India's exports rose marginally by 0.64 per cent in April to $26 billion while imports increased by 4.5 per cent to 41.4 billion compared to the year-ago monthIndia's trade deficit widened to a five-month high in April due to rise in crude oil imports coupled with muted growth in export amid rising concerns over US-China trade war, government data showed on Wednesday.The trade deficit, a gap between exports and imports, expanded to $15.33 billion in April 2019 as compared to $13.72 billion in April 2018 and $10.89 billion in last month, according to data release from the Ministry of Commerce. Merchandise exports inched up by 0.64 per cent year-on-year to $26.07 billion in April, while imports rose by 4.48 per cent to $41.4 billion compared to the same month last year. "In April 2019, major commodity groups of export showing positive growth, includes petroleum products (30.75%), electronic goods (27.78%), organic and inorganic chemical (15.06%), RMG of all textiles (4.42%) and drugs and pharmaceuticals (4.03%)," the trade ministry data showed. Much of the rise in imports came from crude purchases, which rose by 9.26 per cent to $11.38 billion. In April, Brent crude price was $71.23 per barrel as compared to $72.11 per barrel in the same month last year. Non-oil imports increased by 2.78 per cent to $30.02 billion in April, compared to $29.21 billion in April last year, data showed. Meanwhile, gold imports spiked by 54 per cent to $3.97 billion in April. The rise in imports by the world's second-biggest consumer of the precious metal was driven by strong demand during wedding season along with fall in prices which prompted purchases. Non-petroleum and non-gems and jewellery exports stood at $19.54 billion, as compared to $19.80 billion in April 2018, exhibiting a negative growth of 1.31 per cent.
Source: Business Today
The WTO Ministerial Meeting of Developing Countries concluded in New Delhi today. The Ministerial Meeting began last evening with a dinner hosted by the Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu. The Director General of WTO, Roberto Azevedo, was also present during the dinner. In his address at the dinner, Suresh Prabhu, said that the New Delhi Meeting is taking place at a time when trade tensions show no signs of abating and protectionist tendencies are on the rise which makes it very essential to collectively debate and discuss the way forward in a multilateral framework. Commerce Minister added that the New Delhi Ministerial Meeting is an initiative by India to facilitate a free and frank exchange of views on all issues of common interest, particularly of the Developing Countries and will explore how to collectively address the challenges emerging from suggestions on WTO reform. In his address at the dinner last night, DG, WTO, Roberto Azevedo, said that the reform process will mitigate the current crisis at WTO and talk about destroying the existing system is not the correct way and may not have the desired outcome. DG, WTO suggested for working in the existing system. He further said that the Dispute Settlement crisis is a deep crisis and all countries have to look for a resolution. Business as usual approach is not an option anymore and all members should work for a solution. Roberto Azevedo said that plurilaterals should not be seen as a division between Developed and Developing Countries as they contain members from both sides. He further said that the Special and Differential Treatment Mechanism must be innovative in order to address the impasse. If left unaddressed it may go either way, he said. The ideal way is to have a bench mark because the differentiation is already happening and is essential for small Developing Countries. DG, WTO further added that the best way forward is to have a trade-facilitation-agreement-type model where countries may set their own benchmarks. In the inaugural session of the Ministerial Meeting, today morning, Suresh Prabhu said that there are 7.3 billion people living in Developing Countries and they cannot and should not be deprived of the benefits of growth and WTO is an institution which addresses these concerns of development and growth of countries through trade and not aid. The Commerce Minister added that he is certain that the efforts of the New Delhi Ministerial Meeting will definitely lead to a WTO which is better than what it is today. The Multilateral Trading System is the collective responsibility of all countries who have a stake in it. It is the duty of countries to successfully address conflicting interests, motives and ideologies, in order to preserve and strengthen this valuable institution, the Minister added. The principles of non-discrimination, predictability, transparency, the tradition of decision-making by consensus and, most importantly, the commitment to development, underlying the multilateral trading system, are too valuable to lose, he said. The approach of the New Delhi Ministerial Meeting is to re-energise and strengthen multilateralism and put in place a more inclusive decision - making process. Towards this end, it is essential that the collective view of as many Developing Countries as possible is formally articulated in submissions on WTO reforms. A year ago, on 19-20 March 2018, India had organised an Informal WTO Ministerial Gathering, in which more than 50 Members – both developed and developing- had participated. In the March 2018 Gathering in New Delhi it was emphasized that there is a need to preserve and enhance the functioning and credibility of the rules-based Multilateral Trading System as embodied in the WTO. Commerce Minister hoped that the New Delhi Ministerial Meeting will re-endorse the centrality of development in WTO negotiations and provide suggestions for WTO reforms with development at its core.
Source: Invest India
America’s year-long trade war with China is pushing US companies to source more from GSP beneficiary countries such as India, Thailand, Cambodia, Indonesia and Turkey, a report said Tuesday. The Coalition for GSP, a group of American companies and trade associations, in a report said the latest official trade figures show that the Generalised System of Preference or GSP saved American companies $105 million in March, an increase of $28 million (36 per cent) from March, 2018 and the second-highest level on record. In the first quarter of 2019, the GSP saved American companies $285 million, which is $63 million more than the first quarter of 2018. The GSP is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries. On March 4, President Donald Trump announced that the US intends to terminate India as a beneficiary developing country under the GSP programme. The 60-day notice period ended on May 3. Noting that imports from China, subject to new tariffs, are down significantly, the coalition said imports of products from other GSP beneficiaries have increased the most in the first quarter of 2019. According to the report, India benefits the most from this. “For India, 97 per cent of increased 2019 GSP imports are on the China Section 301 lists. GSP imports on Section 301 lists increased by $193 million (18 per cent), while imports of everything else increased by just $7 million (two per cent),” it said. In another report, the coalition said cancelling the GSP for India would benefit China. Referring to the results of a recent survey, the coalition said 30 per cent of companies would look to source more from China if GSP benefits are done away with.
Source: The Hindu Business Line
Rakesh Kumar, Director General – EPCH informed that the exporters especially from Moradabad were facing problem with respect to export shipment made to countries which are in Office of Foreign Assets Control (OFAC) list and e-BRC could not be generated by the concerned banks for exports to listed countries including Iran. As a result, the exporters were unable to get MEIS benefits. Kumar further said that EPCH took up the matter regarding non-issuance of e-BRC at the highest level in the Minister of Textiles, Ministry of Commerce & Industry, Ministry of Finance and DGFT and with the constant follow-up, the DGFT has issued Public Notice No. 8/2015-20 dated 14th March 2019 in the matter that a declaration by the exporter along with a self-attested copy of the proof of payment such as Foreign Inward Remittance Certificates/Statements etc. can be given to the DGFT for claiming MEIS benefits. RK Passi, Chairman – EPCH said that it had been a long pending demand of handicrafts exporters and solution provided by DGFT is a very welcome step and would certainly boost the morale of the exporters for their future endeavors. Rakesh Kumar, DG – EPCH said that with this initiative the exporters are going to get a much needed MEIS benefits for their exports and it will energize them to continue their efforts towards enhancing exports from the country. The Handicrafts exports during the year 2018 -19 is Rs 26590.25 crores registering a growth of 15.46% during the same period last year, however, the exports of handicrafts to Iran is around Rs. 500.00 crores, informed Kumar.
Source: Millenium Post
Agricultural exports accounted for 44 percent of total exports in 1960,and fell to about 31 percent in 1980, and then 15 percent in 1993. If the income of farmers has to be doubled, the agricultural growth in the country must be export driven. Successive governments have chosen to look at India’s agriculture sector with a myopic lens, lacking understanding and often with unthinking reaction to ensure affordable food prices. As a result, the market price of crops, and farmers’ incomes,have never got a chance to stabilise.
There is a solution here - exporting agricultural products can improve the scenario for the agricultural sector. There is considerable merit in exporting surplus products, which will allow farmers to earn higher income. Also, some farmers have started growing and exporting flowers and allied products, finding a good number of buyers in the US, Japan, and in Germany. Similarly, India’s fruits have a good market in the Netherlands and Japan, while specific fruits like mangoes and grapes are imported by Belgium, Saudi Arabia and some others. Farmers of these agricultural products have not only been able to get better income for themselves, but have also helped the government earning foreign exchange.
Reinventing Products
The value of agricultural products in the overall exports from India in percentage terms has been on the fall for decades now. Agricultural exports accounted for 44 percent of total exports in 1960,and fell to about 31 percent in 1980, and then 15 percent in 1993. If the income of farmers has to be doubled, the agricultural growth in the country must be export driven. Indian farmers must move up the value chain to fetch better prices for their products. In the 1950s, India was a major cotton exporter,but later started exporting yarn, fabric and even ready made garments that earned a higher price. It is a clear case of value addition and the resultant benefits accruing to the people. The global textile exports sector is in the region of $40-45 billion,and employs about 65 million people. Clearly, there has been direct benefits accruing to the people engaged in such activities. The food processing industry, which accounts for about 32 percent of the total food market, is another example and has an excellent chance to do well in terms of exports. India has huge produce of fruits and vegetables, but about 40 percent of it is wasted due to lack of cold storage facilities and other infrastructural bottlenecks, according to conservative estimates. In the Budget 2017-18, the government announced it would setup a dairy processing infrastructure fund of Rs 8,000 crore. All these efforts can make India a hub for exports of processed food and preserves. If this industry does well, there will be direct benefit to farmers as they will be able to get better prices for their produce.
Giving landless farmers a chance
According to numbers available with the Agricultural and Processed Food Products Export Development Authority (APEDA), between April and December last year India exported a whopping 16.4 million tons of agricultural products, earning Rs 91,830.60 crore. Meat, eggs, and diary products contributed substantially to this number, indicting a lucrative opportunity even for landless farmers. Milk production does not require the farmer to own land, and can yield significant returns. India has been the largest milk producer in the world for the last 15 years,with production at over 164 million tons in 2016-17.
Creating a Road map is Crucial
For agriculture to be export-oriented, sufficient data and information has to be made available to the farmers in terms of the main markets globally,and the produce that will make the cut. They also need to be given better seeds and know-how for better production and here, advanced technologies that are cost effective and suitable for Indian conditions are the need of the hour. The government needs to rope in partners at the forefront of farmers’ education to guide them with exports. In this regard, APEDA has achieved certain milestones, but more needs to be done, and in a holistic manner. Global linkages and marketing opportunities have to also be made available to farmers in the country. Informing farmers of the right export opportunities and the procedural knowledge for exports will go a long way in farmers earning better incomes for themselves and for the country.
Source: Yoursstory
Exporters association Federation of Indian Export Organisations (FIEO) on Wednesday said the downward trend in labour-intensive sectors of exports not good for the economy. Reacting to officially released foreign trade data for exports, FIEO President Ganesh Kumar Gupta said the export data of USD 26.07 billion with a growth of 0.64 percent is not at all encouraging as almost all the labour-intensive sectors. Leather & leather products, gems & jewellery, engineering goods, cotton yarns/fabs/made-ups, man-made yarn/fabs/made-ups, carpets, marine products, few plantations and various other sector of exports dominated by MSMEs were into negative territory in April. These sectors are still facing the problem of liquidity besides various other challenges including global trade war, protectionism, fragile global conditions and constraints on the domestic front, Gupta said. The FIEO chief said that there may be front loading of exports in the past as exporters were apprehensive of withdrawal of GSP in US and development in Iran. Only 14 out of 30 major product groups were in positive territory during April 2019 including petroleum, organic & inorganic chemicals, drugs & pharma, RMG of all textiles, electronic goods, ceramic products & glassware, handicrafts, commodities besides some plantation, agri and dairy products have shown positive growth during the month. Gupta also expressed his concerns on the rising trade deficit primarily on account of swelling crude import bill with further northward movement of prices and ban on Iranian imports along with rising gold import. He also opined that with rising trade tensions between US and China, the global trade scenario may further worsen, putting more pressure on Indian exports in months to come. The uncertainty attached to it will affect the flow of investment and add to currency volatility, he added. Gupta said that domestic issues including access to credit, cost of credit especially for merchant exporters, interest equalization support to all agri exports, benefits on sales to foreign tourists and exemption from IGST under Advance Authorization Scheme with retrospective effect should be seriously looked into. Besides these, budgetary support for marketing and exports related infrastructure are some of the other key issues, which needs immediate attention of the government, he added.
Source: SME Times
They claim that all these trade organisations represent big industries, while retail trade is predominantly by small retailers. Federation of All India Vyapar Mandal, one of the apex bodies for associations of retail trade across the country has objected to invitation to industry bodies like Confederation of Indian Industry (CII), Federation of Indian Chamber of Commerce and Industry (FICCI) and The Associated Chamber of Commerce of India (ASSOCHAM). Commerce Ministry in the central government has organised a meeting on May 17 to get suggestions for a policy on retail trade within the country. They claim that all these trade organisations represent big industries, while retail trade is predominantly by small retailers. In a letter to union minister for commerce and industries Suresh Prabhu, federation general secretary V K Bansal said that, 'It is surprising that all the leading industry organizations like FICCI, CII, ASSOCHAM, PHDCCI have been given special importance, while Federation of All India Vyapar Mandal, which is the apex federation of all the associations of retail traders in the country has been asked to send only one representative. The issues governing large industries are very different from those by retail traders so it is in the interest of the country that only representatives of bodies for retail trade are invited for the meeting," said Bansal in the letter. There are close to six crore unorganised retail traders in the country. Leaders of the federation say that at a time when the retail trade sector in the country is witnessing a sea change, the central government can play a role in providing level playing field to unorganized retailers with respect to organized retailers, e-commerce market places and small manufacturing companies. "There are aspects like banking and finance where the central government can chip in. After passing a model law for Shops and Establishments Act, it can now guide the state governments to modify the act to reduce compliance of shopkeepers. Governments of Maharashtra and Gujarat have amended laws and reduced compliance burden," said Jayendra Tanna, president of the Federation.
Source: Daily News & Analysis
The 18th edition of Intec 2019, a five-day industrial expo organised by Codissia Intec Technology Centre is scheduled between June 6 and 10 at Codissia Trade Fair Complex here. J Balu, Chairman, Intec 2019, said this edition of the expo would have greater significance as the two industrial parks – at Moperipalayam and Kallapalayam – would soon become operational with around 320 MSMEs establishing their presence in the park and the defence innovation and incubation centre being set up there. The number of exhibitors has risen to 575 from 536 in the last edition. About a dozen countries will participate against seven last year.
Source: The Hindu Business Line
Mumbai: The rupee Wednesday appreciated by 10 paise to close at 70.34 against the US dollar, marking the second straight session of gain driven by easing crude prices, while the Reserve Bank's plan to conduct open market operation also buoyed investor sentiment. The rupee opened strong at 70.32 and later rose to the day's high of 70.17 at the interbank forex market. During the day the local unit touched an intra-day low of 70.39 against the US dollar. The domestic currency finally settled at 70.34, higher by 10 paise from the previous close. The rupee Tuesday had recovered 7 paise to close at 70.44 to the US dollar. Forex traders said the rupee strengthened after the RBI announced a plan to conduct the open market operation. On the other hand, heavy selling in domestic equities and foreign fund outflows restricted its gains. "Bond yields fell for the third session after Reserve Bank of India announced plans to conduct more open-market operations," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. "Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of ... Government securities under Open Market Operations for an aggregate amount of Rs 12,500 crore on May 16, 2019, through mu .. Meanwhile, the Dollar Index which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 97.56. "The dollar is trading higher supported by comments from senior Federal Reserve officials playing down the likelihood of interest rate cuts, and by a fresh bout of safe-haven buying on geopolitical tensions," Sharma said. Foreign institutional investors net sold equities worth Rs 1,142.44 crore on Wednesday, provisional data available with exchanges showed. Domestic benchmark indices ended lower after a volatile session Wednesday as investors took money off the table amid mixed global cues. The 30-share BSE benchmark closed 203.65 points, or 0.55 per cent, lower at 37,114.88, while the broader NSE Nifty shed 65.05 points, or 0.58 per cent, to settle at 11,157. On the global front, forex dealers said, investor sentiments improved after US President Donald Trump on Tuesday hoped that the world's top two economies would be able to reach an agreement. Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.4208 and for rupee/euro at 79.1511. The reference rate for rupee/British pound was fixed at 91.2137 and for rupee/100 Japanese yen at 64.25.
Source: The Economic Times
The 46th India International Knit Fair organised by the Apparel Export Promotion Council (AEPC) and India Knit Fair Association (IKFA), was inaugurated at the IKFA Complex here on Wednesday. Kumar Jayant, Principal Secretary, Handlooms, Handicrafts, Textiles and Khadi Department, inaugurated the three-day fair in the presence of A. Sakthivel, chairman, IKFA. Mr. Sakthivel told presspersons that the fair was organised in the backdrop of the current economic tensions between the U.S. and China. Predicting that the situation will be an “advantage for the Indian knitwear sector,” the IKFA chairman said, “even if orders worth ₹ 10,000 crore are placed, it will benefit India.” The fair has a total of 36 stalls put up by exporters mostly from Tiruppur, with notable exceptions from New Delhi, Noida and Ludhiana. Mr. Jayant visited the stalls after inaugurating the trade fair. One of the stalls displayed garments made from banana fibres blended with cotton. R.S. Baalagurunathan, proprietor of Anandi Enterprises (manufacturer and exporter of cotton), said that the banana fibre garments were conceived as an alternative to linen garments. He claimed that the garments have high moisture-absorbing capacity and have inherent anti-microbial properties unlike other garments. A stall put up by AIC-NIFT TEA Incubation Centre for Textiles and Apparels has displayed garments coloured using natural dyes extracted from plants. S. Sudhan of New Leaf Creation, who collaborated with the incubation centre, said that infants wearing undergarments coloured using synthetic dyes are at a risk of experiencing skin rashes, hence natural dyes are an alternative in this case.
Source: The Hindu
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1225.55 |
USD/Ton |
-0.35% |
5/15/2019 |
|
VSF |
1741.65 |
USD/Ton |
-0.17% |
5/15/2019 |
|
ASF |
2509.26 |
USD/Ton |
0% |
5/15/2019 |
|
Polyester POY |
1173.22 |
USD/Ton |
-1.34% |
5/15/2019 |
|
Nylon FDY |
2645.92 |
USD/Ton |
-0.55% |
5/15/2019 |
|
40D Spandex |
4564.93 |
USD/Ton |
0% |
5/15/2019 |
|
Nylon POY |
2951.21 |
USD/Ton |
-0.98% |
5/15/2019 |
|
Acrylic Top 3D |
5495.36 |
USD/Ton |
0% |
5/15/2019 |
|
Polyester FDY |
1417.46 |
USD/Ton |
-1.02% |
5/15/2019 |
|
Nylon DTY |
2544.15 |
USD/Ton |
-1.13% |
5/15/2019 |
|
Viscose Long Filament |
2689.53 |
USD/Ton |
0% |
5/15/2019 |
|
Polyester DTY |
1308.42 |
USD/Ton |
-1.64% |
5/15/2019 |
|
10S OE Cotton Yarn |
2044.77 |
USD/Ton |
0% |
5/15/2019 |
|
32S Cotton Carded Yarn |
3302.31 |
USD/Ton |
0% |
5/15/2019 |
|
40S Cotton Combed Yarn |
3808.96 |
USD/Ton |
0% |
5/15/2019 |
|
30S Spun Rayon Yarn |
2471.46 |
USD/Ton |
-0.29% |
5/15/2019 |
|
32S Polyester Yarn |
1940.82 |
USD/Ton |
0% |
5/15/2019 |
|
45S T/C Yarn |
2820.37 |
USD/Ton |
0% |
5/15/2019 |
|
40S Rayon Yarn |
2093.47 |
USD/Ton |
0% |
5/15/2019 |
|
T/R Yarn 65/35 32S |
2486.00 |
USD/Ton |
0% |
5/15/2019 |
|
45S Polyester Yarn |
2762.22 |
USD/Ton |
0% |
5/15/2019 |
|
T/C Yarn 65/35 32S |
2340.62 |
USD/Ton |
0% |
5/15/2019 |
|
10S Denim Fabric |
1.34 |
USD/Meter |
0% |
5/15/2019 |
|
32S Twill Fabric |
0.79 |
USD/Meter |
0% |
5/15/2019 |
|
40S Combed Poplin |
1.06 |
USD/Meter |
0% |
5/15/2019 |
|
30S Rayon Fabric |
0.62 |
USD/Meter |
0% |
5/15/2019 |
|
45S T/C Fabric |
0.69 |
USD/Meter |
0% |
5/15/2019 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14538USD dtd. 15/05/2019). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
BANGLADESH Commerce Minister Tipu Munshi on Tuesday requested his Indian counterpart Suresh Prabhu to take necessary measures to withdraw anti-dumping duty on Bangladeshi products as they met on the sidelines of WTO ministerial meeting in New Delhi. Despite a general duty-free access of Bangladeshi products, several Indian states often impose taxes if the imported products appeared to be huge in volume. The jute products and battery could be mentioned as the examples of such Bangladeshi products to face additional duties in Indian market. However, Indian minister said that New Delhi was keen to keep the momentum of the existing, the best ever relations, between the two countries and further assured that he will take all necessary measures to address the requests from Bangladesh. We know, the trade relationship can put a significant effect on bilateral relationship. The geographical proximity of India to Bangladesh has made it one of its largest trading partners. Bangladesh's trade with India has become speedy in recent years. Even so, there are pressing concerns in Bangladesh regarding the large bilateral trade deficit (with India) and the large volumes of informal imports from India across the borders which usually dodge Bangladeshi import duties. Furthermore, to accelerate the trade relation dozens of Border Haats have been set up where commodities are allowed to be exchanged in local currency and/or barter basis. There is no doubt that, the trade between Bnagladesh and India has significant contribution to the economy of both countries. When Bangladesh has got efficiency in producing some products at that time India has also achieved efficiency in some other sectors. So, the common theory of economics is that; Bangladesh will export those products which have her absolute advantage. And so does India. What's important is that, apart from trade benefits India is also getting transit facilities - rail, road, and riverine- from Bangladesh at a minimum cost. We hope, the trade gap between the two countries will be reduced in the future and India will allow Bangladeshi goods in increased volume apparently with relaxing duties. A balanced trade will bring good for the economic health of the both countries.
Source: Daily News Nation
Within the 6% of global productive activity, it is the seventh bigger manufacture sector, being ahead from wood and paper, the pharma and the plastic, according to Euromonitor International. Textile and leather are in the group of the biggest industrial sectors. In 2017, its industrial activity generated a 2.8 billion dollars (2.5 billion euros) in terms of business. That is the equivalent to the 6% of worldwide assembling production, which was valued at 46.2 billion dollars (41.1 billion euros), as stated in Top 100 global manufacturing companiesreport, published by the market studies company Euromonitor International. Textile and leather’s global industry is located on the 7h position between the largest manufacturing sectors within the planet. Feeding industry, as well as the beverage and tobacco, are leading the ranking, managing a business value of 7.4 billion dollars (6.6 billion euros) in 2017. Metallurgical industry and technological goods sectors are filling the rest of the ranking’s podium. Chemical, transport equipment and machinery are the industries which are ranked closely behind the ones occupying the top positions. Shortly after textile and leather sector, there is space for the mining industry, wood and paper sector, pharmaceutical, and plastic and rubber businesses. However, the report is also stating the fragmentation on textile and leather sector, because Nike is the only company that represents the sector on the hundred biggest industrial companies’ ranking. In fact, the American company is located at position 82. On the contrary, automotive and technology are the sectors filling the majority of positions within the ranking, with 44 companies of that business located in all. Automotive sector’s companies Toyota and Volkswagen are continuing to lead this ranking, alongside with Korean corporation Samsung Electronics, the German firm Daimler and American company Ford Motor. This edition of the study has also put the Taiwanese technology company Hon Hai Precision and Chinese automotive Saic Motor in their Top 10. In line with the report, business concentration is moving fast within the industrial area. That way, in 2017 the hundred biggest manufacture companies on the planet were rounding the 90% of the volume of business within the sector, while in 2010 the proportion had been just around the 80%.China, Bangladesh or India, where textile and leather industry companies are mostly located, have also no appearance on the biggest world’s industries by geographical distribution ranking. The US and Japan are heading this list without a strong opposition, due to their industrial giants’ contribution to the economy.The report also points that the most advanced economies are increasing their bid for industrial diversification, activity and product, focusing on greater added value sectors, as the automotive sector, the aerospace industry and electronics, capable of absorbing higher production costs. China, nevertheless, is rapidly moving forward as a global influence industrial hub. Between 2010 and 2017, the Asian giant has increased twice its companies within the ranking, based on the domestic demand, the government support on R & D politics and the internationalization take-off.
Source: The MDS
Several U.S. groups representing a variety of industries have denounced Washington's recent move to increase tariffs on Chinese imports. The U.S. administration of President Donald Trump increased the additional tariffs on 200 billion U.S. dollars' worth of Chinese goods from 10 percent to 25 percent on Friday, and has threatened to raise tariffs on more Chinese imports. The new tariff measures are "catastrophic for the U.S. economy," said the American Apparel and Footwear Association in a statement released Monday, adding that it is "severely disappointed" by the latest tariff threat, which covers products "including clothing, shoes, and other textiles." It estimated that a U.S. family of four would be charged additional 500 dollars per year to cover these tariffs on clothing, shoes, travel goods, and related items. "This is a self-inflicted wound that will be catastrophic for the nation's economy," said Rick Helfenbein, president and CEO of the association. "By tightening the noose and pulling more consumer items into the trade war, the President has shown that he is not concerned with raising taxes on American families, or threatening millions of American jobs that are dependent on global value chains," he added. According to the Information Technology Industry Council (ITI), a Washington-based trade association representing companies from the information and communications technology industry, additional tariffs are counterproductive. "The tariffs in force have already hurt consumers, rattled supply chains for U.S. manufacturers and businesses, and created uncertainty across economies," said Naomi Wilson, ITI's senior director of policy for Asia. "Additional tariffs threaten to needlessly escalate this conflict and diminish the prospects for addressing longstanding trade issues with China," Wilson added. As the China-U.S. trade tensions drag on, U.S. farmers have become increasingly impatient, especially those that grow soybeans -- one of the major U.S. export products to China. "U.S. soybean farmers remain frustrated by the lack of progress between the United States and China in resolving the trade war, which continues to immediately threaten soy prices and, if not resolved, farmers' ability to stay in business," the American Soybean Association (ASA) said in a statement. The ASA has consistently opposed using unilateral tariffs to address U.S. trade deficits with China and other countries, said the statement. "Instead, ASA supports the negotiation of trade agreements and other measures that can increase U.S. agricultural exports, including soybeans." For soybean growers, the fact that no deal was reached yet after 11 rounds of consultation with China on trade disputes means that "we're losing," said ASA President Davie Stephens, who is also a soy grower from Clinton, Kentucky. He said it took U.S. soybean farmers over 40 years to build the market in China, but now the Chinese market "will become increasingly difficult to recover" as the trade conflict continues. "We've been understanding during this negotiation process, but we cannot withstand another year in which our most important foreign market continues to slip away," said John Heisdorffer, ASA Chairman and soy grower from Keota, Iowa. The Consumer Technology Association said tech products account for more than half of the 300 billion dollars' worth of products that are now subject to the administration's new tariff threat. "This immense round of tariffs is exponentially worse for our country," it said. "China is one of the top export markets for American technology -- and its retaliatory tariffs will choke U.S. job creation and global sales for American manufacturers and innovators." Tariffs are taxes paid by Americans, not China, said the association. "Raising tariffs in this questionably legal fashion hurts American families, workers and businesses." The National Retail Federation said, "Slapping tariffs on everything U.S. companies import from China -- goods that support U.S. manufacturing and provide consumers with affordable products -- will jeopardize American jobs and increase costs for consumers." The federation cited an estimate by the Tariffs Hurt the Heartland campaign as saying that imposing tariffs of 25 percent on all remaining imports from China, combined with the impact of retaliation, would jeopardize more than 2 million American jobs, cost the average U.S. family 2,300 dollars each year and reduce the value of U.S. GDP by 1 percent. In response to the U.S. move to increase additional tariffs on 200 billion dollars' worth of Chinese goods, China on Monday announced that it will raise additional tariffs on a range of U.S. imports from June 1. "China doesn't want a trade war, but we are not afraid of fighting one," Chinese Foreign Ministry spokesperson Geng Shuang said in Beijing on Tuesday. "If someone brings the war to our doorstep, we will fight to the end."
Source: Xinhua
Government has evolved a comprehensive strategy to increase cultivation of cotton by providing subsidy on fertilize and seed as this crop was playing pivotal role in strengthening national economy. Spokesman of the agriculture department said Wednesday that although cotton was a cash crop and called as "White Gold".He said that the government had decided to convince the farmers to bring maximum land under cotton cultivation. The government had fixed a target of 15 million bales of cotton this year and for this purpose, the cotton crops would be cultivated over 5.5 million acres of land in Punjab, he added. He said that the government was providing subsidy of Rs.1000 per bag of cotton seed, Rs.800 per bag on Potash fertilizer and Rs.500 per bag on DAP fertilizer so that the growers could cultivate it on maximum space. In this connection, field staff of agriculture department has also been activated to persuade the growers so that they could bring maximum land under cotton cultivation and increase its production. He further said that agriculture department was also devised a comprehensive strategy under which seminars, training workshops and sessions were being arranged at union council level whereas the field staff was also assigned cotton cultivation targets and their performance would be monitored and checked regularly, he added. He said that the field staff had also been directed to compile data of cotton growers so that they could also avail from incentives and subsidies announced by the government for this sector. The farmers should cultivate approved varieties including CIM-496, CIM-506, CIM-554, CIM-573, MNH-786, CRSM-38, PH-167, FH-942, NIAB-852, NIAB-777, NIAB-846, SLH-317, etc. on maximum space of land. More information in that regard could be obtained from agri free helpline 0800-15000 and 0800-29000, he added.
Source: Urdu Point News
Under the leadership of cricketer-turned-politician Imran Khan, Pakistan has inherited the legacy of economic and political instabilities of earlier governments, and the new administration is struggling to wade through the lingering financial crisis. While American assistance was crucial to Pakistan maintaining its foreign currency reserves and Washington’s support was needed to secure International Monetary Fund (IMF) loans, American sanctions forced the country to tilt toward China and Saudi Arabia this time around. American assistance was evident when Pakistan secured $6.6 billion in loans to overcome its balance of payment crisis in 2013. However, Pakistan’s relations with the US took a nosedive in January 2018, when the Trump administration suspended most security assistance following a freeze of $255 million on the grounds that the country had failed to fully commit to fighting terrorism. While stringent American sanctions pushed Islamabad into Beijing’s sphere of economic influence, the Pakistani government, it was argued, reeled under unremitting Chinese debts, which were unlikely to be repaid unless Pakistan turned to the IMF for fresh loans. Further, Pakistan has been included in the “grey list” of the Financial Action Task Force (FATF) for its failure to freeze the assets of terror outfits, compounding the financial crisis by placing Islamabad’s banking and monetary transactions under global scrutiny.Pakistan’s economy slowed, prices of fruits and vegetables shot up and exporters in the key textile sector had a tough time. In a desperate move, Khan removed finance minister Asad Umar (a close aide) and replaced him with a technocrat, Abdul Hafeez Shaikh. The recent $6 billion “bailout” loan from the IMF must have come as a great relief to Pakistan, and it has been argued that the country must not squander the package, which has come under more stringent conditions than in the past. While the IMF loan of $2 billion a year (a 3-year package) pales in comparison to Pakistan’s total foreign debt of $90 billion, the country may have to undergo major structural changes to meet the IMF’s tough economic terms and conditions, which could undercut common strategic objectives that the government is pursuing with China in the China-Pakistan Economic Corridor (CPEC). While it is not hard to understand that for Pakistan to be more peaceful and stable it needs a peaceful and stable Afghanistan, Islamabad allegedly assisted the insurgency in its western neighborhood as a geopolitical tool to undermine Indian influence. This has consumed an enormous amount of Pakistani resources and undermined internal security. Reportedly, when Afghan troops ended thesiege of Ghazni last August, Afghan officials maintained that at least 70 Pakistani fighters were among the 400 terrorists killed. An official, speaking on condition of anonymity, said, “When there were ungoverned spaces during 1996-2001 when the Taliban were in power, groups such as LeT and JeM were able to set up camps and train in Afghanistan. During the assault on Ghazni city last August, there were reports of JeM and LeT elements fighting with the Taliban.” Far from achieving peace, Afghanistan and Pakistan very often became entangled in a blame-game, accusing each other of supporting terror activities against the other. It is argued that Islamabad would prefer an unstable Afghanistan to a peaceful one as long as mutual antipathy and distrust characterize their relations. Pakistan has for a long time pushed a theory that India’s enhanced presence in Afghanistan would encircle it from two sides by squeezing it in the middle. Therefore, it has expressed apprehension regarding the Indian presence in Afghanistan. This has resulted in the US limiting New Delhi’s presence largely to non-military developmental aspects. Pakistan argues that it pursues legitimate security interests in Afghanistan. With the perceived loosening of Indian ties and influence in the Central Asian region after the dismantlement of the Soviet Union (India’s close partner during the Cold War), Pakistan was eager to extend both trade and political ties in the region. This required stability in Afghanistan, which had been torn apart by civil war and the local rule and influence of warlords. When Gulbuddin Hekmatyar, a former Afghan warlord, who recently said there is “no doubt” neighboring Pakistan supports the Afghan Taliban, failed to subdue other ethnic forces in Afghanistan, the government of Benazir Bhutto prepared the groundwork to use the Taliban to bring stability to southern and eastern Afghanistan. Bhutto’s government was eyeing trade routes that could be opened and linked to different resource-rich Central Asian states. Barnett R. Rubin argues: “Since the fall of 1991, when the Soviet Union disintegrated, moderates in Pakistan’s foreign policy establishment led by then-minister of state for economic affairs Sardar Asif Ali had argued that opening trade with the new states of Central Asia, not an Islamic campaign, should be the focus of Pakistan’s foreign policy on its northwest borders.” However, the act of resorting to using radical Islamic groups to enhance geopolitical influence has proved to be a boomerang for Pakistan in the long run. It has kept Afghanistan boiling with the continuous spilling of human blood as last year’s UN Assistance Mission in Afghanistan (UNAMA) data has suggested, and Pakistani citizens have very often fallen victim to the rising menace of militancy. Pakistan’s sense of insecurity arising from India’s growing economic clout and diplomatic influence became palpable in its opposition to Afghanistan’s membership in the South Asian Association for Regional Cooperation (SAARC). It can also be seen in its desire to keep Afghanistan and Central Asia outside India’s sphere of influence by using the Afghan Trade and Transit Agreement of 1965 to deny an overland route to India to supply goods to them. New Delhi also claimed Pakistani involvement in the terror attacks on the Indian embassy in Kabul and its consulates, including the one in Jalalabad, and the abduction of Indian engineers engaged in non-military reconstruction activities. On the other side, Pakistan continued to blame the Indian intelligence agency, Research and Analysis Wing (RAW), for fomenting instability in Afghanistan and Pakistan. Pakistan Foreign Office spokesman Mohammad Faisal’s response to a question pertaining to US President Donald Trump’s remarks about India playing a role in the conflict-ridden South Asian country in the recent past that “India has no role in Afghanistan” raised serious doubts about whether Islamabad would ever allow New Delhi to have a meaningful role in peacemaking and the political processes of the war-torn country. Pakistan’s hesitation in allowing India to have non-military economic and political roles raised doubts about whether Islamabad had legitimate security interests in Afghanistan. Undermining the regional integration process, Pakistan resisted the Indian efforts to introduce regional trade and connectivity proposals and pushed three agreements on roads, rail, and power that New Delhi came up with during the deliberations of the 18th SAARC Summit held in Kathmandu in November 2015. A confluence of factors such as overreliance on Islamic radical groups for geopolitical influence, dependence on American military and development aid and allegedly diverting these to fund non-state actors (radical religious groups) and throwing weight behind Beijing more to promote geostrategic objectives than to meet economic needs under the CPEC project (many local communities expressed their dissatisfaction with the project) has left Pakistan’s economy in tatters. Seeking a bailout and fresh loans from the IMF is not likely to address the broader economic malaise that has plagued Pakistan’s economy over the years. Prime Minister Khan’s government must consider diverting internal resources and external economic assistance to development purposes and devise ways to participate in the regional integration process, which will help Pakistan to better manage its economy in the long run.
Source: Asia Times
Uster is set to display Uster Quality Expert, the new quality management platform, at ITMA 2019 expo, in hall 6, booth D201. The leading textile and garment technology event will be held from June 20-26, 2019, in Barcelona, Spain. Uster is the leading high-technology instrument manufacturer of products for quality management for the textile industry. Uster Quality Expert collects and evaluates information from different production stages and expands its insightful analytics with valuable intelligence as each additional instrument is connected. The entire process becomes more transparent for managers and operators. Finally, the quality management platform drives consistent quality in every part of the spinning process, according to Uster. The introduction of the quality management platform marks an important evolution for Uster. It combines collection and smart data analysis from more process steps with the next level of knowledge-based alerts about possible defects and extended prognosis of yarn performance in subsequent processes. Also very new is the possibility for better contamination control and quality-based optimisation of the ring spinning process, including the possibility to stop defect production as early as possible. Alerts are available on a mobile app and important performance indicators are also projected on dashboards, both with the target to trigger early reaction to problems. The reporting is also accessible on client terminals across the plant. The quality management platform will form the centre piece of the Uster presentation at ITMA 2019. At the same time, the comprehensive portfolio of online, laboratory, fabric inspection products, and value-added services is being extended with further innovations. Reflecting the spirit of continuous innovation, a completely new ITMA booth design will highlight the digitally connected Uster offerings and showcase developments across the entire portfolio. (GK)
Source: Fibre2fashion
Performance Days Munich expo, held on May 8-9, 2019, in Munich, Germany, has recorded a rise of 20 per cent in visitors this year. The functional fabric fair is the place to be for sourcing performance fabrics and accessories twice a year. Global exhibitors show their latest trends in fabric development for the functional textile industry at the expo. As always, the fair not only lures well-known names and highly attractive exhibitors to Munich such as Sympatex, Schoeller Textil, PrimaLoft, Pontetorto, Polartec, Toray, Hyosung or Isko, but also presents a Focus Topic each season, highlighting the current most important trends. This season, the spotlight was on ‘The Beauty of Function’. Long queues at registration desks, along with full aisles and boulevards on May 8-9, 2019, testified to the attractiveness of what the fair has to offer. With its relocation to the Messe München exhibition grounds, the layout of the common areas has undergone a facelift. Four boulevards are now home to the Performance Forum with the Performance Wall, the Focus Topic with Guided Tours, and the area for expert talks and panel discussions, according to a press release on the show. On the second day of the fair, the topics of presentations and discussion rounds are habitually devoted to the Focus Topic. Its attraction as a magnet for visitors could be evidenced by the full auditorium. Exhibitors also acknowledged the fact that the fair has its finger on the pulse with its ‘The Beauty of Function’ theme. “The Focus Topic at the fair is just the thing for us. Injecting beauty into function is in our DNA since Isko combines Innovation and creativity. This topic is very important to us, and a large part of our daily work. At Isko, a large team of specialists’ works towards finding creative, fashionable solutions for athletic fabrics, and our functional woven fabrics and denims have created a new segment in the athleisure market,” Rosey Cortazzi, global marketing director at Isko said. “We as Performance Days will not deny our origins, but we are particularly perceptive in recognising market needs. So it was only natural that we, as trendsetters, called on our exhibitors to make their highly functional fabrics even more attractive than before. The first edition of our functional fabric fair powered by Performance Days in New York clearly illustrated the importance of this topic for future market trends. In New York, our functional exhibitors were met with great interest from sportswear- and fashion brands. So it then became obvious to extend this trend to Europe,” managing director of Performance Days, Marco Weichert said. Performance Days also has another unique service to offer: For those who didn’t have the opportunity to listen to the expert talks live this time or want to view all the Performance Forum material at leisure, all information is online all year round on the Performance Days website. There all the fabrics from previous fairs can be viewed, and also read and listened to presentations in PDF and audio formats, which will be updated and uploaded after the conclusion of the fair. (GK)
Source: Fibre2fashion
