The Synthetic & Rayon Textiles Export Promotion Council

MARKET WATCH 7 March, 2015

NATIONAL

INTERNATIONAL

Textile Raw Material Price 2015-03-05

Item

Price

Unit

Fluctuation

Date

PSF

1196.45

USD/Ton

0%

3/5/2015

VSF

1843.30

USD/Ton

0%

3/5/2015

ASF

2589.87

USD/Ton

0%

3/5/2015

Polyester POY

1215.90

USD/Ton

0%

3/5/2015

Nylon FDY

2950.58

USD/Ton

0%

3/5/2015

40D Spandex

7457.52

USD/Ton

0%

3/5/2015

Nylon DTY

5709.87

USD/Ton

0%

3/5/2015

Viscose Long Filament

1491.50

USD/Ton

0%

3/5/2015

Polyester DTY

2674.98

USD/Ton

0%

3/5/2015

Nylon POY

2739.83

USD/Ton

0%

3/5/2015

Acrylic Top 3D

1426.66

USD/Ton

0%

3/5/2015

Polyester FDY

3242.40

USD/Ton

0%

3/5/2015

30S Spun Rayon Yarn

2561.50

USD/Ton

0.64%

3/5/2015

32S Polyester Yarn

1880.59

USD/Ton

0%

3/5/2015

45S T/C Yarn

2869.52

USD/Ton

0%

3/5/2015

45S Polyester Yarn

2691.19

USD/Ton

0%

3/5/2015

T/C Yarn 65/35 32S

2593.92

USD/Ton

0%

3/5/2015

40S Rayon Yarn

2026.50

USD/Ton

0%

3/5/2015

T/R Yarn 65/35 32S

2480.44

USD/Ton

0%

3/5/2015

10S Denim Fabric

1.58

USD/Meter

0%

3/5/2015

32S Twill Fabric

0.99

USD/Meter

0%

3/5/2015

40S Combed Poplin

1.35

USD/Meter

0%

3/5/2015

30S Rayon Fabric

0.72

USD/Meter

0%

3/5/2015

45S T/C Fabric

0.78

USD/Meter

0%

3/5/2015

Source: Global Textiles

Note: The above prices are Chinese Price (1 CNY = 0.16212 USD dtd. 03/05/2015)

The prices given above are as quoted from Global Textiles.com.  SRTEPC is not responsible for the correctness of the same.

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The Re has trumped its peers so far in 2015

The rupee is reflecting the optimism in financial markets by outperforming its Asian and emerging market peers this calendar year. According to Bloomberg, the rupee has gained 1.4 per cent against the dollar since the start of 2015. This places it near the top of the rankings for emerging market currencies. The resurgent Russian Rouble leads the table with a 1.6 per cent gain.

The rupee’s performance compares very favourably with currencies such as the Brazilian Real (down 12.3 per cent), Turkish Lira (down 9.7 per cent) and the Indonesian Rupiah (down 4.5 per cent). With the dollar (as measured by the dollar index) up 7 per cent due to the turbulence in the Euro Zone and the relative strength of the US economy, currencies of developed economies, such as the pound and the euro, have also lost ground this year.

The primary reason for the rupee strengthening is the fall in crude oil prices. The first two months of 2015 have been dominated by oil prices hitting a nadir, below $45. As the Economic Survey notes, the fall in crude prices has made the outlook for the external sector the most favourable since the 2008 global crisis. According to the Survey, a $10 reduction in the price of oil improves the current account balance by $9.4 billion. While currencies of crude exporters have taken a hit, the rupee has thrived this year.

High real rates

The other point in the rupee’s favour is the positive real rates of interest in India. The risk-free real rate of interest currently stands at 2.6 per cent. This compares favourably with most other countries. For instance, the corresponding rate for the US is 2 per cent and Indonesia, 1.2 per cent. It is perhaps these attractive yields on debt instruments and the soaring stock market that have made foreign portfolio investors pump close to $11 billion into equity and debt, double the amount in the year-ago period.

This has made the RBI worry about a threat to the rupee and the trade balance. The threat, however, stems from four factors: volatility in the currency market if the US hikes rates; turbulence from a Grexit; exports getting derailed by a slowing global economy; crude rates spiking on geopolitical tensions.

SOURCE: The Hindu Business Line

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Tuticorin port handles over 3 mt cargo in February

Tuticorin port has handled a record cargo traffic of 3.23 million tonne (mt) during February 2015, surpassing the previous 2.85 mt handled during March last year. The port also has crossed the previous year's traffic of 28.64 mt on February 27 by clocking 28.8 mt. It had reached the record figure 32 days ahead of its own laid out schedule. The key contributors are coal, pet coke, copper concentrate, rock phosphate, construction materials, containerised cargoes, oil cake copra, naphtha, furnace oil, liquid ammonia and caustic soda lye. The port also has crossed 2013-14 container traffic volume of 507,735 TEUs on March 3, 2015, by handling 508,678 TEUs traffic during the current year.

SOURCE: The Business Standard

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Govt to infuse Rs 1,300 crore in EXIM Bank

State-owned trade financier Export-Import (Exim) Bank of India said the Centre would infuse Rs 1,300 crore capital into the Bank, helping it extend new finance worth Rs 13,000 crore.   Speaking to reporters in Chennai, David Rasquinha, deputy managing director of Exim Bank, said the Centre, which is the sole owner of the Bank, had decided to infuse Rs 1,300 crore as capital. He said the existing regulations allow the bank to extend Rs 13,000 crore worth new loans for a fresh capital of Rs 1,300 crore.  

Rasquinha said last year the Bank's loan book grew by Rs 9,000 crore and this year it was hopeful of reaching around Rs 12,000 crore. “We want to grow our loan book by over $2 billion in the fiscal 2015-16,” he said. The Bank is reaching out to new opportunities in power generation and distribution, water, sanitation, and civil construction. The total portfolio of projects supported by the Bank is currently worth around Rs 180,000 crore ($31 billion).

As on September 30, 2014, 374 export contracts valued at $26.85 billion (around Rs 161,083 crore), which are under execution across 78 countries in Asia, Africa, CIS were being supported by the Bank. These projects are being executed by 112 India-based companies. Of its total loan exposure, around 40 per cent is for Africa, 25-30 per cent to the South Asian Association for Regional Cooperation (Saarc) countries. Rasquinha added the scope for lending to Saarc was huge. Speaking about the non-performing assets (NPAs) he said the Bank’s NPAs were decent at 2.8-3 per cent.

“I am not alarmed, you can’t do banking without having NPA's, and they are correlated to the GDP. This level of NPA is not different of what is happening in other parts of the world,” said Rasquinha. Half of the Bank’s portfolio is export credit, while the rest includes overseas investment, he added. He said the Europe had almost collapsed and most of the companies there were in trouble, and the acquired company, which was supposed to do well had gone into trouble. Auto components, textile, chemicals and pharmaceutical, civil construction are the ones that were feeling the heat, he added.

SOURCE: The Business Standard

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Transport industry seek clarity on tax deducted at source rules

Big companies in India's road transportation industry, already burdened with high working capital requirement in a sluggish economy, are confounded by the Budget's proposal to deduct tax at source for firms plying, hiring, leasing and owning more than 10 trucks. Transporters are unable to understand whether this 'burdensome' provision to deduct 2% tax at source is applicable to truck owners like Transport CorporationBSE 4.98 % of India (TCI) and Patel Integrated Logistics or/and to those who ply trucks without owning it such as Mahindra Logistics. TCI's joint managing director Chander Agarwal said since policy is not clear and no discussion has been done in any forum, it's difficult for him to comment. Usually it is not just vehicle owners who are subject to tax deducted at source (TDS) but also service providers, he added.

"There is confusion and we are seeking clarity. But this is going to make my life cumbersome. The whole idea of the new government was to make it easier to do business but we will end up focusing more on the paperwork and regulations," said Areef Patel, vice-chairman at Patel Integrated Logistics. Transport Corporation of India like Patel Integrated Logistics owns as well as leases trucks. Industry experts said working capital requirement in this single-digit margin industry could go by 20%. All India Transporters Welfare Association, which represents about 100 logistics and trucking companies, is going to make a presentation to the central government soon.

"I don't think it is a good move. We will end up claiming refunds because our margins are in lower single digits. It will be a long and a tedious process. Transportation companies usually need two months revenues as working capital at any given time," said Vivek Arya, managing director at Rhenus Logistics India, which is a part of a Germany-based Rhenus Group. Mahindra Logistics' chief executive officer Pirojshaw Sarkari said he does not expect that much pressure on cash flow for his company as it has no debt on its books. The effect is likely to be higher on leveraged companies, he added. Indian trucking industry is highly fragmented. About 75% of trucking firms own small fleets of less than five trucks, with only 11% operating more than 20 trucks, according to a report released by National Transport Development Policy Committee.

SOURCE: The Economic Times

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India, Sri Lanka discuss FTA implementation, trade issues

Ahead of Prime Minister Narendra Modi's visit here, India and Sri Lanka have discussed the implementation of a free trade pact and stepping up economic cooperation while addressing issues of trade imbalance. Discussions on economic issues were held between the Sri Lankan side and a visiting Indian trade delegation headed by Commerce Secretary Rajeev Kher. Enhanced Indian investments in Sri Lanka would boost the island's export capacity and promote links with product and supply chains in the Indian market, the Indian trade delegation told Sri Lankan counterparts.

Both sides discussed the implementation of the India-Sri Lankan 1998 Free Trade Agreement, trade, investments, economic cooperation and related issues and upgrading the economic engagement to include investment and services with the Sri Lankan side, the Indian High Commission here said. Issues pertaining to trade imbalance, non-tariff barriers were also taken up. Both sides continued the dialogue on moving towards investment-based trade, it said in a statement.

It was agreed that there was considerable potential to expand bilateral trade in a balanced manner through optimal utilisation of the opportunities available between the two economies. Kher's visit comes ahead of Prime Minister Modi's Sri Lanka trip next week. The parleys also come after talks between Sri Lankan President Maithripala Sirisena and Prime Minister Narendra Modi in New Delhi last month that saw the two countries sign a civil nuclear pact.

During the discussion, the Indian side recalled Sri Lanka's earlier offer of attracting Indian investments in the manufacture of automobile parts, pharmaceuticals, textiles and engineering products in Special Economic Zones. The investments could be in the form of joint venture projects to encourage Sri Lankan private sector and state enterprises to work together with Indian enterprises.

Cooperation in the energy sector, including in the field of non-conventional energy, was also discussed. It was pointed out that Sri Lanka has huge potential in the wind energy sector which could be harnessed. The talks also focused on interconnectivity of grid between the two countries. The Joint Working Group on tourism is likely to meet in April 2015. Both sides noted the importance of connectivity between the two countries and acknowledged that current levels of connectivity though good needed to be further enhanced to boost tourism. The meeting also concurred on the importance of early resumption of ferry service between Talaimannar and Rameshwaram and Colombo and Tuticorin, as well as early conclusion of the Revised Air Services Agreement, which had been initialed in September 2013, the High Commission said.

SOURCE: The Economic Times

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Intelligence agencies closely examine trade with UAE on fears of rising black money, money laundering

The surge in bilateral trade with the United Arab Emirates in the past few years is being closely examined by intelligence agencies over concerns that some of it could be due to money laundering and the movement of black money through trade mispricing. Select items are under watch to check whether the participants were engaged in genuine trading operations. The intelligence agencies are especially keen on sniffing out the inflating or undervaluing of exports and imports. Sudden surges or unnatural trade patterns are being closely watched by these agencies. Customs authorities are being given special intelligence briefings so that they can crack down on wrongdoing without affecting lawabiding traders.

UAE rose to become India's biggest trading partner in 2012-13 from the ninth spot in 2000-01, though it has slipped to the third position in 2014-15 so far, just behind China and the US. The increase is almost entirely due to the emergence of Dubai as a preferred global hub thanks to its free-trade zones. Besides the round-tripping of cash and money laundering, the suspicion is that drug and crime earnings are also being routed back into India under the guise of trade, an official said.

A favoured source for gold imports at a point in time, Dubai is now being used for diversified items ranging from commodities to machinery. Trade experts pointed out that the port city is a gateway to the entire region. "It's essentially a hub for trade with Africa," said Ajai Sahai, director-general of the Federation of Indian Export Organisations (FIEO), a lobby group. Nevertheless, there needs to be some tightening of processes, he said. "Trade from free ports faces a 50% examination norm," he said. "Risk-based detection systems need to be strengthened to weed out the black sheep while facilitating genuine trade."

Several investigations are already underway, lending strength to suspicions that not all of the trade may be above board. The Department of Revenue Intelligence is probing several instances of capital goods imports from other countries that were routed through Dubai. These include one in which there was a mismatch in the price paid to the original supplier and that paid by the Indian importer to the UAE entity. More recently, DRI uncovered a consignment valued at more than Rs 2,000 crore headed to Dubai that was actually worth a lot less, besides containing something completely different from what had been declared.

In last week's Budget, Finance Minister Arun Jaitley brought mis-declarations such as over- or under-invoicing of goods being traded under the money laundering law, which provides for as much as seven years of imprisonment as opposed to up to two years under the Customs Act. Monetary penalties are also higher. The Justice MB Shah-led special investigation team on black money is also examining the routing of capital goods trade by businesses using ports in the Middle East. The trend change in India's trade with the UAE came in 2008-09, when imports rose 76% to $23.8 billion while exports climbed 56% to $24.4 billion. UAE's share in overall exports rose to 13.2% that year from 9.6% the year before, while that in imports it rose to 7.8% from 5.36%. India's imports of pearls and precious and semi-precious stones from UAE shot up to $11.3 billion from $3.69 billion.

SOURCE: The Economic Times

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World cotton price likely to see further drop next season

World cotton prices likely to see further decline next season, to their lowest since 2006-07, despite some attrition in world stocks. According to the Abares Commodities bueau, cotton prices, as measured by the Cotlook A index of physical values, will average a nine-year low of 60.4 cents per pound in 2015-16, down from a forecast 70.3 cents per pound for this season.Separately, the International Cotton Advisory Committee restated a forecast of the Cotlook A averaging 68 cents a pound this season.

Abares said that large world stocks, built up largely thanks to a generous farm subsidy regime in China until its reform last year, will continue to place downward pressure on prices.And the drop could be even bigger, depending on how China manages its inventories, which at more than 13m tonnes are set to account for some 55% of the world total as of the end of 2014-15.

A major downside risk to this price forecast is the management of China's large cotton stocks. If the Chinese government decides to release cotton holdings onto the world market, prices could average significantly lower than currently forecast. The Abares forecast came despite expectations of world cotton production, down 1.4m tonnes at 24.8m tonnes in 2015-16, falling behind consumption for the first time in six years.

Thanks to lower cotton prices, growers in most major producing countries are expected to increase plantings of alternatives, such as sorghum, corn and soybeans, which are expected to provide more favourable returns, the bureau said. By contrast, the lower prices will encourage demand, although the weak prices of rival fibre polyester will limit the upgrade in cotton consumptions to 800,000 tonnes, taking it to 25.3m tonnes. Given relatively low polyester prices, cotton consumption growth is likely to be constrained in the short term.

SOURCE: Yarns&Fibers

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Garment Printing introduces its new ready to print denim range

Garment Printing is an industry leading personalized and customized clothing and accessory company always ahead of competition when it comes to spotting and creating new trends. Garment Printing’s new denim collection consists of printable denim shirts and jackets, but also of aprons, ties, bow ties, espadrille shoes and bags and is available across the UK and also across Europe, from Garment Printing's Barcelona offices.

Denim is a perennial in the fashion industry. Garment Printing is turning the classic into cool, fashionable and customizable clothing items for work and staff uniforms, and fashion, with its new ready to print denim range. In association with B & C collection, a fantastic clothing line, Garment Printing offer awesome printed and embroidered work wear options for business, and also fashion brands.

Denim is highly customizable, printable and great for embroidery too, it opens a whole new range of possibilities, from elegant designs to casual fashion prints on denim shirts and jackets or even embroidered denim-work wear. This collection allows fashion brands the freedom to get creative and at the same time creates a new opportunity for printed work wear clients to make the printed and branded staff clothing and team work wear look much more trendy and professional. Gavin Drake, Director at Garment Printing said that their aim is to give their clients more options to differentiate from their competitors. Garment Printing's advanced DTG Direct to Garment Printing machines also prints amazing to this denim collection. Their clients need an edge, they find this edge to give their clients what it takes to beat the competition.The new denim range customized with screen printing, DTG direct to garment printing, or embroidery make the perfect combinations, as they are both high quality, long lasting and reasonably priced.

SOURCE: Yarns&Fibers

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Indonesia plans to allocate Rp 100bn to revitalize old machines includes textiles

Indonesian Industry Ministry Saleh Husin has put the revitalization program on top incentive strategies for achieving the industry wide growth target of 300 percent by 2019 for which the Ministry plans to allocate Rp 100 billion (US$7.9 million) from its 2015 budget to finance an annual program to revitalize old machinery in the textiles, leather-working and footwear industries in an effort to develop these fields and stimulate more investments.

This program has lasted seven years and it’s proven very effective in increasing productivity. That’s why they have decided to continue it, said Saleh on the sidelines of the program’s launch event in Jakarta the other day. Saleh said that he would make sure that the proposed sum would be utilized to the fullest extent, despite being lower than last year’s Rp 106.5 billion in allocated program funds. According to ministry data, the program has rejuvenated 1.88 million machines since its commencement in 2007, with another 3.66 million machines more than 20 years old awaiting upgrades.

There are currently six categories of machine eligible for rejuvenation, including textile looms, knitting machines and those used in footwear manufacturing and the mass-production of garments. The ministry’s director general for industrial manufacturing, Harjanto, said that the state had disbursed Rp 1.18 trillion to fund the project between 2007 and 2014, attracting Rp 14.84 trillion in realized investments for machinery revitalization. This year, the government was aiming to attract at least Rp 1 trillion from the textiles, leather-works and footwear community.

They hope that these industries will be able to attract more investors to achieve the Rp 270 trillion non-oil and gas investments target, especially in the upstream sector, said Ministry official. Ramon Bagun, the ministry’s director for textiles and miscellaneous industries, said that the ministry would provide a 10 percent cut on the price of the machines, with a maximum disbursement of Rp 3 billion per case. After collecting company proposals, they’ll have a technical meeting to determine which requests are accepted, before the funds are disbursed through the State Treasury Agency.

Ade Sudrajat, the chairman of the Indonesian Textile Association (API), appreciating the government’s ongoing commitment to the program, hopes that it would also look toward leveraging the industries’ exports.  The companies can start registering for the program from next Monday until June 30. Last year, only 122 of the 188 proposals were accepted for the program due to lack of funds.

SOURCE: Yarns&Fibers

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Pakistan trade turnover in cotton market witnessed decline by 40 percent

With majority of big textile mill-owners quitting the local markets after building stocks for long-term use, the trade turnover of cotton witnessed decline by over 40 percent to 5,900 bales (155 kilograms each, according to dealers on Thursday. Most of the big textile mills are covered till next September. Although the new crop will start arriving in the markets in June, but matured cotton would come later, said Taqi Abbas, a broker at the Karachi Cotton Exchange.

The KCA maintained its official spot rate for the fourth working day at Rs5,000 per maund. According to the Karachi Cotton Association (KCA) report, traders bought 5,900 bales at Rs4,800 to Rs5,200 per maund (37.324 kilograms) as compared to 10,100 bales bought at Rs4,200 to Rs5,250 per maund a day ago. On global front, the world benchmark cotton market, New York, price of March futures contract declined by 0.12 cents per pound to 63.61 cents per pound.

SOURCE: Yarns&Fibers

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Spain looking to boost bilateral trade ties with Pakistan

Spain intends to boost bilateral ties with Pakistan, in this regard Spainish Ambassador in Pakistan Javier Carbajosa Sanchez had a meeting with Minister of State and Board of Investment (BOI) Chairman Dr Miftah Ismail to discuss and explore investment opportunities. Sanchez said that to enhance bilateral ties it would settle issues of bilateral investment treaties and memoranda of understanding with Pakistan. Showing interest particularly in Pakistan’s wind, solar energy and tourism sectors as the country is facing immense energy crisis., he said that the

Spanish investors in Pakistan were interested in high level sophisticated machinery and equipment for the textile sector. On the occasion, the BoI chairman said that Spanish companies may well explore the possibility of establishing Spanish-specific special economic zone in Pakistan. For this, the BOI plans to extend an invitation to Spanish businessmen to visit and explore opportunities in Pakistan. Although both the countries are enjoying good political relations with each other but it is need of the hour to promote bilateral trade as well. As Pakistan is still a very new market for Spain and most of the investors only get the right impression after visiting the country themselves. As per a report, in 2012 Spain’s imports from Pakistan were around US$150 million and exports around US$300 million. The trade volume between Pakistan and Spain will be enhanced and every possible step will be taken in this regard.

SOURCE: Yarns&Fibers

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UAE based enterprises to leverage great trade network at the seven trade fairs to be held in Hongkong

The Gulf countries are gradually becoming the world’s leading textile manufacturing and trading centers due to good economic environment and fair trade practices.UAE is in the forefront of this march which is steadily emerging as a major textile trading hub.

The UAE has always held a significant trading partnership with Hong Kong. With the announcement of seven leading trade fairs of Asia in Hongkong , a phenomenal opportunity awaits the UAE based enterprises to leverage the great trade networks of several established domestic and international markets as well as emerging markets. The GCC region will be also benefitted by it with its partnership with Hong Kong.The trade fairs include - Hong Kong International Lighting Fair - Spring Edition (April 6 to 9), Hong Kong Electronics Fair - Spring Edition (April 13 to 16), International ICT Expo (April 13 to 16), Hong Kong International Home Textiles and Furnishings Fair (April 20 to 23), Hong Kong Houseware Fair (April 20 to 23), Hong Kong Gifts and Premium Fair (April 27 to 30) and Hong Kong International Printing and Packaging Fair (April 27 to 30).

The 7th edition of the show, International Lighting Fair (Spring Edition), is expected to attract around 1,100 exhibitors from 12 countries and regions. The fair offers global buyers a one-stop-shop for sourcing all finished products, parts and components. A great variety of merchandise will be showcased at different theme zones which enhance business opportunities for visitors and industry players, such as Hall of Aurora, LED & Green Lighting, Advertising Display Lighting and Avenue of Inspiration.

Celebrating its 30 years of success, the Houseware Fair serves as a hub for the latest and hottest products. Over 2,000 exhibitors from 34 countries and regions are expected to join the fair this year, with a new exhibiting country - Cyprus. More than 28,000 buyers from 119 countries and regions came through the doors in 2014. This year's fair features a total of 22 'product or themed zones', are focusing on key categories. Of which, five are newly introduced -- Bath, Beauty and Healthcare, Festive decor, Home Cleaning, Storage Solution and Wine Tools and Accessories.

The 30th edition of the world's largest Gifts and Premium Fair proves that Hong Kong is an important world-renowned sourcing centre of this kind. Over 4,100 global exhibitors are expected to take part this year. Hall of Fine Designs showcases collections of high quality products of more than 130 brands; Catering to the latest market trends, three new theme zones are added -- Beauty Products & Accessories Zone, Hiking and Camping Products Zone and Fine Porcelain Gifts Zone. Avenue of Inspiration will return to offer innovative and unique pieces from the country's young entrepreneurs and designers, giving buyers a glimpse of local originality.

The seven trade fairs, to be held at the Hong Kong Convention and Exhibition Centre (HKCEC) between April 6 and 30, 2015, would provide tailor-made platforms for traders and suppliers from around the world to expand their businesses into new markets.  Speaking at a press conference in Dubai, Mr. Perry Fung, HKTDC Regional Director of Middle East and Africa, said, that the seven trade fairs present tremendous opportunities for enterprises from the UAE to source quality products under one roof and make alliances and business contacts for expansion. We look forward to seeing more importers and distributors from the UAE to use the HKTDC's trading platforms to tap business opportunities this year and in future, as the trade relation between Hong Kong and the UAE has been growing significantly.

He added that the growing domestic market of the countries in the region is opening up new trading opportunities. Last year, buyers from Middle East who visited HKTDC fairs reached 2,500. The UAE is Hong Kong's largest export market in the Middle East. In 2014, Hong Kong's total exports to the UAE went up by 25.4 per cent year on year to US$6.2 billion. Reciprocally, Hong Kong's imports from the UAE were valued at US$3.8 billion.

Mr. Fung elaborated that , the seven global fairs is supported by a combination of international quality exhibitors and buyers offer one-stop marketing and sourcing platforms, and represent prime opportunities for traders to gather the latest market intelligence. HKTDC identifies market opportunities, organize promotional activities, cultivate business contacts and offer fresh market intelligence. To harness the potential between the two places, they will step up our promotional efforts to expand our bilateral trade volume.

SOURCE: Yarns&Fibers

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