Two major US synthetic yarn producers Unifi Manufacturing, Inc (Unifi) and Nan Ya Plastics Corporation, America (Nan Ya) have filed petitions alleging that dumped and subsidised imports of polyester textured yarn from China and India are causing material injury to the domestic industry. The petitions have been filed with the US department of commerce. “The purpose of these petitions is to establish conditions of fair competition in the US market. The petitioning domestic producers are asking the US government to investigate the dumping, subsidies and injury and to impose anti-dumping and countervailing duties on the imports of polyester textured yarn from the subject countries,” Kelley Drye & Warren LLP, who represent the petitioning companies, said in a press release. Unifi manufactures polyester textured yarn at its production facilities in Yadkinville, North Carolina, and Madison, North Carolina, where the company employs approximately 1,100 and 470 people, respectively. Nan Ya manufactures the said yarn at its production facility in Lake City, South Carolina, where it employs approximately 900 people. The petitions, also concurrently filed with the United States International Trade Commission (USITC), allege that producers in China and India are dumping polyester textured yarn in the US market at sizeable margins (China – up to 68 per cent; and India – between 40 per cent and 130 per cent). The petitions also allege that the Chinese polyester textured yarn industry benefits from at least 20 different Chinese government subsidies, and that the Indian polyester textured yarn industry benefits from at least 38 different Indian government subsidies. The allegations identify a number of significant national and regional programmes, including preferential export financing, export loans, and export credits; preferential income tax treatment; tax exemptions, rebates, and credits on inputs and capital goods used in the production of polyester textured yarn; the provision of goods and services by the governments for less than adequate remuneration; and grants for polyester textured yarn producers to assist in the development of export market and to protect against commercial risk. US polyester textured yarn imports from China and India have increased at an astounding rate over the last five years, growing from approximately 38.4 million pounds in 2013 to 68.9 million pounds in 2017 (an increase of approximately 79 per cent), the release said. “The substantial increase in unfairly-traded polyester textured yarn from China and India has harmed US manufacturers and their workers,” according to Paul Rosenthal of Kelley Drye & Warren LLP, counsel for the petitioning companies. “Trade relief is essential to ensuring that the domestic polyester textured yarn industry can recover from its injured and vulnerable state, thrive, and fairly compete.”Now, the US department of commerce will determine whether to initiate the anti-dumping and countervailing duty investigations, and the USITC will reach a preliminary determination of material injury or threat of material injury within 45 days from the date of filing. The entire investigative process, however, will take approximately one year, with final determinations of dumping, subsidisation, and injury likely occurring by the end of 2019.
Polyester textured yarn, a synthetic multifilament yarn, is manufactured from polyester (polyethylene terephthalate). It is produced through a texturing process, which imparts special properties to the filaments of the yarn, including stretch, bulk, strength, moisture absorption, insulation, and the appearance of a natural fibre. (RKS)
Source: Fibre2Fashion
The Finance Ministry imposed definitive anti-dumping duty on certain ‘flax yarn’ — a linen yarn used in fabric industry — from China. Based on the recommendations of the Designated Authority in the Commerce Ministry, the revenue department imposed an anti-dumping duty that ranges from $1.30 per kg to $4.83 per kg depending upon the producer and exporter from China. The petition seeking anti-dumping probe on ‘flax yarn of below 70 Lea Count (43 Nm)’ from China was filed by Jaya Shree Textiles — a unit of Grasim Industries Limited (previously Jaya Shree Textiles) — Unit of Aditya Birla Nuvo Ltd) Flax yarn is a 100 per cent linen yarn. It is a natural cellulose fibre with higher conductivity and is highly moisture absorbent. It possesses anti-microbial, anti-fungal properties and is used in children’s wear and home textiles.
Source: Business Line
NEW DELHI: The commerce department is sensing an opportunity for exporters in the US due to the trade war with China and has identified close to 180 items where Indian players can take advantage of the opportunity that has opened up due to higher duties on Chinese products. The products are spread across sectors ranging from engineering goods to auto components and some chemicals, sources told TOI. The department, which is seeking to push Indian exports at a time when the trade deficit is widening, has begun sensitising trade bodies and is asking them to aggressively move to tap the opportunity. The list includes motors and components used in vehicles apart from specialised chemicals. While the list put together by the government covers Chinese exports of around $8-10 billion, which would be impacted by higher import duties in the US, sources said, Indian exporters could look at grabbing a part of the market. “It could be $2-3 billion or more, depending on how quickly and effectively Indian companies move,” said a source. The Donald Trump administration has levied tariffs on $250 billion of imported goods from China, which represents around half the imports from China. The move has been countered by Beijing that has announced higher duties on $110 billion of US exports to China. The push comes at a time when India is grappling with a widening trade deficit and the rupee has come under pressure due to concerns over the current account deficit, where the problem has been accentuated by foreign portfolio investors withdrawing from emerging markets. Current account deficit is the gap between exports and imports, investments and remittances. The commerce department had done a similar exercise for China and in a report, the government said that the retaliatory tariff actions provide a window for enhancing India’s exports to its neighbour, a move that could help bridge the trade deficit, which has been a major area of concern. It went on to identify products such as fresh grapes, allow steel seamless boilers. Trade experts, however, said that there is limited scope for Indian exporters to break into the American and Chinese markets given that many of the products are specialised products where domestic players may not have the capability to produce matching category of goods. Besides, in case of China, trade barriers are so high that Indian exporters often find it tough to break in.
Source: Times of India
New Delhi : Prime Minister Narendra Modi addressed the 36th ‘Carpet Expo’ in Uttar Pradesh’s Varanasi via video conferencing on Sunday. While addressing the gathering, he said that Eastern India region is becoming a global hub for country’s textile exports. PM Modi added that Centre is also trying to encourage small and medium industries.
Source : Economic Times
India’s goods exports fell by 2.15 per cent year-on-year to $27.95 billion in September after a positive run between April and August. The decline is hoped to be temporary, owing to a high-base effect. Imports saw a rise of 10.45 per cent to $41.9 billion during the month, bringing down the trade deficit to $13.98 billion, according to commerce ministry data. In the first six months of the current fiscal, exports posted a growth of 12.5 per cent in dollar terms. Imports grew 16.1 per cent, according to Indian media reports. October will witness good growth in dollar terms and will match the current trend, commerce secretary Anup Wadhawan said recently in New Delhi. Overall exports in September at $28 billion is the minimum needed to reach the $350-billion mark milestone in 2018-19, according to the Federation of Indian Exporters Organisations (FIEO). Several items, including petroleum products, chemicals, drugs and pharmaceuticals, cotton yarn and fabric, handloom products and plastic, posted an increase despite the fall in exports. Te ministry had last month roughly estimated export growth for 2018-19 to be about 16 per cent, which was the average growth figure for the April-August 2018-19 period. Exports grew 9.8 per cent in 2017-18 to $302.84 billion.
Source: Fibre2Fashion
Govt. clearing TUFS arrears will bolster fresh investments. The monthly Index of Industrial Production for textiles increased 7.8% in August this year compared with the same month last year. The cumulative index for textiles from April to August this year has also gone up marginally — 1.1% — from a year earlier. “This is the beginning of a new dawn, especially after the industry faced two back-to-back big economic reforms of demonetisation and implementation of GST,” said Sanjay Jain, chairman of the Confederation of Indian Textile Industry. Last year this time, implementation of GST was underway and it had affected production, he said. Production has risen mainly because of domestic market demand. The industry is now expected to attract fresh investments, having seen a slowdown on this front for two years. “We are working with the government to clear the technology upgradation fund scheme arrears,” he added. In the south, industry sources said export enquiries were better this year over the last across the textile value chain. The demand is usually good from October to February and production also goes up during this period. If the TUFS arrears are cleared, investments will revive, the sources said.
Source : The Hindu
The exodus of Hindi-speaking migrant workers from Gujarat, following a series of violent attacks on them, could lead to a decline in India’s textile output by 10-15 per cent this year. “Gujarat is a major textile producer. Hence, the mass return of migrant workers from the state is set to reduce India’s overall textile output by 10-15 per cent this year,” said R K Dalmia, president, Century Textiles and Industries, a leading player. The country’s textile industry is concentrated in a few pockets of Gujarat and Maharashtra in the west and Tamil Nadu and Karnataka in the south. A large proportion of workers employed by these units comes from Bihar, Uttar Pradesh, and West Bengal. Unlike in the developed countries, textile factories in India are not fully automated and remain labour-intensive. Gujarat contributes nearly 80 per cent to India’s overall production in synthetic textiles. All units in the segment are facing labour scarcity. While large players have employed workers on a regular basis, adhering strictly to labour laws, small- and medium-sized units are facing huge problems in terms of labour availability. Most of such units have, therefore, reduced their production by 20-25 per cent or higher.
Source: Business Standard
The communication seeks to end the ambiguity regarding initiation of enforcement action by central tax officials in case the taxpayer is assigned to state tax authority or vice versa. Traders’ body CAIT Friday warned that allowing central as well as state tax administrations to initiate action against any taxpayer irrespective of jurisdiction would lead to harassment of traders and complicate the tax system. Seeking Finance Minister Arun Jaitley’s intervention in the matter, the CAIT in a letter claimed that the decision of the GST Council allowing jurisdiction to central as well as state tax administration over assesses “not only allows overlapping of jurisdiction and harassment of traders but will also complicate the taxation system” Earlier this month, the Central Board of Indirect Taxes and Customs, in a communication to field formations, had said that “intelligence based enforcement action” against a taxpayer can be initiated by Central and state officials even if the assessee does not fall under the official’s jurisdiction. The communication seeks to end the ambiguity regarding initiation of enforcement action by central tax officials in case the taxpayer is assigned to state tax authority or vice versa. CAIT in the letter to Jaitley pointed out that assessment by two authorities at any given point of time will flout the principle of ease of doing business and traders will find it difficult to comply with the prescribed rules and regulations being answerable to two tax authorities. “We request you to please look into the matter in the light of its adverse ramifications and urge the GST Council to reconsider its decision and allow only one Authority to have jurisdiction on assesses,” it said. Under the Goods and Services Tax (GST) regime, which was rolled out from July 1, 2017, the taxpayers were assigned to Central and state officials on the basis of annual turnover. The GST Council in January 2017 decided that both the central and state tax administration would have the power to take intelligence-based enforcement action.
Source: Financial Express
The government on Sunday extended the deadline for the filing of GST form 3B returns for September from October 20 to October 25. “It has been brought to notice that there have been apprehensions by trade and industry relating to the last date for availment of ITC [input tax credit] for the period July 2017 to March 2018,” the government said in a statement. “In order to remove doubts, it was clarified that as per the law, the last date for availing ITC in relation to the period from July 2017 to March 2018 is the last date for the filing of return in the form GSTR-3B for the month of September 2018.” “In view of the said apprehensions and with a view to give some more time to the trade and industry, the last date for furnishing return in the form GSTR-3B for the month of September 2018 is being extended up to October 25, 2018,” it added. ‘Too late ‘However, tax experts say that the deadline extension has come too late as it was announced a day after the original deadline elapsed. “While the businesses, who could not file the return by the 20th, can avail the extension, this doesn’t really help most large firms who would have already filed their return by working overtime,” Pratik Jain, partner and leader, indirect tax, PwC India, said. “Since there is no facility for amendment of the return, these firms cannot claim the credit which they might have missed,” he noted. “To provide relief to industry, the government should at least extend the due date till November 20, so that credit can be claimed in October return,” Mr. Jain added.
Source: The Hindu
To date, the rupee has fallen 13.18 percent, while foreign portfolio investors have sold .55 billion and .69 billion in the equity and debt markets, respectively. The rupee opened 14 paise lower at 73.69 against the US dollar in the early trade Tuesday as the American currency strengthened overseas. At 9.15 am, rupee was trading at 73.73 a dollar, down 0.23 percent from its yesterday’s close of 73.56. The rupee opened on Tuesday at 73.70 per US dollar. On a net basis, foreign portfolio investors (FPIs) sold shares of Rs 511.91 crore Monday, as per provisional data. To date, the rupee has fallen 13.18 percent, while foreign portfolio investors have sold $4.55 billion and $8.69 billion in the equity and debt markets, respectively. Meanwhile, the 30-share Sensex shed over 200 points on open to fall below the 34,000-mark. The Nifty was down 57 points to 10,152.60. The shares of IndusInd Bank, Adani Ports, Tata Motors and Coal India gained up to 2.5 percent in the morning trade. Asian Paints shares fell more than 6 percent after the firm reported weak Q2 results. The shares of Asian Paints shed as much as 6.16 percent to hit the day’s low at Rs 1,126.55. In the latest quarter, profit fell 3.2 percent to Rs 506 crore versus Rs 526.2 crore in the latest quarter for Asian Paints. In the Nifty, BPCL, IOC and ONGC shares were trading with pressure, tanking up to 4 percent.
Source: Financial Express
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1526.59 |
USD/Ton |
-0.47% |
10/22/2018 |
|
VSF |
2193.21 |
USD/Ton |
0.16% |
10/22/2018 |
|
ASF |
3001.23 |
USD/Ton |
0% |
10/22/2018 |
|
Polyester POY |
1551.12 |
USD/Ton |
-2.49% |
10/22/2018 |
|
Nylon FDY |
3434.10 |
USD/Ton |
-0.42% |
10/22/2018 |
|
40D Spandex |
4934.72 |
USD/Ton |
0% |
10/22/2018 |
|
Nylon POY |
1745.91 |
USD/Ton |
-1.63% |
10/22/2018 |
|
Acrylic Top 3D |
3578.39 |
USD/Ton |
-0.80% |
10/22/2018 |
|
Polyester FDY |
5454.16 |
USD/Ton |
0% |
10/22/2018 |
|
Nylon DTY |
1789.20 |
USD/Ton |
-1.59% |
10/22/2018 |
|
Viscose Long Filament |
3188.81 |
USD/Ton |
0% |
10/22/2018 |
|
Polyester DTY |
3174.38 |
USD/Ton |
0% |
10/22/2018 |
|
30S Spun Rayon Yarn |
2854.06 |
USD/Ton |
-0.10% |
10/22/2018 |
|
32S Polyester Yarn |
2164.35 |
USD/Ton |
-0.66% |
10/22/2018 |
|
45S T/C Yarn |
2986.80 |
USD/Ton |
0.49% |
10/22/2018 |
|
40S Rayon Yarn |
2323.07 |
USD/Ton |
-0.62% |
10/22/2018 |
|
T/R Yarn 65/35 32S |
2539.50 |
USD/Ton |
0% |
10/22/2018 |
|
45S Polyester Yarn |
3159.95 |
USD/Ton |
0% |
10/22/2018 |
|
T/C Yarn 65/35 32S |
2683.79 |
USD/Ton |
0% |
10/22/2018 |
|
10S Denim Fabric |
1.34 |
USD/Meter |
0% |
10/22/2018 |
|
32S Twill Fabric |
0.82 |
USD/Meter |
0% |
10/22/2018 |
|
40S Combed Poplin |
1.15 |
USD/Meter |
-0.25% |
10/22/2018 |
|
30S Rayon Fabric |
0.66 |
USD/Meter |
-0.22% |
10/22/2018 |
|
45S T/C Fabric |
0.70 |
USD/Meter |
0% |
10/22/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14429 USD dtd. 22/10/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
A turf war has erupted among textile manufacturers barely two months after the Treasury granted extension allowing the sale of subsidised fabric in the local market. The battle pitting 48 apparel manufacturers against 17 of their competitors who are registered under the Export Processing Zones (EPZs) follows the recent measures seen to favour the latter. At the start of this financial year, Kenya successfully lobbied its partners in the East African Community for extension of an offer which allows EPZ firms to offload 20 per cent of their annual production duty-and-VAT free in the domestic market. The Kenya Association of Manufacturers (KAM), which represents both categories of textile producers, wants the government to stop the EPZ firms from selling their products tax-free in the local market “since it poses unfair competition to non-EPZ firms. “The stay of application was renewed in 2017. This has created uneven playing field for textiles and apparels manufacturers. Non-EPZ manufacturers cannot compete with the highly incentivised products from the EPZ manufacturers,” says KAM in a report released last week. Among other incentives, firms operating under EPZ enjoy a 10-year corporate income tax holiday and a 25 per cent tax rate for a further 10 years thereafter, a 10 year withholding tax holiday on dividends and exemption from VAT and import duty. These incentives are not available to other manufacturers which have to pay corporate taxes at standard rate of 30 percent and VAT at 16 percent. Acting CEO and head of membership development at KAM Tobias Alando says the current stay of application in EAC for Kenyan EPZ-based textiles and apparels manufacturers has squeezed the market share of non-EPZ members. “It is an issue of striking balance so that we have those not in EPZ also remaining in business. The current scenario has cut market share of exports of non-EPZ firms to EAC markets,” said Mr Alando. EPZ-based manufacturers employ 52,000 people while the local sector directly employs about 21,000 people in formal sector and more than 30,000 informally, according to the lobby. Illicit trade is a major threat to the textiles and apparels market with KAM putting un-customed products for textiles and apparels market at Sh48 billion. This is about two times the value of local textiles and apparels manufacturing turnover. “As such, the government is losing about Sh21.36 billion from 16 per cent VAT, 25 per cent common external tariff, 1.5 per cent Railway Development Levy and two per cent Import Declaration Fee,” it says. It wants the Kenya Revenue Authority to combat illicit trade by introducing a blanket taxation of Sh2 million for a 20-foot container and Sh4 million for a 40-foot container of textiles and apparels products.
Source: Nation
The APTMA spokesman has expressed alarm over the cut of regulatory duty on the import of cotton yarns from 10% to 5. The duty was charged to restrict strident increase in import of undervalue and subsidized cotton yarn entering in our domestic commerce. APTMA spokesman termed it as contrary to the cascading principle of tariff, saying that the domestic spinning industry is fighting for its survival as both its major raw materials i.e. cotton and Polyester Staple Fibre are strained with the imposition of import levies despite shortage in domestic production. He further indicated out that due to the consistent failure of cotton crop, the spinning industry is dependent on import of cotton to the extent of 3.5 million bales to meet the consumption requirement of the spinning industry. Decline in production of cotton in the country has not only affected the operations of basic textile industry, but also resulted in surge in import of cotton yarn. He expressed that, In 2014-15, total import of cotton yarn was 23000 tons per annum which has increased to 101090 tons in 2017-18. He pointed out that 80% of the spinning output is exported in one form or the another and with such high duties on raw cotton, the industry is not only becoming uncompetitive but also loosing export markets to India and other countries. He said the current year cotton crop again has been estimated to be short while the quality of cotton is also very poor. Textile Industry across the value chain cannot meet quality standards in the export market and in order to compensate farmers please provide direct support and subsidy but not at the cost of textile industry and exports. Thus, he said the industry demands a speedy withdrawal of custom duty and sales tax on the import of cotton and PSF and let the industry and the dependent value chain grow in a competitive environment and earn precious foreign exchange for the country and employment for its people. The All Pakistan Textile Mills Association (APTMA) has urged the Adviser to the Prime Minister on Commerce Textile Industry & Production and Investment Abdul Razak Dawood to withdraw custom duty and sales tax on the import of cotton and Polyester Staple Fibre (PSF) with immediate effect to enable the industry and its dependent value chain to remain competitive in the international market place.
Source: Yarn and fibre
Myanmar Artisans Co Ltd, Turquoise Mountain and the DaNa Facility, funded by the UK Department for International Development (DFID), recently announced an investment of over $750,000 during the next two years in Myanmar’s traditional textiles industry. The investment will initially take place in Kachin, Chin and Shan states but will later expand to other states. The DaNa Facility programme, established in May 2016 and implemented by DAI Europe and KPMG, supports inclusive economic growth and private sector development in Myanmar through responsible and sustainable business growth, investment and trade. Turquoise Mountain is an international non-governmental organisation set up by Prince Charles to regenerate historic areas and traditional crafts. Myanmar Artisans was established in 2016 committed to preserving and promoting Myanmar’s rich traditional crafts. The project, through training, product development and forging better links to higher value markets, will use these traditions and skills to improve the livelihoods of women and underserved groups in the sector, according to a press release from the DANA Facility. The project establishes a central ‘cut and sew’ workshop in Yangon’s downtown area and focus on product development and quality control. DFID head Gail Marzetti, who recently visited Kachin state capital Myityina to formally launch the project, said the funding agency believes it is important that the traditional textiles of Myanmar continue to thrive and succeed in future.
Source: Fibre2fashion
US Trade Representative (USTR) Robert Lighthizer recently notified the Congress that the government intends to negotiate three separate trade agreements with Japan, the European Union (EU) and the United Kingdom. “We are committed to concluding these negotiations with timely and substantive results for American workers, farmers, ranchers, and businesses,” he said. These consultations with the Congress ensure that USTR develops negotiating positions with the benefit of the former’s views, according to an USTR press release. USTR will also publish notices in the Federal Register requesting the public’s input on the direction, focus and content of the trade negotiations. US goods and services trade with Japan, EU and the United Kingdom totalled $283.6 billion, $1.2 trillion and $235.9 billion respectively in 2017. In 2017, the goods and services trade deficits with Japan and EU were $55.5 billion and $100 billion respectively whereas the goods and services trade surplus with United Kingdom was $15.9 billion. Exports to Japan were worth $114 billion, while imports were worth $169.5 billion. Exports to EU totalled $527 billion and imports totalled $627 billion. Exports to the United Kingdom were $125.9 billion, while imports were worth $110.0 billion.
Source: Fibre2fashion
C.L.A.S.S is supporting this year’s Textile Exchange Sustainability Conference which is being held in Milan, Italy from October 22-24, 2018. C.L.A.S.S is a multi-platform hub, specialising in integrating a new generation of eco values into fashion brands. The theme of the conference is United by Action: Accelerating Sustainability in Textiles and Fashion. The conference offers an opportunity to connect with industry pioneers and learn about cutting edge solutions and innovations in textile and apparel sustainability. At the core of C.L.A.S.S.’ success is their ability to work with fashion companies to help them develop strategies that integrate a new generation of smart values throughout the supply chain, the company said in a press release. The C.L.A.S.S. team is also available during Textile Exchange’s Sustainability Conference to demonstrate the embedded values of a fantastic range of smart material innovations backed by sustainable credentials from C.L.A.S.S.’ Material Hub. Giusy Bettoni, C.L.A.S.S. CEO and founder and her team are having a dedicated space to engage attendees in an open discussion regarding the importance of fashion business strategies as they highlight a wide-range of responsible materials. The experience in the space, that reflects an New York event created for C.L.A.S.S. by Ginger Design, started with the vision of a film by Cristina Picchi that represents harmony between the various phases of the textile process and the cycles of natural elements. Visitors can walk through a three-dimensional installation designed by Cécile Feilchenfeldt to inspire creativity and explore the limitless possibilities using innovative smart materials. Many of the materials the C.L.A.S.S. team is displaying speak about circular economy such as Re.VerSo, Bemberg, and Roica by Asahi Kasei, Iluna Group and Tintex Textiles, and many others. The materials use technological breakthroughs to offer fashion materials that provide significant reductions in water during the manufacturing process, an important step toward responsible future fashion systems.
Source: Fibre2fashion
Karachi’s streets are hardly paved with gold, but people still want to move to this mega-city because they feel it has a better standard of living. For some people, it can mean a job, or education, or healthcare. But in Pakistan this urbanization trend, in Karachi or elsewhere, can, oddly enough be also putting a bigger burden on the economy. People think a growing urban population (more people living in cities) is a sign of a growing economy. However, this may not always be the case; this urbanization means we need more energy. As people move out of villages into cities, their lifestyles will change. Walking or using horse-driven carts will be replaced by riding in cars and motorcycles. This, combined with the cost of transporting food across large distances from villages to cities means more fuel will be consumed. As their income increases, people will also want to spend more on utilities such as gas and electricity. Pakistan is facing a balance-of-payment crisis, meaning we import more than we export and we do not have the money to pay for them. Our biggest import is petroleum products, used for transportation and generating electricity. More people in cities means more people driving cars (or taking public transport) and more electricity being used. These increasing demands mean more petroleum products being imported. The problem with importing more petroleum products is that the price for these products tends to change–a lot. So much so, that from 2001 till today, we see that an increase or decrease in international crude oil prices has always been accompanied by an increase or decrease in what we are spending on imports. Generally, an increase in urbanization and consumption of oil is attributed to economic growth. However, this may not be the case in Pakistan as exports have not been increasing at the same pace as imports. What further adds to this is the fact that we’re importing less machinery now. This machinery includes equipment that is used in the textile, construction, power generation and telecom industries. In line with global trends, our reliance on energy for economic growth is slowly going down. This is measured using an economic indicator called ‘energy intensity’. This global trend is due to the development of new, more efficient technologies that consume less energy. Experts say that our energy intensity is not decreasing as fast as it should be. Our reliance on imported petroleum products will only increase as more people move to cities. However, steps are being taken by the government to reduce our dependence on these imports. Right now, almost 49% of our electricity is produced from imported resources, which is a significant improvement from a few years ago. This percentage is expected to go down after the Thar Coal Project becomes operational. The introduction of mass transit systems within cities such as the Metro Bus in Lahore and the BRT in Karachi should decrease our fuel consumption as less people will be inclined to use private transport.
Source: Samaa TV
Nearly 1,200 garment factories in Bangladesh shut shop in the last four years due to lack of compliance and being left behind in the competitive environment, according Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Siddiqur Rahman, who expects some more factories to close soon as those are unable to make profits. Garment products from the country have been losing competitiveness due to longer lead time, poor productivity and poor global demand, Bangladesh media reports quoted Rahman as saying. In 2014, the global market size for apparel was $483 billion; in 2017, the figure declined to $454 billion. Between 2014 and 2018, the prices of Bangladeshi garment items declined by 11.72 per cent in the US market while the cost of production rose by 29.54 per cent, the BGMEA chief said. A similar situation was seen in the European Union market as well. But garment owners spent a substantial amount for fixing the electrical and structural loopholes as recommended by Accord and Alliance experts. The cost of production will go up further after the implementation of the recommended minimum wage of Tk 8,000 from December this year, Rahman said. The BGMEA leader praised the statement of the Clean Clothes Campaign, the International Labour Rights Forum and the Maquila Solidarity Network, which have urged 25 international retailers to hike the prices of garment items sourced from Bangladesh. He also urged the American Apparel and Footwear Association, which last year sent a letter to the Bangladeshi prime minister for raising workers’ wages, to now ask buyer companies to increase the prices of products. (DS)
Source: Fibre2Fashion
Egyptian minister for the public enterprise sector Hisham Tawfiq recently announced that a comprehensive development plan for state-run spinning and weaving companies is being formulated that will be implemented over three years. The plan includes development of the cotton spinning companies through weaving, dyeing and processing, he said. Tawfiq said this while visiting the Misr Spinning & Weaving Company in al-Mahalla al-Kubra City under state-run Holding Company for Cotton, Spinning, Weaving and Clothing, according to a report in an Egyptian English-language newspaper. The particular company’s development plan aims to raise operational capacity in a single shift and increase the number of work shifts, thereby raising production capacity. He stressed on charting out a plan to restructure and manage the assets of the company according to international and domestic standards. (DS)
Source:Fibre2Fashion
Myanmar’s ministry of labour, immigration and population has asked garment units in the Hlaing Tharyar Industrial Zone to set up assessment centres so that workers can receive skill certificates from the National Skills Standards Authority. Skill assessment will improve the quality of factory products and brands, authority president U Win Shein said. Out of the estimated 500,000 garment workers, only 1,831 have skill certificates from the authorit, according to a report in a Myanmarese newspaper. There are 11 skill assessment centres in the country now run by the government, companies or non-governmental organisations. Shein said the ministry will provide technical support for factories to establish the centres and provide funds to help test workers. (DS)
Source: Fibre2Fashion
A seminar highlighting investment opportunities in India has been organised in the Chinese city of Wuhan to harness the potential for greater trade and investment ties. The event held on October 19 was part of the Forum on Global Production Capacity and Economic Cooperation, organised by the embassy in coordination with the Hubei Provincial government. The seminar was attended by around 200 delegates from more than 120 Chinese companies, mostly from automobile, auto-parts, equipment manufacturing, textiles based in Hubei province as well as media personnel and government officials, a statement from the Indian Embassy in Beijing said. The Deputy Chief of Indian Embassy emphasised on the India-China bilateral relationship. The Wuhan spirit generated by this year’s informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping has become a new tag line of India-China bilateral relationship, said Dr Acquino Vimal, the Deputy Chief of Indian Embassy in Beijing. Vimal said that the Embassy is working with the Hubei province to harness the potential for greater trade and investment ties, for greater people-to-people exchanges, for greater tourism flows and for greater cultural exchanges between India and Hubei province. A Chinese official urged the Hubei industrial houses to avail business opportunities offered by India. The relation between India and Hubei is as old as Yangtze River and the Hubei industries should avail business opportunities offered by India, said Zhou Xufeng,Vice-President of Hubei Federation of Commerce and Industry. The event was also attended by an official delegation from Madhya Pradesh, consisting of Pankaj Agarwal, Principal Secretary of Department of Micro Small and Medium Enterprises and Vivek Porwal, Managing Director of Madhya Pradesh Trade and Investment Facilitation Corporation Ltd and made presentation on investment opportunities in the state. Madhya Pradesh and Hubei both are centrally located provinces and has many complementarities for mutual cooperation, said Agarwal. He said that Madhya Pradesh is looking for investment in the sectors of automobile, auto components, textiles, equipment manufacturing and offers great opportunities for the Hubei industries looking for going abroad. Porwal invited the Chinese investors community to participate in the Global Investors’ Summit, to be held in February 2019 in the state.
Source: Financial Express
