Prime Minister Narendra Modi has met with representatives of electronic manufacturers, startups and the software industry and sought inputs on how to reverse the slowdown in the economy, boost exports and on ways to develop the 5G ecosystem, people familiar with the matter said. “The PM asked the representatives to freely share (details of) all obstacles, be it policies and even officers who are creating roadblocks, and said that solutions need to be found,” one of the people privy to the three-hour meeting held on Saturday told ET. India’s economic growth slumped to a six-year low of 4.5% in the July-September quarter and many experts now expect the fiscal 2020 growth to be below 5%. Recently, the International Monetary Fund said that India was in the midst of a significant economic slowdown and called for urgent steps to reverse it while continuing with credible fiscal consolidation. Representatives of Samsung, Apple, Bosch, domestic handset maker Lava and industry organisation Indian Cellular Operators of India (ICEA) sought incentives to make manufacturing in India as competitive as China and Vietnam. Those from the Indian startup ecosystem said lack of funding from Indian banks was a major problem, which was causing dilution of equity as they were forced to raise money by selling stakes. “The PM was very clear that India needed to become a manufacturing and export hub for electronics … making India forex positive is high on the PM’s list,” one of the people who attended the meeting told ET. The industry reiterated that time was running out and that the government must immediately address the competitive disadvantages that electronic and smartphone manufacturers face here vis-a-viz China and Vietnam to make India a manufacturing and export hub. The government is already considering sweetening the Merchandise Export from India Scheme to make India attractive for large smartphone manufacturers. Another person said the PM was particularly keen on knowing how to facilitate the startup ecosystem and everyone’s opinion on firth generation technology. The government has yet to decide when to start 5G trials in the country. India also has to make a decision on Chinabased Huawei, with the US raising security concerns over the telecom equipment maker’s alleged proximity to the Chinese government. New Delhi has said that it would allow Huawei to participate in the 5G trials, but has not decided yet on allowing it to deploy equipment commercially. Tata Consultancy Services chief executive Rajesh Gopinath, Intel India general manager Nivruti Rai, Tech Mahindra CEO CP Gurnani, Practo founder Shashank ND, IT industry veteran TV Mohandas Pai and Indian Angel Network chairman Saurabh Srivastava were also among those present in the meeting. Some of the IT industry representatives brought to the PM’s notice that government contracts worth more than Rs 2,000 crore were stuck, and sought help on the matter, the first person said.
DEPLOYING 5G TECH
The PM also focussed on the development of 5G technology and artificial intelligence, with some industry captains explaining how China had been making rapid strides in these areas. “We spoke about how the Chinese had stolen the march in 5G already and how cutting-edge work in AI was happening there, even in comparison to the work happening in the US,” another person who attended the meeting told ET. “We pitched for the Indian government to foster R&D in the next-generation technology in our country as we aspire to become the next global superpower,” this person added.
Source: Economic Times
Prime Minister Narendra Modi will chair a critical two-day meeting during January 3-4 to review the five-year vision documents of various ministries and departments, a senior government official told FE. The meeting comes at a time when growth plunged to an over six-year low of 4.5% in the September quarter, with analysts warning that the economy is in the midst of a prolongued phase of slowdown. As many as 10 ‘sectoral groups’ comprising secretaries of several departments will give presentations before the council of ministers, headed by Modi. Key ministers – including home minister Amit Shah, finance and corporate affairs minister Nirmala Sitharaman, transport and MSME minister Nitin Gadkari and commerce and industry minister Piyush Goyal – are expected to attend the meeting, among others. Some of the ideas presented in these vision documents may find mention in the next Budget. The meeting will focus on ways to boost growth as well as private investments and help India turn into a $5-trillion economy by 2024, as envisioned by the Prime Minister. Finance Secretary Rajiv Kumar is expected to give a presentation on behalf of the sectoral group on finance and corporate affairs. A brief review of the measures taken by the government recently to perk up growth, including the corporate tax rate cut, push for credit offtake, recapitalisation of state-run banks, a WTO-compatible scheme to boost exports, and a Rs 25,000-crore fund (including contributions by LIC and SBI) committed for housing’ is expected. Steps required to ensure ‘ease of living’ is also likely to feature in the discussions. The economy is going through a critical phase. Citing growth concerns, Moody’s recently trimmed India’s sovereign rating outlook to ‘negative’ from ‘stable’. Industrial production shrank in September to an eight-year low, while eight core infrastructure industries witnessed their worst contraction at least since April 2005 in September. Exports declined in five of the first eight months of this fiscal, and banks, non-food credit growth was hovering around a two-year low until recently before slowing further. The Modi government had first set up the sectoral groups in 2016 on key areas, including finance and corporate affairs, commerce and industry, agriculture and allied sectors, transport and communications, energy and environment, health, sanitation and urban development, education and social development, governance and crisis management. The composition of the groups has changed over time, as some of the top bureaucrats have since retired.
Source: Financial Express
To ensure goods exports post an overall growth in the on-going fiscal despite a small decline in the first eight months, the Commerce Ministry is trying to identify problems affecting commodity exports and take them up on priority for resolution with export promotion councils and the Customs Department, a government official has said. “Export promotion councils (EPCs) have been asked by the Commerce Ministry to target a minimum 15 per cent growth in exports in the current fiscal. Regular meetings with exporters, EPCs and SEZs are being conducted to expedite orders in the pipeline,” the official told BusinessLine. Exporters body FIEO has estimated exports to be around $330 billion-$340 billion in the current fiscal, which is almost at the same level as last year’s $331 billion. However, it is more positive about the next fiscal and expects exports to grow at 15 per cent if the global situation improves in the first half of 2020. “When global imports are declining, our exports are also likely to take a hit. ...we feel our goods exports may touch $330-340 billion in the current fiscal. Fortunately, the order book position of Indian exporters is very encouraging,” said FIEO President Sharad Kumar Saraf, in an official statement on Monday. In the April-October 2019-20 period, goods exports declined 2.2 per cent to $185.95 billion compared to exports in the same period last year. The Directorate General of Foreign Trade (DGFT) is also taking up with the Customs Department the issue of expediting the Customs export clearance pipeline, the official said. “A number of consignments are held up at the Customs for numerous reasons, many of which could be sorted out separately without holding up consignments,” the official said. Commerce & Industry Minister Piyush Goyal, in a meeting with exporters on December 22, initiated action to address the problem of exporters identified as ‘risky exporters’ by CBIC. The Minister had directed that a nodal officer be appointed in the office of DGFT and asked the EPCs and exporters’ bodies to send a list of those identified as risky exporters to them so that it could taken up with the Finance Ministry. Specific problems being faced by sectors such as telecom, forest produce, sports goods and chemicals are being taken up by the Commerce Ministry with the line Ministries to sort them out, the official added.
Source: The Hindu Business Line
Goyal said that FTAs with countries like Japan, South Korea, and Asean provided duty-free access to Indian markets, but domestic goods face barriers in these countries. Commerce and Industry Minister Piyush Goyal on Monday said his ministry will review all existing free trade agreements (FTAs) with different countries to protect interest of industry and traders. Addressing domestic traders here, he said India also decided to walk out from the Regional Comprehensive Economic Partnership agreement, keeping in view the interest of small traders and dairy industry. Goyal said that FTAs with countries like Japan, South Korea, and Asean provided duty-free access to Indian markets, but domestic goods face barriers in these countries. These unfair pacts did not benefited Indian traders and industry, he said. “I want to assure you that the commerce ministry will open the old FTAs and hold discussions with these countries,” the minister said. Speaking about the forthcoming Assembly elections in the national Capital, he appealed traders to support BJP as the AAP government has not fulfilled its promises. If the BJP would come to power in Delhi, it would stand with traders and work to protect their interests, he said. Goyal alleged that the Arvind Kejriwal-government creates hurdles in the implementation of central government schemes in the Capital. The kind of politics which AAP is doing in Delhi would not help traders, he added.
Source: Business Standard
The target is to formulate these regulations for about 5,000 products but the current focus is on 371 items which accounts for $127 billion worth of imports. The government is working to formulate technical regulations, which includes safety and quality standards, for over 350 products with a view to cut imports of those non-essential items, an official said. The issue was widely discussed during an inter-ministerial meeting this month. The Department for Promotion of Industry and Internal Trade, Department of Telecommunication, Department of Chemicals, IT and electronics ministry and steel ministry was consulted for imposition of import regulations. The target is to formulate these regulations for about 5,000 products but the current focus is on 371 items which accounts for $127 billion worth of imports, the official said. The 371 items include chemicals, steel, consumer electronics, heavy machinery, telecom goods, paper, rubber articles, glass, industrial machinery, metal articles, furniture, pharma, fertiliser, food, textiles. The Bureau of Indian Standards (BIS) has been tasked to prepare these regulations, the official added. India imports about 11,500 goods per year. BIS has also been asked to set up market surveillance mechanism on technical regulations for imported goods. "The main aim is to cut the country's import bill of non-essential items, promoting Make in India and promote sale of quality and standard goods in the market," the official added. India's imports have increased 9 per cent to $507.5 billion in 2018-19 from $465.6 billion in 2017-18. The country's top import commodities include crude oil, gold, electronic goods, pulses, fertilisers, machine tools, and pharmaceutical products. High import bill pushes trade deficit which in turn impacts current account deficit. High imports also affect the country's foreign currency exchange rates. Further, the official said the commerce ministry is also looking at non-tariff barriers being imposed by India's trading partners. Countries which impose one of the highest number of technical barriers to restrict imports include China, South Korea and Thailand.
Source: Business Standard
India’s merchandise exports could clock $330-340 billion in 2019-20, the Federation of Indian Export Organisations (FIEO) has said. “We feel our goods exports may touch $330-340 billion in the current fiscal… If the global situation improves, which is likely in the first half of 2020, we may look for 15% growth in exports during the next financial year,” said FIEO president Sharad Kumar Saraf in a statement on Monday. India’s exports in 2018-19 were $331 billion. Citing encouraging order book position of exporters, less volatility in currency and improved liquidity as positive factors, the organisation cautioned that the global situation is becoming “extremely challenging as rising protectionism is leading to uncertainty in global trade which will have adverse impact on it”. “Despite having moderate share in global trade, India’s exports have always followed the trend in global imports. Therefore, when global imports are declining, our exports are also likely to take a hit,” it said. India’s merchandise exports in April-November are down by about 1.99%. November exports were down 0.34% to $25.98 billion from a year earlier and imports fell 12.7% to $38.11 billion, leaving a trade deficit of $12.12 billion compared with $17.58 billion a year ago and $11 billion in October. FIEO president also added that the infrastructure improvement and initiatives on the logistics front will impart further competitiveness to India’s exports. Saraf reiterated that Indian exports have to be aligned with changing import patterns of global economy. 50% of the global imports today is accounted by electrical & electronics products, automobiles, machinery, petroleum products and plastics products. Unfortunately, the share of such products in our exports is less than 33% despite having petroleum products accounting for roughly half of it. Our global share in such products is much less than 1%. Saraf further added that India’s exports of high technology products are $20 billion, whereas Malaysia’s exports are $90 billion, Singapore $155 billion, South Korea $192 billion and China, a whopping, $652 billion. While employment intensive sectors should be pushed in exports, the new strategy should focus on technology driven sectors as stated above. India having R&D advantage and professional manpower at its disposal should concentrate on such sectors where global trade is likely to rise further. FDI in high technology could also help in expanding our high technology exports and cornering a greater share in global imports thereby increasing our share to about 2% in the next 3 years, said FIEO President.
Source: Economic Times
In addition, adverse verification reports have been received in the case of 399 exporters, which also include 4 'star exporters'. The revenue department on Monday said that IGST worth over Rs 1.12 trillion has been refunded to exporters and only Rs 3,604 crore is pending with the customs department. The Central Board of Indirect Taxes and Customs (CBIC) said while the focus is on quick disbursal of pending refunds to exporters, data analytics has been used to identify "risky" exporter entities that take input tax credit (ITC) fraudulently and monetise it by paying IGST and taking refund thereof or taking refund of the accumulated ITC. "Exporters have already been paid IGST (Integrted-GST) refund of over Rs 1.12 trillion and over 83,500 exporters have been benefited by these refunds. "This shows that the government's efforts to fast track refunds under the GST especially to exporters are yielding results," it said. The CBIC further said refunds of only Rs 3,604 crore are pending, and of about 1.85 lakh exporters, a total of 6,421 (about 3.4 per cent only) including some "star exporters" have been identified as risky and hence red flagged. "Even some of the 'star exporters' are not traceable," it added. The risky exporters are being subject to KYC and verification process before the grant of refund. The verification so far has revealed that 1,241 exporters are not traceable at their given addresses, which include 8 'star exporters'. In addition, adverse verification reports have been received in the case of 399 exporters, which also include 4 'star exporters'. The Commerce Ministry gives 'star' status to exporters on export performance of the last three financial years. As per the CBIC, since the advent of GST in July 2017, 77 per cent of India's exports have been under Letter of Undertaking, which are unaffected by the verification exercise being done by its officials. "Even in respect of the exporters identified as risky, the government is taking all necessary steps to expedite the verification," said the CBIC in the revenue department. At the same time, the government remains concerned about the misuse of the facility of ITC credit and refunds by few unscrupulous exporters, it added. IGST is a tax levied on all inter-state supplies of goods and/or services. It also applies on supply of goods and/or services in cases of import and export.
Source: Business Standard
Concerned over massive inflows of ‘sub-standard’ products into India — ranging from chemicals, pharmaceuticals, electrical machinery, furniture and toys to steel — the government is planning the biggest overhaul of its regulatory ecosystem that stipulates technical standards, including safety and quality, in a bid to curb imports of such products. The move marks a policy shift in New Delhi from an avowedly pro-liberalisation approach to external trade to a more discretionary one, where barriers could be erected to ‘non-essential’ imports that may harm the economy, rather than benefit it. India’s move follows its decision to pull out of the 16-nation Regional Comprehensive Economic Partnership (RCEP) agreement in November, as its proposals on safeguard measures to deal with any “irrational spike” in imports, among others, weren’t adequately addressed by potential partners, including China. As such, China has been a major source of sub-standard products, according to industry executives. The policymakers here are also being seen taking cue from countries like China and South Korea, which maintain benign import tariffs but have high non-tariff barriers (NTBs). In September-October 2018, India had raised the import duties on several communication items in the wake of surge in imports of electronic items. There have also been reports of the possibility of such duty increases on several other items and this has invited criticism from independent experts, who believe it would go against the spirit of free trade and New Delhi’s stated policy of progressive lowering of import tariffs. An official source told FE that the Bureau Of Indian Standards (BIS) has been asked to develop standards for over 4,500 products (HS lines), preferably over the next six months, taking the total number of imported items where quality and other parameters would be in place to 5,000. Of these, standards for 371 products, with total imports of as much as $128 billion in FY19, will have to be firmed up or reviewed (wherever necessary) on a war footing, said the source. These items include steel, consumer electronics, heavy machinery, telecom goods, chemicals, pharmaceuticals, paper, rubber articles, glass, industrial machinery, some metal articles, furniture, fertiliser, food and textiles. Commerce and industry minister Piyush Goyal held a crucial meeting on December 23 on this issue with officials of various ministries/departments, including steel, electronics, telecommunications, chemicals and petrochemicals and industry, said the source. It was revealed in the meeting that only about 10% of the country’s imported products are subject to various standards and the rest remain unregulated even from basic safety and environment parameters. Since sub-standard products are usually imported at much cheaper rates, they not just pose risks to consumer health and environment (toys, for instance) but also hit domestic manufacturing because of the price competitiveness. Many countries, especially the big economies, therefore, subject their imports to rigorous technical standards and sanitary and phytosanitary measures. The proposed measures, once implemented, will boost the government’s Make in India initiative as well, said the official source. Analysts say India seems to have taken a cue from countries like China and South Korea that have effectively employed various non-tariff measures to curb non-essential and sub-standard imports with potential risks to environment. Even without RCEP, India’s merchandise trade deficit with China stood at $53.6 billion in FY19, or nearly a third of its total deficit. Its deficit with potential RCEP members (including China) was as much as $105 billion in FY19. India’s imports rose 9% year-on-year to $507.5 billion in FY19, although in the current fiscal, the imports have contracted 8.9% in the first eight months, mirroring demand compression in the economy.
Source: Financial Express
In the e-invoicing system, the invoices are authenticated electronically by GST Network (GSTN) for further use on the common GST portal. Two things that will change the way transactions are reported under the goods and services tax (GST) system in 2020 are electronic invoicing and new returns. While both of these will be introduced mandatorily from April 1, e-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs500 crore from January 1. Those with an annual turnover of over Rs100 crore can use e-invoicing from February 1. Finally, those with annual turnover of over Rs100 crore will have to use e-invoicing system from the beginning of the next financial year. In the e-invoicing system, the invoices are authenticated electronically by GST Network (GSTN) for further use on the common GST portal. Two procedures are required in e-invoicing system — generation of invoices in standard format and reporting it on to a central portal system. The new system requires invoice details to be uploaded on the government site — Invoice Registration Portal or IRP — on real-time basis. Based on the uploaded details, a unique invoice reference number (IRN) will be allocated against an each invoice. IRN would be get validated through IRN portal and GSTN. According to GSTN Chief Executive Officer Prakash Kumar, e-invoices are generated by large number of businesses even today. However, they all use the format as provided by the ERP or billing software they use. Lack of a standard leads to a scenario where e-invoice generated on one billing software can’t be read by another, requiring manual data entry from electronically generated invoice. “All this means lots of engagement in maintenance of invoice, manual feeding in system, a pile of paper work, and lot of transcription errors,” he said. Here comes a system that does away with much of paper, human error, transcription error, saves time and gives you a format which is compatible to all. He said no changes are required as far as the businesses are concerned as they will continue to use the same software with same user interface to generate the e-invoices such as ERP, accounting and billing software, excel based billing system etc. The companies, which have developed the ERP or billing software, will have to make changes in their software codes to make them conform to the approved standards, he said. Abhishek Rastogi, partner at Khaitan & Co, said the phased manner of implementation of e-invoicing will enable adequatetesting of the system before it is made mandatory. Harpreet Singh, partner at KPMG, said: “In the long run, e-invoicing should be the only data collection point for the tax authorities replacing e-waybills and multiple returns.” However, new simplified returns would be implemented from April 1. The GST Council had earlier decided to defer the implementation of these returns from the planned staggered manner from October this year. In the new returns, there would be one main form — GST RET-1, which will contain details of all supplies made, input tax credit availed, and payment of taxes. This return will have two annexures — GST ANX-1 and GST ANX-2. Form GST ANX-1 will have details of all outward supplies and form GST ANX-2 will contain details of all inward supplies. Currently, taxpayers are filing two returns: GSTR-1, which contains details of all outward supplies made, and GSTR-3B, which is a monthly self-declaration of outward supplies, input tax credit availed, and taxes paid. Archit Gupta, CEO of ClearTax, said the e-invoice system would be integrated with the new return filing system for filing e-way bills and new return formats. Initially, businesses had a fear that their cash flow would be blocked because there was a proposition of only allowing credits to those invoices that were uploaded by vendors and tax discharged. To address the issue, the government had proposed allowing businesses to avail of input tax credit on the basis of self-declarations in GSTR-3B for initial months even under the new mechanism. Gupta said the pain point involved in frequent matching of invoices was that the taxpayer had to allocate time from his daily business activities or he has to appoint personnel to do the same. There is also an issue of tracking and reporting of missing invoices to avail credit. Gupta said this would put additional responsibility even though the recipient paid the tax amount to his supplier.
Source: Business Standard
As many as 44 central labour laws are most likely to be subsumed under four labour codes in 2020, making it a year of reforms as the government works to bolster investments and tackle slowdown blues. Besides, the Union Labour Ministry is mulling launching a 'Santusht' portal next month for effective implementation of labour laws at the grass-root level. Entering 2020, the government hopes that India would be able to implement all four codes on wages, industrial relations, social security and occupational safety, health and working conditions. These are expected to improve ease of doing business and safeguard interest of workers. "We hope that 2020 would be an year of labour reforms. The four codes would be a reality in 2020. The codes would safeguard the interest of workers and employers. We have tried to strike a balance between workers' as well employees' rights," Labour Minister Santosh Gangwar told PTI. The labour reforms assume significance in view of an over six-year-low gross domestic product (GDP) growth of 4.5 per cent in the second quarter of this fiscal. The retail inflation or consumer price index (CPI) hit 40-month high at 5.54 per cent in November. "The process of labour reforms began after 2nd National Labour Commission gave its report in 2004. But the process was expedited in 2014 (when NDA government came in power at centre). "We introduced the four codes in Lok Sabha after many tripartite meetings (taking unions and employers on board). Besides we sent all four codes for scrutiny by standing committee," the minister said. As per the recommendations of the 2nd National Commission on Labour, the ministry is codifying existing 44 central labour laws into four codes by simplifying, amalgamating and rationalising the relevant provisions of the legislations. Code on wages has already been approved by Parliament. The law would be implemented after framing rules under the code. The remaining three codes are sent to Parliamentary Standing Committee on Labour. "The Occupational Safety, Health and Working Conditions Code, 2019 was referred to standing committee in October this year. Earlier this month we also sent The Industrial Relations Code, 2019 and The Social Security Code to the committee for scrutiny to the panel," Gangwar said. However, the unions have been raising objections against certain amendments in the labour laws through codification of central legislations. The minister also said, "We going beyond codification of labour laws. In order to ensure effective implementation of labour laws at grass root level for workers as well as employers, we have planned a new portal 'Santusht'." This portal is expected to be launched next month. There would an internal performance monitoring cell with five to six officers on it board at central level. It would monitor performance of social security bodies under the ministry - Employees' Provident Fund Organisation (EPFO) and Employees' State Insurance Corporation (ESIC), initially. There have been grievances of the subscribers of the two bodies as well as other workers on poor implementation of labour laws in the country. They faced issues like delay in settling claims by EPFO and ESIC. Some workers did not get minimum wages. There are other issues related to poor implementation of labour laws in the country at grass root level which directly affect workers as well as employers. The 'Santusht' portal would not only monitor the work of different bodies and wings of the ministry implementing labour laws, but also give credit and discredit to officials responsible for keeping or not keeping quality of service on the mark. The portal would help the labour ministry to assess the performance of officials and would be given due weighage at the time of their appraisals, transfers and postings. It would ensure transparency, accountability and effective implementation of labour laws. The labour ministry would also enforce the retirement fund body EPFO's decision to restore commutation, or advance part-withdrawal, under the Employees' Pension Scheme from January 1, 2020. This would provide relief to 6.3 lakh pensioners who had opted for commutation and got a lump-sum amount at the time of retirement before 2009. The provision for commutation of pension was withdrawn by the EPFO in 2009. Under the commutation, monthly pension used to be cut by one-third for the next 15 years and the reduced amount was given in lump sum. After the 15 years, the pensioners were entitled to get the full pension. Apart from the organised sector, the year 2019 witnessed significant development in the form of launch of Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM). The scheme provides minimum pension of Rs 3,000 per month to unorganised workers like domestic help, rickshaw pullers, cobblers or rag pickers, to ensure their old age protection. The scheme covers informal sector workers whose monthly income is up to Rs 15,000 per month or less and belong to the entry age group of 18-40 years. A similar scheme is also launched this year for small traders and self employers person with annual turnover (sales) not exceeding Rs 1.5 crore. According to the scheme portal, around 40 lakh informal sector workers have enrolled under the PM-SYM. Now, how many more come forward for the scheme would be seen in year 2020. The government would have to put an extra efforts to increase enrolments as there are over 40 crore informal sector workers in India.
Source: Economic Times
The rupee appreciated by 4 paise to settle at 71.31 against the US currency amid weakening of the US dollar in overseas markets even as crude oil prices surged. Subdued domestic equity markets and high crude oil prices restricted the gains in the rupee, analysts said. At the interbank foreign exchange market, the rupee opened at 71.36 against the US dollar. During the day, the domestic unit saw a high of 71.30 and a low of 71.39. The domestic unit finally settled at 71.31, higher by 4 paise over the previous closing price. On Friday the rupee had settled at 71.35 against the American currency.
Source: Business Line
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1002.42 |
USD/Ton |
-0.36% |
12/31/2019 |
|
VSF |
1345.14 |
USD/Ton |
0% |
12/31/2019 |
|
ASF |
2003.40 |
USD/Ton |
0% |
12/31/2019 |
|
Polyester POY |
1016.01 |
USD/Ton |
-0.28% |
12/31/2019 |
|
Nylon FDY |
2160.81 |
USD/Ton |
0% |
12/31/2019 |
|
40D Spandex |
4106.97 |
USD/Ton |
0% |
12/31/2019 |
|
Nylon POY |
5366.25 |
USD/Ton |
0% |
12/31/2019 |
|
Acrylic Top 3D |
1266.44 |
USD/Ton |
0% |
12/31/2019 |
|
Polyester FDY |
1996.25 |
USD/Ton |
0% |
12/31/2019 |
|
Nylon DTY |
2189.43 |
USD/Ton |
0% |
12/31/2019 |
|
Viscose Long Filament |
1159.11 |
USD/Ton |
0% |
12/31/2019 |
|
Polyester DTY |
2375.46 |
USD/Ton |
0% |
12/31/2019 |
|
30S Spun Rayon Yarn |
1996.25 |
USD/Ton |
0% |
12/31/2019 |
|
32S Polyester Yarn |
1617.03 |
USD/Ton |
0% |
12/31/2019 |
|
45S T/C Yarn |
2404.08 |
USD/Ton |
0% |
12/31/2019 |
|
40S Rayon Yarn |
2160.81 |
USD/Ton |
-0.66% |
12/31/2019 |
|
T/R Yarn 65/35 32S |
1917.54 |
USD/Ton |
0% |
12/31/2019 |
|
45S Polyester Yarn |
1760.13 |
USD/Ton |
0% |
12/31/2019 |
|
T/C Yarn 65/35 32S |
2189.43 |
USD/Ton |
0% |
12/31/2019 |
|
10S Denim Fabric |
1.27 |
USD/Meter |
0% |
12/31/2019 |
|
32S Twill Fabric |
0.69 |
USD/Meter |
0% |
12/31/2019 |
|
40S Combed Poplin |
0.97 |
USD/Meter |
0% |
12/31/2019 |
|
30S Rayon Fabric |
0.53 |
USD/Meter |
0% |
12/31/2019 |
|
45S T/C Fabric |
0.67 |
USD/Meter |
0% |
12/31/2019 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14310 USD dtd. 31/12/2019). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Port Logistics Group, among the US’ leading providers of omnichannel logistics services, headquartered in City of Industry, Calif, has signed a multi-year logistics deal to provide distribution and fulfilment services to APL, the luxury performance footwear brand. Port Logistics Group will provide global transportation, distribution and fulfilment services. The contract allows APL (Athletic Propulsion Labs) to efficiently scale and grow its wholesale, retail and direct-to-consumer (D2C) businesses by consolidating logistics operations in one distribution centre with a single logistics provider. Under the agreement, Port Logistics Group will provide global transportation, distribution and fulfilment services from a facility in its City of Industry distribution campus. Port Logistics Group was selected by APL for its proven performance in the footwear category, ability to scale, comprehensive retail expertise as well as its robust, proprietary warehouse management system. "We are honoured to support the global fulfilment needs of this high energy, fast-growing brand. APL is a true omnichannel customer for us and we will manage its operations for all three channels—wholesale to high-end retailers, online D2C sales, and its new retail flagship store. We look forward to serving APL as it continues to grow and opens more branded stores," said Scott Weiss, vice president of Business Development at Port Logistics Group. Headquartered in Los Angeles, Calif and founded in 2009 by twin brothers Adam and Ryan Goldston, APL met with uncommon success a year later when the NBA banned its Concept 1 shoe featuring its proprietary Load N' Launch spring device technology. APL footwear is sold at high-end independent retailers and department stores which include Saks Fifth Avenue, Bloomingdale's, and Neiman Marcus. "We believe the omnichannel experience is that of the present and the future. With so much competition in the landscape, we wanted to partner with a world class group like Port Logistics Group to help us scale all aspects of business when it came to logistical functions. We believe in outsourcing commodity functions and concentrating all of our efforts on the proprietary aspects that make APL special. Having a logistical partner such as PLG that allows us to focus on what we are best-in-class at because they are categorical leaders makes us much stronger and incredibly confident going into 2020 and further," said Adam and Ryan Goldston, the co-founders of APL.
Source: Fibre2Fashion
The country’s trade surplus reached a record high of US$9.9 billion in 2019, the General Statistics Office’s monthly report has revealed. This year’s surplus was also the highest level seen in the past four years, after $1.6 billion in 2016; $1.9 billion in 2017 and $6.8 billion in 2018. Notably, the nation’s trade turnover surpassed the $500-billion mark for first time in 2019, witnessing the stronger growth of the Vietnamese-invested sector compared to foreign invested sector, according to the report. During the year, overseas shipments earned the country $263.45 billion, up 8.1 per cent year-on-year and higher than the target set by the National Assembly and the government of 7-8 per cent. The domestic sector contributed $82.1 billion, or 31.2 per cent, of total exports, up 18 per cent year-on-year, while the foreign-invested sector made up $181 billion, up 4.2 per cent year-on-year or 68.8 per cent of the total (down 2.5 percentage points year-on-year). Six groups of goods posted an export value of more than $10 billion, including mobile phones and spare parts with $51.8 billion, up 5.3 per cent; computers and components ($35.6 billion or 20.4 per cent); textiles and garments ($32.6 billion or 7 per cent); machinery, equipment and parts ($18.3 billion or 12 per cent), footwear ($18.3 billion or 13 per cent) and wood and wooden goods ($10.5 billion or 18 per cent). The US retained its position as the largest export market of Việt Nam with a turnover of $60.7 billion in 2019, marking a yearly hike of 28 per cent. It was followed by the EU ($41.7 billion), China ($41.5 billion), ASEAN ($25.3 billion), Japan ($20.3 billion) and South Korea ($19.8 billion). From January to December, the country’s import revenue experienced a modest yearly increase of 7 per cent, reaching $253.51 billion, the report said. It added imports mainly served export production at foreign-invested enterprises which accounted for 91.2 per cent of the total import value. Goods categories reported a significant import turnover such as raw materials with $119.5 billion or 47 per cent of the total value; machinery, means of transport and parts ($111.7 billion, or 44 per cent) and consumer goods ($22.3 billion or 9 per cent). China continued to be the largest import market of Việt Nam with total turnover of $75.3 billion, signifying an increase of 15 per cent. That meant Việt Nam had to face an all-time high trade deficit of $33.8 billion with its neighbour. Meanwhile, Việt Nam’s trade deficit with other markets such as ASEAN and South Korea experienced a slight decrease of 6 per cent at $27.5 billion and 3.2 per cent at $6.8 billion, respectively. During a conference in Hà Nội late last week, Prime Minister Nguyễn Xuân Phúc asked the Ministry of Industry and Trade to diversify the country's export markets to reach an export revenue of $300 billion in 2020. “Diversifying export markets is important to reducing the risk of depending on a single or several markets,” Phúc said. He also announced a target of reaching a trade surplus of around $15-17 billion in 2020.
Source: Vietnam News Association
Pakistan Readymade Garments Manufacturers and Exporters Association has expressed serious concern over the discontinuation of Pakistan Pavilion from textile exhibition in USA and asked the Trade Development Authority of Pakistan(TDAP) to continue its previous practice of adding the premier event in its exhibitions Calendar.In a letter written to TDAP Chief Executive Arif Ahmed Khan, the Chairman of PRGMEA , Sohail A. Sheikh has said that at textile exhibition MAGIC Show is being organized in the months of February and August at Las Vegas, America, which is turned out to be one of the biggest textile exhibition in the world, where exporters and importers gather from the entire globe . At least six Pakistani value-added textile exporters have keen interest in this most comprehensive fashion marketplace of the U.S but they cannot afford it due to its high participation cost. He said that there is huge potential for the export of Pakistani-made garments, fashion fabrics, home textile fabrics, finished products, and accessories in the US market. "If TDAP continues to offer subsidized booth in the Pakistan pavilion at MAGIC Show, many Pakistani companies will be able to target the lucrative US textile import industry and bring large amount of foreign exchange in Pakistan," he suggested.Sohail A. Sheikh observed that the Sourcing at MAGIC' is the most comprehensive fashion marketplace in the U.S., showcasing Women's and Men's Apparel, Footwear, Accessories, and Sourcing resources from around the world. In the letter, he said that MAGIC fuels the business of fashion by helping facilitate connections between buyers and brands with outstanding services like retail concierge and matchmaking programs, bridging relationships and strengthening connections. Additionally, retailers and buyers have opportunities to learn, network, and conduct business with new and returning exhibiting brands, he added. At MAGIC Show, companies can display all kinds of garments for Men, Women, Juniors and Children. From the height of advanced contemporary luxury brands, to the latest trends in fast fashion, MAGIC fuels the business of fashion bi-annually in February and August every year."Moreover, as the US-China trade war could lead to potential industrial growth and the inflow of foreign investment into Pakistan. It offers an opportunity for Pakistan to boost its exports to the United States as well as revive the closed manufacturing capacity."He pointed out that Pakistan's competitors including Bangladesh, India, China and Sri Lanka have continued to set up their pavilions and exporters of these countries are participating in this mega textile event. So, we should not miss this opportunity particularly at at time when we need to boost our foreign exchange reserves through jump in our exports.He said that the textile exports, from January to November 2019, stood at around $12 billion and likely to reach just $13.5 billion by the end of December. This is the same export figure achieved in 2012-13, which is 2.5 times less than the textile exports of Bangladesh or Vietnam.In real terms the textile exports have remained stagnant in last six years. During the same period the textile exports from Bangladesh and Vietnam increased at a rate of over 7-10 percent. Pakistan share in global textile trade has declined from 2.2 percent at the start of century to less than 1.70 percent.He said that Pakistani companies, under the umbrella of the Trade Development Authority of Pakistan (TDAP), should participate in the US premier exhibition, helping exporters understand the US market and how best to increase buyers to Pakistan.
Source: Urdu Point
The global trade of woven fabrics of linen has jumped with a CAGR of 16.20 per cent from 2016 to 2018, according to data from TexPro. The global trade of woven fabrics of linen was $2,284.77 million in 2016, which increased to $3,085.18 million in 2018. The total trade of woven fabrics of linen has risen by 32.23 per cent in 2018 over the previous year.The trade of linen woven fabrics is anticipated to reach $4,859 million in 2021 with a CAGR of 16.20 per cent from 2018, according to Fibre2Fashion's market analysis tool TexPro. The global exports of woven fabrics of linen was $1,580.16 million in 2016, which increased by 39.15 per cent to $2,198.84 million in 2018. Total exports moved up by 34.18 per cent in 2018 compared to the previous year and is expected to reach $3,609.38 million in 2021 with a CAGR of 17.96 per cent from 2018. The global imports of woven fabrics of linen was $704.61 million in 2016, which grew by 25.79 per cent to $886.33 million in 2018. Total imports rose by 27.64 per cent in 2018 over the previous year and is expected to reach $1,250.46 million in 2021 with a CAGR of 12.16 per cent from 2018. China ($1,477.21 million), Italy ($171.96 million) and Belgium ($68.76 million) were the key exporters of woven fabrics of linen across the globe in 2018, together comprising 78.13 per cent of total export. These were distantly followed by the UK ($48.93 million), India ($45.53 million), Belarus ($45.49 million) and Spain ($44.33 million). From 2013 to 2018, the most notable rate of growth in terms of export, amongst the main exporting countries, was attained by China (263.53 per cent) and Italy (222.63 per cent). The US ($109.35 million), Italy ($80.60 million), South Korea ($52.64 million), China ($42.01 million), Spain ($38.26 million) and UK ($36.34 million) were the key importers of woven fabrics of linen across the globe in 2018, together comprising 40.53 per cent of total import. These were followed by Turkey ($33.90 million), the Netherlands ($30.42 million), Japan ($29.76 million) and France ($29.49 million). From 2013 to 2018, the most notable rate of growth in terms of import, amongst the main importing countries, was attained by South Korea (693.27per cent) and Italy (36.89 per cent).
Source: Fibre2fashion
