Finance Minister Arun Jaitley on Tuesday said the new insolvency law, indirect tax regime and demonetization will help drive India's growth rate and sustain it at 8 per cent. He added that there was a need to trust the banking system for meeting the needs of the economy and asked banks to, in turn, ensure clean lending to justify the trust reposed in them. "Banks must strive to be seen always as institutions of clean and prudent lending," he said at the annual review meeting of the public sector banks here. Jaitley said the Insolvency and Bankruptcy Code (IBC), Goods and Services Tax (GST), demonetization and digital payments had enabled better assessment of financial capacity and risks which, coupled with inclusive growth, had unlocked the purchasing power which would drive India's growth. He said this should help India sustain a growth rate of around 8 per cent, an official statement said. "A growing economy will also help banks grow in strength," he said. Jaitley underscored the need to have trust and confidence in the banking system as a necessary precondition for meeting the needs of the economy. "With the recent amendment to the Prevention of Corruption Act, there now need not be any apprehension in the minds of bankers in supporting investments that are in the best interests of the economy, the nation and the banks," he said. He noted that the perception regarding the health of PSBs had become more positive as banks had posted positive results in terms of resolution, recovery, provisioning and credit growth. At the same time, he exhorted the banks to ensure all steps at their end to ensure clean lending and effective action in cases of fraud and wilful default, the Finance Ministry statement said. Noting the positive results from the Insolvency and Bankruptcy Code mechanism, Jaitley flagged the need to assess and revisit the efficacy of the Debts RecoveryTribunal (DRT) mechanism, particularly in view of the long time taken in disposal of cases.
Source: Business Standard
The government feels rolling out such benefits closer to the 2019 general elections could create technical hassles. Micro, small and medium enterprises (MSMEs) may not receive more benefits under the Goods & Services Tax (GST) regime before the 2019 general elections as there has been a consistent fall in collections, The Financial Express reported. The GST structure might not see any major change and even the new return filing system may not be implemented until the Lok Sabha polls are concluded and the new government assumes office, the report said. “Tax officials and the political dispensation are wary of implementing new measures close to general elections. Apart from revenue considerations, we also have to factor in the income tax-related issues that may arise after implementation,” a source told the paper. The government had earlier proposed additional sops to MSMEs. It, however, feels that the rolling out such benefits closer to elections could create technical hassles. The inconvenience may, in turn, offset political benefit the National Democratic Alliance (NDA) government could garner through tax sops for small businesses. The Centre has also decided to stick to its FY19 fiscal deficit target of 3.3 percent of GDP. Amid declining GST revenues, offering additional benefits to MSMEs may hurt government's fiscal deficit target. Revenue collection from GST declined to Rs 93,960 crore in August from Rs 96,483 crore in July, the lowest in the current fiscal. The decline may have been due to a rate cut on several items that was announced to provide relief to MSMEs and customers. On July 21, the GST Council had cut rates on more than 80 items across various tax slabs. The rate cut was effective from July 27. The GST Council had set-up a Group of Ministers (GoM) on August 4 to formulate a plan for further relief to MSMEs, but the panel hasn’t met even once, the report said. The GoM is unlikely to submit an interim report during the next GST Council meeting scheduled on September 28, the report said. The government had earlier decided to provide MSMEs additional relief as small taxpayers, who were exempt from excise duty in the pre-GST regime, are now liable to pay excise duty and Value Added Tax. The move is said to have taken away the competitive advantage from these enterprises. The sops were aimed at reducing tax burden as well as giving these firms a bit of a competitive advantage.
Source: Moneycontrol.com
Rupee's double-digit drop against the dollar is helping the nation's services exports, said HSBC Holdings's chief India economist Pranjul Bhandari. The year-to-date gains for information technology stocks have outpaced the broad market index.
HIGHLIGHTS
• Information technology index has jumped nearly 33% this year
• Rupee is Asia's worst-performing major currency so far this year
• Boost to services exports, however, is in contrast to overall shipments
The dark cloud hanging over the economy from the rupee's rout is not without a silver lining.
The currency's double-digit drop against the dollar this year is helping the nation's services exports, according to HSBC Holdings Plc's chief India economist Pranjul Bhandari. So much so that the share of services exports, which mainly comprise software, has climbed to 7.3 per cent of gross domestic product in June from 6.8 per cent in March 2017, she said. That growth is reflected in the stock market, where the year-to-date gains for information technology stocks have outpaced the broad market index. While the MSCI India index is up about 4 per cent, the information technology index has jumped nearly 33 per cent. It's also helped to underpin the world's fastest growth rate of 8.2 per cent in the June quarter given the services industry's 55 per cent contribution to the overall economy. The boost to services exports from a weaker currency is in contrast to overall shipments, which historically haven't benefited much from a weaker rupee. The rupee is Asia's worst-performing major currency so far this year and that comes amid a global trade war that threatens exports. If anything, a slide in the rupee has ended up inflating the country's import bill. According to Bhandari, the main deterrents to goods exports, which account for 60 per cent of overall shipments, are domestic bottlenecks, in particular the hit from the cash ban and the chaotic introduction of a nationwide consumption tax. Global growth and exchange rates are also factors. "Exchange rates matter, but the least of the three, because India's import content of exports are rising," Bhandari said. "On the other hand, the exchange rate matters much more for services exports," she said. "In that sense, 2018 is special. World growth is up and the exchange rate is more competitive than before."
Source: Bloomberg, NDTV Profit
The rupee’s current tendency to fall is hardly surprising. India’s growth experience, unlike China’s, was built on the quicksand of a more or less persistent trade and current account deficit on the balance of payments. But there was always enough financial inflow not just to cover the current account deficit but even to add to our foreign exchange reserves. Initially, this inflow was stimulated by the sheer fact of the economy being opened up to such flows: Wealth-holders abroad got a chance to diversify their portfolios by buying into hitherto-unavailable Indian assets. Later, the higher interest rates in India were an attraction, especially when the Federal Reserve in the US. pushed interest rates there down to near-zero levels for reviving the US economy after 2008. But two things have changed: First, the US has started raising its interest rates; and, second, Trump’s protectionism, which reins in US firms locating plants abroad to import to the US (and offsets their loss through such protectionism by substantial corporate tax cuts), while allowing free global financial flows, has put a question mark over the future of neoliberalism, causing much uncertainty. For both these reasons finance is flowing back into the US, which it considers a safe “home base”, raising the dollar vis-à-vis other currencies, notably the rupee. What is surprising is not the rupee’s tendency to fall, but the absence of any government intervention to support it, even though the inflationary consequences of the rupee’s slide, via higher prices of imported crude, which have a direct bearing on the lives of the working people, are palpable. Some measures, no doubt, have recently been announced, but they are much too feeble, as is obvious from the subsequent slide of the rupee. The argument of many, which perhaps also influences the government, is that the falling rupee will eventually reach an equilibrium level — but this is wrong. The falling rupee, in the absence of any government commitment to support it at a particular value, creates expectations of a further fall, which makes finance move out, and causes an actual further fall. This process can go on and on without ever reaching any equilibrium. There has been no historical stability in the external value of the rupee (even when there has been no actual foreign exchange crisis), to which expectations can be tethered. At the beginning of the 1990s, the value of the rupee was 20 to a US dollar; now it is 72. And this nominal depreciation far exceeds the relative rise in prices in India compared to the US, which means that the real effective exchange rate of the rupee vis-à-vis the dollar has also secularly depreciated. With nothing to tether expectations, a downward spiral in the exchange rate would not stop. Two factors will strengthen this tendency. One is the very fact of inflation caused by the falling rupee. Since any inflation generates expectations of a depreciation in the nominal exchange rate, such depreciation has a self-propelling effect. The other is the fact that several Indian companies have borrowed abroad to take advantage of the lower interest rates that were prevailing there; a depreciation of the exchange rate raises the value of their liabilities relative to assets; and the financial stress they face will create a tendency for speculative capital to leave Indian shores, and hence cause a further actual depreciation, which would further compound the problem. This is an echo of what underlay the East Asian financial crisis of the late 1990s. But, it may be thought, the depreciating rupee would have the effect of closing the trade deficit by making our goods more competitive vis-à-vis foreign goods; and as this happens, the speculators would stop expecting any further depreciation and would therefore no longer take out any more funds, so that the process of depreciation will automatically come to a stop, unlike what I have suggested. The effect of an exchange rate depreciation on the trade deficit, however, even if in the right direction, takes long to work; and speculative capital outflows meanwhile can cause havoc to the economy before any equilibrium can possibly arrive. Awaiting an equilibrium that never comes would not only keep squeezing the working people but would eventually make the government run to the IMF and other financial institutions in panic; and the “conditionalities” they would impose by way of “austerity” measures would be disastrous for the people, reminiscent of the bind that countries like Greece have got into. The government must, therefore, intervene to stabilise the rupee. Such intervention acts in two ways. First, it directly stems the rupee’s slide; and second, the government’s resolve makes speculators believe that the rupee would not fall below the limit set by it, which also acts to stem outflows and stabilise the rupee. But how should the government intervene? Raising interest rates, the obvious tool, lowers activity, aggravates unemployment, and hurts small producers in particular. Fiscal compression likewise hurts the people. Using foreign exchange reserves results in their depletion; and as they get depleted, speculators’ belief in the government’s ability to hold the rupee to a particular value starts getting eroded, causing outflows that again generate a downward spiral. Merely using foreign exchange reserves, therefore, is not enough. There have to be direct restrictions of inessential imports, combined, as and when it becomes necessary, with some controls on capital outflows. The government has recently mentioned controlling inessential imports, but nothing concrete has emerged. Such control is not as drastic as it sounds. In 2013, during the previous episode of rupee’s slide, the government had imposed controls over gold imports for stemming this slide, as it felt that the rupee’s fall was pushing wealth-holders from rupees to gold. Supplementing the use of foreign exchange reserves with measures of direct control so that the rupee is held at a particular value is essential; it would also curb speculative outflows. The government must give up chasing the will-o’-the-wisp of an equilibrium to stabilise the rupee and control inflation.
Source: The Indian Express
India maintains a list of 25 items (0.5 per cent of tariff lines), which includes goods such as alcohol, firearms, etc. The trade potential between India and Pakistan stands at $37 billion, according to a World Bank report which said that continued political tensions and lack of normal trade relations between the two nations have cast a shadow over cooperation efforts within South Asia. The report 'A Glass Half Full: The Promise of Regional Trade in South Asia', which was released on Monday, has highlighted among key factors, the long list of product restrictions in bilateral trade. India and Pakistan continue to maintain long, sensitive lists of items on which no tariff concessions are granted. The lack of normal bilateral trade relations between the two countries affects the formation or deepening of regional value-chains in various high-value trading sectors, Dawn newspaper reported quoting the report. Pakistan has a list of 936 items and almost 17.9 per cent of tariff lines that apply to imports from all South Asian Free Trade Area (SAFTA) countries. India maintains a list of 25 items (0.5 per cent of tariff lines), which includes goods such as alcohol, firearms, etc. However, it has a much longer, 64-item list, (almost 11.7 per cent of tariff lines) for Pakistan and Sri Lanka, but which effectively applies only to Pakistan, because India applies a smaller sensitive list to Sri Lanka as part of a separate India-Sri Lanka Free Trade Agreement. Items on the Indian sensitive list can be imported at the most-favoured-nation tariffs from any SAFTA country, including Pakistan, because India accorded Pakistan the status in 1996, soon after the accession of the two countries to the World Trade Organisation. However, Pakistan has not granted India the most-favoured-nation's status or non-discriminatory market access. In addition, the preferential access granted by Pakistan on 82.1 per cent of tariff lines under SAFTA is partially blocked in the case of India because Pakistan maintains a negative list comprising 1,209 items that cannot be imported from India. In practice, many of these items are exported from India to Pakistan through a third country, usually the United Arab Emirates. The report says another barrier to bilateral trade is the proliferation of NTMs (non-tariff measures), some of which take the form of non-tariff barriers, such as port restrictions. Pakistan allows only 138 items to be imported from India over the Attari-Wagah land route. Furthermore, cargo trucks from either side cannot move beyond their border zones, which means that goods must be transloaded at the border, adding to the time and cost of trading. Another factor impeding bilateral trade in goods and services, as well as FDI, is the encumbered visa regime that India and Pakistan have created for each other, which restricts the mobility of people between the two countries. Continued political tensions and lack of normal trade relations between India and Pakistan have cast a shadow over cooperation efforts within South Asia, contributing to the lack of progress in the regional cooperation agenda of SAARC and SAFTA, the report said.
Source: The Economic Times
This year’s sell-off in emerging-markets assets has abated in recent weeks and valuations are tempting, but it’s too soon to say things have bottomed. The key to any rebound is China and India, two economies where the outlook has deteriorated in recent weeks.The relative size of their economies — together they accounted for more than 25 percent of global output in 2017 — and stock markets — they are the only two developing economies to figure in the top 10 in world market capitalization rankings — make them bellwethers for the entire asset class. China, the world’s largest exporter, has seen its foreign sales threatened by the escalation of tariffs by the U.S., contributing to about a 20 percent drop this year in the CSI 300 Index of equities. India, the world’s third-largest economy measured by gross domestic product based on purchasing power parity, has seen its currency depreciate in the face of mounting costs to import oil. President Donald Trump has singled China out as the main problem as he tries to reduce the U.S. trade deficit. America’s shortfall in trade with China expanded from an already sizable $347 billion in 2016 to $375 billion in 2017. With the monthly deficit increasing further during the current year to a record $36.8 billion in August, the gap for the year is expected to surpass $400 billion. The Trump administration on Sept. 17 imposed a 10 percent tariff on $200 billion of imports from China effective yesterday. The rate will increase to 25 percent in January if the situation is not resolved, which looks likely after China dashed prospects for a near-term resolution by warning Trump his threats of further tariffs are blocking any potential negotiations. The tariff comes on top of levies already placed on $50 billion of Chinese products. Trump holds open the option to impose a tariff on all imports from China totaling $505 billion last year. With exports of goods and services accounting for about 20 percent of Chinese gross domestic product, the latest tariffs will have a significant impact on the economy. The tariff threat has already sparked capital outflows and weakened the currency. On the domestic front, retail sales, an indicator of economic well-being, have grown more slowly in the past six months. Another measure, the purchasing managers’ index for manufacturing, is at lower levels than a year ago. Slower growth in the Chinese economy will have a negative impact on other emerging markets such as Brazil that are highly dependent on sales to Chinese buyers. At about $12.2 trillion, the China’s gross domestic product is larger than India’s at $2.60 trillion, but the latter has been the fastest-growing major economy in the world over the past several quarters. India’s real growth of 8.2 percent in the second quarter exceeded the 6.7 percent increase in China. India’s non-oil imports increased to $33.4 billion in August from $22.5 billion two years earlier. The Indian economy’s Achilles’ heel is its dependence on imported oil, its largest single import. With the price of Brent crude at around $80 per barrel, twice the level of a couple of years ago, India’s deficit in the trade balance has surged, and the rupee has plunged in value. The sharp depreciation in the rupee is likely to extend the emerging market correction in two ways. First, Finance Minister Arun Jaitley suggested this month that the government would take steps to limit “non-essential” imports. India has been an attractive market for exporters in other Asian countries, the U.S. and the U.K., and import restrictions are likely to be quickly transmitted. Second, with the rupee’s 13 percent drop this year, Indian exports are more competitive in foreign markets. Expect other emerging economies to attempt to weaken currencies in reaction to the move. India’s equity market has bucked the broad retreat in emerging markets until late August. Since then, though, the S&P BSE Sensex has plunged 6.66 percent on rising concern about non-performing loans held by Indian banks and a large infrastructure leasing firm defaulting on its debt. In common with other developing economies, China and India have felt the impact of a stronger dollar and rising U.S. interest rates that have prompted capital outflows. How the two economies react to U.S. tariffs and higher energy prices may determine the turning point for emerging markets as a whole. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Komal Sri-Kumar is the president and founder of Sri-Kumar Global Strategies, and the former chief global strategist of Trust Company of the West.
Source: Bloomberg Quint
India can now take up the lack of capacity in the US and Chinese markets, said the head of Sandler, Travis & Rosenberg (ST&R), an international trade, customs and export law firm. If India produces the same goods that China has imposed tariffs on, then the former can start supplying the latter those goods at a likely less expensive price. The US-China trade war is likely to impact Indian exports to Asian markets. “Several other countries, including Japan and Korea, have already notified the World Trade Organisation (WTO) of their intent to impose tariffs on US origin goods. If Indian manufacturers make these or similar goods, they can now supply to those markets,” Nicole Bivens Collinson, president, ST&R, told Fibre2Fashion. ST&R represents importers, exporters, manufacturers, governments, brokers and freight forwarders. Its core competencies include matters concerning the movement of goods, services and intellectual property from one country to another, regardless of point of export or import. Talking about foreign direct investment (FDI), she said, “FDI, if targeted appropriately, can help a country improve its manufacturing sector, but it must be directed FDI and it cannot be limited just to manufacturing. A key element in all global production is the ability to move goods/inputs effectively, efficiently and quickly. Appropriate infrastructure, seamless transportation of goods and minimal documentation and bureaucracy has a greater effect on attracting FDI than just an open market.” (KD)
Source: Fibre2Fashion
New Delhi : India and Mauritius will hold the next round of negotiations from Wednesday for the proposed free trade agreement (FTA), which is aimed at liberalising norms to boost two-way commerce and investments. The three-day talks for the agreement, which is officially dubbed as the Comprehensive Economic Cooperation and Partnership Agreement (CECPA), will start from Wednesday, a government official said. During the deliberations, both the sides would discuss issues related to trade in goods and services. In an FTA, two trading partners cut or eliminate duties on majority of goods besides liberalising norms to promote services trade and boost investments. According to experts, India may not get a substantial benefit in the goods sector as Mauritius is a small market, but services sectors such as IT and tourism hold huge potential to enhance economic ties. Interestingly, Mauritius is also holding negotiations for a similar pact with China, with which India has a huge trade deficit. The trade gap was USD 63 billion in 2017-18. The island nation is the top source of foreign direct investment (FDI) into India. In 2017-18, India received USD 15.94 billion as compared to USD 15.73 billion in the previous financial year. The bilateral trade between the countries increased to USD 1.1 billion in 2017-18 from USD 900 million in 2016-17. India exports petroleum products, pharmaceuticals, cereals, cotton and electrical machinery, among others, to Mauritius. The island nation exports to New Delhi include iron and steel, pearls and precious/semi-precious stones. RR MR MR
Source: Financial Express
Mumbai: The rupee Tuesday weakened further by 6 paise to close at 72.69 to the US dollar on sustained demand for the American currency amid soaring crude prices. It was a highly volatile day on the forex market as wide swings in the currency value kept investors on edge and precluded the emergence of a clear trend. A further sharp spike in international crude oil prices due to a combination of factors and bullish dollar overseas trend ahead of Federal Reserve's two-day policy meet kept trading sentiment little shaky. The Indian currency dangerously slipped to a low of 72.96 in early trade -- within striking distance of its life-time low of 72.99 hit last week but managed to pare some losses on likely intervention from the central bank. It briefly touched a high of 72.57 in mid-afternoon deals. The rupee has lost 49 paise in last two days. Heavy dollar selling by banks and exporters along with greenbank's weakness against some currencies overseas largely supplemented the recovery momentum. A spectacular bull back rally in domestic bourses after five straight-day pounding on the back of value buying in beaten-down key stocks and hectic short-covering ahead of expiry also helped in propping up the currency. The currency markets worldwide are rattled with over-lapping geopolitical factors rubbing shoulder against each other and also underpinned by the divergent monetary policy outlooks against major global central banks, a forex dealer commented. The US Fed is likely to stay on course and hike interest rates by 25 basis points (bps) tomorrow. The benchmark 10-year sovereign yield held also stable at 8.1258 per cent buoyed by the RBI decision to conduct open market operations (OMO) Thursday to purchase government bonds to infuse liquidity of Rs 10,000 crore. Meanwhile, crude prices rose to four-year highs near USD 82 a barrel after global producers decided against further output increases, despite pressure from US president Donald Trump for renewed action to cool prices. Brent crude futures were at USD 81.79 per barrel in early Asian trade - the highest level since November 2014. At the inter-bank foreign exchange (forex) market, the rupee opened sharply lower at 72.89 from overnight close of 72.63 on sustained dollar demand. It later drifted sharply to hit a low of 72.96 before staging a recovery. The home unit picked up the pace in the second half of trade to touch day's high of 72.57 before ending the day at 72.69, revealing a loss of 6 paise, or 0.08 per cent. The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 72.8134 and for the euro at 85.6237. In the cross currency trade, the rupee lost further ground against the British Pound to settle at 95.65 per pound from 95.41 and also slipped against the euro to end at 85.63 from 85.43 on Monday. However, the local currency recovered against the Japanese yen to finish at 64.46 per 100 yens from 64.50. On the global front, the dollar carved out small gains against the euro and yen on Tuesday as investors looked to policy clues from the U.S. Federal Reserve, which is widely expected to hike rates this week, and as the Sino-US trade dispute kept markets cautious. Against a basket of other currencies, the dollar index is down at 93.72.In forward market, premium for dollar edged lower owing to mild receiving from exporters. The benchmark six-month forward premium payable in January 2019 softened to 114-116 paise from 114.50-116.50 paise and the far-forward July contract moved down to 274-276 paise from 276-278 paise earlier.
Source: Economic Times
BHUBANESWAR: Shopping for the upcoming festivity of Durga Puja is a prime concern for many these days. From finding the right matches to choosing affordable products, potential garment customers are going to have a tough time exploring brands. The National Silk Expo Exhibition cum at a city hotel here is surely going to draw many. With over 70 stalls on display, one can select the best of silks sarees & cotton handloom garments. The expo which would continue till September 30 is organised by Gramin Hastkala Vikas Samiti. Spokesperson of the organization Jayesh Kumar Gupta said, “Weavers from as many as 25 states, including Punjab, Gujarat, Madhya Pradesh, Tamil Nadu, Uttar Pradesh and Kashmir, are showcasing their garments in the exhibition. The expo is scheduled from 10:30 am to 8:30 pm every day.” He said that from the colourful kanjeevaram to the traditional bandhani sarees, one can get every type of silk at the exhibition. As the garments are sold directly by the artisans, prices are much lower than any showroom, he added. Garments are priced somewhere in between Rs 500 to 2 lakh. Priya Adhikari, a resident of Unit 3, finds the exhibition to be a grand encompassment of techniques, materials and motifs. Interacting with Orissa Post she said, “The exhibition offers a variety of silk and cotton sarees. It also offers material for garments in various weaves and shades. Double weaved Ikkats, Paithani, Dharmavaram, Venkatagiri silks are available at the expo. It also offers Chanderi, Maheshwari, Kanjiwaram, Uppada and other precious pieces. Banaras, Jamvar, Jamdani, Lucknow silks are offered at affordable prices. One can also find Chikan work from Uttar Pradesh and Rajasthani Bandhani at the expo”
Gujarat Patola, silk Kotas in mesmerising shades.
Latika Patra, a student of a private enginerring college said that with so much on display, one hardly needs a visit to another shop. She said, “Sarees have always been an important part of my life as I love the six yard in multiple ways. This time the expo has more to offer in terms of quality, affordability and variety.” Apart from the aforementioned items one can also find stalls of artificial jewellery. This adds to the charm of the expo. The exhibition is scheduled to conclude September 30, 2018.
Source: Orissa Post
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1584.95 |
USD/Ton |
-0.55% |
9/25/2018 |
|
VSF |
2201.73 |
USD/Ton |
0% |
9/25/2018 |
|
ASF |
3032.85 |
USD/Ton |
0% |
9/25/2018 |
|
Polyester POY |
1633.07 |
USD/Ton |
-2.40% |
9/25/2018 |
|
Nylon FDY |
3514.02 |
USD/Ton |
0% |
9/25/2018 |
|
40D Spandex |
4986.70 |
USD/Ton |
0% |
9/25/2018 |
|
Nylon POY |
3659.83 |
USD/Ton |
0% |
9/25/2018 |
|
Acrylic Top 3D |
5511.62 |
USD/Ton |
0% |
9/25/2018 |
|
Polyester FDY |
1844.50 |
USD/Ton |
-1.94% |
9/25/2018 |
|
Nylon DTY |
3236.98 |
USD/Ton |
0% |
9/25/2018 |
|
Viscose Long Filament |
3207.82 |
USD/Ton |
0% |
9/25/2018 |
|
Polyester DTY |
1837.21 |
USD/Ton |
-1.56% |
9/25/2018 |
|
30S Spun Rayon Yarn |
2887.04 |
USD/Ton |
0% |
9/25/2018 |
|
32S Polyester Yarn |
2274.64 |
USD/Ton |
-1.27% |
9/25/2018 |
|
45S T/C Yarn |
3018.27 |
USD/Ton |
0% |
9/25/2018 |
|
40S Rayon Yarn |
2435.03 |
USD/Ton |
-0.60% |
9/25/2018 |
|
T/R Yarn 65/35 32S |
2566.26 |
USD/Ton |
0% |
9/25/2018 |
|
45S Polyester Yarn |
3193.24 |
USD/Ton |
0% |
9/25/2018 |
|
T/C Yarn 65/35 32S |
2726.65 |
USD/Ton |
0% |
9/25/2018 |
|
10S Denim Fabric |
1.36 |
USD/Meter |
0% |
9/25/2018 |
|
32S Twill Fabric |
0.84 |
USD/Meter |
0% |
9/25/2018 |
|
40S Combed Poplin |
1.17 |
USD/Meter |
0% |
9/25/2018 |
|
30S Rayon Fabric |
0.67 |
USD/Meter |
-0.22% |
9/25/2018 |
|
45S T/C Fabric |
0.71 |
USD/Meter |
0% |
9/25/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14581 USD dtd. 25/9/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
With a January-July 2018 exports figure of $7.74 billion, the Indonesian textile and apparel industry is hopeful of meeting an export target of $14 billion by the end of this year. The completion of the Indonesia-Australia comprehensive economic cooperation agreement (IA-CEPA) will help boost exports, according to minister of industry Airlangga Hartarto. Interacting with representatives of 100 small and medium textile industries at Bandung in West Java recently, Hartarto said the import duty on Indonesian textile and clothing products to Australia would be abolished after a an agreement is signed later this year. Both sides announced the substantive conclusion of negotiations on IA-CEPA on 31 August this year. Indonesia is also trying to finalise a free trade agreement (FTA) with the European Union and the United States, Indonesian media reports quoted the minister as saying. The export value of the country’s textile industry was $12.58 billion in 2017, up 6 per cent over the previous year. (DS)
Source: Fibre2Fashion
KUALA LUMPUR: The Ministry of International Trade and Industry (Miti) plans to set up a federation related to the textile design industry in order to help fashion entrepreneurs build their future. Its secretary-general Datuk Isham Ishak said the government and private sector could cooperate to create a bright future for the textile design industry. “Hence it’s not only you designing the fashion for people, but we also want to help them to design the future,” he said in his keynote address at the Fashion and Design Conference 2018 today. Malaysia’s textile and apparel exports amounted to RM15.3 billion in 2017. Meanwhile, the Malaysian Investment Development Authority (Mida) has approved 12 projects with total investments of RM428.8 million. The projects, which include the production of primary textiles, ready-to-wear garments and textile accessories, have generated 1,850 job opportunities including skilled positions. The Fashion and Design Conference 2018 was organised by MIDA in collaboration with Kuala Lumpur Fashion Week and the Malaysian Textile and Apparel Centre, among others. – Bernama
Source: The Sun Daily
The various unions in Pakistan’s textile and garment industry recently formed the Pakistan Textile Garments Leather Workers Federation (PTGLWF) to jointly fight for the rights of workers in the sector. The federation will focus on minimum wages, contractual employment, forced expulsion, the rights to form unions and expensive judicial processes. The office bearers will be announced during the general body meeting of the federation to be held soon, according to Pakistani media reports. The federation will initiate an awareness campaign at the global level. September was selected as the month of forming the federation in memory of more than 360 workers killed in arson in Karachi five years back. (DS)
Source: Fibre2fashion
