|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1168.23 |
USD/Ton |
0% |
2/11/2015 |
|
VSF |
1832.77 |
USD/Ton |
0% |
2/11/2015 |
|
ASF |
2595.62 |
USD/Ton |
0% |
2/11/2015 |
|
Polyester POY |
1198.29 |
USD/Ton |
0% |
2/11/2015 |
|
Nylon FDY |
2957.14 |
USD/Ton |
0% |
2/11/2015 |
|
40D Spandex |
7474.08 |
USD/Ton |
0% |
2/11/2015 |
|
Nylon DTY |
5719.30 |
USD/Ton |
0% |
2/11/2015 |
|
Viscose Long Filament |
1454.20 |
USD/Ton |
0% |
2/11/2015 |
|
Polyester DTY |
2680.92 |
USD/Ton |
0% |
2/11/2015 |
|
Nylon POY |
2745.91 |
USD/Ton |
0% |
2/11/2015 |
|
Acrylic Top 3D |
1405.45 |
USD/Ton |
0% |
2/11/2015 |
|
Polyester FDY |
3200.86 |
USD/Ton |
-1.50% |
2/11/2015 |
|
30S Spun Rayon Yarn |
2534.69 |
USD/Ton |
0% |
2/11/2015 |
|
32S Polyester Yarn |
1860.40 |
USD/Ton |
0% |
2/11/2015 |
|
45S T/C Yarn |
2875.90 |
USD/Ton |
0% |
2/11/2015 |
|
45S Polyester Yarn |
2697.17 |
USD/Ton |
0% |
2/11/2015 |
|
T/C Yarn 65/35 32S |
2599.68 |
USD/Ton |
0% |
2/11/2015 |
|
40S Rayon Yarn |
2014.75 |
USD/Ton |
0% |
2/11/2015 |
|
T/R Yarn 65/35 32S |
2485.94 |
USD/Ton |
0% |
2/11/2015 |
|
10S Denim Fabric |
1.58 |
USD/Meter |
0% |
2/11/2015 |
|
32S Twill Fabric |
0.99 |
USD/Meter |
0% |
2/11/2015 |
|
40S Combed Poplin |
1.35 |
USD/Meter |
0% |
2/11/2015 |
|
30S Rayon Fabric |
0.72 |
USD/Meter |
0% |
2/11/2015 |
|
45S T/C Fabric |
0.79 |
USD/Meter |
0% |
2/11/2015 |
Source: Global Textiles
Note: The above prices are Chinese Price (1US$=0.16248 CNY dtd. 11/02/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Textile manufacturers in Gujarat expect tax cuts in the Union Budget, which will be presented later this month, to help the industry come out of its current crisis. Industrialists here said that they were facing crisis due to the rise in prices of raw materials like yarn and colour chemicals. "This time we expect the government to do away with anti-dumping duty and excise duty of 12 percent. For polyester, which is worn by the middle-class people, it should be nil like it is for cotton. We have recommended this to the government and this time we are very hopeful," said South Gujarat Textile Processors Association president Jitendra Vakharia.
The Textile Secretary and Commissioner have already given us some assurance. So, if it happens the industry will benefit," he added. Vakharia further said that a favourable budget will being relief for one-and-a-half million people associated with the industry. The South Gujarat Textile Processors Association president also hoped for relaxation in the prices of acquiring land. "If the Prime Minister allots land to us at reasonable prices for setting up industries, it will lead to cluster development and speedy revival of Surat's textile industry," he said.
Finance Minister Arun Jaitley, who will present the General Budget on February 28, had earlier this month said the overall economic situation in the country is looking better and added that basic parameters of the Indian economy are moving in the right direction.
SOURCE: The Business Standard
The spinning mills of southern India have moved the textile ministry to bail-out them from inevitable liquidity crunch caused by increasing yarn stock, poor offtake and long pending TUF subsidies. A fund of R3,000 crore should be allotted in the forthcoming Budget to clear all the subsidies pending right from April 1, 2007 and protect over R65,000 crore of investments from becoming NPAs.
In his interactive meeting with Union textile commissioner Kiran Soni Gupta on Monday, Southern India Mills’ Association (Sima) chairman T Rajkumar urged Gupta to expedite the bail-out package to save thousands of small and medium units from becoming non-performing assets. The mills have been mainly affected by sudden drop in the yarn exports from April 2014 owing to reduced demand from China, the major market for yarn, and also GSP plus (Generalised System of Preferences) agreement entered by Pakistan with EU countries, the Sima chairman said.
According to him, the textile industry, mainly spinning sector, is undergoing a severe crisis due to issues relating to TUFS (technology upgradation fund scheme), higher tariff rates for Indian textile products in all the major international markets, power-related issues and currently steep fall in cotton prices internationally and MSP operations in the domestic market.
SOURCE: The Financial Express
The state government has set up a six-member committee headed by additional chief secretary (textiles) Sunil Porwal to facilitate the shifting of the eight defunct mills of National Textile Corporation (NTC) and those that are in the process of being shut down. "The BJP government is considering an increase in the capital subsidy being provided to those units, which are being set up in the cotton-growing areas of the state under the two-year old textile policy to give the industry a boost," said a source.
NTC has bought 40 acres in Vidarbha where it plans to set up four mills in lieu of the four it is planning to shut down in Mumbai. Of the 25 mills it owns in Mumbai, eight have already been shut down. In a meeting with NTC officials a fortnight ago, chief minister Devendra Fadnavis made it clear that the government would help NTC shut its mills in Mumbai and develop the land, provided it set up textile units in Amravati. The condition is to set up the mills there, operationalize them and only then would the government allow NTC to commercially exploit its land in Mumbai, said a source.
Jalgaon is the largest producer of cotton 6in Maharashtra followed by Yavatmal in Vidarbha. Of the 80 lakh bales that are produced annually, 10% is from Jalgaon (north Maharashtra). The decision may be opposed by political satraps in Satara, Sangli, Solapur and Ichalkaranji who have interests in the textile industry in these regions. "Currently, the state government offers 10% capital subsidy and 5-7% interest subsidy to those setting up textile units in the cotton-growing areas. The interest subsidy is for all units even those that are set up in Satara, Solapur, Ichalkaranji, which do not produce cotton. The increase in capital subsidy may become a sore point in these parts of the state," the source added. Under the state's textile policy, 738 units have been sanctioned. Of these 246 units are already operational and provide employment to 10,800 people.
SOURCE: The Times of India
Union Finance Minister Arun Jaitley, who will present his first full year budget on February 28, seeking to put Asia's third-largest economy on a path of 7-8 percent growth over the next two years, earlier this month Jaitley had said that the overall economic situation in the country is looking better and added that basic parameters of the Indian economy are moving in the right direction.
The Gujarat textile manufacturers are looking ahead to tax cuts in the Union Budget which will help the industry come out of its current crisis. South Gujarat Textile Processors Association president Jitendra Vakharia said that industrialists of Surat are currently facing crisis due to the rise in prices of raw materials like yarn and colour chemicals. A favourable budget will bring relief for one-and-a-half million people associated with the industry. This time they expect the government to do away with anti-dumping duty and excise duty of 12 percent. For polyester, which is worn by the middle-class people, it should be nil like it is for cotton.
They have recommended this to the government and this time they are very hopeful as the Textile Secretary and Commissioner has already given them some assurance. So, if it happens the industry will benefit. Vakharia also hoped for relaxation in prices of acquiring land. If the Prime Minister allots land to them at reasonable prices for setting up industries, it will lead to cluster development and speedy revival of Surat's textile industry. Investors and manufacturers have long advocated the GST as a way to simplify taxes while broadening the tax base, adding as much as 2 percentage points to economic growth in India.
SOURCE: Yarns&Fibers
According to a press release from The Regional Office of the Textile Commissioner, Kiran Soni Gupta, the In-Situ Upgradation Scheme for Plain Power Looms was launched in Somanur cluster and so far, 107 units (totally 800 power looms) had benefited and obtained Rs. 87.28 lakh subsidy under the scheme. The units get Rs. 15,000 maximum subsidy to upgrade each power loom. They have requested that the scheme should be expanded pan India and should be available to all power loom units, irrespective of the number of looms.
The In-Situ Upgradation Scheme for Plain Power Looms has been approved for Erode and Salem power loom clusters too, to enable weavers modernise the plain power looms. The scheme helps even a small-scale weaver use technology and produce better products. It is now available for units that had maximum eight looms each and only in select power loom clusters.
It helps the weavers go in for other benefits available for power looms. For instance, there were 10 proposals from Coimbatore to set up yarn banks and two had been approved. The weavers could be organized as a group and a company could be formed to make use of assistance available from the Small Industries’ Development Bank of India. There were 23 lakh power looms in the country and just about 1.75 lakh were modernized. China had machinery manufacturing facilities and capacity to produce large volume of textile products. Almost 95 percent of textile machinery was imported in India. This was an area of opportunity for entrepreneurs.
With China looking at high value products, and countries such as Vietnam, Bangladesh, Pakistan, Cambodia and Turkey emerging as significant players in the textile and clothing sector, the units in South East Asian countries should collaborate and tap the opportunities. At a function held in Coimbatore on Monday, Textile Commissioner Kiran Soni Gupta distributed Rs. 64.16 lakh to owners of 76 power loom units in Somanur and as many as 552 power looms had been upgraded.
Earlier, participating at the inaugural of a new building for the Centre of Excellence for Technical Textiles, the Textile Commissioner had said that the Ministry of Textiles has established eight centres of excellence for 12 segments of technical textiles at a total cost of Rs. 200 crore. There were several speciality fibres that were important for technical textiles and research was needed on these. Young entrepreneurs had opportunities in these segments as the prototypes created could be developed into products for various applications. There is great future for technical textile in the textile industry.
D. Krishnamurthy, chairman of South India Textile Research Association, said that the new building for the Centre of Excellence at the association premises for medical textiles was constructed at a total cost of Rs. 6.5 crore and had 60,000 sq.ft built up area. The association had contributed the entire fund for the building.According to Swami Dayananda Saraswati of Arsha Vidya Gurukulam there were several possibilities for research in the medical sector. S. Ramalingam, principal at PSG Institute of Medical Sciences and Research, is of the view that the centre should focus its research and development programs on preventive technology which is now more focussed on tertiary care technology.
SOURCE: Yarns&Fibers
On account of a lack of productivity in central India, the Cotton Association of India (CAI) on Wednesday revised its total domestic cotton output projection downward for 2014-15 to 39.7 million bales (of 170 kg each). In January, CAI had estimated that production of the fibre this year would be at 40.03 million bales. According to CAI’s estimates, output for the previous year stood at 40.73 million bales. Production from the central region, which spans the States of Madhya Pradesh, Maharashtra and Gujarat, is pegged at 21.93 million bales, against 23.58 million bales in 2013-14, the association said in a release.
Total supply for the 2014-15 marketing year is expected to be 46.89 million bales with domestic consumption likely to be around 30.60 million bales, which leaves a sizeable surplus of 16.29 million bales. The price of raw cotton ( kapas ) has declined to a five-year low due to a supply glut and China, the largest importer of Indian cotton, scaling back its purchases by as much as 49 per cent over the first five months of the current season. The State-run Cotton Corporation of India has had to step in to procure nearly 6.5 million bales at the minimum support price.
SOURCE: The Hindu Business Line
The Karnataka government has earmarked 1,000 acres for the upcoming textiles park at Yadgir in north Karnataka. The government intends to also develop an integrated park at Yadgir, a top government official said. “We have identified land for the textile park at the Yadgir industrial estate. Besides this, the government is also planning to develop smaller textile parks at various places such as Vijayapura, Ballari and Chamarajanagar districts,” K Ratnaprabha, additional chief secretary, government of Karnataka, said.
Speaking at the roadshow for Technotex 2015, an annual conference on technical textiles organised by the ministry of textiles and FICCI, here on Tuesday, Ratnaprabha said the government wants industries to move away from the congested Bengaluru region. The government was ready to offer incentives to industries willing to move out of Bengaluru, she said. Ratnaprabha also added that the government intends to revise its Textile Policy and has sought views and comments from the stakeholders of textile industry. “Once we get the comments from the industry, we will revise our textile policy to make it more industry-friendly and the best in the country,” she said. The amendment will be carried out to suit the interests and needs of the textile industry, she said.
The Karnataka government has acquired around 3,300 acres in Yadgir district, of which about 1,000 acres will be used for setting up the textiles park. The construction of the textiles park, in the most backward region of the state, is likely to improve condition of cotton growers and weavers besides generating employment for a large number of people, she added. Speaking on the occasion, S K Panda, secretary, ministry of textiles, said the Central government has set a target of achieving a 20 per cent growth in the textile sector during the 12th Five Year Plan period as compared to 11 per cent during the 11th Plan period. To achieve this target, he said the government has come out with a scheme of integrated textile park (SITP) in the country. Till now, he said several proposals have come and by March this year, around 7-8 parks will be approved. He also called upon the state governments to come forward and identify large area for setting up of mega textile parks. Each of these mega textile parks should have at least 2,000 acres to 5,000 acres land so that the foreign direct investment could be attracted, he said. “Unless the state governments come forward, it is not possible to develop mega textile parks as it requires large land area. The central government is ready to secure technological assistance from countries like China, France, Switzerland among others. We will also provide the required infrastructure facilities,” Panda added.The government is also working towards training around 1.5 million people in the textile sector during the 12th Plan period. Of this, till now only 300,000 people have been trained, he added.
SOURCE: The Business Standard
At a meeting organized on the TUFS by the Southern India Mills’ Association in Coimbatore on Monday, Textile Commissioner Kiran Soni Gupta said that the Ministry was looking at balanced growth of different segments of the textile and clothing sector and if there were modifications that were needed in the Technology Upgradation Fund Scheme (TUFS), the stakeholders should review the scheme and submit their suggestions. These could be taken up at the end of the XII Plan period. Those who had not received benefits under the scheme because of different reasons should revisit the case with their respective banks now.
The Office of the Textile Commissioner was trying to classify the cases into different categories so that it would be easier to follow up with the Government. It was also trying to streamline the procedures and bring transparency to the scheme. She further added that the allocation of Rs. 2,300 crore for the scheme this year had been exhausted and the Ministry had sought additional funds. According to Association chairman T. Rajkumar, the scheme was under implementation since 1999 and all those, who had been affected for different reasons, should get relief so that there was a level playing field and the financial viability of the mills was not affected. The association requests the Textile Commissioner to address the TUF issues on a war footing to enable the affected textile mills to regain their competitiveness and achieve a sustained growth rate. According to a senior official in the Union Ministry of Textiles, the Union Government is expected to announce the textile policy soon as it is almost ready
SOURCE: Yarns&Fibers
Grasim Industries, an Aditya Birla Group firm, today said its Board has approved merger of Aditya Birla Chemicals with the company in line with its vision to unify similar business in one company. “The Board of Directors of Grasim Industries Ltd today approved the proposed merger of Aditya Birla Chemicals (India) Ltd (ABCIL),” the company said in a BSE filing.
The swap ratio approved by the Board is 1 share of Rs. 10 each of Grasim for every 16 shares of Rs. 10 each of ABCIL. Grasim will issue 14.62 lakh new shares, which will increase its share capital to Rs. 93.31 crore, the company said. Elaborating on the reason behind merger, the company said: “The proposed merger will consolidate Aditya Birla Group’s Chlor—Alkali business into Grasim and strengthen its existing portfolio of viscose staple fibre, caustic soda and allied chemicals in standalone company.”
It further said: “The merger will enable the geographical diversification for Grasim through the addition of ABCIL’s manufacturing facilities spread across the country. It also enables the business to capitalise growth opportunities by bringing in operational and financial synergies, backed by Grasim’s strength.”
Grasim said the consolidation is in line with Aditya Birla Group’s philosophy to unify similar business in one company. The proposed scheme will inter alia require the approval of the Competition Commission of India, SEBI, the High Court of Judicature at Madhya Pradesh, Bench Indore & the High Court of Jharkhand at Ranchi and the shareholders/creditors of the respective companies, the company said.
Grasim is one of the manufacturers of caustic soda in India with an installed capacity of 4,52,500 tonnes per annum. Its plants are located at Nagda (Madhya Pradesh) and a unit which was recently commissioned at Vilayat (Gujarat). Caustic Soda is inter alia used as an input in the manufacturing of viscose staple fibre, which is a major business of Grasim. ABCIL is one of the Chlor—Alkali companies in India with three manufacturing plants located at Rehla (Jharkhand), Renukoot (U.P.) and Karwar (Karnataka) with an installed capacity of 2,93,000 tonnes of caustic soda per annum and 110 MW of captive power plant.
SOURCE: The Hindu Business Line
Analysts expect the rupee to weaken in the run-up to the Budget with corporates, especially importers, increasing their dollar-buying from the market. The Indian currency is already trading weak, having breached the 62-mark. Experts believe it can touch 63 against the dollar, which has been strengthening against a basket of currencies.
On Wednesday, the rupee ended weak for the third straight trading session to end at a one-month low of 62.26 against the dollar, compared to the previous close of 62.20. The rupee had opened at 62.27 and, during intra-day trades, touched a low of 62.30. The Indian currency had ended at 62.33 on January 9. “Corporates are booking their import exposures ahead of the Budget. The trend for the rupee is towards weakening due to which whatever open position they have, they have to hedge that. Going forward, even government debt payments may come up due to which the rupee can breach the 62.40-62.50 levels,” said Sandeep Gonsalves, forex consultant and dealer at Mecklai & Mecklai.
Currency dealers expect the US Fed to start increasing interest rates sometime in 2015 with the US economy showing signs of recovery on the back of the dollar strengthening against a basket of global currencies.“Importers will buy to cover their exposures as the dollar stays strong. We can see the dollar demand from importers increasing going forward ahead of the Budget. The volatility can be high after the Budget. The rupee is seen trading in the range of 61.70 to 63 till the Budget. The bias is towards 63,” said Anindya Banerjee, currency analyst at Kotak Securities.
The other factor which is leading to weakness in the rupee is that the Reserve Bank of India has been mopping up dollar flows attracted by domestic markets.RBI has been doing so because it is believed that when the US starts increasing interest rates, the foreign investors will start pulling out from emerging markets such as India, as a result of which the rupee might be vulnerable against the dollar.The latest RBI data show that foreign exchange reserves rose to an all-time high of $327.88 billion for the week ending January 30, 2015.
Raising concerns on corporates' unhedged foreign exchange exposure, RBI deputy governor H R Khan had on Tuesday urged them to manage the potential risks associated with their exposures.“Regulators certainly will not like to micro manage what otherwise is a commercial decision; corporates need to take care of the potential risks embedded in their unhedged currency exposures since they might incur significant costs due to unexpected and sudden exchange rate movements," Khan had said.
SOURCE: The Business Standard
This exhibition is a symbol of the evolution of cultural ties between the two nations that have a great shared history, V&A director Martin Roth said. The V&A has one of the finest collections of South Asian art and “The Fabric of India”, through over 200 exhibits, will explore the rich world of handmade textiles and illustrate the technical mastery and creativity of textiles.
An enormous tent used by Tipu Sultan, a vast wall hanging from rural Gujarat discovered abandoned on a New York streeet in the 1990s, an embroidered 17th century Mughal dress and a costume worn by Madhuri Dixit in ‘Devdas’ are some of the objects that will be displayed at the V&A. The exhibition will celebrate the variety, virtuosity and continuous innovation of India's textile traditions. There will be some unseen treasures and some everyday fabrics that are a rich part of India's printing vocabulary.
The diversity and range of Indian fabrics and various techniques employed into their making, along with cultural history are the basis on which the exhibition is divided into several sub-sections. One part of the exhibition is divided into the “Nature and Making” of the fabric that will take the audience on a journey of various fabrics available in India. On the other side, there will be a complete section on natural dyes used to change the colour and design pattern of the fabric.
Apart from dealing with physical aspects of the exhibition, Rosemary Crill, its co-curator with Divia Patel, said that it will also explore into the social, economic and political aspects of the society that translated its impressions onto the fabric. Thus, the exhibition will examine how fabrics were used in courtly and spiritual life and how sacred fabrics were created for temples and shrines.
A Hindu narrative cloth in silk lampas weave, depicting the avatars of the deity Vishnu dating around 1570; a 16th-cebtury Islamic talismanic shirt inscribed with verses from the Quran in ink and gold paint; a Jain panel embroidered with silk thread and an 18th-century crucifixion scene made in southeast India for an Armenian church will display how religious devotion translated into fabric. The announcement about the three-month exhibition, which will run till Jan 10, 2016, was made in the capital on Monday.
According to Roth, India and Britain need to redevelop the partnerships and initiatives like this will go a long way to strengthen the relationship. India has a strong connection with V&N as they have a strong collection of Indian objects and prints. But it is not about objects alone. The intention is to share expertise, and preserve and display Indian art at its best. V&A plan to have such exhibitions in future as textile and fashion designing are important for their society, so it would be better not only to talk about fashion design but talk about where they come from.
SOURCE: Yarns&Fibers
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 54.83 per barrel (bbl) on 11.02.2015. This was lower than the price of US$ 55.72 per bbl on previous publishing day of 10.02.2015.
In rupee terms, the price of Indian Basket decreased to Rs 3407.68 per bbl on 11.02.2015 as compared to Rs 3452.41 per bbl on 10.02.2015. Rupee closed weaker at Rs 62.15 per US$ on 11.02.2015 as against Rs 61.96 per US$ on 10.02.2015.
The table below gives details in this regard:
|
Particulars |
Unit |
Price on Feb 11, 2015 (Previous trading day i.e. 10.02.2015) |
Pricing Fortnight for 01.02.2015 (Jan 14 to Jan 28, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
54.83 (55.72) |
45.32 |
|
(Rs/bbl |
3407.68 (3452.41) |
2796.24 |
|
|
Exchange Rate |
(Rs/$) |
62.15 (61.96) |
61.70 |
SOURCE: PIB
The capital goods industry wants the Centre to focus on promoting the use of locally-made capital goods along with its drive to step up manufacturing through the ‘Make in India’ campaign. Doing away with nil import duties on capital goods for certain specific projects, extending excise duty exemption on capital goods to nuclear power projects and extension of nil excise duty to sub-contractors are some of the sector’s key demands for Budget 2015-16.
Tepid growth
Industry associations also suggest that the Comprehensive Economic Partnership Agreements (CEPA) that India has signed with countries such as Japan and South Korea should be studied closely to remove any anomalies that may have crept in, such as inverted duties. Valued at over ₹5,00,000 crore, the capital goods industry in India posted tepid growth in 2014, hit by the absence of fresh investments and a number of stalled projects.
Major capital goods companies, both in the private and public sectors, have all been performing below their projections this year. Top companies in the sector include L&T, BHEL, Suzlon and Havells. Weighed down by the Government’s decision not to impose basic Customs duty on specified power projects, ultra mega power projects, nuclear plants, fertiliser units and coal mining, the domestic sector wants such exemptions done away with this year. “Such duty concessions are an aberration in a tax regime and put the domestic industry at a cost disadvantage, particularly in those cases where full deemed export benefits are not allowed,” points out industry body CII in a report.
Although, the benefit of exemption in the case of mega and ultra mega power projects has been restricted to 113 projects approved before July 19, 2012, it has still left the industry feeling short-changed because of the sheer size of the projects. Domestic companies want the Government to extend excise exemptions for supplies to nuclear power projects and levy a 4 per cent special additional duty (SAD) of Customs on all imports of capital goods, with certain exceptions.
Excessive imports
“Our local industry has taken a beating because of excessive imports from China, especially in the power sector. The textile sector is also heavily importing capital goods. This needs to be discouraged,” a Government official told Business Line. The industry believes the imposition of a 4 per cent SAD on all capital goods imports will ensure a level-playing field for domestic manufacturers who have to pay local duties. The inverted duty structure, where the import duty on inputs is more than the finished product, is another problem facing some capital goods makers.
According to industry body FICCI, items such as pressure vessels, parts of heat exchangers, parts of nuclear reactors and parts of boilers have been hit because of such inverted duties. “It has been reported that duty inversion exists in certain cases under the India-Japan CEPA and the India-Korea CEPA,” says a FICCI report on the inverted duty structure.
SOURCE: The Hindu Business Line
The Ambassador of Pakistan to France Ghalib Iqbal has said that Pakistani textile products have great potential of finding more space in European markets. He was talking to Michal Scherppe, the president of Texworld Fair being held in Paris, said a message received here on Wednesday. The ambassador visited Pakistani Pavilion and Pakistani entrepreneurs' stalls. He discussed with the exhibitors prospects of business development in France and assured them of continuation of full support and cooperation from the Mission.
The exhibitors told the ambassador that the response of the buyers was encouraging. The ambassador told the exporters that a fashion show of Pakistani garments would be held in the next edition of Texworld in September this year. This is the 36th edition of Texworld being held in Paris, in which 624 exhibitors are participating from all over the world including China, Thailand, India, Indonesia, Turkey and Bangladesh.
Large numbers of companies are exhibiting their products. There was substantial presence of Pakistani manufacturers and exporters of denim and cotton fabrics. Trade Development Authority of Pakistan (TDAP) has arranged national pavilion in the exhibition. Nine Pakistani companies are participating under TDAP while others are exhibiting their fabrics on their won. In total 28 Pakistani companies are participating in the fair.
SOURCE: The Daily Times
Mixed reactions coming in from the Pakistan textile industry on the announcement of its new textile policy 2014-19, according to Pakistan Apparel Forum’s Chairman Muhammad Jawed Bilwani, under the present economic circumstances no better policy could have been expected but stressed on implementing the policy in letter and spirit to get required targets. He said that the new five-year policy would go a long way in benefiting the entire textile sector and boosting exports of value-added garments and apparel.
The target to double value-addition from $1 billion per million bales to $2bn in five years will undoubtedly help raise textile exports from $13bn to $26bn. It would also facilitate additional investment of $5bn in plant and machinery and up-gradation in technology which would help create three million jobs through internships in large industrial set-ups of textiles.
Shabir Ahmed, Chairman of Pakistan Bedwear Exporters Association (PBEA), also welcomed the policy saying that duty drawbacks of 2pc on made-ups and 4pc on garments allowed only on incremental exports should have been on entire exports. He suggested that a timeline should have been fixed for payments of all kinds of refunds, including sales tax, duty drawbacks, etc and in case of any delay mark-up should be paid to exporter on delayed payments. On the other hand, spinners feel that no incentive has been given to their sector, which they say caters to the needs of the downstream industry and also earns foreign exchange.
According to All Pakistan Textile Mills Association (Aptma) Chairman S.M. Tanveer, the new textile policy has totally ignored the spinning sector. The Rs65bn incentive package announced in the policy was not for the entire textile industry, as much of it would be spent on developing training institutions to produce skilled manpower.
Mr Tanveer said that even in the previous textile policy a hefty amount of Rs188bn was earmarked for incentive package, but hardly Rs28bn was disbursed. This had totally shattered the confidence of the textile industry and it was not ready to believe that the new policy would be different.
SOURCE: Yarns&Fibers
The textile exporters have once again strongly criticised the government’s proposal of 15 per cent duty on Indian yarn. Council of Loom Owners Chairman Waheed Khalid Ramay said that in 2010-11, spinners exported yarn worth billions of rupees to China ignoring the local value-added and weaving sector. He said during peak exports to China, Pakistan’s value-added sector suffered immensely as the price of 40-single yarn had surged to Rs17,500, adding that now its price has come down to Rs13,000 per bag.
PYMA Central Chairman Qaisar Shamas said that in 2012, cotton yarn imported from India was 6,500 tonnes, surged to 30,000 tonnes in 2013 and now is touching about 36,000 tonnes.
SOURCE: The Customs Today
S M Tanveer Chairman of APTMA has demanded availability of electricity at 8 cents per unit for viability of textile industry in Pakistan. He said 'affordability' has become the real issue today, as the Punjab-based textile industry, which is 70 percent of the total in country, is operating at a cost differential of $1 billion as compared with other provinces. How we can compete with regional competitors when Punjab-based textile industry cannot compete with mills in other provinces, he asked. He was holding a press conference at the APTMA Punjab office. Chairman APTMA Punjab Seth Muhammad Akbar was also present on the occasion.
S M Tanveer said how the industry can celebrate announcement of textile policy that speaks about uninterrupted energy supply but the irony of situation can be judged from the fact that the SNGPL suspended gas supply on the same day. According to him, taking the textile exports to $26 billion in next five years would remain a dream under the prevalent energy supply situation, he added. He wondered how the SNGPL ensured gas supply to the Punjab-based textile industry during peak winter, as it has withdrawn gas supply when demand for space heating has come to an end. Already, he said, the SNGPL restricted gas supply to four and half hours a day against the PM's directive of eight hours a day gas supply during last sixty days.
He said the government should not make mockery of the textile industry and behave seriously in dealing with its energy issues. The government should decide whether it was serious in continuation of textile industry in Pakistan. The government should inform us once and for all instead of switching on and switching off supplies time and again, he added. He said it is highly unfortunate that the competitiveness of Pakistan's textile industry has been badly compromised, as the Punjab-based textile mills are getting electricity at 13.5 cents per unit against 8 cent in the region. Chairman APTMA Punjab Seth Muhammad Akbar said the APTMA leadership was trying to sensitise the government with the situation and expressed the hope that sanity would prevail soon and energy supply to textile industry would resume without further delay.
SOURCE: The Business Recorder
The most comprehensive piece of research on UK textile manufacturing for two decades has found that up to £11bn worth of textiles are being manufactured in the country – placing the UK in the top 15 textile manufacturing countries globally and suggesting that reports of the death of the UK textiles industry may have been greatly exaggerated. The research suggests the UK is well positioned to capitalize on shifting dynamics in the global textile manufacturing arena, where retailers are realizing the benefits of 'near-shoring', particularly for high added value products or when brands want to react rapidly to a new fashion trend. "High-end and mid-market apparel, fast fashion, luxury clothing and home ware products are the areas where the proposition for repatriation is strongest," says the Alliance Project report which was commissioned by Lord David Alliance. "The more added value in the manufacture process, from design, to digital and panel printing, jersey and jacquard, embroidery and knitwear, the more the market can be made in the UK."
SOURCE: The Eco Textile
Italian textile accessories manufacturer Prym Fashion has adopted a processing approach to help reduce its water use, energy consumption and waste in manufacturing. The Low Impact Finish Ensemble (LIFE) treatment process replaces 'environmentally harmful' methods such as some types of chemical colouring and coating with 'natural' treatment through stones and sand. Tommy Lee reports from Premiere Vision.
Prym, which manufactures brass, steel and copper buttons, hooks and pins for textile products, has been showcasing its LIFE products at the ongoing Premiere Vision this week.
SOURCE: The Eco Textile
Aid by Trade Foundation (ABTF) and its Cotton made in Africa (CMIA ) initiative, are supporting Ugandan farmers through sustainable cotton farming. With successful verification of the Western Uganda Cotton Company (WUCC) and the cooperating cotton farmers, around 5,400 smallholder farmers are benefitting from CMIA.
As partners of CMIA, local farmers receive regular training on agricultural and business topics. They also benefit from reliable contracts and prompt payment for their harvest. With its market-oriented approach, the foundation also aims to improve the competitiveness of cotton from Uganda, according to a press release. Nearly 80 per cent of Uganda’s population works in agriculture. By establishing a sustainable basis for the cultivation of cotton for both people and the environment, CMIA is making a significant contribution towards the fight against poverty and offering a reliable livelihood to Uganda’s smallholder farmers.
Tina Stridde, managing director of the foundation said, “We are delighted to be able to cooperate with smallholder farmers from Uganda and to assist them with training as well as the creation of a demand alliance for their cotton with the CMIA seal. This benefits local people and is a considerable success for our foundation with Uganda becoming the ninth country from Sub-Saharan Africa where we are actively supporting sustainable cotton farming and the rights of local farmers.”
CMIA promotes aid by trade in order to improve the living conditions of cotton farmers and their families in Sub-Saharan Africa. Smallholder farmers from Uganda, Tanzania, Zambia, Zimbabwe, Mozambique, Malawi, Ghana, Cameroon and Ivory Coast are partnering with CMIA . The initiative offers cotton farmers training in modern, efficient and environmentally friendly cultivation methods that allow them to increase the quality of their cotton as well as their crop yields, and thereby, generate higher incomes.
SOURCE: Fibre2fashion
Iraq, Kuwait and Iran joined Saudi Arabia in cutting their March crude prices for Asia, signalling the battle for a share of Opec's largest market is intensifying. Iraq's Basrah Light crude will sell at $4.10 a barrel below West Asia benchmarks, the deepest discount since at least August 2003, the Oil Marketing Co said Tuesday. National Iranian Oil Co said its official selling price for March Light crude sales will be a discount of $2.10 a barrel, the widest since at least March 2000, according to a company official who asked not to be identified because of corporate policy. Kuwait Petroleum Corp said Wednesday its discount will be $4.10, the biggest since August 2008.
The cuts come after Saudi Arabia, the largest crude exporter, reduced pricing to Asia last week to the lowest in at least 14 years. The Organization of Petroleum Exporting Countries left its members' output targets unchanged at a November meeting, choosing to compete for market share against US shale producers rather than support prices. Iraq is the second-biggest producer in Opec, Kuwait is third and Iran fourth. "This is an effort by some producers to protect market share," Sarah Emerson, managing principal of ESAI Energy Inc, a consulting company in Wakefield, Massachusetts, said by phone Tuesday. "It's really straightforward; cutting prices is how you keep your foot in the door."
Increasing competition
West Asian producers are increasingly competing with cargoes from Latin America, Africa and Russia for buyers in Asia. Oil prices have dropped about 45 per cent in the past six months as production from the US and Opec surged. The International Energy Agency said on Tuesday that the US will contribute most to global growth in oil supplies through 2020 as Opec's attempts to defend its market share will hurt other suppliers including Russia more. "If they go out and sell at a higher price, they won't sell much," John Sfakianakis, West Asia director at Ashmore Group Plc, a London-based investment manager, said in an interview in Dubai on Tuesday. "For the Saudis, it's market share at any cost. Saudi is the leader in this and the others have to follow the leader."Iran's output rose to 2.78 million barrels a day in January from 2.77 million a month earlier as Iraq boosted supply to 3.9 million from 3.7 million, according to a Bloomberg survey of oil companies, producers and analysts. Production in Saudi Arabia climbed 220,000 barrels a day to 9.72 million last month.
Saudi views
Saudi Arabia won't balance global crude markets by itself even as prices fall "too low for everybody," Khalid Al-Falih, the chief executive officer of Saudi Arabian Oil Co, said at a conference in Riyadh on January 27. The kingdom's Oil Minister Ali Al-Naimi has said producers outside of the group should trim their output first. Brent crude, the benchmark for more than half of the world's oil, declined 72 cents a barrel, or 1.3 per cent, to $55.71 on the London-based ICE Futures Europe exchange Wednesday. The European crude touched $45.19 on January 13, the lowest since March 2009. West Texas Intermediate, the US benchmark, fell 32 cents, or 0.6 per cent, to $49.70 a barrel on the New York Mercantile Exchange after falling 5.4 per cent on Tuesday. "This is a global market that's oversupplied," Emerson said. "Late March and early April are in normal times a period of weak demand, so you have to be rather aggressive now if you want to sell your oil."
SOURCE: The Business Standard
The United States is challenging China at the World Trade Organization, alleging that the Chinese government unfairly subsidizes exports in seven industries. The Office of the U.S. Trade Representative said Wednesday that China designates certain export companies as "demonstration bases" that receive free or discounted services from suppliers. The U.S. says China paid the suppliers almost $1 billion over three years to provide those services.
Getting help are textile and clothing makers, advanced materials and metals companies, light industrial firms, specialty chemical manufacturers, medical product makers and agricultural firms. The U.S. says the subsidies violate WTO rules. "If you're a Chinese textile firm designated as a demonstration base, you might get subsidized IT services, subsidized product design services and subsidized training services for their employees, showing them how to use yarn spinning techniques and weaving technologies," U.S. Trade Rep. Michael Froman said. "All of these services provided for free or at a discount, undermine fair competition."
The challenge arose from an earlier investigation into Chinese subsidies of auto and auto parts exporters. The move is the first step toward bringing a formal case against China. The USTR said it will try to reach a settlement with China at the WTO. If that fails, the U.S. can ask the WTO to rule on the dispute. "This unfair Chinese program is harmful to American workers and American businesses," USTR said.
The subsidies case is one of a number of trade disputes the United States has with China, underscoring the economic tensions between the world's two largest economies. The Commerce Department reported last week that the U.S. trade deficit with China set another record last year, rising 23.9 percent to $342.6 billion. The trade gap with China has been America's biggest deficit since China surpassed Japan in that category in 2000.
The complaint comes as the Obama administration seeks congressional support for an ambitious trade agreement with 11 Pacific Rim countries including Japan, Australia, Canada and Mexico. The agreement, called the Trans-Pacific Partnership, does not cover China. The administration also wants so-called fast track authority to negotiate trade deals that go to Congress for an up-or-down vote, no nitpicking allowed.
SOURCE: The Herald Standard
Uzbekistan and Germany are planning to set business council that will promote extension of trade, economic, investment and financial cooperation between both countries, in this connection Berlin to host the founding meeting late in February. The Council will present Uzbekistan’s investment potential in German, organize presentations and forums, and protect the interests of Uzbek and German companies operating in both countries. The Council will work on a permanent basis, according to the press service. One of its tasks will become promoting the investment potential of Uzbekistan in Germany.
According to the ministry’s press service, the organizational issues of the meeting were already been discussed on February 6 in Tashkent between the Uzbek Ministry of Foreign Economic Relations, Investment and Trade and German Ambassador to Uzbekistan, Neithart Hoefer-Wissing. The initiative of setting up an Uzbek-German Business Council came up from German companies after a presentation of Uzbekistan’s economic and agricultural potential at the Green Week-2015 international agricultural fair held in Berlin last month.
During the Green Week exhibition, Uzbekistan signed contracts for the export textile products, fruit and vegetables worth more than $130 million to European countries. According to Fergana information agency with reference to the German Ambassador in Uzbekistan, the trade turnover between Uzbekistan and Germany in 2014 grew 10 percent compared to the previous year and totaled to 461.2 million euros. Last year German made investments in the health care, agriculture, small business, and other spheres in Uzbekistan amounting to around 16 million euros.
SOURCE: Yarns&Fibers
