Coimbatore: Textile and apparel exports, which recovered in the middle of last year following the sharp depreciation of the rupee, witnessed a surge of 14% year-on-year (y-o-y) to Rs 18,965 crore in November, according to quick estimates by DGCI&S (Directorate General of Commercial Intelligence and Statistics). Apparel exports surged 21% y-o-y to Rs 8,112 crore, data showed. Exports of cotton yarn, fabric and handlooms, however, advanced at a modest 5% to Rs 5,968 crore during the month. Manmade yarn, fabric and made-up exports increased 8% y-o-y to Rs 2,664 crore, data showed. The growth in textile exports has been higher than the increase seen in other commodity-linked sectors. “Demand is picking up and we are seeing buoyancy in the market,” said Raja M Shanmugham, president, Tirupur Exporters’ Association. “Export orders placed in China has come down. The trade war between US and China is a shot in the arm for us. Orders diverted from China are being shared by multiple competitors including India,” he said. The sustained depreciation of the rupee against the US dollar in the weeks preceding November also helped in increasing exports, industry officials said. “The sudden sharp depreciation of the rupee boosted exports. Some orders have come to us due to the ongoing trade war between US and China,” said P Nataraj, chairman, Southern India Mills’ Association. The textile industry has also stabilised from the adverse effects that followed the implementation of GST and demonetisation, officials said. “The industry is stabilising now,” Raja Shanmugham said. But the industry needs more support from the government to fully utilise the opportunities arising out of the diversion of orders from China, the world’s largest producer and exporter of textile products, officials said. Incidentally, the IIP (index of industrial production) for textile and apparel saw a robust improvement in October. Textile and apparel registered a y-o-y growth of 6.2% and 28% respectively during the month. As per RBI’s ‘Financial Stability Report’, the stressed advances ratio for textile industry has been improving continuously. The stressed advances ratio of the textile industry has come down to 18.7% in September 2018 compared to 23.7% in the same month the previous year.
Source: Times of India
Confederation of Indian Textile Industry (CITI) has said that free trade agreements with the European Union, Australia, Canada and Britain will help Indian exports of garments and made ups, at par with its competitors such as Vietnam and Bangladesh. CITI chairman Sanjay Jain said besides FTAs, a reduction of import duty on Indian cotton yarn and fabrics by China, is “the biggest game changer that can transform the Indian textile and clothing industry”. The made-ups sector, which includes products such as towels and bedsheets, is the second-largest employer in the textile sector after apparel. “Another major issue which can enhance the export competitiveness of the Indian textile products is refund of all duties and taxes on exports across the value chain, as in principle, a country should not be exporting any types of taxes or duties,” said Jain. CITI has highlighted rising imports of textile products as a key area of concern, which needs immediate attention. India’s exports of textiles and apparel rose 14% on year in November 2018, at Rs 18,965 crore compared with Rs 16,707 crore in November 2017. Apparel exports grew 21% in the same time period.
Source: Economic Times
The second edition of the global textile technology and engineering show, GTTES 2019, will be held from January 18-20, 2019, in Mumbai. GTTES 2019, organised by India ITME Society, is ready to start a new successful business year with new optimism, opportunities, and prospects for the textile industry with more than 400 exhibitors from around 48 countries.GTTES has grown in size and numbers and has achieved 26 per cent growth rate attracting about 168 companies as first time participants who have never participated in any ITME events. This is a remarkable response to the second edition of GTTES, indicating that this event has achieved its place as a reliable international business platform for both domestic and overseas companies. It is very attractive for start-ups and small, medium companies from non-metro cities due to its low cost participation charges and focused exhibit chapters, according to a press release on the event. First time participation from Sri Lanka & Slovenia and countries like Belgium, China, France, Germany, Italy, Japan, Spain, Turkey, UK, USA, Taiwan, Algeria, Djibouti, Kuwait, Azerbaijan, Kyrgyzstan, and Senegal, is a testimony to global reach of GTTES as a trusted opportunity for business and gateway to India. Apart from this, GTTES 2019 will facilitate interaction with all export promotion councils, which will help industry to know more about export opportunities, various government subsidies, market initiative schemes available for Indian manufacturers, and help gain information and develop new opportunities for exports from India. The road shows are a very important part of visibility and one-to-one connect with textile hubs in various parts of the countries as well as globally. A total of 18 promotional activities has been conducted over the last six months in India and overseas. Visitor registration is much higher than the first edition GTTES and the number of countries sending the business delegates to attend the event has also increased. As a trend setting exhibition organiser, India ITME Society takes care to address trending topics as well as the topics which needs attention. Conference sessions by Indian Technical Textiles Association Society on ‘International Conference on Nonwoven Technical Textiles’ & by Society of Dyers & Colourists International India on ‘Educating the Technology Innovations in Textile Colouration’, will be held on January 19 and 20, 2019. There will also be industry interactive session on January 18, 2019 to facilitate government / industry interaction. Surina Rajan, IAS, director general, Bureau of Indian Standards (BIS) shall be available for open interaction with industry members. This shall help the industry in direct representation towards formulation of policy for standardisation, promoting exports / imports, control proliferation. The main points of discussion will include, overview of standardisation work done by BIS in the field of textile machinery and accessories; issues related to noise emissions and safety aspects of textile machinery, and adoption of related ISO standards & inputs required for identified new subjects such as embroidery machines and baby diaper making machines. (GK)
Source: Fibre2fashion
Bengaluru : The central government will extend support to Solapur in Maharashtra to become a hub for making uniforms, said a top official on Tuesday. "As Solapur has the potential to become a uniform hub of the country, we will extend all the support in achieving the goal set by Maharashtra," said Union Government's Director of Textiles Sushil Gaekwad at a trade event here. Solapur is about 400 km southeast of Mumbai and 310 km from Hyderabad. Unveiling the third edition of the Uniform, Garment and Fabric Manufacturers Fair 2019 here, Gaekwad said the Centre had made efforts with progressive policies for strengthening the textile sector to flourish. "The textile sector at Solapur has proved our policies right by achieving high growth rate and generating thousands of jobs for the youth and women. We are committed to help the textile town in becoming the country's hub for uniforms," said Gaekwad. Lauding the Solapur Garment Manufacturers Association for helping the stakeholders in developing the sector, the Director said modernizing the industry had helped them in generating jobs for youth and honing their skills. The three-day fair at Prabhakar Kore Convention Centre in the city's northwest suburb is being held by the Association for the first time outside Solapur to promote its small, medium and large units for making uniforms for captive and retail markets across the country and overseas through exports. "We have drawn cluster parks and textile parks for Solapur to help the industry become a hub for uniforms in the country and exports. The Fair will help create awareness of the town's potential," said Govidraj at the trade event. Ahead of the event, Association President Darshan Kochar told IANS that Solapur would have about 2,000 units to become the world's largest uniform sourcing hub by 2022. "There is a huge demand for our school uniforms, kids' garments and dresses for gents and ladies owing to their quality, durability, colour and texture," said Kochar. The uniform manufacturing sector market size in India is estimated to be Rs 18,000 crore per annum, with Rs 10,000 crore from machinery and fabrics while Rs 8,000 crore is from sales supplying to local schools through retailers and institutions. The Association has also set up a centre in 2017 to train free hundreds of women in stitching uniforms at Solapur and providing jobs for them in the cluster units. "Mafatlal Industries has set up a garment manufacturing unit at Solapur to hire the trained women in hundreds for stitching uniforms," said Kochar. About 100 stakeholders, including buyers from America, Dubai, Ghana, Malaysia, Nepal, Nigeria, Oman, Qatar, Senegal, Sri Lanka and Vietnam, are participating in the event, which will have business-to-business (B2B) sessions at the expo. "Potential buyers from five southern states are at the Fair to inspect the fabrics and designs for placing orders at B2B meetings," added Kochar. Reputed brands in uniform fabric making like Mafatlal, U Code, Valji, Qmax World, Sangam, Bombay Dyeing, Siyaram's Unicode, Sparsh Fab, Only Vimal (Reliance), Ranjit Fabs, Pushpa Textiles, J C Pacific Apparels, D.M. Hosiery, 10 Grams, Zoom Apparels and Wocky Tocky are showcasing their products and variety.
Source : New Kerala
New Delhi: India is hopeful to fully operationalise the strategic Chabahar port in the Sistan-Balochistan province of Iran soon, and the government has allowed an Iranian bank to open a branch in Mumbai for related transactions, Union Minister Nitin Gadkari said today. Mr Gadkari, after Iran's Minister of Foreign Affairs Mohammad Javad Zarif met him, said the meeting was "fruitful" and both the sides resolved several issues. "Chabahar port is very important for us. We are working very hard on it... Some problems were there, but the Iranian government and their minister... are also in the process to resolve all the issues as early as possible. I am confident that we will be in a position to start full function of Chabahar Port at the earliest," he said. The Chabahar port in the Sistan-Balochistan province is easily accessible from India's western coast and is increasingly seen as a counter to Pakistan's Gwadar port located around 80 km from Chabahar. Shipping and Road Transport and Highways Minister Gadkari said the Reserve Bank of India (RBI) has given all clearances to an Iranian bank to open a branch in Mumbai within three months. "The government of India has given permission to an Iranian bank to open its branch in Mumbai. It is going to open within three months, and will be used for transactions (related to Chabahar port)," the minister said. Mr Zarif said: "We are very happy that both UCO Bank from India and Pasargad Bank from Iran are getting started with the business." The two banks will facilitate transactions relating to operation of berths at Chabahar port. India has placed $85 million machinery order for Chabahar, Mr Gadkari said. He said India has taken over partial operations at Chabahar, and the first ship from Brazil was received at the Iranian port. Mr Gadkari said the Iranian Minister has given many proposals including those on a barter system between the two nations. "They need steel, particularly rail steel and locomotive engines in large quantities, and they are ready to supply urea," he said. India can provide steel rails to Iran and the Persian gulf nation can provide urea to India, he added. Iraninan Minister Zarif said: "We had very good discussions on both Chabahar as well as other areas of cooperation between Iran and India. The two countries complement each other and we can cooperate in whole range of areas... We hope that in spite of the illegal US sanctions, Iran and India can cooperate further for the benefit of the people of the two countries and for the region." The first phase of the Chabahar port was inaugurated in December 2017 by Iranian President Hassan Rouhani, opening a new strategic route connecting Iran, India and Afghanistan bypassing Pakistan.
Source: Financial Express
Rupee vs dollar: Indian rupee gained strength and rose as much as 17 paise in the early morning trade on Wednesday against US dollar, tracking gains in Asian markets and positive global cues. The domestic currency opened higher by about 16 paise at 70.05 per US dollar from the yesterday’s close of 70.20 per US dollar. In debt markets, the 10-year government bond yield was trading at 7.53% from its previous close of 7.532%. Bond yields and prices move in opposite directions. At 9:15 AM (IST), the rupee was trading at 70.11 per US dollar, up 9 paise from its previous close, after touching an intra-day high of 70.04 per US dollar and an intra-day low of 70.14 per US dollar, according to data available with the Bloomberg. On Tuesday, the domestic unit remained under pressure for the second successive session, mainly on account of an increase om global crude oil price. Meanwhile, the domestic stock exchanges – Sensex and Nifty – opened higher on Wednesday, tracking positive global cues. Sensex is up about 250 points to 36,231.05, while the Nifty is trading above the 10,850-mark. Asian shares rose to a 3-1/2-week high on Wednesday, on the back of growing optimism that the US and China can strike a trade deal to avoid an all-out confrontation that would severely disrupt the global economy, Reuters reported. On the other hand, Wall Street’s S&P 500 rose about 1% on Tuesday, extending its rebound from 20-month lows touched around Christmas to more than 9%. Global crude oil prices were also up today, on hopes that the US and China can resolve a trade battle that has triggered a global economic slowdown. While US. West Texas Intermediate (WTI) crude oil futures were at $50.29 per barrel as at 01:31, up 51 cents, or 1% from the last close, International Brent crude futures were up 42 cents, or 0.7% to $59.14 per barrel.
Source: Financial Express
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1264.43 |
USD/Ton |
0.46% |
1/8/2019 |
|
VSF |
1939.67 |
USD/Ton |
-0.75% |
1/8/2019 |
|
ASF |
2349.48 |
USD/Ton |
0% |
1/8/2019 |
|
Polyester POY |
1181.30 |
USD/Ton |
0% |
1/8/2019 |
|
Nylon FDY |
2654.29 |
USD/Ton |
0% |
1/8/2019 |
|
40D Spandex |
4739.80 |
USD/Ton |
-0.61% |
1/8/2019 |
|
Nylon POY |
5498.17 |
USD/Ton |
0% |
1/8/2019 |
|
Acrylic Top 3D |
1458.40 |
USD/Ton |
0% |
1/8/2019 |
|
Polyester FDY |
2493.86 |
USD/Ton |
0% |
1/8/2019 |
|
Nylon DTY |
2493.86 |
USD/Ton |
0% |
1/8/2019 |
|
Viscose Long Filament |
1392.77 |
USD/Ton |
0% |
1/8/2019 |
|
Polyester DTY |
2931.38 |
USD/Ton |
0% |
1/8/2019 |
|
30S Spun Rayon Yarn |
2668.87 |
USD/Ton |
0% |
1/8/2019 |
|
32S Polyester Yarn |
1961.55 |
USD/Ton |
0% |
1/8/2019 |
|
45S T/C Yarn |
2858.46 |
USD/Ton |
0% |
1/8/2019 |
|
40S Rayon Yarn |
2114.68 |
USD/Ton |
0% |
1/8/2019 |
|
T/R Yarn 65/35 32S |
2493.86 |
USD/Ton |
0% |
1/8/2019 |
|
45S Polyester Yarn |
2960.55 |
USD/Ton |
-0.49% |
1/8/2019 |
|
T/C Yarn 65/35 32S |
2479.28 |
USD/Ton |
0% |
1/8/2019 |
|
10S Denim Fabric |
1.34 |
USD/Meter |
0% |
1/8/2019 |
|
32S Twill Fabric |
0.82 |
USD/Meter |
0% |
1/8/2019 |
|
40S Combed Poplin |
1.09 |
USD/Meter |
0% |
1/8/2019 |
|
30S Rayon Fabric |
0.64 |
USD/Meter |
0% |
1/8/2019 |
|
45S T/C Fabric |
0.69 |
USD/Meter |
0% |
1/8/2019 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14584 USD dtd. 08/1/2019). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The Government of Turkey has initiated a safeguard investigation on yarn of nylon or other polyamides. A safeguard investigation seeks to determine whether increased imports of a product are causing, or is threatening to cause, serious injury to a domestic industry. Turkey has also notified the WTO’s Committee on Safeguards about the investigation. As per a notification issued by the WTO, Turkey had initiated the safeguard investigation on December 30, 2018. The product under investigation ‘yarn of nylon’ are currently classified in the Turkish Customs Tariff Schedule under the customs tariff codes 5402.31, 5402.32.00.00.00, 5402.45, 5402.51 and 5402.61. The investigation was initiated upon an evaluation of a safeguard petition from the domestic Turkish textile industry and on the basis of the evidence and the information contained therein. “The information currently available indicates that there has been an increase in imports of yarns of nylon both in absolute terms, and relative to domestic production. During the period analysed, there has been a negative trend in certain economic indicators, such as production, domestic sales and employment, of producers of the like product. Furthermore, imported products undercut the prices of the domestic products. Overall, the information currently available shows that there has been a deterioration in the situation of the domestic industry,” the Turkish government said while initiating the safeguard investigation. During a safeguard investigation, importers, exporters and other interested parties may present evidence and views and respond to the presentations of other parties. A WTO member may take a safeguard action (i.e. restrict imports of a product temporarily) only if the increased imports of the product are found to be causing, or threatening to cause, serious injury. (RKS)
Source: Fibre2Fashion
Egypt plans to attract 40 to 50 textile companies to a new textile park. A free trade zone system in Egypt that links businesses with Israeli suppliers is being targeted by Chinese clothing companies wanting to access the US, amid fears an accelerating Trump trade war risks exports through standard channels. The resulting investment has been welcomed in Egypt, but some clothing and textile industry commentators are warning that large Chinese firms could muscle out local players unless Egyptian businesses are given time to mature. Indeed, while the Egyptian government is firmly behind increasing foreign investment via the country's Qualifying Industrial Zones (QIZ) programme, much growth utilising these outlets has been pushed by Hong Kong-based Li & Fung, the world's leading supply chain solutions partner for consumer brands and retailers. "Li and Fung brought a lot of supply chain partners from Bangladesh and China to Egypt," explains Mohamed Kassem, commissioner of the Destination Africa garment and textile exhibition in Cairo, and chairman of the newly-formed Egyptian Company for Textile Parks Development. "Their idea is for Cairo to be a hub for the African continent, and increase business between Egypt and Israel," he says. Egyptian goods have duty-free access to the US through the QIZ programme if at least 10.5% of a product's inputs is sourced from Israel. Given the importance of Israel to the Trump administration and the trade war between China and the US building risk for other avenues of Sino-American trade, the QIZs could be a major driver for increased investment. "The uncertainty is pushing people to look away from China. Saving 10% to 15% import tax [to the US] is a big incentive," says Samer Riad, general manager of the Riad Group in Cairo, a vertically integrated clothing and textile company. Indeed, according to the re:source by just-style strategic sourcing tool, the value of US apparel imports from Egypt in 2017 totalled US$896m, 81.3% of which (worth US$729m) were under the QIZ programme.
New 1.2m square metre textile park
Kassem says Egypt plans to attract 40 to 50 textile companies from China, South Korea and Bangladesh, covering the full supply chain, to a new 1.2m square metre textile park, part of the QIZ, in El Minya, Upper Egypt. The first phase of building this new textile park is to start within the next three to six months, and the second phase later in 2019, with temporary facilities being built initially to speed up production. The third and final phase of establishing a duty-free textile park should be completed within the next two to three years. However, park managers want to see garment manufacturers operational within the first and second phase, Kassem notes. Riad says upstream investment in fabric mills, dye houses, yarns and spinning is needed in Egypt, as well as Chinese know-how. And there are plenty of incentives. By establishing in Egyptian QIZs, Chinese firms would not have to pay US import duties on man-made fabrics, for instance, that can be as steep as 32% under normal circumstances, and which could increase under a trade war. Hany Salam, managing director of Salamtex, a lace and textile manufacturer based in El Obour City, north-east of Cairo, and a member of Egypt's Chamber of Ready Made Garments & Textiles, urges caution – saying Egypt has not yet made the switch from producing natural fibres to man-made fibres. "The Chinese have noticed the situation and want to take advantage of it, but this might affect local manufacturers. The move should be delayed by a few years for the Egyptian sector to mature more. Egypt could take big advantage of the QIZ programme without having the Chinese coming," Salam says. He adds that as Egyptian companies have recently started manufacturing sportswear and functional fabrics, the sector needs to develop this segment further. Contracts have recently been won by Egyptian companies to manufacture for brands Under Armour, Decathalon, Reebok and Puma in the country.
Source: Just Style
The local textile industry has received a boost following the government’s decision to zero-rate Value-Added Tax on the supply of locally manufactured textiles for a period of three years. The move is to help reduce their cost build up, make the local textile industry price-competitive and help them compete with the influx of cheap textile products from other parts of the world. Although the policy is expected to cost the government an estimated revenue of GH¢40.1 million annually, it comes as a huge relief to the industry who have for a long time now been appealing to the government for tax exemptions on their products. The country used to boast of a textile industry that employed about 30,000 people. However, in recent years, the textile industry has fallen on hard times and now employs just about 5000, a situation which has been largely blamed on the high cost production in the sector and the current tax system which contributes to the cost build up of locally manufactured textiles. To make the industry competitive again, the government has introduced a Bill to Parliament to zero-rate VAT of local textiles.
Observations
The Finance Committee of Parliament, in its report on the bill, said it was expected that by the close of the three years, the local textile companies would have retooled and modernised their operations to compete. After the stipulate three years, the committee noted that the government would assess the situation and decide on the way forward.
Cost of production
The Finance Committee of Parliament, in its report on the bill, said it was expected that by the close of the three years, the local textile companies would have retooled and modernised their operations to compete. After the stipulate three years, the committee noted that the government would assess the situation and decide on the way forward.
Cost of production
The committee also observed the passage of the bill would reduce the cost of production and make local textiles more affordable. It was also envisaged that the measure would lead to increased production and consumption of locally manufactured textiles and boost employment in the sector.
Fiscal impact
The Committee noted that the expected revenue loss from the passage of the bill would be offset by concomitant revenue from corporate profits, employee taxes and taxes from other actors in the supply chain of locally manufactured textiles.
Source: My Joy
WASHINGTON — Imports at the nation’s major retail container ports have slowed down after a months-long rush to beat increased tariffs on goods from China, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “With the holiday season behind us, the immediate pressure to stock up on merchandise has passed but retailers remain concerned about tariffs and their impact on the nation’s economy,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Retailers have also brought in much of their spring merchandise early to protect consumers against higher prices that will eventually come with tariffs. Our industry is hoping the talks currently under way will bring an end to this ill-advised trade war and result in a more appropriate way of responding to China’s trade abuses that won’t force American consumers, workers and businesses to pay the price.” U.S. ports covered by Global Port Tracker handled 1.81 million Twenty-Foot Equivalent Units in November, the latest month for which after-the-fact numbers are available. That was up 2.5 percent year-over-year but down 11.4 percent from the record of 2.04 million TEU set in October. A TEU is one 20-foot-long cargo container or its equivalent. December was estimated at 1.79 million TEU, a 3.7 percent year-over-year increase. That would bring 2018 to a total of 21.6 million TEU, an increase of 5.3 percent over 2017’s record 20.5 million TEU. January is forecast at 1.75 million TEU, down 0.9 percent from January 2018; February at 1.67 million TEU, also down 0.9 percent year-over-year; March at 1.55 million TEU, up 0.6 percent; April at 1.69 million TEU, up 3.7 percent, and May at 1.8 million TEU, down 1.3 percent. February and March are typically two of the slowest months of the year for imports, both because of the post-holiday drop in demand and because of Lunar New Year factory shutdowns in Asia. “There have been record-high levels of imports over the past several months, primarily due to raised inventories ahead of expected tariff increases,” Hackett Associates Founder Ben Hackett said. “But we are projecting declining volumes in the coming months and an overall weakness in imports for the first half of the year.” Global Port Tracker, which is produced for NRF by the consulting firm Hackett Associates, covers the U.S. ports of Los Angeles/Long Beach, Oakland, Seattle and Tacoma on the West Coast; New York/New Jersey, Port of Virginia, Charleston, Savannah, Port Everglades, Miami and Jacksonville on the East Coast, and Houston on the Gulf Coast.
Source: The National Retail Federation
HÀ NỘI — The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to help raise Việt Nam’s gross domestic product (GDP) by 1.3 per cent, according to an official from the Ministry of Planning and Investment (MPI). The number may amount to 2.1 per cent if there are more open policies for services, Trần Toàn Thắng, director of the National Centre for Socio-Economic Information and Forecast (NICF)’s World Economy Department, said in an interview with the Vietnam News Agency. Under the agreement, Việt Nam will find it easier to access markets with lower tariffs as well as markets with which Việt Nam has yet to sign free trade agreements like Canada, Mexico and Peru, he said. Thắng cited NICF’s forecast that exports will rise by about four per cent while imports will expand close to 3.8 per cent. He said garment-textile and leather-footwear will benefit most from the deal, with export of the garment-textile sector projected to increase by between 8.3 and 10.8 per cent as the result of price competition. The agreement will also help light and labour-intensive industries grow 4-5 per cent, and their exports climb 8.7-9.6 per cent, Thắng added. Moreover, the inflows of foreign direct investment (FDI) in Việt Nam will spur the development of the support industry in the country, thus reducing its trade deficit with China. On the contrary, due to impacts of the CPTPP, sectors such as animal husbandry, food processing and insurance services may grow slowly, he said, noting that with its weak competitiveness, the animal husbandry sector will be affected most. The agreement will lead to fierce competition at home and in other member countries at the levels of product, business and country, Thắng said, suggesting firms learn more about the deal to optimise its advantages. If domestic enterprises fail to bring into full play export opportunities, they will suffer from adverse impacts, he said. The 11-member CPTPP officially came into force on December 30, 2018. It will cut tariffs on agricultural and industrial products, ease investment regulations and enhance protection of intellectual property. It is one of the most comprehensive trade deals ever concluded and strips 98 per cent of tariffs for the 11 member countries with a combined GDP of more than US$13.5 trillion and close to 500 million consumers. The agreement is expected to promote economic growth and poverty reduction, create more jobs and improve the living condition for the member nations. The trade deal was signed by 11 member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Việt Nam in Santiago in March 2018. — VNS
Source: Vietnam news
KARACHI: To enhance exports, the government has announced a decrease in power tariffs by Rs3 per kilowatt hour (kWh) for exporters, which will help in lessening pressure on international payments. According to a notification issued by the Ministry of Energy (Power Division) said the power tariff for industrial consumers had been decreased by Rs3 per kWh and the difference will be absorbed by the federal government, reports an English daily. Moreover, the notification said the government has set the electricity rate at 7.5 cent per kWh for five zero-rated industries which include carpet, leather, textile, surgical and sports. And the tariff will be determined on the basis of the last day of the month. Consequently, the tariff cut will be beneficial for the industry and enhance the country’s competitiveness in the global market besides reducing the cost of doing business. Till now, the Pakistan Tehreek-e-Insaf (PTI) government has fixed the gas tariff at Rs600 per mmbtu inclusive of all taxes, whilst others pay Rs780 per mmbtu. Moreover, the government has failed to release refund claims of Rs127.35 billion, from which Rs81.75 billion is linked to the Duty Drawback of Taxes (DDT) and Drawback of Local Taxes and Levies (DLTL). Additionally, refund claims pertaining to customs rebate of Rs10.6 billion and Rs35 billion in sales tax refund are still to be disbursed by the government.
Source: Pakistan Today
Ethiopia’s Adama Industrial park has started exporting its products, with Chinese textile firm Antex Group turning the first in the park to start exporting its swimwear to Europe. Antex and another firm have began operations, while three others will do soon, according to Lelise Neme, chief executive officer of the Industrial Park Development Corporation (IPDC). The park, located 93 kilometres southeast of Addis Ababa in the Oromia region, was officially inaugurated last October. Antex, which is expected to generate $100,000 from its first export consignment from the park to Europe, has created jobs for 1,500, according to group chairman Qian Anhua. The number is expected to reach 10,000 when the company goes fully operational. The firm has raised its capital $to 50 million from $5 million, according to a report in an Ethiopian daily. The first phase of the park built at a cost of $147 million covering 102 hectares was commissioned by the IPDC. (DS)
Source:Fibre2Fashion
The 16th Dhaka International Textile and Garment Machinery Exhibition (DTG) will be held from today at Dhaka’s Bangabandhu International Conference Centre (BICC). Bangladesh Textile Mills Association (BTMA), along with Hong Kong’s Yorkers Trade and Marketing Service Company Ltd, are jointly organizing the largest expo of textile and garment industry machineries in Bangladesh. Planning Minister MA Mannan is expected to inaugurate the four-day event, to be held from January 9-12, said BTMA President Mohammad Ali Khokan, while addressing a press conference at the BTMA office in the capital on Monday. Mohammad Ali said the local textile market was deteriorating previously due to misuse of bond benefits for textile materials including foreign yarns and other fabrics. But despite the setback, he said in his speech that out of $36.67 billion export of RMG and textile products from Bangladesh in the previous fiscal year, $30.61 billion, or 83.47% of that amount, came from the local textile sector. “Over Tk70,000 crore has been invested in this sector, a record-high for a private sector industry,” he added. He also highlighted gas and electricity crisis as a prime barrier to investment in the textile sector. The BTMA president said, “The government imports liquefied natural gas (LNG) to solve gas and electricity crisis, but it should be assured that the prices will remain at reasonable level, otherwise LNG import will not bring any positive result for the sector.” He also urged the government to allocate at least 25 economic zones to the textile sector. The exhibition, which will remain open for all from 12 noon to 8pm, aims to introduce local entrepreneurs with innovative machinery and transformation of technologies. “We want to introduce our entrepreneurs with the latest technology in textile and garment machinery through this exposition,” the BTMA president said. Mohammad Ali said that the spot sales of machinery were $280 million in last year and they were expecting more spot orders this year. Some 1,200 machinery manufacturing organizations from 37 countries are participating in the exhibition. The countries include Australia, Austria, Belgium, China, Czech Republic, Brazil, Croatia, Denmark, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Italy, Japan, Korea, Malaysia, Netherlands, Pakistan, Poland, Portugal, Romania, Saudi Arabia, Singapore, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, Turkey, the UK, the UAE and the USA.
Source: Dhaka Tribune
Enterprises of the Uztextileprom association will take part in the international exhibition of home textiles, Heimtextil 2019, on Jan. 8-10 in Frankfurt, Germany, Trend reports citing Uzbek media. A delegation of Uzbekistan, consisting of representatives of the Uztextileprom association and a number of manufacturing companies, will present the export and investment opportunities of the textile industry of Uzbekistan at the exhibition. During Heimtextil 2019, Uztex Group will present their products under the Fadolli Ricci brand. The annual capacity of the enterprise is 7,000 tons of terry fabrics or 14 million pieces of finished terry products. Also, Bakhmal Group from the Khorezm region of Uzbekistan will present its home textile products. It should be noted that Heimtextil (International Trade Fair for Home and Contract Textiles) is an international exhibition and fair of home textiles and fabrics for interior decoration. Heimtextil has been held annually since 1971. Last year, more than 70,000 guests from 135 countries attended the exhibition, and the total number of exhibitors reached more than 2,975 companies. In 2018, Uztextileprom participated in the exhibition with the national stand "Made in Uzbekistan". As a result, contracts for the export of Uzbek textile products worth $3.7 million were concluded.
Source: Trend Azer
