“India’s exports will touch an all-time high of $330 billion this year surpassing the earlier peak of $314 billion recorded in 2013-14,” said Anup Wadhawan, Commerce Secretary. Speaking at the eighth edition of International Engineering Sourcing Show (IESS VIII) here on Thursday, organised by EEPC India with Malaysia as a partner country, Wadhawan said, the engineering sector achieved a record level of exports at $76.2 billion in 2017-18 despite increasing sentiment of trade protectionism across the globe. Releasing the ‘EEPC India strategy paper for growth of engineering exports’, Wadhawan said, EEPC has set an ambitious export target of $200 billion of engineering products by 2025 from the current $80 billion. The Commerce Secretary also urged exporters to make better use of India’s Free Trade Agreement (FTA) with various countries to enhance their market presence globally. “We have carried out a number of trade facilitation measures. But our data shows that Indian exporters have not been very good users of FTA preferential benefits from partnering countries,” Wadhawan added. Speaking at the event, Dharmendra Pratap Yadav, Secretary, Micro, Small and Medium Enterprises (MSME) Department, Government of Tamil Nadu, said the State is the third largest exporter of engineering equipment blessed with natural manufacturing clusters in Chennai, Coimbatore and Tiruchi. “The Tamil Nadu government is in the process of formalising Business and Trade Promotion Organisation to promote investment in the MSME sector and to forge trade ties with various countries,” Yadav added. The three-day IESS VIII expo, to be held during March 14-16 at the Chennai Trade Centre, will showcase the engineering prowess of Indian manufacturers and help them leverage global business opportunities. The exhibition will see participation of 400 exhibitors, 500 overseas buyers and 10,000 trade buyers conduct business at the venue. “Malaysia is the 11th largest trading partner and 25th largest investor in India and its participation at IESS 2019 will be a major game changer,” said Ravi Sehgal, Chairman, EEPC India. “As India and Malaysia are moving towards a technology-driven automotive industry, this is the most appropriate time for Malaysia Automotive Robotics and IoT Institute (MARii) to play a lead role in global forums like IESS,” Sehgal added.
Source: The Hindu Business Line
NOTIFICATION (Published in the Gazette of India on 14th March, 2019)
In exercise of the powers conferred by the section 109 of the Central Goods and Services tax Act, 2017, the Central Government, on the recommendation of the Council, hereby notifies the creation of the National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) at New Delhi, with effect from the date of publication of this notification in the Gazette of India (Extraordinary).
Source: CBIC
The US withdrawal of preferential trade benefits to India under the generalized system of preferences (GSP) will not have a major impact on the country’s textile sector, according to Indian textile industry associations. The withdrawal will have marginal impact, said Ganesh Kumar Gupta, president of the Federation of Indian Export Organisations (FIEO). FIEO was set up by the Indian ministry of commerce. Despite marginal impact of the decision, the Confederation of Indian Textile Industry (CITI) will take up the matter with the commerce ministry, said its chairman Sanjay K Jain. “We don’t see any major impact. The move seems to be a knee-jerk reaction to support major online/e-commerce players, who seek to destabalise Indian economy. It is detrimental to India’s free e-commerce policy,” said Raja Shanmugam, president of Tiruppur Exporters’ Association (TEA). There are 15 products in the readymade garments (RMG) category under US GSP, which contributes to $586.58 million RMG imports of US. India’s share in the segment is $17.97 million. The most favoured nation (MFN) tariff in 15 products varies from 0.86 per cent to 14.60 per cent, in which India gets duty access with cent per cent margin of preference, said Jain. These 15 items contribute only 0.46 per cent to India’s apparel exports, in which bulk of the benefit is concentrated on silk woven clothing for women, which comprises 58.5 per cent of India’s total trade under GSP. The figures have been identified on the basis of current trade with the United States, and 11 products have negligible impact on India’s apparel exports to the country, Jain pointed out. The GSP preferential items that may lose the status only contributes 0.5 per cent of India’s apparel exports, he said. Some of the products eligible for US GSP include gloves, mittens and mitts. Shawls, scarves among other items, not knitted or crocheted, containing 70 per cent or more by weight of silk or silk waste will see moderate impact. FIEO also said as India is predominantly exporting intermediate and semi-manufactured goods to the United States under the GSP, the same has helped in cost effectiveness and price competitiveness of US downstream industry. Therefore, GSP withdrawal will also impact the competitiveness of many manufacturing sectors and will hit the consumers at the same time, it said in a statement. The import price of most of the chemicals products, which constituted a large chunk of India’s exports, is expected to increase by about 5 per cent. The withdrawal of GSP benefit will also hit the import diversification strategy of United States where it is keen to replace China as the main supplier to other developing countries, FIEO added.
Source: Fibre2fashion
India-UK business relationship is going through an uncertain phase with no clarity on Brexit. While UK’s domestic politics keep Indian businesses with presence in that country on tenterhooks, UK businesses are looking for more clarity in the Indian regulatory environment and faster approval processes. Lord Davies of Abersoch, Chair of The UK-India Business Council (UKIBC), in an interview with BusinessLine shared his thoughts on challenges that India-UK trade relationship is facing and the opportunity ahead. Excerpts: London has been the gateway to Europe for many Indian investors. Do you think that will change with Brexit? I want to say upfront that I am a ‘Remainer’ and I'm also in favour of a second vote. These negotiations have been so complicated that everybody now realizes how intertwined the UK was with Europe, so to disentangle this is an incredibly difficult and complex situation. Nonetheless, the UK will always be a gateway to Europe. Has Brexit caused a slowdown and has it caused people to hesitate, absolutely it has. If we crash out of Europe without a deal, then it will be catastrophic for the UK, nonetheless, the UK has a huge competitive advantage. I don't think Indian companies need to worry. In over the next decade, I see India-UK trade grow exponentially. My message to Indian companies is to be patient. India has asked people movement to be included in the negotiations with UK for post-Brexit free trade agreement (FTA). Do you think is a fair demand from India? Yeah, I think one of the most competitive products that Britain has is its universities, and young Indians do aspire to go to the UK to attain education, however, we haven't captured more of that. We need more students to come to the UK. Britain is going to have a lot of trade deals to negotiate, so they're going to have to staff up and get on with it. We better get our act together viz-a-viz India given that India is among the top three markets for the UK. So it is going to be a massive priority for the government. India has climbed up the ‘ease of doing business’ ranking. Do you think it's happening in reality, or do you think that investors do face a lot of issues even today with regards to regulatory and process related issues? There is progress, it’s easier to do business and it’s improving. However, is it fast enough and consistent. Things like retrospective action and taxes are not a good idea. You can't have changes of policy favouring certain industries or incumbents. Do you think the elections and its outcome is going to impact the business relations India and UK have? India has been more open, there is progress, but, it cannot go back to being a closed market. It has to face the challenges of bureaucracy, climate change, environment, poverty, etc., and these are difficult challenges. The global view of India is that it’s people's emerging as an incredible marketplace in some respects because of democracy. Though it’s compared with China, and that it's a bit slower than China. However, the Chinese model is very different and India’s is a democratic model, but the potential is huge and we need to do more. What areas can India and UK cooperate more on? There is absolutely no doubt in my mind that in financial technology India is going to be absolutely cutting edge. For example, you have tech giants like Infosys, Wipro, TCS and you've got a big financial services community. There is no doubt that India is going to be a world leader in this area. The UK SMEs have to tap on to the scale of the opportunities and understand the country to gain profits because it’s a little scary for SMEs to invest in a large country like India. I think between the UK and India, there needs to be a lot of conversations. Do you think that Indian start-ups are at par with SMEs in the UK and Europe? The Indian start-ups’ are at par with which they can compete with the UK or any European companies. However, what I don't see yet is angel investing in the same way as in the UK. The reason is it's because it's a young phenomenon, it might happen in 5-10 years from now. The geopolitical situation currently is contrary to the idea of open border. So how do you how do you deal with this for business? I tend to ignore it. You know this ‘America first’ is all rhetoric. We don't want to become insular and the barriers to trade is very bad for our future generations. So I'm a big believer in ‘we need open markets’. I think the problem with democracy is that capitalism led to many people behind it. We have to accept that with capitalism and democracy we've got to take more people out of poverty, along with creating wealth and jobs.
Source: The Hindu Business Line
A group of 108 Indian and foreign economists and social scientists have raised concerns over “political interference” in statistical data in India, saying that any numbers that cast doubt on the government’s achievements seem to get “revised or suppressed”. In a letter released on Thursday, the group appealed to all professional economists, statisticians and independent researchers to come together to raise their voice against the tendency “to suppress uncomfortable data” and impress upon the government the need to restore access and integrity to public statistics and re-establish institutional independence.
Source: Economic Times
Core inflation declines to 2.4% in February 2019. The Wholesale Price Index (WPI)-based inflation, base year 2011-12, rose marginally to 2.9% in February 2019 from 10-month low of 2.8% in January 2019, while snapping consistent moderation in WPI inflation for last three straight months. The inflation rebounded slightly for fuel and manufactured products group, while the inflation for primary articles accelerated to 15-month high contributing to the rise in overall WPI inflation in February 2019. The core inflation (manufactured products excluding foods products) has declined to 2.4% in February 2019. The WPI inflation is revised downwards to 3.5% for December 2018 from 3.8% reported earlier. Inflation of primary articles increased to 4.8% in February 2019 from 3.5% in January 2019, while fuel and power group inflation also rose to 2.2% in February 2019. However, the manufactured products inflation dipped to 19-month low of 2.3% in February 2019. As per major commodity group-wise, inflation moved up for vegetables, mineral oils, floriculture, cereals, food products, other non-metallic mineral products, pharmaceuticals, medicinal chemical and botanical products, eggs, meat & fish, crude petroleum & natural gas, pulses, fruits and electrical equipment. On the other hand, inflation of basic metals, metallic minerals, chemical products, milk, coal, fabricated metal products, oil seeds, rubber and plastics products, paper and paper products, textiles, electricity, condiments & spices, wearing apparel, furniture, leather and related products, other minerals etc declined in February 2019. Inflation of food items (food articles and food products) increased to 3.3% in February 2019 from 1.8% in January 2019 level. Meanwhile, inflation of non-food items (all commodities excluding food items) eased to 2.7% in February 2019 from 3.1% in January 2019. The contribution of primary articles to the overall inflation of 2.9% increased to 121 basis points (bps) in February 2019, up from contribution of 90 bps to 2.8% in January 2019. The contribution of fuel product group rose to 25 bps against 20 bps in January 2019, while that of manufactured products eased to 144 bps in February 2019 from 166 bps in January 2019. The contribution of food items (food articles and food products) to inflation jumped to 92 bps to 2.9% in February 2019 compared with 53 bps to 2.8% in January 2019. Meanwhile, the contribution of non-food items (all commodities excluding food items) declined to 197 bps in February 2019 from 222 bps in January 2019.The WPI inflation stood at 4.4% in April-February FY2019 against 2.9% in April-February FY2018. The primary articles inflation moved up to 2.6% in April-February FY2019 from 1.4% in April-February FY2018, while fuel products inflation increased to 12.2% from 8.5%. The inflation for manufactured products rose to 3.8% in April-February FY2019 from 2.7% in April-February FY2018.
Source: Business Standard
Last year in April, both Reliance Industries and JM Financial Asset Reconstruction Company submitted the CIRP resolution plan to acquire the debt-ridden textile manufacturer Alok Industries to National Company Law Tribunal (Ahmedabad Bench). Alok Industries share price hit the upper circuit in trade today after the firm said the resolution plan jointly submitted by Reliance Industries and JM Financial Asset Reconstruction Company for its acquisition under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016, has been approved by the National Company Law Tribunal (NCLT). Alok Industries share price opened at 4.65, a gain of 4.97% compared to the previous close of 4.43 on BSE. Alok Industries share was stuck in the upper price band of 4.97% and closed at 4.64 level on BSE. Alok Industries shares have been rising consecutively for the last five days and have outperformed the sector today by almost 5 percent, with only bids and no offers. The stock trades above than 5, 20, 50, 100 and 200-day moving average. Although the stock has delivered a whopping 40 percent return over the month, the price has given negative returns of 15 percent over the last 6 months (at Rs. 4) and above 46 percent over the last 12 months(at Rs. 3.18). Last year in April, both Reliance Industries and JM Financial Asset Reconstruction Company submitted the CIRP resolution plan to acquire the debt-ridden textile manufacturer Alok Industries to National Company Law Tribunal (Ahmedabad Bench). JMFARC is a subsidiary of JM Financial Ltd. The consortium of lenders, led by State Bank of India, is claiming dues of over Rs 23,000 crore from Alok Industries. "The resolution plan jointly submitted by Reliance Industries Limited and JM Financial Asset Reconstruction Company (JMFARC) Ltd for the acquisition of Alok Industries Ltd under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, has been approved by the National Company Law Tribunal by order dated March 8, 2019," Alok Industries said in a BSE filing. RIL share after the announcement opened 3.25 points above its previous close and rose over 14 points (1 percent jump) to an all time high of Rs 1,361.45. The Reliance Industries share price traded higher than 5, 20, 50, 100 and 200-day moving average with a 4 days period of consecutive rise at a rate of 7 percent. The Reliance Industries share price rose 45 percent over a year.
Source: Business Today
Birla Cellulose is also going to infuse about 4,000 crore in its Vilayat factory in Gujarat to increase the capacity of fibre manufacturing, Rajeev Gopal said. Aditya Birla Group’s fabric brand Liva is soon going to expand into men’s wear and home textiles, a senior executive said. Currently, serving women’s apparel segment, “We are moving to other segments like menswear and home textiles very soon,” Birla Cellulose Chief Global Sales & Marketing Officer Rajeev Gopal told Financial Express online in an interview. Birla Cellulose is also going to infuse about 4,000 crore in its Vilayat factory in Gujarat to increase the capacity of fibre manufacturing, Rajeev Gopal said. As of now, domestic men’s wear segment has brands such as Mufti, Wrangler, Levi’s, Numero Uno, and Raymond brands to name a few. Aditya Birla group has in-house apparel brands such as Louis Philippe, Allen Solly, Van Heusen, Peter England and People which compete with these brands. Talking about the rising customer expectations and increasing competition from natural fibres such as cotton and polyester alike, Rajeev Gopal also said that cotton farming is expected to see a downward trend as it needs a lot of land and water to grow. Hence, man-made cellulose fibres will fill the gap. Meanwhile, Liva has collaborated with FDCI to promote greener, sustainable fashion. Liva Eco is Birla Cellulose’s enhanced version of Liva fabric that is made from wood derived fibres. The fabric will be in market by April 2019. Recently, it was announced that Grasim Industries has signed an agreement to acquire 100% equity shareholding of Soktas India (SIPL). For an enterprise value of Rs 165 crore, subject to net debt and working capital adjustments as of the closing date, the company will be taking the control from SOKTAS Tekstil Sanayi ve Ticaret which manages its operations from Turkey. Birla Group has been in the textile industry from 1948. Started as Grasim Industries, the company now has brands Liva and Liva Eco as its subsidiaries. Birla group is currently the world’s largest viscose manufacturing company. The company also acquired fashion-chain Pantaloons from the Future Group and manages it.
Source: Financial Express
KPR Mills, one of the major textile mills from Tirupur, Tamil Nadu, has started a unit in Ethiopia to take advantage of lower labour cost, duty savings, and shorter shipment time to the US and European. KPR joins the list of other prominent peers such as Raymond, Arvind, Best Corporation and Jay Jay Mills. All these companies feel it will be difficult to take on the competition from Bangladesh, Cambodia and others, with their made-in-India products. So, they hope their Africa investments would bring a new wave of growth. KPR has invested Rs 25 crore for a capacity of 10 million units; it will provide employment to nearly 1,000. Raymond has invested around Rs 130 crore in Ethiopia to set up a plant with a capacity of two million jackets, while Best Corporation pumped in Rs 30 crore as Phase-I investment. SCM Garments, Arvind, Jay Jay Mills are some of the other firms who have set shop in the African nation in the recent years. The reason? Ethiopia offers ready-to-use sheds, income tax breaks, training subsidies, and a tax-free gateway into the US, and Moreover, labour is available for $60 per month compared to $130-$150 in India — almost 50 per cent lower — said an industry representative. “Besides the labour cost, another big advantage is that the Ethiopian government already has the land and buildings readily available. Power, too, is cheap in Ethiopia. Compared to 10 to 12 cents in India, Ethiopia offers power at three cents. So, it is just a plug and play model,” the representative said.
Source: Milbank Monitor
About 40 farmer unions, led by Bhartiya Kisan Union (BKU), on Thursday demanded the government walk out of the negotiations over the RCEP free trade agreement, saying it would be disastrous for the domestic agriculture sector if the pact comes through. Any attack on the food sovereignty and farmers' rights will be met with resistance, they warned. The 16-member Regional Comprehensive Economic Partnership (RCEP) bloc that includes India, China, Australia and ten ASEAN counties among others are negotiating over issues related to goods, services, investments, economic and technical cooperation, competition and intellectual property rights. Addressing a press conference, BKU general secretary Yudhvir Singh said: "The RCEP will remove tariffs on 92 per cent of traded commodities and open the floodgates to cheap imports, destroying India's already stressed farm sector." "Countries like Australia are looking to dump their surplus produce like sugar, wheat, and dairy, and permanently conquering India's massive markets through RCEP is a huge aim for them," he said. The unions claimed that the RCEP will reverse the trend of India traditionally being protectionist towards the farm sector and fundamentally shift policy design towards corporate profits rather than livelihood of Indian farmers. B Nagendra of Karnataka Rajya Raitha Sangha said: "RCEP will manipulate our seed laws; it will strengthen the power of seed companies and their patents while restricting farmers freedom to save and exchange as they have done for centuries." Vijay Jawandhia of Kisan Sanghatan, Sellamuthu of Tamilaga Vivasaiyagl Sangham, C.K. Janu of Adivasi Gothra Mahasabha (AGM) are among the leaders who addressed the conference.
Source: Business Standard
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1326.28 |
USD/Ton |
-0.28% |
3/14/2019 |
|
VSF |
1892.55 |
USD/Ton |
-0.39% |
3/14/2019 |
|
ASF |
2445.42 |
USD/Ton |
0% |
3/14/2019 |
|
Polyester POY |
1311.38 |
USD/Ton |
-0.56% |
3/14/2019 |
|
Nylon FDY |
2905.89 |
USD/Ton |
0% |
3/14/2019 |
|
40D Spandex |
4723.93 |
USD/Ton |
0% |
3/14/2019 |
|
Nylon POY |
1497.65 |
USD/Ton |
0% |
3/14/2019 |
|
Acrylic Top 3D |
3129.42 |
USD/Ton |
0% |
3/14/2019 |
|
Polyester FDY |
5632.96 |
USD/Ton |
0% |
3/14/2019 |
|
Nylon DTY |
1572.16 |
USD/Ton |
0% |
3/14/2019 |
|
Viscose Long Filament |
2697.26 |
USD/Ton |
0% |
3/14/2019 |
|
Polyester DTY |
2607.85 |
USD/Ton |
0% |
3/14/2019 |
|
30S Spun Rayon Yarn |
2697.26 |
USD/Ton |
0% |
3/14/2019 |
|
32S Polyester Yarn |
2019.22 |
USD/Ton |
0% |
3/14/2019 |
|
45S T/C Yarn |
2876.09 |
USD/Ton |
0% |
3/14/2019 |
|
40S Rayon Yarn |
2175.69 |
USD/Ton |
0% |
3/14/2019 |
|
T/R Yarn 65/35 32S |
2578.05 |
USD/Ton |
0% |
3/14/2019 |
|
45S Polyester Yarn |
2995.30 |
USD/Ton |
0% |
3/14/2019 |
|
T/C Yarn 65/35 32S |
2533.34 |
USD/Ton |
0% |
3/14/2019 |
|
10S Denim Fabric |
1.37 |
USD/Meter |
0% |
3/14/2019 |
|
32S Twill Fabric |
0.83 |
USD/Meter |
0% |
3/14/2019 |
|
40S Combed Poplin |
1.12 |
USD/Meter |
0% |
3/14/2019 |
|
30S Rayon Fabric |
0.65 |
USD/Meter |
0% |
3/14/2019 |
|
45S T/C Fabric |
0.71 |
USD/Meter |
0% |
3/14/2019 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14902 USD dtd. 14/03/2019). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
SOUTH-EAST Asian states have gained from the Trump administration's policy in Asia so far, said ISEAS-Yusof Ishak Institute senior fellows Malcolm Cook and Ian Storey in a March 14 edition of ISEAS Perspective, writing: "So far, Southeast Asian states have benefitted as a venue for the Trump-Kim summits, greater US security actions in the region, and from the presidential preoccupation with the economic threat from China." Despite the failure to reach a deal, the second Trump-Kim summit in Hanoi was a "qualified success" for Vietnam, they said: "As with Singapore, the international media exposure is likely to generate hundreds of millions of dollars in tourism and retail revenue for a relatively small outlay for security and possibly hotel accommodation for the North Korean delegation." Though the Trump administration remains focused on North-east Asia, South-east Asia figures prominently in the United States' defence policy regarding China, they added. As for economic policy, although US-China trade tensions are a negative external risk, the Trump administration's focus on North-east Asia has benefited South-east Asia. Probes of 16 trading partners with trade surpluses to the US -- including Indonesia, Malaysia, Thailand, and Vietnam -- have not yet led to trade remedy actions against those four Asean countries. Said the researchers: "The predominance of Northeast Asian issues in the Trump administration’s Asia trade policy agenda, and the difficulty of arriving at deals with China and Japan, have likely spared the Southeast Asian economies with much smaller trade surpluses with the US from retaliation. So far, the economic outcomes for Southeast Asia of the Trump administration have been better than first feared." However, they acknowledged that given the withdrawal of Generalized System of Preferences privileges for exports from Turkey and India on March 4, Indonesia and Thailand might face a similar fate. Overall, the Trump administration may appear to be ignoring South-east Asia, with Trump failing to attend the Asean Summit in November 2018 and the chances of him attending the Asean-US Summit and East Asia Summit this November similarly "not good". Nonetheless, the researchers noted that closer US engagement with Asean is a central theme of the Asia Reassurance Initiative Act 2018, which will receive funding of at least US$1.5 billion dollars a year until 2023. The Act even "goes further than many Asean member-states may wish", they added, noting that it covers areas such as human rights, democracy, and good governance issues in the region.
Source: Business Times
The UN on Thursday launched an alliance to help coordinate its response to the challenges that the textiles, fashion and accessories sectors face in achieving the 2030 agenda for sustainable development. According to Michael Stanley-Jones, program management officer of poverty-environment facility at UN Environment Programme (UNEP), the UN Alliance for Sustainable Fashion aims to put fashion on path to sustainability by reducing its negative environmental and social impacts. "We intend to turn fashion into a driver of the implementation of the Sustainable Development Goals (SDGs)," Stanley-Jones, co-secretary of the new alliance said during the launch on the sidelines of the ongoing fourth session of the UN Environment Assembly (UNEA) in Nairobi. He noted that the alliance will enable the institutions to share solutions and technology to popularize the agreed development goals. He observed that while different UN institutions have tried to encompass fashion in various sustainability initiatives, the launch will mark a more comprehensive approach to address all aspects of a sustainable fashion industry. "We are doing the mapping to see where the gaps exist, conduct analysis and then make recommendations to UN member states for action in their own countries," he said. "Fashion accounts for 8 percent to 10 percent of global greenhouse gas emissions, more than all international flights and maritime shipping combined," he added. Stanley-Jones observed that more than 500 billion U.S. dollars of value is lost every year due to clothing under-utilization and the lack of recycling and places pressure on fragile ecosystems through unsustainable sourcing of materials. According to Stanley-Jones, the alliance seeks to open a collaborative dialogue with key players in various aspects of the industry to create tangible, beneficial and lasting solutions that will ensure the fashion is able to adapt and thrive. He said that the textiles and clothing industries contribute 2.4 trillion U.S. dollars to global manufacturing sector and employ approximately 75 million people worldwide, most of them women. The UN official added that the fashion industry is the second-biggest consumer of water, producing 20 percent of wastewater, and releases half a million tons of synthetic microfibers into the ocean annually.
Source: Xinhua
Quality expectations of Uzbekistan yarn industry increases. The central Asian country of Uzbekistan is the sixth largest cotton producer in the world. And even more important: When it comes to export of raw cotton, the country ranks second after the United States. More than 80 % of the total cropland is used to grow cotton. In 2017, Uzbekistan produced 2.7 million tons of raw cotton, for 2018 this amount is planed to increase by some 10 %. During the last decade, there have been enormous efforts to expand the domestic content along the whole value chain of textile production. Today, the amount of raw cotton, which is processed in Uzbekistan, is around 40 % of the total harvest. The government is aiming to increase this value up to 100 % in the next years, in order to generate added value within the domestic economy. Main measures will be the support of investments in spinning mills and other textile processing industries. The investment program for “Further development of the textile and garment and knitwear industry” supports several projects, which are aiming to produce finished export-oriented textile garments and knitwear products with high added value. The projects include the modernization, technical, and technological re-equipment of existing and the founding of new enterprises in textile industry. Quality expectations of Uzbekistan yarn industry increases: cotton yarn production is developing rapidly Today, the 162 spinning mills – ring spinning and open-end spinning – produce in large part cotton yarns. The typical production spectrum comprises carded yarns Ne 20 – Ne 30 and combed yarns Ne20 – Ne 40. As Uzbekistan is a major cotton producer, 100 % of the raw cotton processed in the spinning mills originates from inside the country. The main export markets for textile product are Russia, China, and Turkey. As the vertical range of production increases, the necessity for quality control becomes obvious. Yarn clearers are among the typical technologies, which are needed to leverage the production. Over the last years, Uzbekistan is considered the fastest growing market in spinning worldwide. The number of new spinning facilities – new enterprises and expansion of existing spinning mills – shows a growth rate of 30 % per year. Spinning is by far the most booming sector in Uzbekistan. Therefore, the demand for high-end yarn clearers is huge. Especially the detection of foreign matter and the clearing of polypropylene fibers, originating from bale packaging, becomes an issue in the spinning mills.Quality expectations of Uzbekistan yarn industry increases: optical technology in yarn quality control. In the past couple of years, Loepfe – the market leader in optoelectronic quality control in winding – has definitely improved its market share with consistent new orders. In 2018, Loepfe consequently experiences a strong demand for its YarnMaster yarn clearers. For example, L.T. International, which is one of the largest spinning mills in Uzbekistan; equipped 68 winding machines from Schlafhorst with the newest Loepfe ZENIT+; with foreign fiber detection. The well-proven optical technology of these innovative yarn clearers is considered the best choice; for difficult environmental working conditions in Uzbekistan. LOEPFE has focused on the development and production of optical yarn clearers in Switzerland for half a century already. As the leading supplier of optical yarn clearers, Loepfe’s YarnMaster covers all requirement profiles in the winding process. This makes Loepfe the competent partner for all spinning mills world-wide. The functions of all three known sensor technologies have been perfectly optimized; and tuned to each other on the YarnMaster ZENIT+ yarn clearer. Optical yarn clearers provide constant measuring results. Changing ambient conditions do not at all influence the reliability of YarnMaster ZENIT+. The quality cuts, depending on the desired quality and the efficiency of the winding machine, remain constant.
Source: Textilegence
China's survey-based jobless rate rose to 5.3% in February, from 4.9% in December. Growth in China's industrial output fell to a 17-year low in the first two months of the year and the jobless rate rose, pointing to further weakness in the world's second-biggest economy that is likely to trigger more support measures from Beijing. But a mixed bag of major data on Thursday also showed property investment was picking up, while overall retail sales were sluggish but steady, suggesting the economy is not in the midst of a sharper slowdown. China is ramping up assistance for the economy as 2019 growth looks set to plumb 29-year lows, but support measures are taking time to kick in. Most analysts believe activity may not convincingly stabilise until the middle of the year. Premier Li Keqiang last week announced hundreds of billions of dollars in additional tax cuts and infrastructure spending, even as officials vowed they would not resort to massive stimulus like in the past, which produced swift recoveries in China and strong reflationary pulses worldwide. "The latest data should partially ease concerns about a sharp slowdown at the start of the year. But the near-term outlook still looks downbeat," Capital Economics said in a note. In particular, Capital Economics and others noted that infrastructure investment has not improved as much as hoped after the government began fast-tracking road and rail projects last year, raising the risk of a milder-than-expected bounce in construction when work resumes in warmer weather. Pressured by weak demand at home and abroad, China's industrial output rose 5.3 percent in January-February, less than expected and the slowest pace since early 2002. Growth had been expected to cool to 5.5 percent from December's 5.7 per cent. China combines January and February activity data in an attempt to smooth distortions created by the long Lunar New Year holidays early each year, but some analysts say a clearer picture of the economy's health may not emerge until first-quarter data is released in April. If the seasonal distortion was removed, output rose 6.1 percent in the two months, the National Bureau of Statistics said. China's own official factory survey, which is seasonally adjusted, showed manufacturing output contracted in February for the first time since January 2009. Data last week showed exports tumbled the most in three years in February, suggesting US tariffs on Chinese goods and cooling global demand were taking a greater toll. President Donald Trump said on Wednesday he was in no rush to complete a trade pact with China and insisted that any deal include protection for intellectual property, a major sticking point between the two sides during months of negotiations. Job shedding by export-oriented companies led to a jump in the unemployment rate last month, said Li Xiru, an official with the statistics bureau. China's survey-based jobless rate rose to 5.3 per cent in February, from 4.9 per cent in December, though it was below the government's target of 5.5 percent this year. Many migrant workers also quit their jobs to go home before the holidays, Li said. Reuters reported in January that some factories in Guangdong - China's export hub - had shut earlier than usual ahead of the holidays, and some were expected to close for good as the trade war curtailed orders.
INVESTMENT PICKING UP
Growth in fixed-asset investment, a major growth driver in the past, quickened to 6.1 percent in the first two months of this year, slightly more than analysts had expected and edging up marginally from 5.9 percent in 2018. Much of the gain appeared due to a bounce in property investment, which quickened to a five-year high of 11.6 percent, though home sales fell. Infrastructure investment, which the government is relying on heavily to drive an economic recovery, rose 4.3 percent on-year. But several analysts including Nomura estimated growth momentum may have eased despite Beijing's push. Private sector fixed-asset investment also lost a step, rising 7.5 percent versus an increase of 8.7 percent in 2018. Private investment accounts for about 60 percent of overall investment in China, and Beijing has spent considerable effort trying to ease financial strains on smaller, private firms.
RETAIL SALES WOBBLY
Retail sales were also marginally better than expected, with the headline figure rising 8.2 percent in January-February from a year earlier, in line with December. But the rate of growth remains stuck around 15-year lows, highlighting concerns that consumers are growing less confident as the economy slows. Industry data this week showed automobile sales in China fell for the eighth consecutive month in February. China's state planner announced measures in January to boost consumption of goods ranging from eco-friendly appliances to big-ticket items such as cars, but the size and scope of the subsidy scheme is still unclear.Thursday's data showed sales of appliances and furniture softened considerably early in the year, possibly linked to worries about the cooling property market and a 3.6 percent drop in home sales.
MORE SUPPORT EXPECTED
In addition to fiscal stimulus such as higher local government spending and tax cuts, more monetary policy support is also expected this year. The People's Bank of China (PBOC) has already cut banks' reserve requirements five times over the last year, most recently in January, and more reductions are expected from the coming quarter to free up more funds for lending. Regulators have ordered big banks to increase loans to smaller firms by more than 30 percent this year, despite the risk of more bad loans. Total new bank lending hit a record in 3.23 trillion yuan ($481 billion) in January. The central bank is also expected to continue to guide borrowing costs lower. But sources have told Reuters that a benchmark interest rate cut is considered a last resort if other measures fail to stem the broader economic decline. Even with additional support, China's economic growth is still expected to cool to around 6.2 percent this year from 6.6 percent in 2018, according to Reuters polls.
Source: Reuters
UL’s pioneering facility seeks to foster innovation, increase market access and enable faster time to market by empowering customers to show compliance with the highest standards for quality and safety, said the company in a media statement. The suite of services offered at UL’s Consumer and Retail Services laboratory include a wide range of testing capabilities combined with solutions for inspections, factory and technical audit, chemical management, sustainability and social compliance for responsible sourcing. The facility is strategically located in the heart of Dhaka, along the Dhaka-Mymensingh Highway that is easily accessible for customers. UL’s array of testing expertise for quality and safety assurance spans chemical, physical, mechanical, colour fastness, fibre and flammability – performance and regulatory tests. Sustainability solutions to address chemical safety for environmental compliance include wastewater onsite assessments and testing solutions for Zero Discharge of Hazardous Chemicals (ZDHC) programme. UL brings over a century of experience in testing, certifying and inspecting fire, life safety and security products to cater to the needs of factory audits and inspection in Bangladesh. “Over the past decade since our inception in Bangladesh, UL experts have been supporting the retail industry with world-class testing services and technical expertise. With the global acquisition of Consumer Testing Laboratory in 2016, we are steadily consolidating our presence in the country to address the increase in demand from customers for quality testing services to meet rigorous compliance requirements,” said Sarbajeet Mukherjee, managing director of UL’s Consumer and Retail services in South Asia. “Our new innovative facility will enable us to help service our existing and potential customers better. The total solutions we offer here are designed to empower our clients mitigate market risk, strengthen global supply chains and protect brand reputation. We have developed leading edge customer service solutions like fast-track project and digital lab fulfillment systems to reduce lead times and ensure accurate, in-depth test results. Our customers can collaborate with us to test a variety of products as per global standards and regulations to get global market access (GMA) and increase their market share.” “UL’s investment in Bangladesh comes at a time when country is on an ambitious path to meet the export target of $50 billion from the apparel sector by 2021, to mark 50 years of Bangladesh. Our team of multidisciplinary experts leverage the latest technologies, best-in-class equipment and engage in rigorous analysis of quality and safety parameters to help our customers launch winning products to the market in a cost-effective manner,” said Suresh Sugavanam, UL’s vice president and managing director for South Asia and Sub-Saharan Africa. (PC)
Source: Fibre2Fashion
A boost to the start-ups, Apparel Textile Sourcing Germany (ATSG) will provide with a plethora of partners from the trade show that will change the landscape of their business. Bringing world-class seminar series and hand-selected exhibitors to the European market, the three-day international trade event is scheduled to kick-start from September 11. For more than 2000 attendees who will be at the show, ATSG has a threefold approach at each event namely Product Development and Sourcing, World-class seminar series, and Matchmaking. "While finding factories is a primary reason retailers and brands attend sourcing shows, ATS trade shows also bring leading industry professionals, trade commissioners and government officials together into an open forum to interact with those shaping the current and future trade ecosystems in the apparel industry. Our matchmaking platforms have been very helpful to both brands and retailers as well as our manufacturers. European brands and retailers can now become involved in the ATS experience," founder and CEO Jason Prescott said., "The foundation of trade shows continues to evolve and ATS has led the way in steering progressive change in the industry. While many shows for sourcing and retail have become too large, predictable and lacking energy, ATS events have offered contrast and focus. ATS efficiently showcases both Asian and regional vendors, in a setting that focuses on product development while addressing the major challenges in global sourcing. In addition, ATS has successfully delivered a seminar series that is blended into each day of the trade show. The seminars address key issues in the industry ranging from trade agreements, tariffs, AI and machine learning and innovation in product development. I am confident that this same formula will result in an exciting show – ATSG – in Berlin this September.” Jeff Streader, managing director of Go Global Retail, said. "The core role the IAF plays in the apparel industry is to bring together executives from all levels of the supply chain in order to strengthen how both the private and public sectors interact in order to streamline domestic and international sourcing. What ATS has done for the Americas, will now be available to German and European buyers at large. We look forward to assisting both the exhibitors and attendees of ATSG to leverage the IAF network during the show in September," Matthijs Crietee, secretary general of the International Apparel Federation (IAF), said. "European brands and retailers who visit the show will have the ability to meet exhibitors with numerous capabilities and finishing techniques. We will host a Made in China pavilion that will provide visitors a balance of mass market manufacturers that can service larger programmes, along with factories that service brands or retailers who have smaller programmes. As the consumer market has changed, so have many of the factories throughout China in order to accommodate the shift," chairman Cao of the China Chamber of Commerce for the Import and Export of Apparel and Textiles (CCCT), said. (RR)
Source: Fibre2fashion
