India's exports would register healthy growth rates in the coming months and are expected to touch USD 350 billion in 2018-19, Commerce and Industry Minister Suresh Prabhu said today. He also said that services sector is set to become a dominant driver of the Indian economy and will contribute USD 3 trillion to the GDP by 2025. A commerce ministry statement, quoting Prabhu, said that the services sector contributes significantly to India's increased productivity and competitiveness. The minister also said that India is pushing for export of services to countries in Africa and Latin America. "Despite increasing global protectionism, exports will continue to register healthy growth rates and is expected to touch USD 350 billion in the current fiscal," he added. In 2017-18, the country's merchandise exports grew by about 10 per cent to USD 303 billion.
Source: Money Control
Textile and clothing sector exports have increased marginally to USD 39.2 billion in 2017-18 from USD 39 billion in the previous fiscal, Parliament was informed today. On the other hand India's imports of textile and apparel have increased by 17 per cent from USD 6.3 billion in 2016-17 to USD 7.3 billion in 2017-18, Minister of State for Textiles Ajay Tamta said in a written reply to the Rajya Sabha. He said that government has increased customs duty on different types of fabric, apparel, made-ups and carpets from 10 per cent to 20 per cent to curb textile and apparel imports in the country. In a separate reply, he said that the Cotton Advisory Board (CAB) has estimated the cotton production for the current cotton season 2017-18 (October 2017 to September 2018) at 370 lakh bales. "From October 2017 to April 2018, the total amount of cotton exported from India was 51.21 lakh bales," he said adding CAB has estimated that during the current cotton season 2017-18, the export of cotton is likely to increase by 20 per cent over last year and is expected to touch 70 lakh bales "Domestic prices of cotton are ruling below the international cotton prices," he added.by September this year.
Source: Business Standard
The nationwide strike of All India Motor Transport Congress has brought the entire textile industry to a standstill. Mr Sanjay K Jain, chairman, CITI stated that the nationwide strike of transporters has today entered the sixth day and left the entire textile industry (a 130 billion dollar industry) impacting production, fund flow, employment, credibility and reputation. Mr. Jain stated that the impact of the strike is so huge on the industry that it has forced the units to suspend their production in the absence of no supply of raw materials. Many units work on hand to mouth and this strike would lead to loss of livelihood for casual workers and even regular workers would have to do with lower wages in the absence of production incentives and overtime. Mr. Jain also stressed on the issue that if strike continues for another couple of days and government doesn’t intervene in the matter, he is afraid that industry may lose good amount of foreign exchange due to not fulfilling their export obligations. The delay in shipments would lead to LCs expiring, air shipment costs and cancellation of orders plus loss of reputation/credibility with foreign buyers. He further pointed out that industry is feared to lose thousand of crores due to this strike. CITI has appealed to the government and the striking associations to please find an amicable solution in the general interest of the country and its citizens. Any delay will lead to a multiplication of problems with more units shutting down and orders being cancelled.
Source: Economic Times
Surat: As the indefinite strike called by truckers’ entered the sixth day, it is proving a blessing in disguise for the railways. There is phenomenal 30 per cent increase in the daily shipment of textile goods parcels to various destinations across the country from Surat railway station. Official sources said the truckers’ strike has increased the daily income from Rs 2 lakh to Rs 3.50 lakh. Earlier, about 900 to 1,000 parcels from the textile industry were dispatched per day through various trains at the station. In the last six days, the quantity of parcels have increased to more than 1,600 per day, increasing the income for the Western Railway (WR). Parcel supervisor at Surat railway station Hiral Shah said, “The influx of textile parcels has increased since last Saturday due to the truckers’ strike. Since the space at parcel office is small, we will have to keep the textile parcels somewhere else if the truckers’ strike will continue for long. “Most of the parcels are shipped to New Delhi, Ambala, Ludhiana, Chandigarh, Thiruvananthpuram, Lucknow etc,” Shah addedMeanwhile, the South Gujarat Textile Processors’ Association (SGTPA) has stated that the truckers’ strike has reduced the textile processing job work by almost 30 %. SGTPA president Jitu Vakharia said, “There is a huge loss to the textile processing industry due to the drastic reduction in fabric processing job work. The traders are not able to dispatch the parcels and no new orders are coming. If this will continue for long, then the industry will face lot of problems.” Federation of Surat Textile Traders Association (FOSTTA) secretary Champalal Bothra said, “The truckers’ strike has come at the time when we have orders for marriage season in south India and orders for Rakshabandh. The entire textile trading sector has come to a standstill and goods worth over Rs 2,000 crore have piled up in the godowns and textile shops.”
Source: Times News Network
Industry body FICCI has welcomed the recent multi-faceted measures taken by the government to address the problems of the textile industry. Reacting to recent positive measures to promote the textile industry, FICCI said that increase in import duty on 76 textile items from 10% to 20% and GST reduction on carpets and handicraft items have given a big relief to domestic textile, carpet and handicraft manufacturers, said Mr. Shishir Jaipuria, Chairman, FICCI Textile Committee. FICCI Textile Committee chairman Shishir Jaipuria said, "It is heartening to see the multifaceted steps taken by the Government in last few days for addressing problems of various segments of textiles and handicraft industry. We thank Prime Minister Narendra Modi, Finance Minister Mr. Piyush Goel and Textiles Minister Smriti Irani for the much-needed timely support for the industry." Jaipuria stated that garment & carpet industry was under immense pressure after implementation of GST. After GST, substantial drop in import duty was observed which has encouraged cheaper imports. It is also worth noting that total imports of textiles and garments increased in 2017-18 (USD 7 billion) by 16% in comparison to 2016-17 (USD 6 billion). Total import of garment alone increased by 30% in 2017-18 in comparison to 2016-17. Jaipuria further said that imports from Bangladesh is an area of concern for the industry. Due to full exemption of basic custom duty from Bangladesh and also due to lack of regional cumulation clause under the treaty, third countries' raw material and fabrics are getting benefitted indirectly. Imports from Bangladesh has increased by 44% in 2017-18 in comparison to 2016-17. It is suggested that Government may consider imposition of regional cumulation clause in Rules of Origin on the countries that have FTAs with India to safeguard garment industry further as cheaper fabric of third countries enter India through these countries. The FICCI official also felt the need to increase the import duty on MMF spun yarn as import of MMF yarn-based fabric also increased sharply after GST implementation. FICCI is hopeful that Government will take further steps to address unresolved issue.
Source: SME Times
BHUBANESWAR: A delegation led by Finance Minister Shashi Bhusan Behera will visit Surat, the textile city A delegation led by Finance Minister Shashi Bhusan Behera will visit Surat, the textile city of Gujarat, to discuss problems faced by the power loom industry in the post-GST regime with weavers’ associations on Thursday. With power loom factories shutting down and rendering thousands of workers from Odisha jobless, several weavers’ associations of Gujarat had sought intervention of CM Naveen Patnaik to save the sector from the ‘discriminatory’ GST policy. Drawing attention of Naveen to the problems faced by textile industry there, Federation of Gujarat Weavers’ Association and its subsidiary body of Pandesara from Surat said the textile industry has not stabilised even after a year of implementation of GST. Behera said more than five lakh workers from Odisha work in the power loom industry with an average wage of `18,000 per month.
Source: New Indian Express
The Goods and Service Tax Council would exclusively consider issues related to micro, small and medium enterprises (MSME) taxpayers at its 29th meeting scheduled for August 4, a finance ministry official said. The field formations of the indirect tax department have been asked to prepare a list of grievances and suggestions from small taxpayers, and send the same to the Central Board of Indirect Taxes and Customs (CBIC) by Friday. Officials said that finance minister Piyush Goyal would hold a meeting with the tax department on Saturday to finalise the issues to be taken up in the council before a formal agenda is prepared. This will be second GST Council to be chaired by Goyal, who has assumed charge as finance minister due to Arun Jaitley’s indisposition. The council in its 28th meeting last Saturday provided relief to smaller taxpayers by allowing those with a turnover up to Rs 5 crore annually to file returns on a quarterly basis even as they file taxes every month. Similarly, the reverse charge mechanism (RCM), which has been cited as a major hurdle for MSMEs in procuring supplies from unregistered dealers, has also been put on hold till September 30, 2019. RCM puts the onus of tax collection on registered buyers if the supplier is unregistered, which leads to additional compliance burden. Given that MSMEs largely procure raw material from unregistered suppliers, the RCM provision had been cited as a major bottleneck in conducting business for these taxpayers. This is also reflected in low compliance level for GST where even after a year of the tax’s introduction, only 60% of eligible taxpayers file returns before the deadline. “The reduction in the periodicity of returns for SME’s would encourage many more of them to be compliant and the fact that the next meeting is going to focus on MSMEs’ issues would encourage further broadening of the GST tax base. It is very clear that the government is trying to address the concerns of a wide cross-section of businesses in order to ensure that GST achieves its objectives,” said MS Mani, partner, Deloitte India. Experts said that MSMEs face unique issues in GST compliance, which includes bandwidth restrictions, paucity of capital especially due to delay in refunds and issues related to knowledge of the GST Act and related rules. They need to be tackled separately as larger corporates never deal with such problems. “Stakeholders of the MSME sector have been facing numerous challenges posed by demonetisation, rising inflation, contracting demand, shrinking bank finance and disruptive GST implementation. The next council meeting is focused on easing the difficulties faced by the MSME sector, and the sector anticipates some path-breaking measures beyond rationalisation of compliance formalities and tax rates only,” said Rajat Mohan, partner, AMRG & Associates. The aforementioned letter, which has been reviewed by FE, has asked the principal commissioners “to contact the MSME taxpayers and their trade and industry associations in your respective zones, collect their grievances/issues related to GST along with suggestions thereof for mitigating the issues”.
Source: Financial Express
New Delhi : The government is considering formulation of a retail policy for the balanced growth of trade in the country, Commerce and Industry Minister Suresh Prabhu has said. The Minister said he had written to the Consumer Affairs Ministry in this regard, an official release from the Commerce & Industry Ministry said. “The government will protect the interests of small retail traders while allowing FDI in retail sector,” Prabhu said at the national conclave of traders on Wednesday. Traders have been opposing FDI in retail trade as they fear that it would push small retail shops dotting the country out of business and result in large-scale unemployment. The size of India’s economy will double in next eight years and touch $10 trillion by 2035, the Minister said, adding that with the expansion in the size of the economy was bound to benefit trade and business. The Commerce & Industry Ministry is also working on a draft e-commerce policy. A task force headed by Commerce Secretary Rita Teaotia has been set up which is putting together suggestions on the proposed framework policy from Ministries and Departments including finance, information technology & telecom and consumer affairs. The taskforce will suggest a framework for a comprehensive e-commerce policy by the end of August and submit it to the e-commerce thinktank led by Prabhu.
Source: Business Line
Indian Prime Minister Narendra Modi on Wednesday said that his country is willing to address the current trade imbalance with Uganda. "If I compare India-Uganda trade ties, I can see that we are in a win-win situation," Modi said while addressing the Uganda-India Business Forum here. Stating that Ugandan President is right in saying that there is trade imbalance between India and Uganda, the Prime Minister said: "India is willing to take steps to address the trade deficit between India and Uganda." He exhorted the business community to fully exploit the favourable conditions for doing business between India and Uganda. "India is ready to work with Uganda in the fields of capacity building, human resource development, skill development, innovation and also in adding value to the abundant natural resources available in this country," Modi stated. He also stressed on innovation saying that without this the world cannot go ahead. "Uganda can go ahead if the youth of Uganda and India work together," he said, adding that the East African country can play an important role in the overall development of Africa. On his part, Museveni, while exhorting the business community from both countries to tap the opportunities available for enhancing trade and investment, said: "You are in the right place in the right time." Modi arrived here on Tuesday from Rwanda on the second leg of his five-day, three-nation tour of Africa that will also take him to South Africa. This is the first Prime Ministerial visit from India to Uganda in over 20 years.
Source: Economic Times
GREATER NOIDA: The Yamuna Expressway Industrial Development Authority on Wednesday said that it is in the process of setting up a ‘textile park’ near the Jewar airport. The Authority said that it held meetings with Noida Apparel Export Cluster (NAEC) and agreed to allot a 200-acre land to 100 textile businessmen.The move corresponds with the UP government’s One District–One Product (OD-OP) initiative, which aims to give a boost to traditional industries, synonymous with the respective districts. In this respect, Gautam Budh Nagar district is known for ready-made garments. Arunveer Singh, CEO, YEIDA, said the textile park will give a boost to the industry. “The Jewar international airport will help in the import and export of goods. The land will be allotted to the textile investors in few days. The textile park will also create nearly 5 lakh employment and 90% of the workers will be women,” he said. Lalit Thukral, president, NAEC, said the Noida-Greater Noida area is a textile hub. “We produce readymade garments and the annual export is nearly Rs 14,000 crore. The domestic readymade garment market also has an annual turnover of Rs 3,000 crore. The land in Noida and Greater Noida is costly, hence, the businessmen are planning to expand their business in neighbouring areas. Jewar is an ideal option,” he said. The officials expect the textile park to be ready in three years. On Wednesday, the Yamuna Authority issued a list of 240 units for industrial land. The Authority has also put up the information on its website— http://yamunaexpresswayauthority.com. The industries include those for textiles, telecommunications, X-ray machines, air-conditioning, copper metal parts, cotton, cycle, milk testing and its products. In addition to this, if the authority receives any new and unique type non-polluting proposals, they may consider it for allotment. The industrial land has been priced at Rs 6,405 per square metre upto 4,000 sqm. An additional 4,000 to 8,000 sqm of land would be charged at the rate of Rs 5,460 per square metre. If it is 8,000 to 20,000 sqm additional land, the price will be at the rate of Rs 4,620 per square metre. The eligible entities could be individual, proprietorship firm, registered partnership firm, registered trust, registered society, private limited company, public limited company, government/semi-government undertaking/department, etc. The scheme is for allotment of industrial plot having an area above 4,000 square metres only. The allottees shall commence construction within six months of taking over possession of the plot. They shall also complete the construction within the prescribed time limit from the date of execution of lease deed. The last date of submission of application form will be notified soon.
Source: Times News Network
VIJAYAWADA: Bengaluru-based Namrata Hemp Corporation has been in talks with the AP government to start cultivation of industrial hemp for several purposes, including manufacturing of medical, cosmetics and textile products. In a press conference held here on Wednesday, Harshaavardhan Redi Sirupa, founder of NHempCo, said, “The dire situation of the farmers can be turned around through cultivation of industrial hemp in the State. We have been in talks with Excise and Agriculture departments; the government is responding positively to our proposal to start cultivation of hemp on a pilot basis in Anantapur. It may give its approval very soon and if it does so, we will be able to rope in unemployed farmers from across the State on a contract basis and give them work”. He went on to add that there was potential for cultivating industrial hemp in 600,000 acre by 2025 and thereby creating a market worth 30 billion USD and one million new jobs. He also said that NHempCo had submitted a paper to the government on the benefits of cultivating industrial hemp. “Many products can be manufactured using hemp. I have proposed manufacturing bricks, using hemp, for construction. These bricks are environment-friendly. As the construction of Amaravati is going on, this is the best time to utilise hemp bricks as it will add another unique feature to the city, in terms of it being a true green city,” he said. He claimed that the farmers can earn Rs 20 thousand per acre by cultivating hemp. He also said that it would make land regenerative by making it more fertile. “There will be a lot of waste left after cultivation of hemp. This bio-mass can be used to generate clean energy.” When asked about the adverse effect of the hemp cultivation, he said that if the government gave him approval, there would be surveillance maintained through drones, as the farmers cultivated hemp. He also said that there would not be much risk in industrial hemp as the THC (Tetra Hydro Cannabinol) levels, which indicate the cannabis content, would not exceed 0.34% in industrial hemp.
Source: The New Indian Express
Mumbai: Reversing its two-session slide, the Indian rupee rebounded by 15 paise on Wednesday to end at a fresh one-week high of 68.79 against the US dollar on bouts of greenback selling by exporters and corporate. The forex market witnessed a highly volatile session, with the home currency falling initially before staging a comeback. The upbeat trend was supported by unwinding of long dollar positions by speculators and local banks in view of subdued overseas cues, even as Dalal Street's record-breaking run continued for the third straight dayThe Indian unit also recovered against the British pound, euro and Japanese yen. Most Asian currencies were treading water. Earlier, the rupee opened weak at 68.96 at the Interbank Foreign Exchange (forex) market against 68.94 previouslyIt lost ground to hit a session low of 68.99 on intense dollar pressure, before reversing sharply as banks stepped up greenback sales for exporters and custodian clients amid a weak US currency. After scaling an intra-day high 68.70, the local unit finally settled at 68.79, showing a sharp rise of 15 paise, or 0.22 per cent It had lost 10 paise in last two daysMeanwhile, the greenback slipped ahead of a meeting between US President Donald Trump and European Commission chief Jean-Claude Junker in Washington, against the backdrop of a deepening trade dispute. On the energy front, crude oil extended gains after US crude inventories fell more than expected, easing worries about oversupply. In the meantime, China announced a package of policies to spur domestic growth in the face of rising trade frictions with the US. Meanwhile, the Financial Benchmarks India Private Limited (FBIL) fixed the reference rate for the dollar at 68.8028 and for the euro at 80.4497. The bond market however fell back and the 10-year benchmark yield ended higher at 7.79 per cent. Against a basket of other currencies, the dollar index was down at 94.27. In cross currency trade, the rupee also recuperated against the British pound, euro and Japanese yen to end at 90.51, 80.44 and 61.94 per 100 yens, respectively. Elsewhere, the euro remained flat against the US dollar ahead of Trump's scheduled meet with Juncker even as the ECB convenes on Thursday to make its rate decision. The British pound retreated sharply after hitting a fresh one-week high on bouts of risk-aversion that gripped the European markets. In forward market on Wednesday, premium for dollar showed a mixed trend owing to lack of market moving factors. The benchmark six-month forward premium payable in November softened to 102-104 paise from 103-105 paise, while the far-forward May 2019 contract was steady at 253-255 paise.
Source: Press Trust of India
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1292.31 |
USD/Ton |
-0.11% |
7/25/2018 |
|
VSF |
2124.44 |
USD/Ton |
-0.34% |
7/25/2018 |
|
ASF |
3058.02 |
USD/Ton |
0% |
7/25/2018 |
|
Polyester POY |
1440.80 |
USD/Ton |
1.55% |
7/25/2018 |
|
Nylon FDY |
3425.57 |
USD/Ton |
0% |
7/25/2018 |
|
40D Spandex |
5145.70 |
USD/Ton |
0% |
7/25/2018 |
|
Nylon POY |
5550.01 |
USD/Ton |
0% |
7/25/2018 |
|
Acrylic Top 3D |
1653.98 |
USD/Ton |
0.90% |
7/25/2018 |
|
Polyester FDY |
3094.77 |
USD/Ton |
0.24% |
7/25/2018 |
|
Nylon DTY |
3160.93 |
USD/Ton |
0% |
7/25/2018 |
|
Viscose Long Filament |
1639.27 |
USD/Ton |
0% |
7/25/2018 |
|
Polyester DTY |
3528.48 |
USD/Ton |
0.21% |
7/25/2018 |
|
30S Spun Rayon Yarn |
2793.38 |
USD/Ton |
-0.52% |
7/25/2018 |
|
32S Polyester Yarn |
2095.04 |
USD/Ton |
0.35% |
7/25/2018 |
|
45S T/C Yarn |
2866.89 |
USD/Ton |
0% |
7/25/2018 |
|
40S Rayon Yarn |
2955.10 |
USD/Ton |
-0.50% |
7/25/2018 |
|
T/R Yarn 65/35 32S |
2528.74 |
USD/Ton |
0% |
7/25/2018 |
|
45S Polyester Yarn |
2220.00 |
USD/Ton |
0% |
7/25/2018 |
|
T/C Yarn 65/35 32S |
2440.53 |
USD/Ton |
0% |
7/25/2018 |
|
10S Denim Fabric |
1.37 |
USD/Meter |
-0.43% |
7/25/2018 |
|
32S Twill Fabric |
0.85 |
USD/Meter |
0% |
7/25/2018 |
|
40S Combed Poplin |
1.18 |
USD/Meter |
0% |
7/25/2018 |
|
30S Rayon Fabric |
0.66 |
USD/Meter |
-0.22% |
7/25/2018 |
|
45S T/C Fabric |
0.70 |
USD/Meter |
0% |
7/25/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14702USD dtd. 25/7/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Move comes less than a week after US president escalated trade dispute with new threats. China has filed a complaint against the US at the World Trade Organization after Donald Trump’s threats to place tariffs on an additional $200bn (£150bn) worth of Chinese goods. The one-sentence announcement by the ministry of commerce comes less than a week after the US president called for a second round of tariffs on China, in retaliation for Chinese tariffs placed on American goods. Chinese economic data on Monday fanned fears that trade frictions between the two countries may soon have an impact on the world’s second largest economy. China’s $12.5tn economy expanded 6.7% in the second quarter compared with the same period a year earlier. It was in line with expectations but was modest by recent Chinese standards. The FTSE 100 index was down just over 1% by lunchtime in London on Monday. In Asian trading, MSCI’s index of Asia Pacific shares except for Japan fell 0.36%, while mainland Chinese stocks, already among the world’s worst performing this year, fell 0.6%.Mao Shengyong, a spokesman for China’s National Bureau of Statistics said the economy’s growth was stable, but added: “The uncertainties of the external environment are mounting. “Generally speaking, trade frictions unilaterally started by the US will have an impact on the economy of both countries.” In total, the US has threatened to place tariffs on more than $500bn worth of Chinese goods to the US, an amount that Beijing cannot reciprocate. US exports to China last year were worth about $130bn. Some US business groups worry the disparity will push Beijing to hit back with “qualitative measures” such as delaying approvals for inward investments into China, extra customs inspections for goods or boycotts of American brands. The trade war is not the only potential drag on China’s economy. Over the last few years the Chinese government has launched a campaign to reduce financial risk by tightening lending and reining in excess debt. Analysts say that has led to a broader slowdown. Factory output in June fell to a two-year low. The country also faces a slowing property market and slower-than-expected domestic consumption. Retail spending rose 9% in June, half a percentage point higher than the month before. “Uncertainty about the scale and composition of US tariffs on China’s exports is already dampening business confidence and delaying investment,” Louis Kuijs, the head of Asia economics at Oxford Economics, said in a note. “If the US and China do not resume talks in the next two months or so, the conflict will escalate further, with major economic implications for themselves and the global economy.” Despite the slowdown, China’s monthly trade surplus with the US hit a record high in June, widening to $29bn, from $24.6 in May. For the first half of this year, Chinese exports to the US were 13.6% higher. China has repeatedly said it can weather a trade war better than the US but the prospect of tariffs on as much as $500bn of Chinese goods has worried investors and businesses. Forecasters say if the first US round of tariffs, implemented on 6 July, is expanded to cover another $200bn of goods as Trump has threatened, China’s economy could lose 0.4 percentage points, according to HSBC estimates.
Source: The Guardian
Seeking to build on the rapid growth in trade between Taiwan and Myanmar, industry bodies from the two sides have signed two memorandums of understanding at a Taiwan-Myanmar Industrial Collaboration Summit. Myo Thet, vice president of the Union of Myanmar Federation of Commerce and Industry (UMFCCI), said the agreements would help boost bilateral economic ties, reflecting Taiwan’s pledge to support Myanmar with capacity building and technical assistance in core sectors including textile and food processing. The agreements were signed at the event on Tuesday with the Chinese National Federation of Industries. “Taiwan is very well-known for their advanced technology in agro-based food products. By using the latest technology, they manage to produce a wide range of value-added products. So, we are happy to cooperate with them,” Myo Thet. He said technology transfer from Taiwanese counterparts is the main priority, as Myanmar plans to expand its manufacturing capacity in export-oriented sectors like garments and textiles. Cheng-Wai Yu, deputy director general at Taiwan’s Industrial development Bureau, considers it is the right time for Taiwanese businesses to trade with Myanmar. He believes in the future of Myanmar, though it is now facing international pressures on the government’s handling of conflicts in some ethnic areas. Chun-Fu Chang, a representative of the Taipei Economic and Cultural Office in Myanmar, said both chambers have agreed to prioritise two sectors: textiles and food processing. He said the cooperation would be strengthened through a number of training programmes in the pipeline. “We do have a very long history of cooperation. As we enter the digital era, we need to strengthen our industrial collaboration for mutual benefits. Taiwanese investors’ interest in Myanmar is also on the rise, so we need more efforts to make sure the bilateral cooperation reaches a new height,” he said. Chau-Chyun Chang, deputy general director at the Industrial Technology Research Institute’s industrial economics and knowledge centre, said vegetables and textile products were the top two categories that Taiwan imported from Myanmar last year. Mostly, Myanmar imported machinery, mechanical and electrical products from Taiwan. According to Myanmar’s Ministry of Commerce, the bilateral trade volume has increased five-fold over the past three years. In the 2015-16 fiscal year, the total trade volume was only US$34.1 million. It rose to $81.7 million in fiscal 2016-17, and to $189.1 million in fiscal 2017-18, ending in March. As of June 30, 17 Taiwanese firms have been approved to invest US$42.2 million in Myanmar, according to the Directorate of Investment and Company Administration. “We are looking to a broader cooperation with Myanmar. It will not only stimulate the industrial upgrading of Myanmar but also extend the market for Taiwan’s industry, achieving mutual benefits on a win-win basis,” said Chang. According to Chang, Taiwan has successfully transformed itself from an agricultural society into an industrial one with incessant efforts by both the public and private sectors. “The experience accumulated has allowed us to build up our unique industrial capacity, which we are happy to share with Myanmar,” he said. Myint Soe, chairman of Myanmar Garment Manufacturers Association, said the nation’s garment industry could yield tangible benefits from the training programmes for workers, supervisors and technical staff at factories across the country. Than Lwin, senior consultant at KBZ Bank Ltd and a former deputy governor of the Central Bank of Myanmar, also welcomed the move. He foresees more successful talks between the two sides. He expects the cooperation agreements will help Myanmar to draft a carefully crafted industrial strategy.
Source: The Nation
ISLAMABAD: Around Rs32 billion have been released by the government for enhancing clothing and textile exports in the last 1.5 years. The disbursement of funds was done under the prime minister’s incentive package for the textile sector and it helped enhance the speed of growth of the value-added products segment, reported Dawn. According to official data, the government released Rs26 billion cash subsidies under the PMs special textile package for Jan-June 2017. And no conditions had been in place in the cash subsidies released during the aforementioned period. The total claims for clash payment were recorded at Rs34 billion during Jan-June 2017, leaving a balance of Rs8 billion outstanding to be paid to exporters. In the just concluded FY18, the government got claims totalling Rs11 billion till June 2018. An official source said these claims will rise as export proceeds increase. The source told that cash subsidy amount claims could rise as high to Rs60 billion for FY18. Till now, the government has disbursed Rs2.5 billion cash subsidy on exports for FY18, leaving a balance of Rs9 billion. The country’s textile and clothing exports touched $13.53 billion in FY18 compared to $12.45 billion in FY17, showing a growth of 8.67 percent. This indicates cash subsidies partially grew due to increased export proceeds from the sectors. And the growth trends in exports of value-added sectors in knitwear, bedwear and garment were much higher during the just concluded FY18. Under the PM’s textile package, cash support provided in the shape of duty drawback rates for textile governments were recorded at 7 percent; processed fabric 5 percent, yarn and grey fabric 4 percent and textile made-ups 6 percent. Nevertheless, half of the rates unrestricted, whilst the rest were conditioned to exhibit a rise in export proceeds. Also, an additional 2 percent will be provided on exports to non-traditional markets which has 147 countries on the list. Till now, no payment has been collected under this category.
Source: Pakistan Today
Fort Worth, Texas – Pier 1 has matched its assortment against the Trump Administration's proposed tariffs on Chinese goods and measured the potential impact. The company issued a statement after reviewing the proposed 10% tariff on additional classes of products imported to the U.S. from China that announced by the Office of the U.S. Trade Representative on July 10. “Consistent with recent years, approximately 59% of the company’s fiscal 2019 net sales are expected to be derived from merchandise produced in China. Of that amount, approximately half is expected to consist of product classes subject to the proposed tariff,” the retailer said. While Pier 1 is evaluating strategies to mitigate the impact of the proposed tariff, it said it does not expect financial results in fiscal 2019 to be materially affected. “There can be no assurance as to the final scope of the proposed tariff or the course or timing of trade negotiations between the United States and China to resolve the issues which led the Office of the U.S. Trade Representative to announce the proposed tariff,” it noted.
Source: Home Textiles Today
U.S. crude oil inventories last week tumbled more than expected to their lowest level since 2015 as exports jumped and stocks at the Cushing hub dropped, the Energy Information Administration said on Wednesday. Crude inventories USOILC=ECI fell 6.1 million barrels in the week to July 20, compared with analysts’ expectations for a decrease of 2.3 million barrels. At 404.9 million barrels, inventories, not including the nation’s emergency petroleum reserve, were at their lowest level since February 2015. “You’re seeing a 6 million draw ... so the tightening of the fundamental picture continues,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. Oil futures rebounded after the data, but pared those gains as investors discounted the drawdown as most of it came from the West Coast, which is isolated from the rest of the country’s supply. U.S. crude CLc1 was at $68.40 a barrel, down 13 cents by 11 a.m. (1500 GMT), while Brent crude LCOc1 fell 10 cents to $73.35 a barrel. It is unclear whether the market will sustain a rally due to concerns about global demand growth and talk of increased supply, McGillian said. Net U.S. crude imports USOICI=ECI fell last week by 2.5 million barrels per day, as exports jumped sharply by 1.2 million bpd to 2.7 million bpd, close to its record of 3 million bpd hit in the week to June 22. Crude stocks at the Cushing, Oklahoma, delivery hub USOICC=ECI fell by 1.1 million barrels, EIA said. Cushing’s inventories have been dwindling, in part due to an outage at a Syncrude facility in Canada that has reduced the flow of oil into the Oklahoma hub. Inventories at Cushing have fallen to 23.7 million barrels, lowest since November 2014. Gasoline stocks USOILG=ECI fell 2.3 million barrels, compared with expectations in a Reuters poll for a 713,000-barrel drop. Distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell 101,000 barrels, versus expectations for a 207,000-barrel increase, the EIA data showed. Refinery crude runs USOICR=ECI rose by 46,000 bpd, EIA data showed. Refinery utilization rates USOIRU=ECI fell by 0.5 percentage point.
Source: Reuters
The International Sourcing Expo Australia will host nearly 700 textile, apparel and footwear manufacturers and agents from 16 countries from November 20. The trade-only show will offer fashion buyers and designers the full spectrum of product and service offerings from off-the-shelf clothing through to made-to-order pieces, fabric and functional textiles. This year’s show will feature a wider range of clothing and footwear than previously seen in Melbourne, organiser Marie Kinsella said. The expo will attract sourcing managers for Australia’s large fashion retailers, niche fashion brands, online outlets and designers. Exhibitors will be drawn from India, China, Bangladesh, Pakistan, Hong Kong, Fiji, Indonesia, Vietnam, South Africa, Taiwan, Turkey, Australia, South Korea, Malaysia and Singapore. "Alongside all the fashion staples like jeans, active wear and t-shirts, International Sourcing Expo exhibitors surprised Sydney with more upmarket fashion last year," Kinsella said. The three-day expo will be hosted in association with Euromonitor International, the Australian Retailers Association, Federation of Indian Export Organisations, Australian Fashion Council and the Vietnam Textile & Apparel Association. "Personally meeting so many reputable partners just wouldn’t be possible any other way, even if you were prepared to spend months overseas living out of a suitcase. It’s reassuring for Expo visitors that most exhibitors participate under the auspices of governments or national trade associations, too. In fact, several trade commissions will be among the exhibitors and can offer visitors a rare insight into how best to do business with their countries," added Kinsella. "The Expo is recognised as a unique sourcing event for members of Australia’s fashion trade but it’s also a fantastic networking event that gives locals an opportunity to rub shoulders with global leaders in the industry," she concluded. Experts from partner organisations will be among the presenters for the popular global sourcing seminars slated for the expo, offering valuable advice on how to get the most from relationships with international textile, footwear and fashion suppliers. (RR)
Source: Fibre2Fashion
