Union Textiles Minister Smriti Irani on Thursday said her ministry is looking at reducing the hank yarn obligation. Irani said the government has already partially eased the challenges related to hank yarn obligation, which the industry has been facing from the last two decades. "We are actively pursuing reducing hank yarn obligation even more," Irani said at an event organised by The Cotton Textiles Export Promotion Council (Texprocil). The hank yarn obligation is a mechanism to ensure adequate availability of hank yarn to handloom weavers at reasonable prices. The existing norms prescribe that every producer of yarn who packs yarn for civil consumption shall pack at least 30 per cent of yarn in hank form on quarterly basis. In the textile industry, a hank is a coiled or wrapped unit of yarn or twine (as opposed to both other objects like thread or rope as well as other forms such as in a ball, cone, bobbin, spool, among others). The industry is demanding that the obligation should be reduced in the 10-20 per cent range. She said one of the issues faced by the industry is procurement of cotton by Cotton Corporation of India (CCI) and its sale to the industry at a competitive prices. "The ministry and the industry are jointly making efforts to ensure a speedy resolution to this challenge," she said. Irani said the textile ministry is actively pursuing with the finance ministry on the inverted duty structure. In the textile industry, there is high duty on raw material compared to the finished product. The union minister also urged Texprocil to hand-hold small firms to become mid-sized companies.
Source: Outlook India
DGTR, in a notification, said that on the basis of the prima facie evidence submitted by the association about dumping of the product by these nations, "the authority, hereby, initiates an investigation".The government may impose anti-dumping duty on a certain variety of yarn from China, Indonesia, and Vietnam with a view to guard domestic players from cheap imports. The Commerce Ministry's investigation arm Directorate General of Trade Remedies (DGTR) has initiated a probe into alleged dumping of 'Viscose Spun Yarn' by companies in these three countries following a complaint filed by Indian Manmade Yarn Manufacturers Association on behalf of domestic industry. The association has filed an application before the directorate for investigation into the imports from these countries for imposing anti-dumping duty. It has alleged that dumped imports from these countries are causing material injury to the domestic industry. DGTR, in a notification, said that on the basis of the prima facie evidence submitted by the association about dumping of the product by these nations, "the authority, hereby, initiates an investigation". In the probe, DGTR will determine the existence, degree and effect of any alleged dumping. If it is established that the dumping has impacted domestic industry, the directorate would recommend imposition of the duty. The Finance Ministry will take the final decision on imposing the duty. The period of investigation is April to December 2019. It would also look at 2016-19 data. Yarn is mainly used for weaving or knitting for production of fabric for eventual use in garments. Countries carry out anti-dumping probe to determine whether their domestic industries have been hurt because of a surge in cheap imports. As a counter measure, they impose duties under the multilateral regime of the World Trade Organization. The duty is aimed at ensuring fair trade practices and creating a level-playing field for domestic producers with regard to foreign producers and exporters.
Source: Money Control
Piyush Goyal, Malaysia, Turkey, Commerce and Industry Minister, Raisina Dialogue, Mahathir bin Mohamad, Kashmir. The minister said that any import curbs being imposed by India is only to protect interest of the country and it is uniform in nature. The government is not contemplating any curbs on imports from Malaysia and Turkey, Commerce and Industry Minister Piyush Goyal said on Thursday. He said that India believes in fair play and equal treatment to all the countries. “I don’t think we have put any curbs on imports from Malaysia, and neither we are contemplating nor we have put any curbs on Turkey,” he said here at the Raisina Dialogue. The minister said that any import curbs being imposed by India is only to protect interest of the country and it is uniform in nature. “If some of the restrictions impact Malaysia, I don’t think that is the only country that is being impacted. There are other exporters to India who would have the same impact,” he added. The government on January 8 imposed restrictions on imports of refined palm oil, which is expected to impact Malaysia. Indonesia and Malaysia are the two countries which supply palm oil. The move comes in the backdrop of remarks by Malaysia on the new citizenship law and Kashmir issue. On December 20 last year, Malaysian Prime Minister Mahathir bin Mohamad had reportedly said, “I am sorry to see that India, which claims to be a secular state, is now taking action to deprive some Muslims of their citizenship”. “If we do that here, you know what will happen. There will be chaos, there will be instability, and everyone will suffer,” he had said. Turkey too criticised India over the situation in Kashmir.
Source: Financial Express
Textiles and garment imports, as percentage of such exports, surged from just about 13% in FY14 to a record 25% in the first eight months of this fiscal. The government has decided to scrap incentives for the garment and made-ups sector under a key programme — the Merchandise Exports from India Scheme (MEIS) — retrospectively from March 7, 2019, dealing a deadly blow to cash-starved exporters, who warn that the already-faltering outbound shipments of apparels could plunge further to around 10% in the last quarter of the fiscal, against a 0.8% rise in the April-December period. Exporters decry the retrospective withdrawal. Exporters say prior to the decision, the government had blocked the release of benefits worth over Rs 5,000 crore for the garments and made-ups sector under both the MEIS and the Rebate of State and Central Taxes & Levies (RoSCTL), meant for compensating them for various state and central government imposts. Under MEIS, the government used to provide garment and made-up firms incentives worth 4% of the freight-on-board (FoB) value of exports. The latest order by the textile ministry, dated January 14, means the government would release only about 60% of the total held-up benefits up to December 2019. While MEIS gains were held up since August 2019, benefits under the RoSCTL, which replaced the erstwhile Remission of State Levies (RoSL) scheme, were never extended since its introduction on March 7, 2019. Exporters say the MEIS withdrawal will worsen a liquidity squeeze for them, as they typically factor in such incentives while firming up deals. It will also hurt their ability to honour fresh contracts. Since 80% of the garment exporters are MSMEs, with very limited ability to raise resources, the decisions will hit them very hard, they say. However, to offer some relief to the exporters from the retrospective move, the order states that if the RoSCTL benefit between March 7 and December 31, 2019, is lower than the combined incentives under the MEIS and RoSL (which they were enjoying until the RoSCTL roll-out), the government would provide an “additional ad-hoc incentive” of up to 1% of FoB value of exported products, with a cap of `600 crore, for this period. Citing a decision of the expenditure finance committee, the ministry said the MEIS benefit for garments and made-ups ‘stands withdrawn” from March 7, 2019, the day it had notified the RoSCTL. But, compounding exporters’ woes, it has asked those who had availed of the MEIS benefits between March 7 and July 31, 2019, (after which MEIS benefits were blocked to them), to return the incentives, or the amount can be suitably adjusted against their future benefits. Exporters said even with the extra incentive, the total benefit will be lower than what they used to get in March 2019 by over two percentage points. A senior government official had earlier told FE that the resource-strapped revenue department felt that since garment/made-up exporters were to get the RoSCTL benefits (which are not extended to other exporters), they shouldn’t be simultaneously granted the MEIS benefits, which, in any case, had come under the WTO scrutiny. However, the textile ministry was learnt to have been backing the garment exporters’ claims and wanted both the MEIS and RoSCTL to co-exist. Exporters claim the MEIS and the RoSCTL are totally different schemes and must run simultaneously. The RoSCTL is aimed at keeping exports zero-rated, as per best international practices, while the MEIS is intended to help exporters deal with several infrastructural bottlenecks, including exorbitantly high logistics costs. The latest move comes at a time when outbound shipments of textiles and garments have shrunk (even on a favourable base), aiding a decline in overall exports that have contracted for a fifth straight month through December. It will further weigh on the overall textiles and garments trade, which is already witnessing an unusual trend of brisk imports in times of slowing exports. Textiles and garment imports, as percentage of such exports, surged from just about 13% in FY14 to a record 25% in the first eight months of this fiscal. Similarly, at 1.7%, the share of textiles and garments in the country’s overall imports in the April-November period was the highest in recent memory. On the other hand, the labour-intensive sector’s share in the overall merchandise exports has been sliding consistently in recent years, having dropped from as much as 13.7% in FY16 to just 10.27% this fiscal (up to November), the lowest in at least a decade.
Source: Financial Express
It could benefit from a possible turnaround in world economy, but some doubt if India has the competitive strength. India is unlikely to be directly affected by the US-China trade deal signed on Wednesday as the country gained little from the almost two-year old trade war between the two trading giants. But, if the hard-negotiated pact goes beyond the first phase and is implemented in spirit by both nations, India could benefit from an overall improvement in sentiments and performance of world trade. However, there are some, who argue that India seems to lack the competitive strength to take advantage of a global turnaround.
High tariffs
“There was opportunity for India to gain from the trade war between the US and China as the two countries imposed high tariffs on a large number of items imported from each other. But due to a multitude of reasons, including lack of adequate manufacturing capacity in the country, Indian producers could hardly benefit from it. It was mostly Vietnam which got increased business. So, if the US and China are now on the path to end their dispute, it will not directly affect India,” an official told BusinessLine. Moreover, as per the pact, tariffs on $120 billion worth of goods would be halved, but much of the higher duties on about $360 billion of Chinese exports to the US and more than $100 billion of US exports to China would stay. China has also committed to increase its purchases in manufacturing, services, agriculture and energy from 2017 levels by $200 billion over two years and that could include $ 50 billion worth of agricultural goods a year. But that should also not be a reason for worry for India’s exporters. India and China have been in talks since the trade war started for increased purchases by Beijing of commodities such as soybean which it had been mostly buying from the US. But it did not actually result in much increase in exports from India. So, a resumption of farm goods purchases by China from the US is not likely to hurt India.
US presidential elections
Also, China has said that its increased purchases from the US would also depend on the demand situation, which gives it an option to exit from its commitment if needed. With US Presidential elections scheduled in November, the US-China truce could be Trump’s attempt to appease the US voter who has been hit by the trade war. As per estimates of the Congressional Budget Office, tariff-related uncertainty and costs have lowered US economic growth by 0.3 per cent, while reducing household income by an average of $580 since 2018. According to the International Monetary Fund, has been growing at its slowest pace since the financial crisis. In projections made in October 2019, IMF said that world growth would touch about 3 per cent this year, indicating a significant slowdown compared to two years ago. If the world growth picks up due to a fall in trade tension between US and China and it in turn fuels global trade, India could benefit from it. But some doubt that it would happen. “India lacks the competitive strength to take advantage of a possible turnaround in world trade. Exports have been falling for the last five months. But the government seems to be only interested in plugging imports,” said Biswajit Dhar, Professor, JNU.
Source: The Hindu Business Line
Even though the government has decided to stay out of the world's largest trade block RCEP, the 15-nation grouping offers a market potential of USD 125 billion if domestic firms improve competitiveness in 24 identified product categories, as per a World Trade Centre study. Citing domestic concerns, the government walked out of the 16- country Regional Comprehensive Economic Partnership (RCEP) in November last year. The 15 RCEP countries together accounted for 57 per cent or USD 105 billion of India's overall trade deficit in FY19, with China itself contributing to USD 54 billion of this. It can be noted that India is among the top 15 exporters of these 24 product categories globally and have strong demand in China, Korea, Australia, Japan, Indonesia, the Philippines, Malaysia, Thailand, Cambodia and Vietnam. "The domestic industry can benefit from USD 125.6 billion market potential, especially in sectors like metals, textiles and marine products, in 10 of these RCEP countries," says the World Trade Center Mumbai, quoting the latest UN Comtrade data, which is the repository of international trade statistics. India is the seventh largest exporter of aluminum products in the world and yet it is not a major supplier of these products to these RCEP countries except to Korea. In 2018, Japan, Thailand, Korea and China together imported USD 18.65 billion worth of aluminium products, while India supplied hardly USD 700 million of these products to these market, as per the commerce ministry data. India is the sixth largest exporter of man-made fabrics and its major export destinations are the US, Turkey, Brazil, Bangladesh and the UAE. But there is an over USD 10-billion import demand for man-made fabrics in Vietnam, Indonesia, China and Cambodia. Similarly, being the second largest exporter of textile yarns, India can benefit by meeting the USD 13.6-billion annual import demand from China, Korea, Japan and Vietnam. Being the fourth largest exporter of bovine meat, India can help it grab a USD 11-billion market in select RCEP countries, says the WTC. In textile yarns and man-made fabrics, domestic exporters face stiff competition from China, Korea, Vietnam and Indonesia. But the trade body warns that it will be even more challenging for us to export to RCEP countries once this proposed mega trade agreement is ratified and signed by all the members. For instance, in case of man-made fabrics, leading exporters like Korea and China will have preferential market access to top importers such as Vietnam and Indonesia once the RCEP pact comes into force.
Source: Economic Times
India could have expanded trade and exported more to current partners if it had chosen to stay in the partnership. In November 2019, India decided to opt out of the Regional Comprehensive Economic Partnership (RCEP), the latest and the world’s largest trading bloc comprising one-third of global GDP and trade. Indian industries and farmers’ associations have widely hailed this decision. The government’s reasons for opting out of the RCEP include possible flooding of cheap imports from China, increase in competition for Indian dairy farmers from New Zealand and Australia, and the existing trade deficit of $100 billion with RCEP countries. In this article, we look specifically at ...
Source: Business Standard
With the UK scheduled to leave the European Union at the end of this month, it is currently the right time for India to sign a free trade agreement (FTA) with the European nation. India-UK FTA can be a big boost to the Indian textiles and apparel industry, with a potential to add $3 billion additional exports and create 5-6 lakh direct jobs. "The entire textile value chain from cotton farmers, spinners, weavers, apparel manufacturers, and SME units across the sector will be beneficiaries of exports' growth from this high potential FTA," Indian Texpreneurs Federation (ITF) said. At present, India's share in the UK market is only 6.25 per cent. Hence, post-Brexit India has great opportunity to increase its market share substantially. The signing of FTA with UK will help India manage the tariff disadvantage of 8-12 per cent that Indian goods will probably face, which is substantial for any buyer from the UK. And being a single country FTA, the Government of India can try to conclude the deal at the earliest, ITF said. While Bangladesh enjoys duty free access to the UK market, Vietnam has signed an FTA with EU (including UK) on June 30 last year. With an FTA with the UK, India can achieve a level playing field with Bangladesh—its current competitor, and Vietnam—its potential competitor, in the UK market. Moreover, it will give advantage over EU countries in UK. UK, currently being part of EU, offers zero custom duty to members of EU. This situation may change after Brexit as UK may impose 12 per cent duty on textile and clothing. Currently, textile and clothing goods enter UK from Germany, Italy, the Netherlands, Belgium and France to the extent of 23.48 per cent of UK's imports.
Source: Fibrre2Fashion
Pharma and textiles are these two industries that are not only fulfilling the country’s domestic demand but have huge trade surplus due to high exports. Two industries in the manufacturing sector, capable of generating jobs in high-scale, are consistently leading India’s exports from the front. Pharma and textiles are these two industries that are not only fulfilling the country’s domestic demand but have a huge trade surplus due to high exports. During April-November 2019, items worth Rs 96,716 crore in the pharma sector were exported, while the imports were of Rs 32,302 crore, according to the Ministry of Commerce and Trade. Similarly, in the textile sector in the same duration, exports were of Rs 1,58,931 crore, whereas items worth Rs 42,081 crore were imported. After China and the US, India is the world’s third-largest textile exporting nation with a share of 6 per cent. Textile exports have increased by 7 per cent on-year in FY19 while textile imports have remained stagnant. “To curtail imports of textiles, the government has doubled the Basic Custom Duty from 10 per cent to 20 per cent on 383 apparel HS lines from 16 July 2018,” Smriti Irani, Minister of Textiles, said in a reply to a question in Lok Sabha last month. In order to achieve growth and to boost the textile sector in the country thereby increasing productivity and employment, the government has taken many initiatives in recent years. Some of them are rebate of State and Central Taxes and Levies (ROSCTL), enhanced customs duty to boost domestic manufacturing, special package of Rs 6,000 crore for textile and apparel sector, enhanced duty drawback coverage/rebate of state levies (ROSL) on Export of Garments, SAMARTH- The Scheme for Capacity Building in Textile Sector (SCBTS), etc. Similarly, manufacturing of drugs come under the Ministry of Chemicals and Fertilizers and according to the knowledge paper prepared by Federation of Indian Chambers of Commerce and Industry (FICCI), India’s chemical industry is estimated at USD 163 billion in FY18 and it is estimated to grow at about 9 per cent per annum to double to USD 304 billion by FY25. However, the trade surplus is specifically seen in the pharma items, not in other chemical products. Meanwhile, agriculture, marine, and leather are the other three industries where the trade is in surplus during April – November in the current fiscal.
Source: Financial Express
Discussions around India’s energy security will top the agenda during US President Donald Trump’s proposed visit to India this year. Though no specific dates have been announced for Trump’s visit, officials from various sectors of both countries have met frequently in recent months. Energy is an important component in the Indo-US trade mix, and currently, India imports around $4 billion worth of oil and gas from the United States of America. The ongoing US-Iran imbroglio has affected India’s energy supplies. This will have a cascading effect on India’s strategic oil reserves and is expected to affect the country’s refining capacity as it is a critical source of export earnings and has strategic implications. The crude imports from the US are expected to go up to around 10 million tonnes (MT) in the current fiscal year, which is likely to double after Trump’s visit. India had to stop the import of crude oil from Iran last year after the Trump administration refused to give further waivers. According to a senior official who wished to remain anonymous, India’s energy security is expected to be on top of the agenda when the two sides meet. “This is expected to include discussions related to the increase in imports from the US, as well as the technologies that the top companies could offer to India,” the official said. Trump is expected to be accompanied by high-level officials and a business delegation which would have representatives of the oil companies, as well as defence and aerospace sectors. Discussions are likely to focus on concessional freight rates for Indian oil imports as well as higher credit period of 60-90 days which could be at par with what India received from Iran. As reported by Financial Express Online, these issues were also discussed at the CEO-level meet in Texas on the sidelines of the “Howdy Modi” event last year when Prime Minister Narendra Modi toured the US. Reportedly, the US is the world’s top oil producer, with Texas producing more than Iran and Iraq combined.
Source: Financial Express
The government is working on a scheme to offer rupee and dollar loans at lower rates to exporters to address their liquidity concerns and give a boost to slumping exports. The commerce department has proposed giving rupee credit to exporters at around 7.5% rate of interest and dollar-denominated loans at around 3.5% under the proposed scheme. It will soon take a proposal to the cabinet. “A cabinet note is in the works. We are in talks with the finance ministry,” said an official. The scheme could be a reimbursement to the banks like interest subvention. Exporters said rupee loans at present are extended at 9.5-10% rate of interest while dollar credit is given at 5.5-6%. “The move will help exporters provided there is no further loading of expenses,” said Ajay Sahai, director general, Federation of Indian Export Organisations. India’s exports declined for the fifth month in a row at 1.8% in December to $27.36 billion as 19 of the 30 exporting sectors showed a decline in outbound shipments. In April-December of FY20, exports slipped 1.96% to $239.29 billion and imports declined 8.9% to $357.39 billion, leaving a trade deficit of $118.10 billion. However, experts said many small exporters are comfortable with rupee credit especially with bank branches in smaller cities offering rupee loans. Export credit disbursement declined 23% in 2018-19 to Rs 9.57 lakh crore from Rs 12.39 lakh crore in 2017-18. Separately, to ease the liquidity crunch, the commerce and industry ministry has also prepared a plan to reduce insurance premium rates to 0.6% for small exporters having an outstanding limit of less than Rs 80 crore.
Source: Economic Times
GDP growth in India and few other large emerging countries may gain some momentum this year after the global economy recorded its lowest growth of 2.3 per cent in 2019 due to prolonged trade disputes, a UN study said on Thursday while lowering its current and next fiscal forecasts for the Indian economy. According to the United Nations World Economic Situation and Prospects (WESP) 2020, a growth rate of 2.5 per cent is possible in 2020, but a flare up of trade tensions, financial turmoil, or an escalation of geopolitical tensions could derail a recovery. In a downside scenario, global growth would slow to just 1.8 per cent this year, it added. It lowered its GDP growth estimate for India to 5.7 per cent in the current fiscal (from 7.6 per cent forecast in WESP 2019) and lowered its forecast for the next fiscal to 6.6 per cent (from 7.4 per cent earlier). It has also forecast a growth rate of 6.3 per cent for the fiscal beginning in 2021. The report pegged India's GDP growth rate for the previous fiscal at 6.8 per cent. According to the UN study, one in five countries will see per capita income stagnate or decline this year, but listed India among few countries where the per capita GDP growth rate could exceed 4 per cent level in 2020. A prolonged weakness in global economic activity may cause significant setbacks for sustainable development, including the goals to eradicate poverty and create decent jobs for all. At the same time, pervasive inequalities and the deepening climate crisis are fuelling growing discontent in many parts of the world. "These risks could inflict severe and long-lasting damage on development prospects. They also threaten to encourage a further rise in inward-looking policies, at a point when global cooperation is paramount," UN Secretary-General António Guterres warned. The GDP growth in the United States is forecast to slow from 2.2 per cent in 2019 to 1.7 per cent in 2020. In the European Union, manufacturing will continue to be held back by global uncertainty, but this will be partially offset by steady growth in private consumption, allowing a modest rise in GDP growth from 1.4 per cent in 2019 to 1.6 per cent in 2020. Despite significant headwinds, East Asia remains the world's fastest growing region and the largest contributor to global growth, as per the report. In China, GDP growth is projected to moderate gradually from 6.1 per cent in 2019 to 6.0 per cent in 2020 and 5.9 per cent in 2021, supported by more accommodative monetary and fiscal policies. "Growth in other large emerging countries, including Brazil, India, Mexico, the Russian Federation and Turkey, is expected to gain some momentum in 2020," the UN report said. As the global economic balance is shifting from the EU, the US and other developed countries towards China, India and other developing countries, global economic decision-making power is shifting as well, it noted. "Global cooperation mechanisms will need to recognize this shifting balance while continuing to allow the under represented to be heard," it added. The UN report also said that eradicating poverty will increasingly rely on tackling inequality going forward. "The share of the population living in extreme poverty has declined steadily and significantly over the past few decades, largely owing to successful experiences in China and India," it noted. Although progress has been achieved in global terms, the number of people living in extreme poverty has risen in several sub-Saharan African countries and in parts of Latin America and the Caribbean and Western Asia. "Sustained progress towards poverty reduction will require both a significant boost to productivity growth and firm commitments to tackle high levels of inequality," the report said. As the global economic balance is shifting from the EU, the US and other developed countries towards China, India and other developing countries, global economic decision-making power is shifting as well, it said. Global cooperation mechanisms will need to recognize this shifting balance while continuing to allow the underrepresented to be heard. "The climate crisis, persistently high inequalities, and rising levels of food insecurity and undernourishment continue to affect the quality of life in many societies. "Policymakers should move beyond a narrow focus on merely promoting GDP growth, and instead aim to enhance well-being in all parts of society. This requires prioritising investment in sustainable development projects to promote education, renewable energy, and resilient infrastructure," UN Chief Economist and Assistant Secretary-General for Economic Development Elliott Harris said. The report said that over-reliance on monetary policy is not just insufficient to revive growth, it also entails significant costs, including the exacerbation of financial stability risks. "A more balanced policy mix is needed, one that stimulates economic growth while moving towards greater social inclusion, gender equality and environmentally sustainable production. "Amid growing discontent over a lack of inclusive growth, calls for change are widespread across the globe. Much greater attention needs to be paid to the distributional and environmental implications of policy measures," Harris said. The report noted that the share of the population living in extreme poverty has declined steadily and significantly over the past few decades, largely owing to successful experiences in China and India.
Source: Economic Times
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1019.87 |
USD/Ton |
0% |
1/17/2020 |
|
VSF |
1380.16 |
USD/Ton |
0% |
1/17/2020 |
|
ASF |
2033.92 |
USD/Ton |
0% |
1/17/2020 |
|
Polyester POY |
1041.66 |
USD/Ton |
0% |
1/17/2020 |
|
Nylon FDY |
2251.84 |
USD/Ton |
0.65% |
1/17/2020 |
|
40D Spandex |
4169.54 |
USD/Ton |
0% |
1/17/2020 |
|
Nylon POY |
5448.00 |
USD/Ton |
0% |
1/17/2020 |
|
Acrylic Top 3D |
1300.26 |
USD/Ton |
0% |
1/17/2020 |
|
Polyester FDY |
2077.50 |
USD/Ton |
1.06% |
1/17/2020 |
|
Nylon DTY |
2222.78 |
USD/Ton |
0% |
1/17/2020 |
|
Viscose Long Filament |
1198.56 |
USD/Ton |
0% |
1/17/2020 |
|
Polyester DTY |
2484.29 |
USD/Ton |
0.59% |
1/17/2020 |
|
30S Spun Rayon Yarn |
2026.66 |
USD/Ton |
0% |
1/17/2020 |
|
32S Polyester Yarn |
1648.93 |
USD/Ton |
0% |
1/17/2020 |
|
45S T/C Yarn |
2440.70 |
USD/Ton |
0% |
1/17/2020 |
|
40S Rayon Yarn |
2237.31 |
USD/Ton |
0% |
1/17/2020 |
|
T/R Yarn 65/35 32S |
2193.73 |
USD/Ton |
0% |
1/17/2020 |
|
45S Polyester Yarn |
1961.28 |
USD/Ton |
0% |
1/17/2020 |
|
T/C Yarn 65/35 32S |
1801.47 |
USD/Ton |
0% |
1/17/2020 |
|
10S Denim Fabric |
1.28 |
USD/Meter |
0% |
1/17/2020 |
|
32S Twill Fabric |
0.70 |
USD/Meter |
0% |
1/17/2020 |
|
40S Combed Poplin |
0.98 |
USD/Meter |
0% |
1/17/2020 |
|
30S Rayon Fabric |
0.54 |
USD/Meter |
0% |
1/17/2020 |
|
45S T/C Fabric |
0.68 |
USD/Meter |
0% |
1/17/2020 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14528 USD dtd. 17/01/2020). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The global apparel industry has long lamented the need to transition to a circular economy – and a new set of proposals for EU policymakers may be the golden ticket in helping foster the change, writes Global Data. Such a shift would see the sector move away from the traditional linear ‘take-make-waste’ process by minimising waste and using materials that can also be recycled and reused at the product’s end of life. Circular business models also include rental, subscription-rental and recommerce. Beth Wright, Apparel Correspondent at GlobalData, says: “Companies from start-ups to industry heavyweights have thrown their weight behind calls for a more circular industry over the years but with no concrete framework in place, it can be a difficult path to tread.” The Policy Hub – launched by the Sustainable Apparel Coalition (SAC), the Federation of the European Sporting Goods Industry (FESI) and Global Fashion Agenda (GFA) – recently released two position papers that outline the key principles it says EU policymakers must focus on in order for the sector to transition to a circular economy. The papers focus on ‘Building blocks for a sustainable circular economy for textiles’ and ‘A common framework for extended producer responsibility (EPR) in the apparel and footwear industry.’ The latter outlines the necessary principles if EPR is to be implemented as the regulatory requirement to separately collect textiles by 2025. Among the recommendations are that EU policy-makers should leverage existing tools such as the Sustainable Apparel Coalition’s (SAC) Higg Index, the Fashion Industry Charter for Climate Action, and the Science Based Targets Initiative (SBTI) when designing policies for a circular economy for textiles. Another suggestion is that the EU should offer incentives that recognise the value each entity brings to minimise waste, along with incentivising the use of secondary raw materials by making them financially viable in comparison to virgin raw materials. The overarching hope is that policymakers in Europe will use the papers to help drive circular practices in the apparel, footwear and textile sectors and, in turn, help guard against the impacts of climate change. Wright adds: “The papers are a step in the right direction for the fashion industry. No matter the number of campaigns, programmes and schemes underway that all aim to make the sector more circular, ultimately it is policy and legislation that will truly help to drive substantial and lasting change. “These recommendations could pave the way to truly accelerating the shift toward a more circular economy and help to establish at the very least a framework and at best, future legislation.”
Source: Recycling Magazine
Five more companies have joined Roadmap To Zero as ZDHC as contributors. As ZDHC (zero discharge of hazardous chemicals) contributors, each will play a crucial role in supporting the Roadmap to Zero Programme. With three new companies from the chemical industry and two new solution providers on board, the contributor base is further broadened. This is expected to further accelerate ZDHC’s impact in 2020. Of the three companies from the chemical industry, one is Buckman International, an industry leader in microorganism-control programmes and hide-preservation solutions for the leather industry. It offers a full range of beamhouse and wet-end chemistries, and is equipped with the latest advanced data analysis, patented innovations and eco-friendly chemistries, to help measurably improve tannery’s operations and promote long-term sustainability and growth. Another company, Modern Dyestuffs & Pigments Co, is a leading global manufacturer of performance dyestuffs focused on creating premium quality products that also provide environmental sustainability. Industry experts with a wide range of dyestuffs for leather, textile, paper, aluminum and wood applications, Modern uses the latest technologies and procedures to create products that meet the exact requirements of each customer. The third company, Ohyoung, is a synthetic dyestuff manufacturer for the textile industry. Over the past four decades, it has delivered exclusive technological innovations in the field of dyestuffs for textiles. Ohyoung provides solutions to more than sixty countries, offering a complete range of colourants, auxiliaries and services. Of the two solution providers, one is NSF International which has provided toxicology and chemical risk assessment services to evaluate ingredients, materials and products against NSF/ANSI standards, and US and international regulations for almost 30 years. The other is Scivera, recognised as an innovator and leader in making the identification and replacement of hazardous chemicals in products simple, fast, and cost-effective. The company has built the most comprehensive resource for Chemical Hazard Assessments (CHA) verified by board-certified toxicologists. This information is made available to subscribers through the innovative cloud-based app, SciveraLENS, bringing scalable, data-driven, chemicals management and safer alternatives exploration to all participants in the global consumer products supply chain.
Source: Fibre2Fashion
Italy ranks as the worst textile polluter in Europe, new research from sustainable fashion brand LABFRESH has found, with the UK coming not far behind in fourth place. The study gathered data on a range of indicators, including the total amount of textile waste, spending on new clothing per person, and yearly exports of worn clothing, to rank European nations based on the sustainability of their fashion industries. Italy was branded the biggest polluter, with the country producing 466 tonnes of textile waste every year. Italians also spend a proportionately large amount on new clothing each year, at £920 per person. The UK did not fare much better, coming in as the fourth worst offender, although its total textile waste is less than half that of Italy, at 206 tonnes per year. Brits spend a similar annual sum on clothing to their Italian counterparts, at £980 - despite the country's GDP per capita being 25 per cent higher. In contrast, a Mediterranean nation also produces the least textile waste, with Spain discarding just under 99 tonnes of textiles a year. That's 2.1kg per person, compared to the UK's 3.1kg. Of the 3.1kg of annual textile waste each Briton produces, only 0.3kg are recycled and 0.4kg are reused, the study found. However, 0.8kg are incinerated and 1.7kg are disposed of in landfill. Only Austrians spend more a year on clothes than Brits, totalling £1,082 per person. The study also looks at where the clothing industry has the greatest share of gross domestic product (GDP). The UK came in third, at 3.1 per cent. Portugal claimed first place, at 4.1 per cent. LABFRESH's research comes amidst a raft of negative publicity around the environmental impact of European fashion industry. A study in November found fashion constitutes the continent's fourth largest source of environmental pressure, with the production and handling of clothing producing 1.3 tonnes of primary raw materials and 104 cubic metres of water per person in 2017. Much of this impact was effectively exported beyond Europe's borders thanks to the sector's global supply chains. The report also underscored the damage caused by the rise of fast fashion. Over the last decade, globalised production systems have pushed the cost of textiles down below the rate of inflation. In response to falling costs, the volume of clothing bought by EU citizens soared by 40 per cent between 1996 and 2012. Over half of this clothing ends up in landfill once it is discarded. LABFRESH is one of a new breed of fashion firms seeking to take a more sustainable approach. Started by former Maersk employee Kasper Brandi Petersen, it uses molecular technology to make stain- and odour-repellent business and casual shirts that can be worn and washed repeatedly. "The concept of LABFRESH is based on new technologies and materials from the textile industry to keep clothes clean and fresh for a lifetime," Petersen said. "Many great inventions come from Germany and Switzerland in particular, but, for some reason, the fashion industry often ignores them. We, on the other hand, believe that we can only cope with the enormous amount of textile waste, if the industry continues to develop".
Source: Business Green
"United States will reduce the 15 per cent tariffs imposed on a wide range of Chinese consumer goods by half and also cancel another round of tariffs implemented in December. On its part, China will buy an additional $12.5 billion worth of agricultural products from the US in the first year and $19.5 billion worth of goods in second year. These purchases will be a part a broader $200 billion package that includes manufactured goods and energy exports by 2021". Recording a milestone world-trade history, United States and China finally signed a preliminary trade deal that ended the 18-month long trade conflict between the two countries. The deal was signed between the US President Donald Trump and Chinese Vice President Liu He.
What’s in the deal
The deal states henceforth, United States will reduce the 15 per cent tariffs imposed on a wide range of Chinese consumer goods by half and also cancel another round of tariffs implemented in December. On its part, China will buy an additional $12.5 billion worth of agricultural products from the US in the first year and $19.5 billion worth of goods in second year. These purchases will be a part a broader $200 billion package that includes manufactured goods and energy exports by 2021. They will continue beyond the two-year deal into 2022 through 2025. Some of the products that China has promised to buy include soybeans, wheat, cotton and pork. These changes will take effect within 30 days of signing of the pact. The deal protects American companies from thefts of intellectual property and trade secrets by imposing anti-counterfeiting measures on them. It also removes a barrier in the sale of US technologies and loosens up the requirements of Chinese banks wanting to operate in the country. However, while China has agreed to purchase more US products, it has not made any specific commitments to reduce tariffs imposed on the US.
NRF welcomes the deal
US’ National Retail Federation has welcomed the signing of this trade agreement. “We support the US administration’s efforts to address the unfair trade practices adopted by China,” said Matthew Shay, CEO of the federation hoping that this is the first step taken by the government towards eliminating all tariffs imposed over the past two years. “The trade war won’t be over until all of these tariffs are gone,” he added.
Thumbs down from apparel industry
However, the apparel and footwear industry isn’t too pleased with this deal. “It provides the apparel and footwear industry with very limited tariff relief following the biggest tariff increase since the Great Depression,” said Steve Lamar, President and CEO of the American Apparel & Footwear Association (AAFA). “Tariffs will continue to hit all our products including 92 per cent of the apparel, 53 per cent of the footwear, 68 per cent of the home textiles, and all of the travel goods and accessories that are imported from China, which is the primary source of these products. Not only does the deal retain the tariffs on key imports of materials and machinery used to make clothing, footwear, and textiles in the US, it also allows China to impose huge retaliatory tariffs on American exports of cotton, hides, leather, textiles, shoes, and clothing,” added Lamar. The tariffs can thus be used as an enforcement mechanism, leading to new tariffs at any time. “It cannot be an effective way to change policies and practices in China,” highlighted Lamar.
Source: Fashionating World
Over 200 sustainable fashion brands will present their new collections for autumn/winter 2020 at Neonyt in Berlin. The three-day show which begins on January 14, will have a showcase of new material technologies and sustainable business models. There will also be panel discussions on the latest industry developments and the issues facing the sector. From Detox Denim, post-consumer plastic, “Respect Codes” and closed-loop recycling down to artificial intelligence, the exhibitors at Neonyt will present a whole lot of innovative products and concepts. There will be Armedangels which makes jeans without toxic substances. It will display its Detox Denim collection made from organic cotton. With chlorine-free washing, Jacron Paper patches and heavy metal-free buttons, the label is committed to fighting against “everything toxic. Berlin label Arys will display its performance wear which uses state-of-the-art technologies such as HeiQ Fresh and Polygiene Odour Control. Dawn Denim will come with its #lowimpact jeans. The “Respect Codes” make the production chain transparent – from the origin of the raw materials to the factories down to the audits and certificates. In order to use less water and fewer chemicals, Dawn Denim recreates washes with a laser machine and uses washing methods that are gentle on the environment. Got Bag, which recycles plastic collected by fishermen from the Indian Ocean around the island state of Indonesia, will display backpacks, weekend holdalls and laptop bags made from the plastic waste. Knowledge Cotton Apparel will present street fashion made from innovative materials including recycled PET, Tencel, linen and wool. There will also be companies such as Wolfskin Tech Lab, ISKO, Nudie, and Renewcell AB displaying innovative concepts. The recycling company from Kristinehamn in Sweden Renewcell will be showcasing the circular recycling technology it has developed for used clothing. Staiy will represent online shopping with AI. Staiy is a new online fashion platform for sustainable brands that uses AI. An individual style algorithm provides recommendations, thereby creating a personalised experience for every user. While they are shopping, customers can also collect Donation Points, which they can then use to donate to the non-profit organisation One Tree Planted. The show will also have discussions on topics such as Regenerative Textile Systems Beyond Zero Impact, From waste to fibres, Data-Driven Circularity in Fashion, and Global Circularity.
Source: Fibre2Fashion
The trade volume between India and China declined by about USD three billion last year while India's trade deficit continues to be high amounting to USD 56.8 billion as both countries experienced economic slowdown, according to the data released by the Chinese customs on Tuesday. China, trade deficit, bilateral trade, India, Chinese customs, GACC, economic slowdown, YuanSumming up the India-China bilateral trade figures, state-run Global Times on Wednesday said China’s trade surplus now accounted for about 60 per cent of the bilateral trade. China on Thursday assured India that it is taking a “series of measures” to address India’s concern over the mounting trade deficit which last year climbed to USD 56.8 billion, constituting 60 per cent of the total bilateral trade. The trade volume between India and China declined by about USD three billion last year while India’s trade deficit continues to be high amounting to USD 56.8 billion as both countries experienced economic slowdown, according to the data released by the Chinese customs on Tuesday. The trade figures released by the General Administration of Customs of China (GACC) projected the total trade in Chinese currency RMB-Yuan terms registered a marginal increase of 1.6 per cent year-on-year but in dollar terms it was down by about USD three billion. GACC Vice Minister Zou Zhiwu, who released the annual trade figures to the media, said China-India bilateral trade totalled to 639.52 billion yuan (about USD 92.68 billion). He said it is 1.6 per cent increase year-on-year but in dollar terms the trade has declined from USD 95.7 billion in 2018 to USD 92.68 billion dampening hopes of the trade reaching the landmark USD 100 billion. Summing up the India-China bilateral trade figures, state-run Global Times on Wednesday said China’s trade surplus now accounted for about 60 per cent of the bilateral trade. Asked about the mounting trade deficit and India’s concern, Chinese Foreign Ministry spokesman Geng Shuang told a media briefing here that “China values the Indian concerns on the trade imbalance. “In fact, we have never stopped improving that. And in fact, we have been taking a series of measures on accelerating the reviewing process of the Indian imports into China and in the past five years China’s imports from India increased by 15 per cent”. He claimed that the “trade deficit has dropped dramatically” but did not substantiate. He also pointed to India’s participation in China’s 2nd International Import Expo (CIIE) held in November at Shanghai. India was accorded the “Guest of Honour Country” status at the expo. Geng said: “India was the country with the biggest increase in the deals reached”. According to the figures posted on the website of the Indian Embassy here, from January to November 2019 the total trade between the two neighbours in the 11 months last year has declined by 3.72 per cent amounting to USD 84.32 billion and the trade deficit for the 11 months stood at USD 51.68 billion. Highlighting India’s concern over the trade deficit, a note posted on the embassy website said: “while flourishing trade has brought with it all the advantages, it has also led to the biggest single trade deficit we are running with any country”. “Our trade deficit concerns are two-pronged. One is the actual size of the deficit. Two is the fact that the imbalance has continuously been widening year after year to reach USD 58.04 billion in 2018. “Growth in bilateral investment has not kept pace with the expansion in trading volumes between the two countries,” it said. The note also pointed to modest investment from China. “While both countries have emerged as top investment destinations for the rest of the world, mutual investment flows are yet to catch up. According to the Ministry of Commerce of China, Chinese investments in India between January-September 2019 were to the tune of USD 0.19 billion and cumulative Chinese investment in India till the end of September 2019 amounted to USD 5.08 billion,” the note said. Cumulative Indian investment in China until September 2019 is USD 0.92 billion, it said. However, these figures do not capture the investment routed through third countries like Singapore, Hong Kong among others, especially in sectors such as start-ups, which have seen significant growth in Chinese investment, it added.
Source: Financial Express
