhiana are mainly into knitwear and cater to large brands and retail chains like Spencer's, Walmart, GAP and sellers as well as designers in France, Germany, US etc. The industries department had been wooing them since last year by showcasing Bihar's long tradition of textile, handloom, silk, khadi, weaving and dyeing.
Source: The Telegraph
Odisha is exploring a possibility of ‘sister-state relationship’ with Brazil. This was discussed at a high-level meeting between Chief Secretary Aditya Prasad Padhi and Indian Ambassador to Brazil Ashok Kumar Das at the State Secretariat on Wednesday. Ambassador Das made a presentation about the potentials and opportunities in Brazil. The possible areas of collaboration were deliberated between Secretary-level officers and the Ambassador. It was revealed that there could be a lot of cultural, economic, technological and intellectual exchanges between Odisha and Brazil. The areas of collaboration could be yoga, Ayurveda, Buddhist circuit connect, handloom, ecotourism, medical tourism, and heritage tourism, agri-business and gems and jewelleries, etc. There is a rapidly-growing demand for Indian generic medicines in Brazil. Besides, Odishan products like tie and dye handloom, handicrafts, silver filigree, ginger, turmeric, popper, computer software, aluminum-processed products, fertilisers, shrimps, crabs, etc., also have good export potential for Brazil. Odisha also can invite Brazilian investors in the sectors like infrastructure, chemicals and agri-business. Both Odisha and Brazil can also participate in each other’s international trade fairs and investment meets. Both can benefit in mutual promotion of Startups, ethnic cultural exchanges and sports. Ambassador Das applauded Odisha’s move of making Bhubaneswar a sports capital. Industries Secretary Sanjeeb Chopra was nominated as the State Government’s nodal officer to carry forward the dialogue for future collaborations between Odisha and Brazil. Ambassador Das assured all kinds of help from the Embassy side for giving a concrete shape to all possible areas of cooperation and mutual exchanges.
Source: The Pioneer
Ahmedabad: Ankur Ltd, the lifestyle division of Arvind Limited, on Thursday announced its expansion into multi-fibre womenswear fabric category. It launched a wide range of modal, viscose, cotton lycra-blended fabrics as an alternative to traditional cotton for the new-age Indian woman. The range include fabrics like Zoya, Glam and Glory, Blossom, Charm-me and Lilac which can be tailor-made into western and ethnic womenswearBrijesh Bhati, CEO, Ankur Textiles said the launch of this collection marks the company’s expansion into multi-fibre fabrics as a fashionable alternative to cotton.
Source: Economic Times
Tirupur Exporters' Association (TEA) today thanked Tamil Nadu Chief Minister K Palaniswami for including issues related to Tirupur's knitwear sector in the representation sent to the Union Commerce Minister. In the representation, Palaniswami has requested commerce minister Suresh Prabhu for his personal intervention to address the issues to protect the textile industry and also have a level playing field, TEA president, Raja Shanmugham said in release. "We hope the issue would get addressed and pave way for the development of Tirupur knitwear export sector and also increase employment," he added. "The continuous support and encouragement given to the industry from the Tamil Nadu government headed by you will certainly uplift the industrialisation in our state and contribute more for TN economy," Raja Shanmugham said in the letter thanking the chief minister.
Source: Business Standard
The rupee’s drop to a fresh low of 69 against the dollar in intra-day trade on Thursday will provide limited relief to exporters, thanks to a fall in the currencies of emerging market peers, an escalation of a global trade war, the absence of credible domestic reforms to cut huge logistics costs and high import intensity in some key segments like petroleum and gems and jewellery. Exporters from sectors ranging from the labour-intensive garments to engineering goods said a sustained depreciation in the rupee could help India sustain a near-double-digit growth in 2018-19, as in the last fiscal. However, persistent volatility in the movement of the domestic currency, unless managed, could make it difficult for exporters while firming up contracts, they felt. Ravi Sehgal, who exports a lot of engineering goods and is also the chairman of the Engineering Export Promotion Council (EEPC), said the rupee’s slide will help the engineering goods segment — which accounted for a fourth of total merchandise exports last fiscal — achieve 13-14% growth in 2018-19, higher than the rise in overall goods exports. He said the weakening of the rupee helps exporters the most in the short term. “Over the medium term, overseas buyers also tend to renegotiate supply contracts, citing the weakening of the rupee,” he said. Nevertheless, the weak rupee will help exporters beat a rise in other costs. Gautam Nair, managing director of one of the country’s biggest garment exporters, Matrix Clothing, said: “While the depreciation in recent months should help us, it has also made yarn exports from India more lucrative. So we have to buy yarn at a higher price as well. Nevertheless, the depreciation helps unless there is no sharp volatility.” FIEO director general Ajay Sahai said the falling rupee will help exports of services more than those of goods. This is because overall merchandise exports also have an average import intensity of as much as 60%, with limited value addition in many segments. For instance, the gems and jewellery segment has an import intensity of 95%, while petroleum products and some electronic goods have as high as 80%. Dhiren Sheth, a large cotton exporter and the president of the Cotton Association of India, said cotton exports may exceed 70 lakh bales in the 2017-18 marketing year through September, against around 60 lakh bales in the previous year, aided partly by the weak rupee. However, in the medium term, various other factors, including the benchmark crop prices, will be critical in driving exports, he indicated. According to the real effective exchange rate (REER) index of the Reserve Bank of India, despite the recent depreciation, the rupee was still over-valued by close to 18% in May, although it was over 21% a year earlier. Exporters called for a carefully considered strategy and a more pragmatic approach to ensure the fair value of the rupee in overall interest of exports and employment generation. The rupee’s fall came at a time for Indian exporters when some developed markets, especially the US, are turning more protectionists. In the absence of any reform to make the transportation and logistics costs which account for roughly 15-16% of consignment value — the rupee’s fall alone is unlikely to help exports substantially, said exporters.
Source: Financial Express
India Ratings and Research (Ind-Ra) today said cotton prices are likely to stay firm during the next financial year following the tight demand-supply scenario, according to a report. Lower fibre production in the current season (October-September) owing to crop infestation and acreage drop in the coming season (2018-2019) as well as adverse weather conditions in other key cotton growing nations could pose supply constraints, India Ratings and Research (Ind-Ra) said in a report. However, the expectation of firming prices might encourage farmers to sow and arrest the acreage contraction. On the other hand, a robust domestic demand and rise in exports on account of the anticipated stock rebuilding by China are likely to keep the global consumption strong, the report said. Minimum support prices (MSPs) for cotton are likely to be higher for the 2018-2019 season than for the previous season, it said. However, given the tight demand-supply scenario, cotton prices might trade higher than MSP, limiting the government intervention, it added. Despite the firm cotton prices, Ind-Ra expects margins across the cotton value chain to remain more or less stable. This is primarily because a sustained demand from the end-user segments will allow manufacturers to pass on the price rise, it said. Meanwhile, synthetic textile players are likely to witness a material margin contraction during FY19, due to their inability to pass on the price rise of crude oil-based raw materials, owing to the prevailing overcapacity domestically. This might become worse because of rupee depreciation as raw material is procured at the import parity price. Within the synthetic segment, it said, exporters and integrated players will be better placed to absorb a higher input cost, while standalone spinning units might be the most impacted. Moreover, textile dyes and chemical prices are likely to remain high, exerting margin pressure, it added.
Source: Business Standard
The Multi Commodity Exchange of India (MCX) today said it has signed an agreement with the Maharashtra government to empower cotton farmers in the Vidarbha region. Under the memorandum of understanding (MoU), MCX will partner with the Maharashtra’s agriculture department and other government agencies to work closely with Farmer Producer Organisations (FPOs) and help them to connect to the exchange’s organised market network and enable them to build their capacities, a release said. It aims to create a value chain with final market linkages to support thousands of cotton farmers in Akola, Amravati and Wardha. “Commodity exchanges greatly influence a large section of society due to the trading of various agro commodities, base metals and bullion. They can play a key role for inclusive growth and development of commodity markets and market infrastructure,” Maharashtra chief minister Devendra Fadnavis, who was present on the occasion, was quoted as saying in the release. He said MCX’s assistance in creating a value chain with a final market linkage will help the farmers in planning their crop as well as demanding the right value in the market for their produce.“Under ‘Cotton Mission’, the exchange will work with the government to identify and create farmer groups, and work towards equipping these groups to access regulated markets that will enable them to participate in a transparent price discovery mechanism and sell their produce in a national market for better price realisation,” said Mrugank Paranjape, managing director and chief executive, MCX. MCX already has accredited warehouses in Yavatmal and Jalna, according to the release.To further facilitate delivery of cotton in the region, the exchange plans to provide delivery facilities in three or more new locations in Vidarbha.
Source: The Hindu Business Line
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1310.22 |
USD/Ton |
0.12% |
6/28/2018 |
|
VSF |
2246.30 |
USD/Ton |
0% |
6/28/2018 |
|
ASF |
3074.84 |
USD/Ton |
0% |
6/28/2018 |
|
Polyester POY |
1366.26 |
USD/Ton |
0% |
6/28/2018 |
|
Nylon FDY |
3529.25 |
USD/Ton |
0% |
6/28/2018 |
|
40D Spandex |
5301.45 |
USD/Ton |
0% |
6/28/2018 |
|
Nylon POY |
1605.58 |
USD/Ton |
0% |
6/28/2018 |
|
Acrylic Top 3D |
3612.56 |
USD/Ton |
0% |
6/28/2018 |
|
Polyester FDY |
5717.99 |
USD/Ton |
0% |
6/28/2018 |
|
Nylon DTY |
1628.30 |
USD/Ton |
0% |
6/28/2018 |
|
Viscose Long Filament |
3165.72 |
USD/Ton |
0% |
6/28/2018 |
|
Polyester DTY |
3180.87 |
USD/Ton |
0% |
6/28/2018 |
|
30S Spun Rayon Yarn |
2999.11 |
USD/Ton |
0% |
6/28/2018 |
|
32S Polyester Yarn |
2132.70 |
USD/Ton |
-0.14% |
6/28/2018 |
|
45S T/C Yarn |
2968.81 |
USD/Ton |
-0.51% |
6/28/2018 |
|
40S Rayon Yarn |
2272.05 |
USD/Ton |
0% |
6/28/2018 |
|
T/R Yarn 65/35 32S |
2529.55 |
USD/Ton |
-0.60% |
6/28/2018 |
|
45S Polyester Yarn |
3165.72 |
USD/Ton |
0% |
6/28/2018 |
|
T/C Yarn 65/35 32S |
2665.87 |
USD/Ton |
0% |
6/28/2018 |
|
10S Denim Fabric |
1.42 |
USD/Meter |
0% |
6/28/2018 |
|
32S Twill Fabric |
0.88 |
USD/Meter |
0% |
6/28/2018 |
|
40S Combed Poplin |
1.22 |
USD/Meter |
0% |
6/28/2018 |
|
30S Rayon Fabric |
0.69 |
USD/Meter |
0% |
6/28/2018 |
|
45S T/C Fabric |
0.72 |
USD/Meter |
-0.21% |
6/28/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15147 USD dtd. 28/6/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
China reiterated its opposition to new curbs on investment in the U.S., as White House officials tussle over trade policy and the imposition of tariffs approaches. Restrictions on U.S. exports to China of sensitive technologies that the government wants to protect -- will backfire, hampering President Donald Trump’s intention to lower his nation’s trade deficit, according to Commerce Ministry spokesman Gao Feng on Thursday. Beijing is monitoring the impact of the proposed strengthening of the Committee on Foreign Investment in the U.S., after Treasury Secretary Steven Mnuchin won an internal fight to stave off an even tougher approach to curbing Chinese investment in U.S. technology. Even so, there’s little sign of a broader detente between the two sides, as a July 6 start-date for tariffs on $34 billion of Chinese imports approaches. “The U.S. wants to expand its exports and narrow the trade deficit. It has huge potential in high-tech products and services trade. However, the move to restrict exports can only backfire,” Gao said. He also argued that a protectionist U.S. has become a major drag on global cross-border investment and economic growth, and repeated the threat that China will fight back with "quantitative and qualitative measures" should the U.S. roll out a new tariff list. China looks more exposed to the impact of worsening trade relations with the U.S. than just a few months ago. Economic data for May came in below expectations, and the slide looks likely to continue in June. A sharp deceleration in credit expansion may have weighed on the economy, according to Fielding Chen at Bloomberg Economics, who aggregates the earliest available indicators into one reading. The impact of slower credit growth amid a government campaign to clean up the financial system has, along with the escalating trade war, hurt sentiment for smaller companies as well as stock and property investors. Trade frictions and concerns about whether the economy is slowing down more have sent Chinese stocks into a bear market and its currency sliding past 6.6 per dollar for the first time since December. The central bank has intervened verbally to calm markets, and also increased policy support for the economy by cutting the amount of money banks have to lock away, letting them lend more. "Authorities are supporting smaller enterprises and keeping liquidity sufficient to react to the downward pressure," Chen said. "The trade war has hurt market sentiment, but its impact on the economy hasn’t yet materialized." China’s yuan fluctuated Thursday, for the longest run of declines in more than a year. The MSCI Asia Pacific Index sank 0.4 percent to the lowest in almost nine months. Relations between Washington and Beijing have deteriorated, with both sides now threatening to increase tariffs from early July and also retaliate for the other’s actions. The two nations are promising to impose tariffs on $34 billion of each other’s exports from next Friday, with more to come. China issued a stout defense of its trade and business practices on Thursday, responding to the persistent accusations from the White House that it steals American technology and shuts foreigners out of its economy. "China has been a strong advocate for free trade," according to the white paper entitled ‘China and the World Trade Organization,’ issued by the State Council Information Office. "China has comprehensively fulfilled its commitment to the WTO, substantially opened its market to the world, and delivered mutually beneficial and win-win outcomes on a wider scale."
Source: Bloomberg
Sri Lanka’s trade deficit widened in April 2018 from a year ago as export earnings growth was flat while imports rose sharply driven by a big rise in imports of cars, the central bank said. “However, tourist earnings and workers’ remittances continued to record a healthy growth during the month,” a statement said. “The deficit in the trade account expanded in April 2018 reversing the deceleration observed in the previous month,” it said. “This expansion was largely driven by the increase in expenditure on imports while earnings from exports remained stagnant.” In April 2018, merchandise export earnings remained unchanged at 795 million US dollars when compared with April 2017 while expenditure on imports increased almost 12 percent to 1,794million US dollars. “In terms of the current account, the trade deficit expanded in April 2018 as import expenditure increased at a higher pace while export earnings remained subdued,” the central bank said. Textiles and garments exports fell 3.4 percent to 338.6 million dollars, declining for the first time since June 2017, while tea exports were almost flat at 110 million dollars. Vehicle imports rose 180 percent to 158 million dollars and refined petroleum products by 26 percent to 257 million dollars. “Import expenditure on personal vehicles, categorised under consumer goods, contributed mainly to the overall growth in imports due to the substantial increase in imports of small engine capacity vehicles, hybrids and electric vehicles,” the statement said. Expenditure on textiles and textile articles reduced marginally driven by lower fabric imports in April 2018. “Machinery and equipment mainly contributed to the growth in import expenditure of investment goods while expenditure on the import of transport equipment also increased driven by commercial vehicles such as buses and tractors.”
Source: Economy Next
Textile Division has told a parliamentary panel that Pakistan's textile products are not meeting international standards due to which exports of the sector are stagnant at around $12 billion per annum. The Senate Standing committee on Commerce and Textile met here with Senator Shibli Faraz in the chair on Wednesday where serious concerns were expressed over the stagnant performance of textile sector exports. Federal Secretary of Textile Division Shahrukh Nusrat said that there are many hiccups in the textile value chain and starting from the substandard quality seed, textile finished products are not meeting international standards. He further admitted if input imports are added to the list, net textile exports are around $8-10 billion per annum. The textile secretary further said that textile policy is going to expire in 2019, after which flaws and impediments to the growth of exports would be analyzed and addressed. The committee took notice of the poor performance and bad reputation muddled with corruption charges of Trade Development Authority of Pakistan (TDAP) and National Insurance Company Limited (NICL). The committee also took notice of the illegal transfer of one billion rupees of the NICL to Sindh Revenue Board (SRB) and pointed out that an inquiry was launched against the officers who made the whistle blower. The committee sought report from the secretary commerce in this regard. Earlier, briefing the committee Chairman Intellectual Property Organization of Pakistan, Mujeeb Ahmed Khan said there is a backlog of more than 10,000 trademark applications, 4,000 copyright, 2,000 patent and 1,000 design applications due to absence of service and financial rules as well as human resources. He further said that most of the laws are outdated and need amendments eg the Copy Right 1962 is redundant and not meeting modern world requirements. He further said that there is a lack of coordination while enforcement coordination is not effective. Briefing the committee, he further said that the service and financial rules of the organization were drafted after enactment of IPO Act, 2012 and necessary approval was sought from IPO policy board. Currently, these rules are under consideration in the Establishment Division and Finance Division. Furthermore, total number of sanctioned posts is 307, out of which 190 are filled and 117 are vacant. The appointments of patent, trademark and copyright examiners are urgently required. He said that automation is priority agenda of the organization. A number of steps have been taken, including digitization of old record, installation of IPAS (Industrial Property Application System) in trademark and patent offices, development of Copyright Application System (CAS) for copyright office, IPO Pakistan's web-portal with dynamic features, introduction of e-office, etc, e-filing, e-payment, automation of all processes, issuance of e-certificate, SMS alert system, and digitization of remaining record will be completed in due course. Patent, trademark, copyright and industrial laws were revised in the years 2000 to 2002 in compliance with WTO regime. There is a need to revise these laws as per changing national and global IP environment, the chairman added. The committee also took notice of the inefficient use of textile garments city and directed for stopping the renewal of licenses until new efficient mechanism is put in place.
Source: Business Recorder
NDO/VNA – Vietnam’s total import and export turnover in the first six months of 2018 is estimated to hit US$225.29 billion, showing a year-on-year rise of 13 %, according to the General Department of Customs. Of the figure, the export value is likely to reach US$113.93 billion since the beginning of this year, up 16% against the same period last year, while import value is calculated at US$111.36 billion, a rise of 10.2 %. As a result, Vietnam will run a trade surplus of US$2.57 billion in the first half of the year. In January-June, the country hopes to gross US$22.5 billion from exporting mobile phones and spare parts (up 15.4%) as well as US$13.42 billion from garment-textile (up 13.8%), nearly US$13.46 billion from computers, electronic products and components (up 15.7%), and US$3.96 billion from aquatic products (up 11%). Also in the reviewed period, imports of computers, electronic products and spare parts are estimated at US$19.7 billion (up 14.3%), machinery, equipment and components US$16.15 billion (down 7.3%), mobile phones and spare parts US$5.97 billion (down 4.4%), and fabric US$6.43 billion (up 17.1%). Vietnam’s trade surplus hit a record high of US$2.92 billion in 2017, according the Ministry of Industry and Trade. The country had 29 groups of items whose export revenue exceeded US$1 billion, 20 groups with export turnover of above US$2 billon and eight groups with export value of more than US$6 billion. 2017 was considered a good year for Vietnam with its exports crossing the US$200 billion mark for the first time and ending at US$214.02 billion, a year-on-year increase of 21.2 % and well above the Government’s target.
Source: Nhan Dhan
Kano state government and Hunan Province of People’s Republic of China have signed a friendship agreement to boost agriculture, construction, leather, textile and several areas of bilateral cooperation. The Director-General of Foreign Affairs, Office of Hunan Provincial Government, Mr Xu Zhengxian and the Kano State Attorney General, Ibrahim Mukhtar signed the agreement on behalf of their respective governments. According to a statement, signed by the Director General, Media and Communications Kano State Government House, Alhaji Aminu K Yassar, the ceremony which took place yesterday at the Aminu Kano Governor’s lodge, Abuja. The state Acting governor, Professor Hafiz Abubakar, said Kano had carved a niche for itself “as a famous commercial center, with easy access to multiple markets and millions of people not only in Northern Nigeria but also in Niger, Burkina Faso, Cameroon and Sudan.” Prof Abubakar said Kano serves as one of West Africa’s largest markets, noting that the entrepreneurial skills and warm hospitality of its people, coupled with vast natural resources were added advantage that would encourage prospective investors to invest in the state. “We welcome this bilateral agreement with you because I can see that you intend to invest in agriculture, construction, leather, textile and other areas”, he told the Hunan delegation. I am confident that the friendship will continue to grow from strength to strength,” he assured. The deputy governor expressed appreciation to Lee Group, a Chinese conglomerate for its investments in Kano, which he said had created thousands of jobs and added value to the local and national economy. Earlier, the governor of Hunan Province, Mr. Xu Da She, explained that the Friendship Agreement aimed to deepen Nigeria-China relations. “We have experience in social and economic development and we are willing to share it with the people of Nigeria. We are willing to deepen cooperation with Kano in agriculture because we have expertise in agriculture, agricultural equipment and technology, processing of products as well as infrastructure development.”
Source: The Daily Trust
Cotton farmers in Brazil are expecting to harvest another record large cotton crop in 2017/18. According to the president of the Brazilian Association of Cotton Producers (Abrapa), the cotton acreage in Brazil increased 26% in 2017/18 and it has increased 60% over the past two years. For the 2018/19 growing season they are expecting the cotton acreage to increase another 12.5% to 1.33 million hectares. If the weather cooperates in 2018/19, the cotton production in Brazil could be 2.26 million tons. The cotton produced in Brazil is also of good quality and equal to the quality of U.S. cotton. Australia still produces the best quality cotton due to the climate and the nature of cotton production in Australis where 100% of the cotton is irrigated. The cotton produced in the cerrado region of Brazil is planted during the rainy season, but harvested during the dry season, which helps to maintain the high quality. Only 4% of Brazils cotton is irrigated due in part to the high cost of electricity needed to run the pumps. Cotton is produced in two regions of Brazil. The main cotton producing state is Mato Grosso where the vast majority of the crop is planted as a second crop after the first crop of soybeans is harvested. The ideal time to plant the safrinha cotton is during the month of January. Cotton competes directly with safrinha corn for acreage in Mato Grosso.
Source: The Capital Market, IIFL
The City of Brandon is encouraging people to keep more textile products out of the landfill. Brandon has joined a pilot study on textile waste diversion that is being carried out by York University and Diabetes Canada. "Even though we have great organizations in our community such as MCC, Nearly New and Diabetes Canada 85 per cent of our textiles are still ending up in our landfill," said Lindsay Hargreaves, the city’s environmental initiatives co-ordinator. She adds the study is something that involves more than 160 municipalities and is of interest to the Province of Manitoba and the Association of Manitoba Municipalities. Hargreaves recently presented to city council on the initiative, which is the first national study on the topic. It will aim to identify the "economic, environmental and social impacts of textile diversion for municipalities." As part of the pilot project collection bins will be located in the city. The study is aimed at building awareness and education around textile waste, while also increasing awareness for all charitable textile collectors in the city. A textile diversion logo will be created to be posted on the Diabetes Canada bins and will also be provided to the other charitable organizations who support textile diversion. "Not only the item itself is going to waste, but the natural resources required to create it also factor in. This means 700 gallons of water for every T-shirt sent to the landfill, or 1,800 gallons of water for each pair of jeans." The program will set in early August and is expected to run for two years.
Source: Discover Westman
The Taiwan Textile Federation (TTF) will promote sustainability, technological innovation and new functional textiles at Technotex India beginning Thursday in Mumbai. Targeting the growing Indian technical textile industry, expected to grow 20 per cent annually to touch $30 billion in 5 years, Technotex is a global platform to explore opportunities in India. 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 two-day exhibition. This will be an excellent opportunity for Indian buyers to network with the Taiwanese suppliers. Technotex India is organized by the ministry of Textiles in association with FICCI. Taiwan’s textile manufacturers will surf the wave at the exhibition by catering to the wellness generation, getting the production more cost-effective and going greener. "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," Sean Tsai of Taiwan Textile Federation, said. (RR)
Source: Fibre2Fashion
