Demand for African textiles and garments is increasing globally, and African patterns are gaining recognition as truly fashionable and iconic pieces. As the African Development Bank celebrates World Fashion Day, we take this opportunity to reflect on the potential of the Fashion industry to create value and wealth across the continent, with women and youth at the heart of this change. We believe that the textile and clothing industry can drive Africa’s industrial transformation and create some of the millions of jobs we need. A stable future depends on the development of labor-intensive sectors like manufacturing, services, and agriculture. Within the manufacturing sector, the Bank knows that job creation “from new activities” such as fashion, design, film and food industries – also known as creative industries - will result in new trade patterns for African countries. These creative industries are particularly attractive to increasingly interconnected youth eager to explore wider cultural frontiers through social media and the internet. They bring their African culture and creativity as a unique selling point: creative industries bring economic benefits, as well as serve as a vehicle to further African regional integration and identity.
The textile and clothing industry presents a lot of potential for value-added benefits and job creation. It is estimated that up to 600 percent of value can be created along the cotton value chain: from cotton production, spinning and twisting into yarn, to weaving and knitting into the fabric, followed by dying, printing and designing. The fashion industry is a very profitable sector, from production to marketing, and additional jobs and wealth can be created every step of the way. Furthermore, this industry is composed of a majority of micro, small and medium enterprises (MSMEs), which can rapidly generate decent jobs - both skilled and unskilled - especially for youth and women. According to UNIDO, in communities across the world, women have protected and nurtured rich cultural value and traditional designs. Investing in developing their skills to generate revenue in these areas leads to greater economic productivity and independence with social and political benefits for their communities. Since women are actively engaged throughout the fashion value chain, we see great potential for economic empowerment in rural areas as well as in urban centers. In addition to value-added benefits and job creation, we see this particular sector as a great means to foster local content and identity. As Africa embraces industrialization, it must fully engage its human capital and unique craftsmanship. To fully take advantage of the regional and global value chains, each economy needs to enhance its infrastructure, regional integration, policy environment and access to finance. Incoming investments must engage local actors and artisans to leverage the diversity of African regions and enable long-term, structural change. To date, most of the textile and clothing value chain remains in the informal sector. There is a tremendous opportunity for development actors to provide these businesses with the necessary infrastructure to transition to the formal economy by supporting their incubation, increasing access to finance, and connecting them to other producers, suppliers, and retailers. Demand for African textiles and garments is increasing globally, and African patterns are gaining recognition as truly fashionable and iconic pieces. International fashion houses are integrating more and more African influences in their latest collections. International textile manufacturers are turning to Africa as a new source of labor – and – as a growing consumer market. Africa is clearly and quickly taking on a greater role in the global fashion value chain, and it must rapidly industrialize to take advantage of it. Instead of exporting raw materials vulnerable to market volatility, and importing second-hand clothes, we must add value to everything we produce, and export finished fashion products. Ethiopia is a great example. With the objective of generating USD 30 billion in export revenue from the textile apparel and accessories (TA&A) sector by 2030, the country is investing in industrial parks to accelerate textile production and the country’s productivity as well as developing a heavy industry that will allow its full industrialization by 2025. According to The Bank’s Fashionomics Africa Report, almost 80% of the workers employed in Ethiopia’s apparel sector are women. In addition to Ethiopia, the garment sector has been growing in South Africa, Mauritius, Madagascar and across North African countries - but much of the rest of the continent has a long way to go. The Bank is working through targeted approaches to foster value chain development. Consider Madagascar, where the Bank invested about USD 10 million to support the textile industry through the Investment Promotion Support Project. This project includes a USD 2 million dollar Textile Sector Promotion Support Fund that provides technical assistance to 50 MSMEs (40 percent led by women) for building organizational capacity and to improve basic processes and technologies. We continuously raise awareness on strategic sectors for investment, as well as support the Bank’s regional member countries. The TA&A industry must engage in policy dialogue to improve the business environment, facilitate access to finance and build institutional and actor capacity, to succeed. In this context, the Bank is also rolling out its Fashionomics Africa initiative. Already active in Cote d’Ivoire, Nigeria, Kenya, South Africa and Kenya, Fashionomics Africa is a pan-African program that aims to strengthen the value chain of the fashion sector, by investing in the African textiles, apparel and accessories industry and raising its profile on the international stage. The goal is to connect and strengthen each link in the chain, from producers and suppliers of primary materials to manufacturers and distributors, and of course, investors. With a focus on MSMEs, Fashionomics Africa seeks to foster an environment that creates quality employment and entrepreneurial opportunities, with increased access to finance, startup incubation and acceleration, particularly for women and youth. One of the components of the initiative is the Fashionomics Africa Masterclass, intended to equip entrepreneurs and designers with the tools to build and establish a fashion brand, from idea to execution. More than 500 textile, fashion and accessories entrepreneurs have participated in Masterclasses in Nigeria, South Africa, and Ethiopia. Some 65 percent of trainees have been women. We invite you to check out Fashionomics Africa’s digital platform in progress: www.fashionomicsafrica.org. The website is an interactive marketplace for MSME’s, textile and fashion sector stakeholders – and those who want to track the latest trends, events, and market opportunities in the industry. The African Development Bank will continue to ramp up its support to the fashion industry so that it can make its full contribution to the growth of our economies, as well as give Africa its rightful place in the global cultural and creative landscape. The article is written by Vanessa Moungar, Director of the Gender, Women and Civil Society Department at the African Development Bank and Emanuela Gregorio, Economist - Gender and Innovation
Source: Devdiscource
The portal is aimed at linking all stakeholders of domestic and foreign trade and all trade activities on a single platform. The commerce ministry has stepped up work on developing a national logistics portal, as part of its measures to ensure ease of trading and cut high logistics costs from 14% of the GDP to 10% by 2022. The portal is aimed at linking all stakeholders of domestic and foreign trade and all trade activities on a single platform. A senior commerce ministry official said India’s logistics sector is very complex with more than 20 government agencies, 40 partnering government agencies, 37 export promotion councils, 500 certifications and 10,000 commodities. It also involves 12 million jobs, 200 shipping agencies, 36 logistic services, 129 inland container depots, 50 IT ecosystems and banks and insurance agencies. Further, 81 authorities and 500 certificates are required for exports or imports. “The National Logistics portal will be implemented in phases and will fulfil the commitment of the Government of India to enhance trade competitiveness, create more jobs, provide a boost to #DigitalIndia and pave the way for India to become a global #logistics hub,” commerce and industry minister Suresh Prabhu tweeted. “India’s logistics sector is highly defragmented and the aim is to reduce logistics cost from the present 14% of the GDP to less than 10% by 2022,” the commerce ministry said in a statement. In the Budget for 2018-19, finance minister Arun Jaitley had announced the creation of the portal that will be an online marketplace for trade and will connect businesses, create opportunities and bring together various government departments and private players. As per the Economic Survey 2017-18, the Indian logistics sector provides livelihood to more than 22 million people and improving the sector will facilitate 10% decrease in indirect logistics cost, leading to a growth of 5-8% in exports. Further, the Survey estimates that the worth of Indian logistics market would be around $215 billion in next two years, against $160 billion now.
Source: Financial Express
New Delhi : The much-anticipated New Industrial Policy, which will replace the 27-year-old existing policy and pave the way for promotion of new technology and reduced regulations, has been placed before the Union Cabinet for approval. “The New Industrial Policy is now just a Cabinet nod away. Its implementation will lead to job creation and modernisation of units, and will encourage entrepreneurs to experiment with new technology to improve efficiency,” a government official told BusinessLine. “All ministries and departments concerned were kept in the loop throughout the drafting process. Hence, there were no major changes proposed during the inter-ministerial consultations,” the official said. This will be the third industrial policy drafted in independent India. The first was announced in 1956, and the second, in 1991. The draft industrial policy floated in August 2017 by the Department of Industrial Policy & Promotion aims to create jobs over the next two decades, promote foreign technology transfer and attract $100 billion FDI annually. While the policy does not suggest direct changes in laws such as those governing labour, it is likely to propose the establishment of a body with representation from the Centre and the States to work on changes whenever required. It also suggests strengthening of municipal bodies. To promote the use of new technology such as robotics and artificial intelligence, the policy is expected to emphasise promoting R&D and set up an institutional mechanism to encourage commercial utilisation of research done using government funds, the official said. Commerce & Industry Minister Suresh Prabhu has said the policy would include steps to cut down unnecessary regulations. “The New Industrial Policy will encourage the industry to work together with the government to improve productivity, R&D efforts, and efficiency,” the official said. The policy will focus on ‘Make in India’, improving ease of doing business, aligning trade and manufacturing, improving access to credit for MSMEs, industrial infrastructure creation, skill development and promotion of technology. The DIPP is also hopeful that the policy will act as a catalyst to help the Start-up India initiative to drive India’s economic growth.
Source: Business Line
New Delhi :India is expected to register 7.7 per cent growth during the first three months (April-June) of the current fiscal, Moody’s Global Outlook: 2018-19 (August 2018 Update) report said on Thursday. Interestingly, the agency, in the graphics mentioned 7.3 per cent growth rate for the current fiscal (technically 2018 for the agency and 2018-19 according to Indian standards) and 7.5 for 2019 (fiscal year 2019-20). However, the text says, “We expect the Indian economy to grow around 7.5 per cent in 2018 and 2019,” The agency had in May cut India’s 2018 growth forecast to 7.3 per cent from the previous estimate of 7.5 per cent, saying the economy is in cyclical recovery but higher oil prices and tighter financial conditions will weigh on the pace of acceleration. The reports said after high growth in the first quarter, “High frequency indicators suggest a similar outturn for the second quarter. Growth is supported by strong urban and rural demand and improved industrial activity.”
Industrial growth
It also mentioned that the Purchasing Manager Index (PMI) and the index of 8 core industries show robust activity in the industrial sector. A normal monsoon together with the increase in the minimum support prices for Kharif crops, should support rural demand. “Thus, despite external headwinds from higher oil prices and tightening financing conditions, growth prospects for the remainder of the year will remain in line with the economy’s potential,” it said.
Rise in inflation
Talking about inflation, the rating agency mentioned that the run up in energy prices over the past few months will raise headline inflation temporarily. The impact on food inflation from increased procurement prices to farmers, will be mitigated somewhat by the expected rise in farm output because of a good harvest. “Most importantly, upside to inflation comes from strengthening demand, which is reflected in rising core inflation. We, therefore, expect the RBI to continue on a steady tightening path into 2019,” it said. The report has come at a time, when the Monetary Policy Committee, led by the RBI Governor, raised the policy rates twice successively. Concerns behind the tightening cycle are rising core inflation and vulnerability to tightening external financial conditions. The report said the retail inflation has risen as per “our expectations since mid-2017, but remains stable around 5 per cent. But core inflation has moved up in recent month to 6.2 per cent.” There are a number of factors influencing the headline inflation rate in both directions, most of which are transitory.
Growth in G-20
“Growth prospects for many of the G-20 economies remain solid, but there are indications that the synchronous acceleration of growth heading into 2018 is now giving way to diverging trends. The near-term global outlook for most advanced economies is broadly resilient, in contrast to the weakening of some developing economies in the face of emerging headwinds from rising US trade protectionism, tightening external liquidity conditions and elevated oil prices,” it said. Moody’s put G-20 growth at 3.3 per cent in 2018 and 3.1 per cent in 2019. The advanced economies will grow 2.3 per cent in 2018 and 2 per cent in 2019, while G-20 emerging markets will remain the growth drivers at 5.1 per cent in both 2018 and 2019.
Source: Business Line
India will explore opportunities to increase exports of petroleum products, cars and motorcycles, and mobile phones to Kenya during the joint trade committee meeting of the two countries beginning Thursday, sources said today. The Eighth Session of the India-Kenya Joint Trade Committee Meeting is being held in Nairobi, the capital city of the African nation. India is the second largest investor in Kenya according to KenInvest. The bilateral trade was valued at USD 2.05 billion in 2017-18. "We are keen to explore new opportunities in logistics, agriculture, energy, pharma and many other sectors with Kenya," Commerce Minister Suresh Prabhu said in a tweet after landing in Kenya. According to the sources, India has identified petroleum products (medium and light oils); medicaments for therapeutic or prophylactic purposes; motor vehicles/cars/motorcycles and products of iron and steel, as potential products to increase its exports to Kenya. Cane or beet sugar, wheat and meslin, cement clinkers, aeroplanes and other powered aircraft, telephones for cellular networks or for other wireless networks, self-propelled mechanical shovels, excavators and shovel loaders and polypropylene, are other products which India sees as "potential products" of exports. In 2017-18 India's top items of exports were petroleum products, drug formulations, biological, industrial machinery, paper, iron and steel, plastic raw materials, manmade yarn, fabrics madeups, and electric machinery, among others. The joint trade committee meeting is taking place against the background of India's exports to Kenya dropping to USD 1.97 billion in 2017-18 from from USD 4.11 billion in 2014-15. India's imports from Kenya too slowed down from USD 117.42 million to USD 72.57 million during the same period. Ministerial meeting of the JTC between Prabhu and Peter Munya, Cabinet Secretary (Minister) for Ministry of Industry, Trade and Cooperatives, Kenya, will take place tomorrow. Both the countries would also be signing host of agreements in various sectors. Sources further said that Indian side has sought details of procedure and process of setting up assembly operations for both commercial and passenger vehicles in Kenya. India has also requested the African nation to consider reducing the import duty on steel bars from the current 25 per cent to 10 per cent. Meanwhile, sources also said that Air India has expressed inability, as present, to consider the operations on IndiaNairobi route because of non-availability of resources in terms of aircraft and crew, and also departure/arrival constraints at Delhi and Mumbai Airports. A revised air service agreement between India and Kenya is likely to be signed during the two-day Joint Trade Committee meeting.
Source: Business Standard
BHUBANESWAR: The commercial ties between India and Japan are likely to get a further fillip with Odisha Government forging a partnership with the island nation for its mega investment summit, scheduled to be held here in November this year.While Japan will be the ‘partner country’, State Bank of India as banking partner intends to introduce a slew of products and services to cater to the financial needs of large corporates as well as small enterprises and self-help groups in the State. “This partnership will provide a new impetus to the relations between Odisha and Japan and open up varied sectors for collaboration,” said Chief Minister Naveen Patnaik. He will attend a road show in Delhi on September 12. The team will also visit three countries --- China, Korea and Japan between August 25 and September 1, and hold discussions with companies and prospective investors. Sanjeev Chopra, Principal Secretary, Industries Department, Japan will be the only country partner for Make in Odisha Conclave-2018 as Odisha seeks a deeper engagement with Japan in diverse various sectors. A delegation will visit Tokyo later this month to pitch for investment opportunities in the State across six focus sectors including food processing and seafood, chemicals, plastics and petrochemicals, ancillary and downstream industries in the metal sector, electronic manufacturing, textiles, apparel and tourism. The state has also earmarked 600 acres of land in Bhubaneswar to woo Japanese investors. “The land that we have identified is proposed to be developed as a multi-product park where companies from Japan can come and set up their units,” Chopra noted.
Industrial hub
Chief Minister Naveen Patnaik also inaugurated two industrial projects and laid the foundation stone of 13 manufacturing units on Thursday at a cumulative investment `2,901.2 crore. OCL India Ltd, the flagship company of Dalmia Cement (Bharat) Ltd, topped the list of investors with `1,994.98 crore followed by IFFCO, Jyoti Solar Solutions Pvt Ltd, Grasim Industries Ltd, Indo Nissin Foods Pvt Ltd and Hindustan Urban Infrastructure Limited. At a time when the state seems to be falling behind in private investment inflows with 2017 seeing private investments stumbling down to a new low of mere `6,971 crore, sources in the know say that the Government is mulling collaborations with IT majors like TCS and Infosys. Similarly, there are also plans to collaborate with networking giants such as Reliance Jio and Cisco. The second edition of the flagship investors’ meet will be held from November 11 to 15. The first edition in 2016 saw the State receive investment intent of more than `2 lakh crore across 10 diversified sectors, Naveen said.
Source: The Indian Express
New Delhi: In what seems to be a huge relief for several sectors, the Goods and Services Tax (GST) on ‘buy one get one’ products, free samples and additional quantities of products may not be taxed anymore, reported The Economic Times. Several sectors like FMCG, pharma, textile, food and retail chains, who offer freebies along with their products as part of a marketing strategy will breathe a sigh of relief if tax collection on ‘extras’ is stopped. The report goes on to suggest that tax authorities had earlier sent notices to companies belonging to the aforementioned sectors, enquiring about the freebies which also became taxable under the ambit of the GST. Besides, a select number of officials who are members of the GST Council have also upvoted the idea of doing away with GST on freebies. However, a final call will be taken to settle the issue by the council later in the year, according to a government official. Earlier, the Law Review Committee had also said in its report – later submitted to the Council – that the total consideration towards such additional goods should be chargeable under GST, adding that the input tax should also not be denied in such cases. It should be noted that the price paid by a consumer for purchased goods is considered while levying GST even if one item comes free with another. In such a scenario, both the items (the purchased one and the free one) would be applicable for input taxes against the final tax. Taking the above point into consideration, the committee suggested that gifts and samples packs should not be denied input tax credit. Such promotional schemes are very popular among certain sectors but were thrown out of practice since the GST regime came into force last year.
Source: ET Now
The rupee sank 30 paise to close below the 70-mark against the US currency due to renewed worries about a hike in US interest rates amid global trade war jitters. The domestic currency ended at 70.11 a dollar, a loss of 30 paise or 0.43 per cent over the previous close. In day trade, the rupee had crumbled to a session-low of 70.17 per dollar. The rupee suffered its the biggest single-day drop in the past one week, snapping a two session recovery. Forex sentiment wobbled with a resurgent dollar as currency traders increased their expectations for a fourth interest rate hike this year after the Fed released its meeting minutes overnight.
Source: Business Line
For this, the region requires a mix of infrastructure investments and trade facilitation measures. Act East Policy promises to be a harbinger of economic transformation for the north-eastern region. The region used to be a hub of thriving mercantile activity in the colonial period. The dynamics of trade were guided purely by expansionist imperial ambition and quest for commercial gains. People of the region, however, were completely bypassed in terms of infrastructure or economic opportunity. A diverse portfolio marked trade with the neighbourhood. British woollens and Indian cottons were traded for Chinese tea and silk. Exports from Burma largely comprised cotton, jade, teak, silk tamarind and jaggery, while European imports were dominated by manufactured goods — cars, whisky, soaps, cigarettes. Dhaka was a flourishing centre of muslin exports. Discovery of tea and oil in Assam significantly enhanced commercial prospects. The Bombay-Burmah Trading dominated global tea trade for close to eight decades. The British established a meter gauge rail link between Digboi and Chittagong. The steam navigation cartel led by the Scottish owned Irrawady Flotilla Company prevented any major developments along the land route and a steamer link connected Dibrugarh with Bengal. There was a disruption in trade in the post-Independence period as boundaries of sovereign nations were redrawn. The Act East policy can give a boost to local economies of the north-eastern region, provided we develop a robust land-based trade across the borders. The fact that there are ties of kinship across the border is surely an asset, though it can also serve as a deterrent, given convenient local arrangements. India’s trade across the border with Bangladesh and Myanmar presents a study in contrasts. India’s trade with Bangladesh in 2017-18 was in the range of $9 billion, of which, nearly 70 per cent was transacted across the land customs station at Petrapole-Benapole. The 24x7 operationalisation of the integrated check-post last year has given a further impetus to trade, though teething troubles of delayed cargo movement remain on the Bangladesh side. India exports cotton, vehicles and cereals to Bangladesh and imports textiles and apparels. India’s trade with Myanmar was nearly $1.5 billion last year, a drop from $2.1 billion in 2016-17. Pharmaceuticals is the largest export from India, while we import beans and cereals from Myanmar. Trade with Myanmar earlier used to be restricted to 62 items on formal channels. Post 2015, barter trade has been dispensed with and formal trade is only permissible across notified customs posts. However, India accounts for less than one per cent of Myanmar’s land-based trade, with China in the lead, and Thailand and Bangladesh also ahead of India. The integrated check-post at Moreh, in Manipur, is the only one which is truly operational. Formal trade along Mizoram border is negligible, though there is visible informal trade across the border.
Boosting trade
In order to truly galvanise trade through the north-eastern region, a mix of infrastructure investments and trade facilitation measures are warranted. A blue print of transnational multi-modal connectivity projects has already been prepared and several of these projects, such as Kaladan Multimodal highway, are in an advanced stage of execution. The North Eastern Railways is in the process of connecting Aizawl and Imphal by rail over the next few years. Work for construction of broad gauge connectivity from Agartala to Akhaura near Chittagong has recently been awarded. This will substantially reduce the distance between Agartala and Kolkata and provide an efficient access to Chittagong port. A north-eastern economic corridor is proposed under the Bharatmala project for enhanced intra-regional connectivity. Multi-modal freight movement is proposed through seven waterway terminals on Brahmaputra. However, it is equally important to develop a robust supply chain and logistics infrastructure on a hub-and-spoke model to ensure smooth transportation. The Centre has already notified logistics as an infrastructure investment. An SPV could be created to develop logistics hubs across the north-eastern region in a PPP framework, going up to Guwahati and Kolkata. A Commerce Ministry report mentions that the Chinese have established production centres near the border to penetrate cross-border markets. A suitable variant of this approach is worth exploring in the Indian context. The Land Port Authority of India has declared its intent to take over all land customs stations and upgrade them to integrated check-posts with warehousing facilities. These need to be provided with high quality IT infrastructure, quality testing labs and quarantine facilities for agricultural trade, banking and foreign exchange facilitation centres.
Facilitation programmes
It is equally important to ensure that the people of the region develop a major stake in trade development. A special outreach and capacity building programme would be required for building foreign trade capabilities. Trade facilitation programmes to encourage local entrepreneurs to actively participate in foreign trade would build a local buy-in. A strong linkage with mainland manufacturers and traders will be a crucial ingredient for a successful export strategy. Some local value-addition near the border through packaging or assembling facilities could also be established. Regular exchange of trade delegations and buyer-seller meets between neighbouring States of north-east and Myanmar and Bangladesh in pre-identified verticals would serve as a useful enabler. The India ASEAN Trade in Goods Agreement provides the framework for trade with Myanmar, apart from the special dispensation for least developed countries under Duty Free Tariff Preference Scheme. As negotiations for Regional Comprehensive Economic Partnership (including China) reach near conclusion, the imperative of strengthening border trade capabilities assumes greater urgency. Development of manufacturing capabilities in the north-eastern region will take some time. The region can well serve as a model for export-led growth in India. A north-east trade development authority, involving all State chief ministers of the region, would help bring foreign trade agenda on the economic priority of the States. ASEAN has demonstrated how efficient economic integration of a region, even with economies at different levels of development, can be mutually beneficial. The north-eastern region needs to evolve a comprehensive bottom-up strategy of export development which supplements the efforts of infrastructure development of the Central government. The author is an IAS officer based in Aizawl. The views are personal.
Source: The Hindu Business Line
THE STATE government on Thursday decided to give makeovers to several districts, with a focus on key mega projects. At a meeting attended by Chief Minister Devendra Fadnavis at the Mantralaya, the government shortlisted seven districts for the makeover in the first phase. They are Amravati, Raigad, Solapur, Aurangabad, Chandrapur, Nashik and Gadchiroli. While Amravati would be developed as a textile hub, Nashik would be converted into a tourist pilgrimage centre. Aurangabad would become a new industrial centre and Raigad’s fort see a facelift. At the Naxal belts of Chandrapur and Gadchiroli, new roads and steel plants would come up. Projects related to construction of bridges, widening and beautification of riverbanks, cleanliness and tourism would be promoted in these districts. “The elected members and officials should play a proactive role to ensure that the projects are completed in time,” Fadnavis said at the meeting. While the government has already sanctioned funds for some projects, which have also received administrative approvals, local representatives and officials should help to expedite the work, he added. “In Amravati district, the railway bridge and underground road works can be taken up on priority. Under the smart city mission, solid waste management and sanitation projects should be completed… Similarly, in Raigad, the renovation of the historic fort is underway. The ropeway, which is part of the project, should be expedited,” said the CM. While referring to Solpaur, Fadnavis said that the project to supply water from Ujjani dam to Solapur city needs to be expedited.
Source: The Indian Express
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1618.90 |
USD/Ton |
0.73% |
8/23/2018 |
|
VSF |
2096.68 |
USD/Ton |
0.14% |
8/23/2018 |
|
ASF |
3039.09 |
USD/Ton |
0% |
8/23/2018 |
|
Polyester POY |
1702.18 |
USD/Ton |
0% |
8/23/2018 |
|
Nylon FDY |
3404.36 |
USD/Ton |
0% |
8/23/2018 |
|
40D Spandex |
5040.80 |
USD/Ton |
0% |
8/23/2018 |
|
Nylon POY |
5515.65 |
USD/Ton |
0% |
8/23/2018 |
|
Acrylic Top 3D |
1914.04 |
USD/Ton |
0% |
8/23/2018 |
|
Polyester FDY |
3119.45 |
USD/Ton |
0.23% |
8/23/2018 |
|
Nylon DTY |
3214.42 |
USD/Ton |
0% |
8/23/2018 |
|
Viscose Long Filament |
1899.43 |
USD/Ton |
0.39% |
8/23/2018 |
|
Polyester DTY |
3550.47 |
USD/Ton |
0.41% |
8/23/2018 |
|
30S Spun Rayon Yarn |
2761.48 |
USD/Ton |
0% |
8/23/2018 |
|
32S Polyester Yarn |
2374.29 |
USD/Ton |
0.31% |
8/23/2018 |
|
45S T/C Yarn |
3024.48 |
USD/Ton |
0.49% |
8/23/2018 |
|
40S Rayon Yarn |
2922.20 |
USD/Ton |
0% |
8/23/2018 |
|
T/R Yarn 65/35 32S |
2542.31 |
USD/Ton |
0% |
8/23/2018 |
|
45S Polyester Yarn |
2513.09 |
USD/Ton |
1.18% |
8/23/2018 |
|
T/C Yarn 65/35 32S |
2571.54 |
USD/Ton |
0.57% |
8/23/2018 |
|
10S Denim Fabric |
1.36 |
USD/Meter |
0% |
8/23/2018 |
|
32S Twill Fabric |
0.84 |
USD/Meter |
0% |
8/23/2018 |
|
40S Combed Poplin |
1.17 |
USD/Meter |
0% |
8/23/2018 |
|
30S Rayon Fabric |
0.66 |
USD/Meter |
0% |
8/23/2018 |
|
45S T/C Fabric |
0.70 |
USD/Meter |
0% |
8/23/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14611 USD dtd. 23/8/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Consumers in the UK are shunning man-made materials in favour of natural fibres, says a recent report. Of those who said they would avoid buying certain materials, 28 per cent refuse to buy polyester, 17 per cent avoid synthetic acrylics, and 2 per cent avoid rayon and viscose. Notably, Brits are optimistic about their current financial situation. UK consumers feel positive about the cash in their pocket in 2018, with almost half of people (45 per cent) saying they feel optimistic about their own personal finance. Compared to 2014’s findings, overall optimism is up by 8 per cent, as per Cotton USA’s Global Lifestyle Monitor (GLM) survey. Additionally, when asked who or what is most responsible for garments made in a non-environmentally friendly way, manufacturers received the most blame from UK consumers (40 per cent). This was followed by brands (21 per cent) and, interestingly, the consumers themselves (17 per cent). When asked which fibres people feel are safe for the environment, cotton was found to be perceived as the safest (79 per cent), and 69 per cent of UK consumers also believe that cotton is the most sustainable fabric. Nearly half of UK shoppers (45 per cent) say they would pay more for clothing made from natural fibres, such as US cotton, as opposed to only 4 per cent who would pay more for synthetics. The most cited reasons for preferring natural fibres are that they are considered to be more comfortable (65 per cent), of better quality (57 per cent) and more durable (34 per cent). About 83 per cent of UK consumers also say that cotton and cotton blends are the fibres they want in the clothing they wear most often, and 80 per cent say cotton is best suited for today’s fashions. Reasons for preferring fibres such as US cotton include comfort (75 per cent), trustworthiness (72 per cent), and softness (69 per cent). Another 80 per cent of consumers also associate the fibre with being authentic. According to the research, 70 per cent of UK consumers look at fibre content labels at least some of the time before purchasing a garment. Older generations were found to be most likely to look at fibre content labels, (75 per cent), compared to younger consumers (63 per cent). “Across all parts of everyday life, consumers are becoming more conscious than ever before about how their actions impact the world we live in. Our findings truly reflect how this applies to the consumption of fashion and textiles, and really identifies the shift UK consumers have made in the past few years. However, despite these changes, British consumers continue to favour clothes and garments made from high-quality, natural fibres such as US cotton – a trend that we at Cotton USA are confident will remain and strengthen in the future,” said Stephanie Thiers-Ratcliffe, international marketing manager at Cotton USA. The report adds that more than half of UK consumers enjoy shopping for apparel, suggesting a broad based interest in fashion and style, over 50 per cent of women under 35 shop for clothes once per month or more. Internet browsing is popular, especially with younger consumers. Nevertheless, concerns about purchasing apparel online remain. Primary issues are shipping costs (70 per cent), clothing quality (67 per cent) and return policy (58 per cent). Chain stores (59 per cent), department stores (56 per cent), and discount stores (53 per cent) are each cited as channels where a majority of UK consumers say they shop for clothing. Consumers are most likely to say that fit (87 per cent), comfort (84 per cent), and price (79 per cent) are most important to know before purchasing clothing. When making clothing purchases, 39 per cent of UK consumers say they make clothing purchases on impulse, a slight decrease from 2016, when 43 per cent reported impulse shopping, according to the GLM survey. The survey was conducted by Ipsos Public Affairs, Inc on behalf of Cotton Council International (CCI) on a base of 1,002 people in the UK aged between 15 and 54 by online interviews. CCI is a non-profit trade association that promotes US cotton fibre and manufactured cotton products around the globe with its Cotton USA mark.
Source: Fibre2Fashion
The textile and garment industry, now far from its glory days, will have to bank on a possible free trade deal with the United States in a bid to revive its struggling businesses. Trade and Industry Secretary Ramon Lopez told reporters on Thursday that the government will try to help the industry through a possible free trade agreement (FTA) with one of its oldest allies. “We used to be one of the biggest exporters of garments in the world. We supplied to the US. Hopefully, we can bring it back with an FTA,” he said. He said this on the sidelines of the first ever “Philippine Garment Leader Goods Industries & Fabric Expo,” participated by 81 local and foreign companies in search of buyers. Only more or less 20 companies are from the Philippines, which shows a glimpse of the current state of the industry. As the US focuses on bilateral FTAs instead of multilateral deals, there are high hopes that this would eventually bear fruit to an FTA with the Philippines. Preliminary talks are already ongoing, with the initial goal of finding enough mutual gains to jumpstart the formal negotiations.
This will be a good opportunity for the local industry, which used to be very competitive in its exports, and was even considered a sunrise industry during the 90s, according to DTI-attached agency Board of Investments in a separate statement. Export performance, however, dropped since the abolition of textile quotas by the World Trade Organization in 2005. As a result, garment and textile enterprises in the Philippines which relied on quotas underwent difficulties leading to closure of factories and downsizing, BOI said. In a press briefing earlier this month, William Ang, manager of Globe Textile Inds. Corp., complained about the garment industry receiving little to no support from the government. “Sayang ang Pilipinas [the Philippines could have been more]. We have a lot of talented designers. We should be the Paris of Asia but what’s happening?” he said. “Never in my lifetime had the government asked what it could help us with in the industry,” Ang said, who represented the Garments Manufacturers Association of the Philippines during that time. Wrapping up an FTA might take years, however. In the meantime, Lopez said that companies can apply under the Investment Priorities Plan, which provides incentives such as income tax holiday on preferred kinds of businesses that help reach inclusive growth. It is not clear, however, if any company in the garment and textile industry applied under the IPP, even though the list includes manufacturing activities. He also said that garments might be eventually included under the US Generalized System of Preferences (GSP), a trade arrangement allows market access for numerous Philippine exports. He said this will have to come after the inclusion of footwear in the US GSP.
Source: Inquirer.netust
The U.S. and China imposed fresh tariffs on each other’s goods in the middle of trade talks aimed at averting the worsening conflict between the world’s two biggest economies. Both nations started levying the previously announced taxes on $16 billion of imports from the other country shortly after noon Beijing time. China also said it would lodge a complaint about the new American tariffs to the World Trade Organization, according to a Chinese Ministry of Commerce statement on its website. The U.S. will collect an additional 25 percent in duties on Chinese imports ranging from motorcycles to steam turbines and railway cars, and the Chinese retaliation will see a similarly sized tax on items including coal, medical instruments, waste products, cars and buses. U.S. Treasury Undersecretary for International Affairs David Malpass and Chinese Vice Commerce Minister Wang Shouwen met Wednesday and will meet again on Thursday for the first face-to-face trade discussions since June. Those talks aren’t expected to draw in senior decision-makers and are predicted only to result in a joint statement of productive discussions, according to a person familiar with the agenda.
Worsening Tensions
“US trade tensions with China are more likely to worsen this year, weighing on global growth in 2019,” according to a research report from analysts at Moody’s Investors Service. “Most of the impact of the trade restrictions on economic growth will be felt in 2019,” and any additional tariffs would be a “material downside scenario,” they wrote. President Donald Trump himself has played down expectations in recent days. That, analysts say, is partly because Trump and China hawks in his administration are feeling increasingly emboldened since the two sides held talks in May and June. At home, Trump has watched the subdued reaction of financial markets to his trade maneuvers and hailed recent strong economic news and polls showing his approval rating holding up among Republicans. Meanwhile, in China the economy has shown signs of weakness in recent months -- a circumstance Trump has said gives the U.S. an advantage. “Here we are three months later and if anything during that time the hawk’s position has been consolidated because we drove over the cliff and discovered our car can fly with the U.S. economy still doing fairly well and President Trump still popular among Republicans,” said Scott Kennedy, an expert on U.S.-China relations at the Center for Strategic and International Studies in Washington. The Chinese state-run tabloid Global Times said in an editorial late Wednesday that the Chinese delegation shouldn’t feel too much pressure over the outcome of talks. “To be honest, the Chinese society has no expectation that China and the U.S. can quickly reach a deal to end the trade war,” it said, adding that China was ready to endure the fallout from protracted trade tensions. The meetings this week in Washington appear set to highlight the continuing divide inside the Trump administration over how best to deal with Beijing and how China hawks are winning that battle. While Treasury Secretary Steven Mnuchin is eager to find a negotiated solution, other cabinet members such as U.S. Trade Representative Robert Lighthizer are keen to continue increasing the pressure on Beijing, analysts say.
Divided Cabinet
The Treasury Department didn’t respond to an emailed request for comment. Trump recently revived a point of friction by accusing Beijing of manipulating its currency to offset the impact of his tariffs. In response, the Chinese delegation could this week offer a private pledge not to let the currency weaken further as long as negotiations continue, said Derek Scissors, a China expert at the American Enterprise Institute in Washington. Such a commitment might lead to further discussions. U.S. Treasury officials have been working on a revised list of American demands in the lead-up to this week’s meetings, according to people familiar with the U.S. preparations. That effort, however, has been resisted by other parts of the Trump administration and it is unclear whether they will be ready to be presented to the visiting Chinese delegation. The initial list of U.S. demands presented to China in May included a call for a $200 billion reduction in America’s annual goods trade deficit with China by 2020 -- which stood at about $375 billion last year -- and an end to industrial policies that the U.S. claims violates global trading rules.
U.S., China Draw Rhetorical Battle Lines for Prolonged Trade War
This week’s talks are also taking place as hundreds of executives and officials from U.S. companies, trade groups and other entities have descended on Washington to weigh in on the administration’s planned tariffs on the additional $200 billion in Chinese imports. Most have been asking for goods to be removed from the list of products. The administration has said it wants to avoid consumer products and target industries critical to China’s economic future. Yet companies including Fitbit Inc. and iRobot Corp. are complaining that their bicycles, handbags, sports equipment and a swath of additional products across multiple industries are being unfairly targeted.
Source: Bloomberg
British international trade secretary Liam Fox recently unveiled an export strategy to make the United Kingdom a 21st century exporting superpower through better use of overseas network, new online tools and building an extensive business-to-business network. The aim is to raise total exports as a proportion of gross domestic product (GDP) to 35 per cent. This comes as the government continues to roll out sector deals as part of the industrial strategy, boosting jobs and growth in areas where the country has a competitive edge. This is also a strategy to set the country’s sights high as it leaves the European Union (EU). Last year £620 billion of goods and services exported by British companies accounted for 30 per cent of GDP. However, the department for international trade estimates that 400,000 businesses believe they can export but don’t, while demand for British expertise and goods overseas is growing, according to a British Government statement. The new export strategy outlines how the government will produce smarter and more tailored support to British companies. It will encourage and inspire more businesses to export, amplify the voice of existing exporters to inspire other businesses, facilitate peer-to-peer learning, and inform and advice businesses. New measures include developing great.gov.uk into a single digital platform for both domestic business growth and export support and working with large companies to help build the capability of UK supply chains. The department will also assess financial incentives and signposting as a means to support small and medium enterprises access new markets, start an awareness campaign to target UK exporters most likely to benefit from up to £50 billion worth of export finance and insurance support from UK Export Finance (UKEF) and promote UKEF support in overseas markets to help British companies and consortia win contracts.
Source:Fibre2Fashion
Vietnam’s department of trade defence under the ministry of industry and trade will start sharing monthly export data to the Eurasian Economic Union (EAEU), consisting of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, to help local businesses avoid most favoured nation (MFN) tariffs. Vietnamese exports to the EAEU include apparel and footwear. Under a free trade agreement (FTA) signed between Vietnam and the EAEU in May 2015, the EAEU committed to eliminating tariffs for up to 9,774 tax lines (90 per cent) for products imported from the former. The FTA came into effect in October 2016. Vietnam’s footwear, textiles and garments, and interior design products are eligible for zero import duty, but if the volume of these products exceeds a threshold level defined in the agreement, the EAEU will adjust the zero import duty to MFN tariffs for six to nine months, depending on the volume, according to a report in a Vietnamese news portal. As of June 2018, the MFN tariffs had been imposed on Vietnamese underwear and kidswear products. The department said though there are no products at risk of tax in 2019, domestic firms should act accordingly to avoid the imposition. (DS)
Source: Fibre2Fashion
WPT Nonwovens, a manufacturer of nonwovens for the hygiene, medical and industrial markets, has announced opening of its new facility in Beaver Dam, Kentucky. This property, which was once the abandoned Nestaway plant, has been transformed into a new state-of-the-art nonwovens manufacturing facility. “As a nationally recognised manufacturer and distributor of nonwoven materials for a wide range of commercial and consumer products, we are excited for the growth opportunity this new facility provides,” the company reports. The new facility has provided WPT Nonwovens with 100,000,000 square metres of capacity, ample room for the addition of a new A. Celli Nonwovens Spooling Line. This new equipment addition expands our production capabilities with the ability to produce high volumes of Air Through Bond (ATB) nonwoven fabric for manufacture of hygiene and personal care nonwovens. “Our A.Celli spooling line is capable of production speeds of up to 2,600 ft/min and spooling widths from 0.5 inches up to 6.5 inches guaranteeing maximum flexibility and throughput. It is also capable of being customized to the specific requirements of the web being processed. The spooling machine features 6 heads with automatic master roll loading and discharge of finished rolls,” the company explains. “With our new facility and spooling line up and running, we are currently accepting trial orders and welcoming prospective customers to tour our operations. In the days ahead, we will continue to ramp up our new operations to meet the growing demand for domestically sourced quality nonwoven fabrics,” the manufacturer continues. “This new growth is not only exciting for WPT Nonwovens, it has also been a boon for the Beaver Dam community. The new WPT Nonwovens facility means a robust new source for economic growth. It also means a significant amount of new job opportunities for those in the area. We have already hired many new team members and are continuing to accept applications.”
Source: Innovation in Textiles
For centuries, unfinished materials for clothing manufacture – silk, cotton, hides – have been sold and shipped from Africa to the fashion capitals of the West, such as London, Paris and New York. In return, a small number of ready-to-wear clothes, cheap shoes and second hand garments head back to Africa – at vastly marked-up prices or as charity donations. Now an ambitious start-up called the Walls of Benin, led by 30-year-old Chi Atanga, a man of Cameroonian descent born in Manchester, England, seeks to break with history by building factories in Africa that make sleepwear and loungewear—comfortable casual clothing that is stylish and sophisticated, suitable for “all night raves, boats, trains and jet planes,” according to the company’s website. Finished items are sold to high-end shops in Europe for their fashion-hungry clientele. The brand name Walls of Benin refers to the world’s largest man-made structure, which was completed in the 15th century: a system of moats and ramparts designed to defend the ancient Kingdom of Benin, which is Benin City, the capital of present-day Edo State, Nigeria. Atanga calls himself “chief evangelist,” instead of chief executive officer, of Walls of Benin, and says that the company’s goal is “to spread soft power through culture.” Taking on the Goliath. Atanga researched and designed the business plan for Walls of Benin. Buoyed by $100,000 seed money from the Portuguese government and an apprenticeship with the Erasmus European Entrepreneur Programme, he was able to finance his dream. “Using his gift for networking, Atanga secured an investment from the Lunan Group, the team behind the well-known brand Fiorelli,” according to facetofaceafrica.com, an online publication. He is now setting up production operations in a “special economic zone” outside the coastal city of Mombasa, Kenya’s second-largest city. “Our concept is not about riding the stereotype, Africa-to-Europe, textile/raw materials value chain, but a new paradigm,” he declares. “Can we take on the Goliath Victoria’s Secret on lingerie in Africa?” he asks, and answers with a firm “Yes!” How will it work? “Our business model is simple: we take the spirit of African print textiles and swap wax and heavy cloth for more luxurious and ecological fabrics,” he says. Kente, Ghana’s famous silk-and-cotton blend, is an example of an African fabric, while silk and Tencel are natural fibres with extra softness and moisture-wickingproperties. “We feel fashion brands in top cities in Europe should manufacture some of their wares in Africa and create jobs, and not merely export jeans, suits and other garments to Africa.” His first trip to Africa as an adult was to Ghana in 2014, and it was an eye-opener. “Everything was bright, vibrant and alive. It amazed me to see African print textiles everywhere. It dawned on me that this was a part of my heritage. Currently, Walls of Benin operates from Kenya and Rwanda and it is importing silk and Tencel from Portugal. In April 2018, the company partnered with Wildlife Works, a wildlife conservation group based in Kenya, to launch an African production. The hope is to export luxury loungewear made of extra-soft silk and Tencel to Europe and elsewhere. The production is first of its kind on the continent. Wildlife Works can manufacture a thousand loungewear items per week using digital screen prints. “From the east of Africa to the south of Europe, we are building the value chain,” enthuses Atanga. He believes that the loungewear fashion industry in Africa, once ignored, has a bright future. Meanwhile, rapid changes are taking place on a continent that a top British supermodel once chided for not having a Vogue magazine. “Africa’s fashion industry is right now super exciting! It is new, at the same time it is centuries old. We are talking about the 55 countries in Africa and huge diaspora populations with billions of dollars of spending power,” says Atanga.
Exciting times ahead
The rise of the middleclass in Africa and partnerships with established foreign brands help boost the fashion industry on the continent. In addition, the African Growth and Opportunity Act (AGOA), a US law that seeks to expand trade and investments with sub-Saharan Africa, “gives duty-free access to the US for selected sub-Saharan African countries,” according to African Business, a leading publication on Africa. American companies are looking to invest in Africa’s fashion industry. Africans can tap into the $12 billion US loungewear market through AGOA, which was recently extended to 2025, maintains Atanga. His company helps to create jobs by working with eucalyptus farmers and other suppliers who produce raw materials. Eucalyptus pulpwood is industrially spun to produce fabrics that are breathable and cooling. Also, a dozen local smallholder Kenyan cotton producers have received specialist textile training from Walls of Benin to spin and twist fibre into yarn, weave and knit the yarn into fabric, and bleach, dye and print the fabric to create fashionable sleepwear.
Why begin operations in Kenya? Africa Renewal asked Atanga.
“We chose Kenya because, along with Ethiopia, citizens know the value of a homegrown fashion industry. [These countries] have established training centres to educate indigenous entrepreneurs about diversifying into luxury garments.”Fashion giants such as Sweden’s H&M also have their eyes on Africa’s fashion industry. With support from Swedfund, the Swedish government’s development financing arm, H&M is establishing a textile factory in Ethiopia that will create about 4,000 jobs. Mr. Atanga predicts that with wages rising, many Chinese textile companies will relocate to Africa. “Monthly wages are rising to $200 per employee in China, while it’s about $120 in East Africa,” he says. Atanga is pleased that some countries in East Africa want to ban the import of secondhand clothing. Rwanda already has. Tanzania and Uganda were considering the bad, while Kenya seemed poised to but later backtracked on its decision. Angered by the ban, the US is threatening to exclude such countries from AGOA eligibility status. The ban on used clothing “is a masterstroke,” insists Atanga. Also, relative political stability and the ease of doing business in East Africa is good for investors, according to the young entrepreneur. “In some countries, one must pay bribes to get the necessary business permits, and electricity supply is pitiful,” he says. Other challenges abound in the textile industry. “Although African textile has an annual value of $4 billion, only 19 per cent of it is branded. We lack adequate finance to patent and effectively secure our fabrics ecosystem. We also don’t want women and children to spend 18 hours in factories while missing out on school,” Atanga adds. His mixed heritage is inspiring him to use Africa as a backdrop for his investments in the loungewear industry. As a young child he sold bonbons shipped from Cameroon on school playgrounds in Manchester. “I would add my own ‘import tax,’ because they were made in Cameroon. They were a little more valuable, being imported from Africa,” he says, smiling. “I knew that creating a brand that covers African-made loungewear for sale in Europe could be profitable. This drove me to Portugal to work with high-quality tradesmen, brands and garments, and to East Africa.” On the luxury price point for the pajama sets, he told face to face Africa, “We think at £195 [$260] we are being fair. Silk is not cheap and we have taken a lot of time and effort to create a luxury product but at the same time keep the retail price accessible.” For now, Atanga is focused on his passion for making quality clothes in Africa and exporting them to Europe. “I want to create wealth in the fashion industry in an ethical way,” he concludes.
Source: New Times
