Reacting to the Quick Estimates of Index of Industrial Production (IIP) and Use-Based Index for the Month August, Sanjay Jain, Chairman, CITI stated that the quick estimates of IIP for August 2018 shows an encouraging trend for the Textile and Clothing Sector. The monthly Index for Textiles has increased from 116.0 during August 2017 to 125.1 during August 2018 showing an increase of 7.8%.However, the Cumulative Index has increased from 116.3 during Apr-Aug’2017 to 119.7 during Apr-Aug’2018 showing an increase of 2.9%.Similarly, the monthly Index for Wearing Apparel has increased from 121.4 during August 2017 to 144.3 during August 2018 showing a robust increase of 18.9%. for however, the cumulative index has increased from 142.6 during Apr-Aug’2017 to 144.2 during Apr-Aug’2018 showing a marginal increase of 1.1%.Jain stated that the General Index for the month of August 2018 is 4.3 percent higher as compared to the level in the month of August 2017. The cumulative growth for the period April- Aug 2018 over the corresponding period of the previous year stands at 5.2 percent.
Source : SME Times
The rupee bounced back from the day's low level to settle almost flat at 73.57 against the US currency Tuesday helped by easing crude oil prices and increased dollar selling by banks and exporters. The rupee opened weak at 73.74 and later fell to the day's low of 73.82 due to steady capital outflows amid deep losses in stock markets due to growing geopolitical concerns. However, retreating crude oil prices which fell 1.93 per cent to USD 78.29 per barrel eased concerns and helped arrest a decline in the local currency, a dealer said. Increased dollar selling by banks on the behalf of the Reserve Bank helped the rupee recover from losses. "Rupee pared losses and closed flat as crude oil prices retreated and dollar selling by state run lenders on behalf of RBI," V K Sharma, Head PCG & Capital Markets Group, HDFC Securities said. Bond markets also arrested their decline as softer US yields supported the sentiment. The benchmark 10-year bond yield fell by 4 basis points, the most since October 16, to 7.89 per cent as investors cut down exposure to riskier assets. The rupee settled at 73.57 per dollar, showing a loss of just 1 paise over the previous close. On Monday, the rupee had settled 24 paise lower at 73.56 against the US dollar. Stock markets fell for the fourth day in a row tracking sluggish trend in global markets on geo-political tensions and fresh worries over trade war. The 30-share BSE Sensex closed down 287.15 points or 0.84 per cent at 33,847.23. Foreign investors took out more than Rs 850 crore from capital markets since Friday amid growing geopolitical tensions. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 73.7818 and for rupee/euro at 84.4743. The reference rate for rupee/British pound was fixed at 95.5568 and for rupee/100 Japanese yen was 65.62.
Source : Economic Times
Rupee depreciation, India export, current account defecit, GST, services trade, petro products, Global trade. The merchandise trade data for September 2018 was probably the first empirical test for the hypothesis. The main argument of proponents of non-intervention in foreign exchange markets in the face of a rapid depreciation of the rupee is that the currency acts as an equilibrating mechanism to shrink India’s current account deficit. The merchandise trade data for September 2018 was probably the first empirical test for the hypothesis. As a summary, if only a narrow one, the metric of the exchange rate—the USD-INR rate—fell from an average 67.0 during April-June to 68.7 in July, 69.6 in August to 72.3 in September. Although it is still early days yet—factoring in of lags in trade pricing contracts and transactions invoicing—evidence of trade elasticities responding to the depreciating currency should have begun to show up. In the first sign of a response of India’s trade to the depreciated rupee (INR), the merchandise trade deficit narrowed sharply to $14 billion in September 2018, down from an average $17 billion over May-August. However, the $3.4 billion cut in the deficit was almost entirely due to lower imports, with exports barely creeping up by $100 million. The $3.3 billion lower imports was mainly to a drop in machinery and transport equipment ($1.3 billion), crude and petro products ($0.9 billion) and coal ($0.5 billion). There is some uncertainty about how much the lower industrial imports might be a sign of slowing demand, but domestic sales suggest that it might be a factor. While exports in September contracted 2.2%, this might not be an accurate metric of a business response to the currency, being largely because of the base effect of the sharp spike in export growth in September 2017 that was probably the result of a one-time adjustment to pent up demand, post the frictions generated before and just after the transition to GST. This said, export by value remained at the $28 billion monthly level in September, about the same as the average $27.5 billion during the four previous months. In terms of the composition, the approximately $1 billion rise in petro products and gems and jewellery over August 2018 was offset by a drop in exports of engineering goods and textiles. What stands out in a longer term perspective on contributors to the trade deficit is the sharp rise in the petro group deficit over the past 6-7 months, which had shrunk in September 2018. Indeed, there are now signs that demand for diesel, petrol, kerosene and other products has come off in response to the rise in outlet prices. The gold-related deficit, while lower than in FY18, has remained quite stable over the months in FY19. As an aside, services trade (with data available till August) also does not seem to have responded much. Exports, imports and the surplus have remained rock steady at $16.5 billion, $10.5 billion and $6 billion per month, respectively, since December 2017. Taking a more granular view on merchandise trade over the years, imports in FY18 (at $466 billion) had already crossed the FY14, FY15 levels of $450 billion, while exports at $ 303 billion were still short. Exports during April-September FY19 were 12% higher than the corresponding period last year, while imports were up 17%. While the growth rates are likely to converge over H2FY19, our projections for the full FY19 suggest that this gap will only increase, unless there is a sharp expansion of exports. While it might be early days yet to take a call on the response of trade to the rupee, a look at trends in the accompanying graphic provides a perspective. The trends suggest that, over FY18 and FYtd19, import growth has been flat, but export growth seems to have trended marginally lower. This, unfortunately, is in a global environment where trade had actually improved in value terms, although mostly due to higher prices, while volumes have crept slightly lower. This narrative is also corroborated by trends in shipping prices (the Baltic indices, where the trend of falling shipping rates over the past decade, even adjusted for excess shipping capacities) had reversed since September 2016. Global trade metrics, though only available till July 2018, indicate that emerging Asia trade volumes had risen 4.8% month on month; India’s trade value was down 3%.Based on current readings of export dynamics (which might change), our current account deficit (CAD) estimate for FY19 still remains at 2.7% of GDP, with the expected deficit compression offset by a shrinking GDP (in USD terms). This is based on our assumption of average Brent crude in FY19 at $77/bbl (actual price in H1 was $74/bbl). The Purchasing Managers Index (PMI) survey responses show a steady rise in export orders (and this is corroborated by channel checks), and the cost of financing receivables due to delays in credit of GST taxes are also now reported to have mitigated. However, studies by think tanks and our own research suggests that the exchange rate alone does very little of the heavy lifting of trade adjustment. The government and other authorities have already initiated measures, but more effective structural measures are needed as an ongoing process to increase India’s competitive efficiency.
Source: Financial Express
Can there be a reason to feel happy about finiteness of resources? This finiteness often brings sanity in the economic system. Scarcity of crude oil is one such example. It often exerts such pressure on the economic system that the prevalent irregularities start popping out of the economic system. For instance, the world GDP saw galloping growth of 4.3% and 4.23% in 2006 and 2007, respectively. Rapid income growth fuelled energy demand and the scarce crude oil got priced to a high of $147 per barrel in July 2008. By September 2008, Lehman Brothers collapsed, and the prevalent irregularities of the financial world came to the fore. Ten years later, in India, oil prices seem to be staining the shining Modinomics. The beginning of the financial year 2018-19 saw crude oil priced at $52.49 per barrel. In just six months, it gained more than $30 and started exerting pressure on the hitherto comfortable current account, taking the deficit to 2.4% against 1.9% of last year’s. People saw the worsening of current account deficit (CAD) triggering a slide in the value of the rupee. The impact of the falling rupee accentuated withdrawal of FII funds from the debt and equity markets. There were reports in the media that foreign investors withdrew $3.69 billion and $7.65 billion from the equity and debt markets, respectively. It can be seen that the withdrawal is much higher from the debt market. This is largely attributed to the declining interest rate differential between the US and India. The differential between 10-year bonds of the US and India has declined from 6% in May 2014 to about 5.13% in August 2018. It has further declined to 4.88% in October 2018. Going by interest rate parity, it is natural for capital flows to move out of India and into the US. If it were so simple, then why didn’t RBI increase the interest rate in the recent monetary policy and stop the rupee from falling? RBI did increase the rate in the previous two monetary policy announcements. But that could also not stem the declining value of the rupee. So, can we blame the expected crude oil price rise, due to the sanctions on Iranian oil, for the declining rupee? It does not look like that. Saudi Arabia has announced that the expected shortfall, arising from the absence of Iranian oil, has already been met through its increased production. Russia has also increased production. Kuwait and Saudi Arabia have decided to produce more from the oilfields which are common between the two producers. India and China have decided to continue buying more oil from Iran despite the sanctions. Hence, the rising price of crude oil due to the absence of Iranian oil could be seen as a temporary effect. But the temporary price rise has been instrumental in exposing other problems of the financial sector, resulting into exodus of investors from India. The inflationary pressure on the economy started building with the rise in crude oil prices, which can be seen in increases in repo rates by RBI in its monetary policy statements of June and August. The new bond purchasers must be hence expecting higher interest rates. Earlier, in March, IL&FS Transportation Networks had to postpone raising $350 million through bonds as they found investors asking for more due to the rising yields in the US. As inflationary pressures build, it became increasingly difficult to arrange for funds and, eventually, it defaulted on payments in June. Ravi Parthasarathy, the chairman for the last 30 years, resigned on health grounds. Skeletons started tumbling down from IL&FS cupboard. Incidentally, it is not just IL&FS which saw leadership resigning. We have seen several changes in leadership of prominent banks in India this year, and all of these have been associated with some or the other kind of irregularities—Chanda Kochhar of ICICI Bank, Rana Kapoor of YES Bank, Shikha Sharma of Axis Bank, Usha Ananthasubramanian of Allahabad Bank and Sriram Kalyanaraman of National Housing Bank. Five prominent banks losing their chairpersons within an year is bound to create an insecurity among foreign investors. As investors flee in insecurity, the economy bleeds and the currency falls. Crude oil price simply tests the stress in the economy.
Source: Financial Express
The eleventh session of India – Czech Republic Joint Commission on Economic Cooperation (JCEC) was held on 22nd – 23rd October 2018 at Prague. The Indian delegation was led by Minister of State for Commerce & Industry, Consumer Affairs and Food & Public Distribution, C. R. Chaudhary. Miss Marta Nováková, Minister of Industry & Trade of Czech Republic led the Czech side. The deliberations were marked with the mutual desire to further expand and strengthen relations between the two countries in the economic field. C. R. Chaudhary said that India’s growth story and Czech technological expertise and manufacturing prowess make two natural partners. He said that economies of both the countries have significant complementarity which can be leveraged for mutually beneficial cooperation. He also held a meeting with Mr. Martin Tlapa, Deputy Minister, Foreign Affairs, Czech Republic and discussed various issues including direct flight, long term study visa, strengthening of mutual Trade and investment relations. Technical meeting of 11th session of India-Czech Republic Joint Economic Commission was held simultaneously at Prague. A protocol was subsequently signed by C. R. Chaudhary and Ms. Marta Novakova, Minister of Trade and Industry, Czech Republic. The Czech side stressed that the Czech Government continues to rank India among the priority countries for promotion of mutual commercial, investment and economic activities and stated that Czech companies are interested to cooperate with Indian partners within the framework of the ‘Make in India’ programme. Both sides welcomed the opening of the new Honorary Consulate of the Czech Republic in Bengaluru and expressed the hope that the process of the establishment of the Honorary Consulate of the Czech Republic in Chennai would be completed soon. Both sides agreed that the recent growth of global protectionism had negatively affected many countries and concerted effort is required for a positive outlook for the future. Both sides shared the view that solutions should be sought for closer economic cooperation as well as for promotion of multilateral and inter-regional trade. Stressing on the importance of a rule-based multilateral trading system embodied in WTO both sides expressed concern over the current protectionist and anti-globalist tendencies that threaten free trade. Both sides reviewed developments in their bilateral trade since the 10th Session of the Joint Commission held in New Delhi in January 2015 and welcomed the increasing trend in the volume of trade. They appreciated a record level of trade exchange in 2017 and noted that this exchange was almost balanced. However, the Joint Commission expressed the opinion that the level of trade does not fully reflect the existing potential and should be further realised. The Indian side noted that as per the Indian statistics, bilateral trade between India and Czech Republic crossed USD 1 billion in 2016-17. Czechoslovakia is preparing a project called Czech Industrial Cluster (CIC) near Bengaluru. The CIC will comprise administrative and production units and will serve as a hub for Czech companies that intend to settle down in India. The CIC may also serve as a base of inter-academic cooperation between both the countries. The Czech side would appreciate support and cooperation of Indian authorities during creating CIC units and in setting of conditions for Czech investors coming to CIC. Both sides observed that tourism was an important area having great potential for increased interaction. Stating that both countries offer excellent opportunities for excursion tours as well as for group tourism, the sides appreciated contacts between both national tourism authorities and joint promotion of tourism. The Czech side noted that arrivals of Indian tourist to the Czech Republic constantly grew up and in 2017, number of tourists from India reached almost 100 thousand people. The number of Czech tourists to India grew up as well last year, though this number is more modest – approximately 13 thousand people. Both sides shared the view that establishing direct flights between India and the Czech Republic would create favourable conditions for mutual tourism development. The two sides reaffirmed their support to finalizing an ambitious and balanced Broad Based Trade and Investment Agreement (BTIA) between India and the EU. The Czech side noted that India is one of the most important partners for the EU and liberalization of our markets would be beneficial in the long term for both sides. It is also vital to set the binding rules that may govern our trade relations and deepen the co-operation in the economic area. The India side stated that India is committed to an early and balanced outcome of India-EU BTIA negotiations of which investment is an important track. It is important to resume negotiations at the earliest and without pre-conditions. Any FTA has to be balanced and mutually beneficial. India has been sensitive to EU’s concerns and has gone an extra mile to be accommodative.
Source: PIB
The Indian growth story has been far from perfect. That is not an understatement by any stretch of imagination. A growing challenge for the economy is the fast-evolving problem of inequality. Most recently, James Crabtree in his latest book, “The Billionaire Raj”, claims that “India is one of the world’s most unequal countries.” His claim is based on the fact that the billionaire wealth as a proportion of the entire country’s output is the highest for India, except for Russia. The latest human development rankings released last week also corroborate his findings. India already ranks a lowly 130 on the index out of 189 countries but when adjusted for inequality, the scores experience a drastic fall of almost 27 percent against a world average of 20 percent. What explains India’s dismal performance on the inequality front? Why don’t other developing countries face a similar problem? To put it simply, economic growth in India has not been inclusive enough. All the hype about the country’s fast-paced economic growth has not percolated down through the economy. The recently-released Social Progress Index can provide an explanation on why that is so. The Index, which measures the extent to which a country can provide for the social and environmental needs of its citizens, ranks India at 101; a position it had achieved as early as 2014. India is the worst performer among all the BRICS countries and performs poorly than quite a few other developing countries like Thailand, Sri Lanka, Philippines and Indonesia as well. The country’s abysmal performance on social and environmental aspects can explain its widening inequality to a large extent. To first put things in perspective, the countries which are performing better on the Social Progress Index are managing to do so irrespective of their economic heft; that is, even economies that are poorer than India have ranked higher. But they have made it possible to have broad-based public participation in economic expansion by pursuing policies which allow for extensive schooling, higher literacy, better healthcare, widespread land reforms and greater gender parity. The only way to maximise the gains in poverty reduction for an economy is to make it more participatory, which is not easy to achieve if the webs of social barriers are not broken down through such policies. Economic advancement cannot be equitable if social opportunities are not enhanced on a wider basis. China offers the perfect case in point for how a large economy can achieve equitable growth on a sustained basis. China was at the same economic level as India around 1980 when it undertook market reforms. At the same time, the country made investments in improving its basic education and health standards. When China soon became an export-led economy, the products did not particularly require highly skilled labour, but schooled and literate population nevertheless. The production of such basic manufactures for the world markets requires adherence to certain specifications and quality controls where good school education comes in handy. A healthy workforce is also imperative to ensure that economic schedules are not marred by illnesses and intermittent absences and that adequate productivity is maintained. Thus, basic education, good health and decent environment are not only valuable constituent elements of quality of life themselves but can also aid in driving economic successes of the standard kind in a more equitable manner. India has missed the bus on that front. Surely it can continue to achieve high rates of growth with the rather limited bouquet of social opportunities that exist currently. In fact, a lot of complacency arises from the achievement of high growth rates on an aggregate level. But a status quo would only continue to widen the disparity across society that has already reached concerning levels. Most of India’s growth arises from industries which make excessive use of its historic accomplishments in higher education and technical training. The fruits of such a growth, therefore, are skewed on the wrong side of the income spectrum. The problem with the inequality debate in India is that it is often argued that since poverty has dramatically declined in the country post-reforms, the trend of rising inequality should not concern policy-makers as it is a small price to pay. But, the fact that India is an outlier in terms of inequality among all developing countries, except an oligarchic Russia, should raise the alarm bells. Most importantly, if there exists a way where the gains from existing growth can be more equitably distributed, clearly that is the Pareto optimal path of development and worth striving for.
Source: Financial Express
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1499.77 |
USD/Ton |
-1.61% |
10/23/2018 |
|
VSF |
2195.63 |
USD/Ton |
0.26% |
10/23/2018 |
|
ASF |
3006.02 |
USD/Ton |
0.31% |
10/23/2018 |
|
Polyester POY |
1537.95 |
USD/Ton |
-0.70% |
10/23/2018 |
|
Nylon FDY |
3428.87 |
USD/Ton |
0% |
10/23/2018 |
|
40D Spandex |
4826.35 |
USD/Ton |
-2.05% |
10/23/2018 |
|
Nylon POY |
1707.23 |
USD/Ton |
-2.07% |
10/23/2018 |
|
Acrylic Top 3D |
3572.94 |
USD/Ton |
0% |
10/23/2018 |
|
Polyester FDY |
5445.85 |
USD/Ton |
0% |
10/23/2018 |
|
Nylon DTY |
1772.06 |
USD/Ton |
-0.81% |
10/23/2018 |
|
Viscose Long Filament |
3183.95 |
USD/Ton |
0% |
10/23/2018 |
|
Polyester DTY |
3169.54 |
USD/Ton |
0% |
10/23/2018 |
|
30S Spun Rayon Yarn |
2852.59 |
USD/Ton |
0.10% |
10/23/2018 |
|
32S Polyester Yarn |
2153.85 |
USD/Ton |
-0.33% |
10/23/2018 |
|
45S T/C Yarn |
2967.84 |
USD/Ton |
-0.48% |
10/23/2018 |
|
40S Rayon Yarn |
2305.12 |
USD/Ton |
-0.62% |
10/23/2018 |
|
T/R Yarn 65/35 32S |
2535.63 |
USD/Ton |
0% |
10/23/2018 |
|
45S Polyester Yarn |
3155.13 |
USD/Ton |
0% |
10/23/2018 |
|
T/C Yarn 65/35 32S |
2679.70 |
USD/Ton |
0% |
10/23/2018 |
|
10S Denim Fabric |
1.34 |
USD/Meter |
0% |
10/23/2018 |
|
32S Twill Fabric |
0.82 |
USD/Meter |
0% |
10/23/2018 |
|
40S Combed Poplin |
1.15 |
USD/Meter |
0% |
10/23/2018 |
|
30S Rayon Fabric |
0.66 |
USD/Meter |
0% |
10/23/2018 |
|
45S T/C Fabric |
0.70 |
USD/Meter |
0% |
10/23/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14427 USD dtd. 23/10/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The European Commission (EC) in Brussels recently adopted the European Union (EU)-Vietnam trade and investment agreements, giving way to their signature and conclusion. The agreements will eliminate over 99 per cent of customs duties on goods traded between the two sides and also includes a strong, legally binding commitment to sustainable development. The sustainable development commitment includes respect of human rights, labour rights, environmental protection and the fight against climate change, with an explicit reference to the Paris Agreement, according to global news wires. The trade and investment agreements take fully into account the economic differences between the two sides, EC president Jean-Claude Juncker told the Asia-Europe Meeting (ASEM)-EU Summit in Brussels. ASEM is an Asian-European political dialogue forum to enhance relations and various forms of cooperation between its partners. Vietnam will remove 65 per cent of import duties on EU exports from entry into force of the agreement, with the remainder of duties being gradually eliminated over a ten-year period, to take into account that Vietnam is a developing country. EU companies can participate on an equal footing with Vietnamese firms in bids for procuring tenders in Vietnam’s state-owned enterprises. (DS)
Source : Fibre2fashion
AKIPRESS.COM - 13 agreements for $2.5 billion were signed at the annual U.S.-Uzbekistan business forum in Tashkent on October 23, Carolyn Lamm, Chair of the Board of the American-Uzbekistan Chamber of Commerce, said. The countries have signed the documents for $9.35 billion during the last year, she said. Carolyn Lamm said Uzbekistan signed agreements for $27 billion during the recent visit of Vladimir Putin. She said the Untied States plans to sign more agreements to boost trade investments. The signed memos is only the beginning, Carolyn Lamm stated. Thus, Air Products and Uzbek oil and gas company Uzbekneftegas signed the agreement on gas processing and industrial gas projects for $2 billion. Silver Leaf and BMP Trade agreed to create a textile cluster in Jizzakh region for $350 million. Coca-Cola and Uzbekozikovkatholding signed the agreement on sale of the government stake in Coca-Cola Uzbekistan to a foreign investor for modernization and increase of production. John Deer and Uzagrosanoatholding signed the agreement on creation of the joint venture for agricultural equipment production. John Deer reached agreement on deliveries of agricultural equipment and tractors. Imperial Jewelry and Association of Jewelry Industry of Uzbekistan signed the agreement on creation of the joint venture for production of jewelry at the Zargarlik plant in Tashkent. Caterpillar and Navoi Mining Factory signed a protocol of intent on supply of 10 quarry trucks. CETS and the Ministry of Agriculture signed a protocol of cooperation in introduction of the latest technologies for production of high-quality potato seeds in Uzbekistan. United Investment Healthcare Group signed an agreement on fiduciary management of a chain of Dori-Darmon pharmacies as public-private partnership project. US Inc. and Farm Agency agreed to set up a production of diagnostic test systems for diagnostics of various diseases in Tashkent. Crane Currency and Davlat Belgisi will cooperation in production of banknotes. The American company will supply special microoptic fibre and chemicals. Macro-Advisory and the State Committee for Investments reached agreement on cooperation in attraction of direct investments from the U.S.
Source: Akipress
Analysts have predicted that the global textile machinery market may grow at about 11-14 per cent by 2020, said the head of Mario Crosta, an Italian firm which is a leader in design and production of machinery and plants for dry finishing. Countries like China, Italy, Germany and Switzerland export finishing machines worth about €580-600 million every year. “Our competency is a mix of tradition and newest technology application. We are recognised in the market for our high degree of heavy-duty machinery and the longevity and low maintenance of our machines. For more than 93 years, we have been in the first line in the development of new technologies to be applied to our production machines,” Marco Crosta, the owner of the company told Fibre2Fashion in an exclusive interview. Mario Crosta manufactures all of its machines in its two factories located in Busto Arsizio, close to Milan. All of its suppliers are also Italian. Talking about the major challenges faced by the Italian textile machinery manufacturers, Crosta said, “Big difficulties come from our Italian system, which is not helping small and medium enterprises to be in the global market, at least at the same level as the competitor countries are in. We have always faced competition from countries such as China, India, Korea and Taiwan, which offer low-priced products to the market.” The company’s future plans include developing its service network, developing technology for better and efficient output and investing in Industry 4.0.
Source : Fibre2fashion
Nigeria’s textile industry has been struggling for survival in the past two decades. This is evident in the reduction in the number of textile industries operating in the country from 200 in the 1980s to only 25 per cent at present. The textile sector was the mainstay of the Nigerian economy in the 1980s, providing jobs with a turnover, at the time, of over N8.9 billion, which represented more than 20 per cent of the nation’s Gross Domestic Product (GDP). Speaking at the sixth international conference of the Textile Researchers Association of Nigeria (TRAN) with the theme ‘Reviving the textile and allied industry: A sure way for economic recovery and growth’ in Abuja, the Minister of Science and Technology, Dr Ogbonnaya Onu lamented that Nigeria is blessed with abundant raw materials which could be utilized in the production of textiles and wearing apparels, yet most of the raw materials used in the textile industry are imported. Onu represented by the ministry’s permanent secretary, Mr Bitrus Nabasu said the meeting provided a platform for researchers and other relevant stakeholders from various institutions across the country, who had been working tirelessly on the development of the textiles value-chain to share experiences and develop strategies to overcome the numerous challenges facing the industry. In his remarks, the association’s national president, Prof. Kasali Bello said the aim of the gathering of intellectuals was to brainstorm and proffer solutions to the lingering problems of the textile subsector; come up with suggestions that could lead to the development of textile education programmes/curricular for polytechnics and universities that would make their graduates capable of being self-employed or even becoming employers of labour, inculcation of entrepreneurship and IT education; and finding ways of partnering with government and industry players to find lasting solutions to the problems of the textile industry that have the potential for mass employment and attendant reduction of security threat. Earlier in his remarks, the director-general of the Raw Materials Research and Development Council (RMRDC), Dr Hussaini Ibrahim represented by the director of the council’s agriculture and agro-allied department, Dr Gabriel Awolehin pointed out that the revival of the textile was a possibility if all hands were on deck, saying researchers would come up with innovative ideas for products development that would compete favourably with other products in the world.
Source : Leadership
The annual conference and mill visits for textile students at universities and colleges across the UK took place in Bradford from 16-17 October. Making it in Textiles (MIIT) 2018 is organised and financed by the major textile Guilds, The Worshipful Company of Weavers Initiated the programme under the late James Sugden. It is supported by The Campaign for Wool. The experience for students has been honed and streamlined over time: students have increasing knowledge of opportunities offered by the textiles industry in its widest sense, and an even greater one by the time they have left the conference. Sheila-Mary Carruthers, internationally regarded design consultant, urged students to consider opportunities, which textiles offer: manufacturing technology, IT, social media, buying and selling in fashion and interiors all requiring qualities of persistence and flexibility: no job too small or unusual to be used as a stepping stoneMargo Selby designer, artist and famous eponymous design brand, trained at Chelsea College and the RCA. She recounted hard realities setting up and growing an international business, how it fluctuates and grows, and the importance of staying creative; “keep weaving”. Harriet Wallace-Jones and Emma Sewell, partners in Wallace Sewell design duo set up 1990, graduated from RCA, renowned for their colour, structure and highly-coveted scarves. Their subject was Colour – complexities, research and knowledge. They work exclusively with the British textiles industry in varied ways, presently designing fabrics for individual London Underground lines. The annual conference is organised and financed by the major textile guilds. © Janet Prescott. Richard Brook, MD Wooltex UK, first a day-release student in Huddersfield, progressed to MD of Wooltex UK, trading with prestigious interior firms internationally. The modern dyehouse was his focus, rigours and ultimate satisfaction of sustainable practices, the importance of minimising environmental effects.Richard Humphries, of Humphries Weaving, a regular speaker at MIIT, adept at enertaining the audience, created a beguiling scenario describing how his intricate woven silks are used in sumptuous designs for palaces and dresses, cars and yachts, clients including royalty and occupants of great houses, pieces varying from large to very small exquisite and complex, fabrics and wallcoverings in shining silks.Finishing the Cloth wrapped up the session; Paul Johnson, accomplished speaker and MD of WT Johnson, explained the treating and nurturing of the cloth for iconic names of Europe and the UK, Versace, YSL, Tom Ford, Hermes, Gucci, for instance, explaining that without finishing, “even the most excellent fabric does not reach its potential”, “we build on all the hard work and make sure the value of the supply chain is delivered”.Speakers presented their valuable insights focusing on a variety of topics. © Janet PrescottMill visits to Pennine Weavers, and Stanley mills, Marton Mills, Roberts Dyers and Finishers, Antich & Sons, and WT Johnson, AW Hainsworth and Alfred Brown, Abraham Moon and Laxtons Specialist Yarns, all in the Yorkshire area, revealed the prestige of the mills, which are thriving in a new era. Students remarked these were eye-openers, sometimes the first time they had been inside such important commercial mills doing millions of pounds worth of business. Six graduates now successfully working and making it in textiles at a high level shared experiences with the undergrads. Two alumni of TexSelect, the intense mentoring programme for selected designers, were included; Andrew Stevenson, of Paul Smith, Laurence Alder, of John Spencer Textiles. One could say that Making it in Textiles shows the ancient cloth guilds spreading influence across the centuries to inspire the young, and that making textiles can enable them to “make it in textiles”.
Source: Innovation Textiles
GENEVA - The Government of Sweden and the International Trade Center (ITC) have announced a new program aimed at strengthening the international competitiveness of textiles and clothing producers in Egypt, Jordan, Morocco and Tunisia. The program targets boosting exports, creating jobs and raising incomes across the Middle East and North Africa region, the ITC website reported on Monday. The three-year program is intended to support the four countries to build sustainable export-oriented sectors with increased sales to traditional markets in Europe and North America along with new markets in sub-Saharan Africa. To achieve lasting improvements in the sector’s export competitiveness, the project will focus on bolstering the capacities of national institutions such as textile and clothing business associations and training centers to help better support local businesses to export. The project ‘Strengthening the International Competitiveness of the Textile and Clothing Sector in selected Middle East and North African Countries’ (MENATEX), is funded with SEK 42 million ($4.63m) from the Swedish government and will be implemented by the Geneva-based ITC in close collaboration with the Swedish International Development Cooperation Agency (Sida).
Source : Egypt Today
TEMPO.CO, Jakarta - The Trade Ministry continues to push Indonesia`s export performance in the midst of an ongoing trade war between the United States and China. “We will open more markets through numerous trade deals,” said Trade Minister Enggartiasto Lukita at the State Secretariat Ministry in central Jakarta today, Oct. 23. According to Enggartiasto, Indonesia managed to obtain market shares on China and US’ textile exports. As a form of compensation, Indonesia will import cotton from the United States. The Central Statistics Agency (BPS) announced on October 15 that Indonesia’s trade balance had experienced a surplus of US$230 million throughout September 2018; a contrast to the previous month in August which experienced a US$1.02 billion deficit. Despite the export growth, Indonesia’s imports still exceed its export with the value of US$14.60 billion. This number has been reduced from the previous month that clocked US$15.18 billion. Indonesia currently has at least signed 10 trade deals with 10 countries that generate a total transaction up to US$10.02 billion from January to October 2018. The 10 countries include Pakistan, India, United States of America, Spain, Swiss, Tunisia, Bangladesh, Taiwan, New Zealand, and Morocco.
Source: Tempo.com
The Deputy Minister for Trade and Industry, Robert Ahomka-Lindsey, has revealed that government is ready to prosecute illegal textile dealers next year. The textile industry used to be the source of daily bread for most Ghanaians, employing over 30,000 workers in the past. Unfortunately, the industry is currently struggling and can barely stand on its feet. That which used to employ over 30,000 workers can hardly make room for even 1,500 workers now. The crippling nature of the industry has been attributed to the influx and high patronage of pirated low standard designs and the gross infringement on trademarks of local textiles. To check this, a task force was constituted but its operations were challenged and countered making it ineffective and inefficient. Subsequently, the task force was reconstituted in 2013 with terms of reference to guide its operations. The commitment of government to revive the textile industry has led to the introduction of a tax stamp on all locally manufactured and genuinely imported textiles. This tax stamp is expected to end or reduce the rate at which pirated textile designs find their way into the country. The move will make way for the growth of local textile producing companies, thereby creating more avenues for jobs. According to the sector minister, government is in close engagement with the local textile industry players to consider areas of collaboration and government interventions to reduce the inefficiencies. This would help ensure a low cost of production and competitive pricing of wax prints. He also revealed that the ministry is in the process of establishing a body which would see to the importation of textiles into the country. When fully established, the body will act as a single sourcing agency for all imports of wax prints. He indicated that all importers would be required to place an order through the body when it is fully established. This would help government trace pirated textiles imported into the country. The deputy minister added that the task force would then have its operations revised and it would also be mandated to undertake monitoring exercise in all markets after the launch of the tax stamp. They would also be tasked to take stock of existing inventory of textile dealers or traders and provide them with special colour coded tax stamps that would be affixed on their products for free.
Source: Modern Ghana
Ice is thawing in China, and that’s a good thing. Fiscal and monetary measures should be deployed to give the economy a fillip when it’s most needed. The scope of tax cuts detailed over the weekend is a great first step: They boost consumers, who are now the dominant growth driver. The tax cuts might also, in the process, shore up Chinese demand for trade with the rest of Asia. Until now, policy seemed frozen in Beijing and hamstrung by competing goals. Choices are still constrained relative to past episodes of slackening economic life, but thankfully something is giving. The bigger than anticipated tax changes are most likely the start of a series of reductions for 2019, according to Deutsche Bank AG. It’s also not hard to foresee some more aggressive monetary easing. Together with an array of comments from top officials aimed at reassuring investors, the steps are welcome. A more pronounced tilt toward stimulus can also help shore up faltering growth in the rest of Asia. In so doing, China can take a more overt leadership role in the region. Its economy is bigger than during past periods of emerging-market tumult. China aspires to be recognised for leadership in Asia. The tension for the nation’s leaders right now runs along these lines: Stimulus is warranted to help combat a slowing expansion and meet the year’s growth target of about 6.5%.Stimulus also has to be reconciled with a goal of checking debt; the public spending binge to fight the Great Recession led to a borrowing surge that lenders still struggle with. The central bank has cut bank reserve requirements a few times, but hasn’t brought itself to undertake something more substantive. One option might be to let the economy find a floor, even if that means an expansion of closer to 6%.But failure to reach the growth target might look weak in the face of US President Donald Trump’s taunts that tariffs have China on the run. A more benign international environment might have made Beijing more relaxed about letting business cycles ebb and flow. The tax cut, flagged earlier in the year and fleshed out in recent days, puts money in the hands of consumers, especially in urban areas. This is where China’s fortunes increasingly rise and fall. Infrastructure booms, like the one induced in 2008-2009, no longer pack the same punch, but raise concern among buyers of Chinese debt. And unlike then, consumers now account for the bulk of GDP. The past few days have seen a shift in how China is approaching this slowdown, both in word and deed. Last Friday, top financial officials were out in force talking up stability, which in this context means not letting markets or the economy collapse. Also during the weekend, Chinese President Xi Jinping vowed “unwavering” support for non-state firms. So, what’s next? China’s currency, the yuan, may be allowed to slip after hovering around seven per dollar. In theory, this would allow, or reflect, a more pronounced easing of monetary policy. (The currency is carefully managed by the central bank.) During the Asian financial crisis of the 1990s, China did its part by not depreciating the yuan, which would have set off a new and catastrophic wave of currency weakening in the region. In the Great Recession, Beijing released a torrent of infrastructure spending — and the country’s financial system is still paying the price. This time, China is trying to be more judicious. This time, the risk isn’t that Beijing goes wild with stimulus, but that leaders are too timid.
Source : Business Line
