|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1161.62 |
RMB/Ton |
-0.97% |
3/22/2015 |
|
VSF |
1852.40 |
RMB/Ton |
0% |
3/22/2015 |
|
ASF |
2443.80 |
RMB/Ton |
0% |
3/22/2015 |
|
Polyester POY |
1189.32 |
RMB/Ton |
0% |
3/22/2015 |
|
Nylon FDY |
2981.44 |
RMB/Ton |
0.55% |
3/22/2015 |
|
40D Spandex |
6924.10 |
RMB/Ton |
0% |
3/22/2015 |
|
Nylon DTY |
2769.64 |
RMB/Ton |
1.19% |
3/22/2015 |
|
Viscose Long Filament |
1474.43 |
RMB/Ton |
0% |
3/22/2015 |
|
Polyester DTY |
5742.93 |
RMB/Ton |
0% |
3/22/2015 |
|
Nylon POY |
2590.43 |
RMB/Ton |
0% |
3/22/2015 |
|
Acrylic Top 3D |
3290.98 |
RMB/Ton |
0.50% |
3/22/2015 |
|
Polyester FDY |
1409.26 |
RMB/Ton |
0% |
3/22/2015 |
|
30S Spun Rayon Yarn |
2574.14 |
RMB/Ton |
0% |
3/22/2015 |
|
32S Polyester Yarn |
1873.58 |
RMB/Ton |
-0.86% |
3/22/2015 |
|
45S T/C Yarn |
2883.68 |
RMB/Ton |
0% |
3/22/2015 |
|
45S Polyester Yarn |
2606.72 |
RMB/Ton |
0% |
3/22/2015 |
|
T/C Yarn 65/35 32S |
2704.47 |
RMB/Ton |
0% |
3/22/2015 |
|
40S Rayon Yarn |
2492.68 |
RMB/Ton |
0% |
3/22/2015 |
|
T/R Yarn 65/35 32S |
2036.50 |
RMB/Ton |
0% |
3/22/2015 |
|
10S Denim Fabric |
1.14 |
RMB/Meter |
0% |
3/22/2015 |
|
32S Twill Fabric |
1.00 |
RMB/Meter |
0% |
3/22/2015 |
|
40S Combed Poplin |
1.35 |
RMB/Meter |
0% |
3/22/2015 |
|
30S Rayon Fabric |
0.77 |
RMB/Meter |
0% |
3/22/2015 |
|
45S T/C Fabric |
0.79 |
RMB/Meter |
0% |
3/22/2015 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16292 USD dtd. 22/03/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The State Industries Department had in 2013-14 prepared a Detailed Project Report (DPR) and sent it to the Union Ministry of Textile proposing for setting up an "apparel garment making and power loom estate" in the State which will be soon turning into reality as the foundation laying ceremony will be held at the City Convention in Imphal. Union Minister of State for Textile (independent charge) Santosh Gangwar is all set to lay the foundation stone of the powerloom estate proposed to be set up at Lamboikhongnangkhong in Imphal West on March 24 .
According to Industries department sources, a total of 201 semi-automatic power loom units are to be installed at the proposed power loom estate at a total cost of 3.6 crore. Each semi-automatic powerloom costs Rs 1.82 lakh. Establishment of the proposed powerloom estate will require 40 acre of land area and cost nearly Rs 10 crore of which the Centre will contribute 90 percent and 10 percent by the State Government. As soon as the estate is set up, the State Government is likely to focus on exporting lungi cloths in neighbouring Myanmar where lungi wearing is extensive. The State Government is also planning to develop a trade-cum-exhibition centre close to the proposed powerloom estate at Lamboikhongnanghong and so this area is expected to get regular power supply soon. Manipur already has three privately owned powerloom units.
SOURCE: Yarns&Fibers
The Telangana state government has decided to drop the proposal to impose Value Added Tax (VAT) on sarees and textile products, subsequent to its appeal, said the Telangana State Federation of Textile Associations (TSFTA) on Thursday. Commercial Taxes Minister Talasani Srinivas Yadav gave this assurance when a delegation from the Federation explained to him the problems that such a levy would result in, including harassment of traders, said TSFTA president Ammanabolu Prakash.
Mr. Prakash thanked Chief Minister K. Chandrasekhar Rao and Mr. Yadav for dropping the proposal. Had the government gone ahead with the proposal, it would have been challenging for the authorities and traders as well to implement it. Since the products they deal with are not perishable, traders handle stocks received over several months, if not years. Further, textile traders in semi-urban and rural areas are way behind in terms of computerisation of inventory or billing. They continue to do tasks manually considering the costs involved.
SOURCE: Yarns&Fibers
WTO member countries including the US, Turkey and Japan, have asked India to phase out export subsidies on textiles and the apparel sectors, Parliament was informed today. As per the WTO data for 2006 and 2007, India has crossed the threshold limit (exports reaching 3.25 per cent threshold of the world trade) consecutively for two years in these sectors, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. "In the WTO subsidies committee meetings, the WTO member countries, in particular the US supported by European Union, Turkey, Japan and others have urged phasing out of export subsidies by India for the textiles and the apparel sectors," she said.
Sitharaman added the government has not taken any decision on the phasing out of subsidies as the new Foreign Trade Policy is "still under consideration". Replying to a separate question on buffalo meat exports, she said that the exports have increased to 13.71 per cent in quantity terms during April-October 2014. In value terms, it has increased by 14.35 per cent during the period. "The increase in the exports of buffalo meat during April to October 2013-14 was on account of increase of business in Vietnam, Egypt, Malaysia, Thailand and Saudi Arabia," the minister added. She said that Indian bovine meat are not allowed into the Chinese market on ground of prevalence of 'food and mouth diseases' in India. "On persistent efforts from India, China and India entered into an MoU for export of buffalo meat directly to China in May 2013," she added.
SOURCE: The Economic Times
Knitwear manufacturers here have asked the State Government to set up a State Textiles Board, and formulate a separate textile policy for Tamil Nadu. In a memorandum sent to Chief Minister O. Paneerselvam, the industrialists said that a Textiles Board, and a textile policy would help the government give a focused approach to the development of textile industry.
A. Sakthivel, president of Tirupur Exporters Association, was of the opinion that the State textile policy should provide 5 per cent interest subsidy, and 10 per cent capital subsidy towards modernisation and expansion of capacity in existing units — similar to the textile policies of Gujarat and Maharastra Governments. Some of the other demands that should be included in the coming budget were incentives for promotion of technical textiles, and capital subsidy for setting up various types of effluent treatment plants.
To reduce the impact of the power cost in the operation of effluent treatment plants, they wanted 25 per cent power subsidy. A dedicated power station for the Tirupur knitwear cluster should be established. This was a long pending demand of various textile associations here. A workers’ hostel should be constructed, and the Tirupur-Oddanchathram road should be widened, the memorandum said.
SOURCE: The Hindu Business Line
The government is considering offering subsidised credit for exporters in the next fiscal when fresh funds become available, a development that comes in the wake of contraction of India's exports for the third month running in February because of the sharp appreciation of rupee against euro and yen, decline in commodity prices and restrictions on Basmati import imposed by Iran."Exporters are facing the heat on several accounts. We are assessing those factors. We are also considering providing interest subvention support independent of the foreign trade policy (FTP). The allocation for that has already been made in the budget," said a government official.
FTP has been due for nearly a year. The 3 per cent interest subvention scheme for exports lapsed in April last year, affecting working capital and margins of Indian exporters. The interest subvention scheme was expanded to 3 per cent from 2 per cent in 2013-14 for sectors, including readymade garments, carpets, handlooms, handicrafts, toys and some engineering products.
Currency appreciation has been the biggest factor in exports losing their edge, a concern voiced by the RBI governor Raghuram Rajan as well. Rupee has appreciated 22.4 per cent against the euro in the current financial year, making India's exports expensive in the single currency union. European Union accounts for close to 18 per cent of Indian exports. Rupee has also appreciated about 10 per cent against the Japanese yen over the past one year. Earlier this month, Rajan had said "excessively strong rupee' is undesirable. "The sharp depreciation of euro against rupee has not only affected our exports to EU but also to Africa. There has been a sharp decline from November onwards," said Ajay Sahai, director general and CEO of the Federation of Indian Export Organisation . "We have asked the government to give support for exports to EU," he added. India's exports to Japan fell 18.6 per cent in the first 10 months of the fiscal till January while that to Europe were down 2.41 per cent.
"The weak rupee will help exports and RBI has indicated that it will not let rupee appreciate much. In the short term, the interest subvention scheme will help exporters with their working capital requirement," said Soumya Kanti Ghosh, chief economic adviser, State Bank of IndiaBSE -0.47 %. Engineering goods, which held up export basket till last month, posted a contraction of 0.76 per cent compared to 9 per cent growth in the previous month. "In order to maintain cost effectiveness for Indian exports it is deemed appropriate to extend interest subvention scheme, as global demand conditions remain muted. It is expected to bolster exports from India," said Shubhada Rao, chief economist, YES BankBSE 0.10 %. "RBI is not primarily designed to employ currency as a tool in its monetary policy. Studies show that the global demand conditions have a larger bearing on export performance, and currency is secondary. Though currency is a big concern right now, interest subvention as a channel would be more effective to impart cost effectiveness to our exports," said Rao.
SOURCE: The Economic Times
Rating agency Fitch has forecast India’s gross domestic product (GDP) to grow at 8 per cent in 2015-16 and 8.3 per cent in 2016-17, based on the new data series. The forecasts according to the earlier series were 6.5 per cent and 6.8 per cent, respectively. But the agency cautioned that the cuts in government expenditure for meeting the 2014-15 fiscal deficit target — around Rs 1 lakh-crore lower than the Budget estimates, according to revised estimates — might temporarily have somewhat dampened the broader trend of a pick-up.
While Fitch commended the Central Statistics Office for constructing a GDP data series more in line with international standards, it argued it was difficult to reconcile the revised estimates with other key economic indicators and anecdotal evidence that showed low investment levels, weak corporate balance sheets and a rise in banks’ non-performing assets. The report said policy initiatives, including structural reforms and some fiscal and monetary policy loosening, would have a positive effect on real GDP, though the impact of these measures would likely show with a lag.
On the new monetary policy framework for coordination between the Reserve Bank of India and the central government, which puts in place an inflation-targeting regime, Fitch argued the “stronger focus on inflation is likely to contribute to an environment of structurally lower inflation, while some room for further monetary policy loosening in 2015 is likely”.
SOURCE: The Business Standard
India's merchandise trade with seven South Asian countries has reached USD 19.21 billion during April-January period of the current fiscal. The same stood at USD 20 billion in 2013-14. "During the five-year period of 2009-10 to 2013-14, Indian exports to SAARC (South Asian Association for Regional Cooperation) countries grew at a compounded annual growth rate of 20.18 per cent, while imports grew at 10.52 per cent," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.
SAARC members are - India, Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka. In 2012-13, India's two-way trade with the countries stood at USD 17.78 billion. The main products traded between these countries include agri goods, electronics, textiles, dairy products and metals. Replying to another question on anti-dumping, she said during April 2011 and February this year, 114 anti-dumping investigations have been initiated in respect of imports of various products including 12 electronic items. "Based on the recommendations of Directorate General of Anti-dumping & Allied Duties (DGAD) for imposition of anti-dumping duties, Department of Revenue has imposed anti-dumping duty on imports of 93 numbers of products," she added.
SOURCE: The Economic Times
The negotiations for the much delayed free trade agreement with the EU are unlikely to start soon as it would be difficult for India to move forward on the pact without getting the data secure nation status, a top government source said. India is asking for data secure nation status from the European Union (EU). The tag is crucial as it will have a bearing on Indian IT companies wanting market access in the 28-nation bloc. India is among nations not considered data secure by the EU. The EU law mandates that European countries doing outsourcing business with countries that are not certified as data secure have to follow stringent contractual obligations, which increases operating costs and affects competitiveness.
"Data security issue is very important for India. It will be difficult for the Commerce Ministry to move forward on the free trade pact without getting clarity on data security matter," the source said. No negotiations were held after both sides failed to bridge substantial gaps on crucial issues in May 2013. "The EU should come on the table with incremental approach. India could consider their demands of reducing duties on wines, spirits and automobiles," the source added.
India and EU are negotiating Bilateral Trade and Investment Agreement (BTIA) that will include trade in goods, services and investments since June 2007. Besides demanding significant duty cuts in automobiles, EU wants tax reduction in wines and spirits and dairy products and a strong intellectual property regime. The domestic auto industry is concerned that any concessions in the sector on demands by the bloc would have far-reaching consequences for it and have an impact on the Modi government's Make in India initiative. Recently, the European Union sought a political push by Prime Minister Narendra Modi to restart the stalled talks for the agreement and had expressed readiness to adopt flexibility to iron out differences on crucial issues. Two-way commerce stood at USD 101.5 billion in 2013-14.
SOURCE: The Economic Times
Union minister for external affairs Sushma Swaraj today called for tapping the trade potential of the Indian Ocean Rim Association (IORA) member countries through sectoral cooperation initiatives. IORA is an international organisation consisting of coastal states bordering the Indian Ocean. "The existing trade potential can be further tapped through sectoral cooperation initiatives. The emerging sectors that present immense potential for trade expansion and regional integration include food processing, fisheries, tourism, environmentally sensitive goods, information technology, small and medium enterprises (SMEs), regional value chain, and so on," the Union minister said. She was speaking at the inauguration of a three-day international conference on India and Indian Ocean: 'Renewing the Maritime Trade and Civilization Linkages', organised by Institute of Social & Cultural Studies and Research & Information System for Developing Countries.
The time has come that the countries in the region consider evolving a common regional standard to promote intra regional trade, she said. Some mechanisms need to be evolved to address the challenges and hindrances in the way of trade growth to ensure that intra-regional trade becomes significant to make the overall economic performance of IORA vibrant, the minister suggested. She pointed out that on the economic front, IORA has exhibited significant dynamism in the past few years as the region has experienced steady growth in global and intra-regional trade since 2003. The global trade is up 3.5 times from $ 1,224 billion in 2003 to $ 4,232 billion in 2012 whereas intra-regional trade has increased four-fold from $302 billion to $1,230 billion in the same period. "The intra-regional trade ratio that measures the degree of trade integration in the region has also registered significant increase over the years. This growth in intra-regional trade without any formal trade arrangement among the member states reflects the potential existing in the region for deepening regional economic integration," she said.
The intra regional trade investment is negligible despite tremendous potential. Deepening of regional economic integration may help in exploiting this hidden potential of intra-regional cooperation for mutual benefit, Swaraj said. Speaking on the occasion, Chief minister Naveen Patnaik said that state's mining and steel sector can contribute to the development of Indian Ocean countries. "In the last decade , Odisha has consistently displaying a better growth rate than national average. We are keenly developing our infrastructure at rapid pace to boost up our socio economic development. Our robust mining and steel sector can contribute significantly in supporting development in Indian Ocean countries", said Patnaik.
SOURCE: The Business Standard
Businesses in India and East Africa are set to collaborate in sectors such as cotton and textiles, IT, leather, oil meal, spices, medical equipment and coffee under a programme rolled out by the International Trade Centre (ITC). “We are mapping the business opportunities with entrepreneurs in both countries following which other details, including financing of projects, will be worked out,” Arancha Gonzalvez, Executive Director, ITC, told BusinessLine in an interview.
The Export Import (EXIM) Bank of India and industry body CII have partnered with ITC — a joint agency of the World Trade Organisation and the United Nations for enhancing trading capacities of developing countries — to identify potential trade partners from India and finance the ventures. Gonzalvez is in New Delhi with a delegation of 200 business people from Rwanda, Uganda, Kenya, Tanzania and Ethiopia to launch the programme funded by UK’s Department for International Development (DFID). “It (the programme) is not only about African countries exporting to India. It is also about Indian companies investing in Africa,” she said.
While ITC’s effort is to help African countries improve scale, technology and productivity, Indian investors too stand to gain a stronger foothold in the African market, which has been growing at 6-7 per cent over the last decade. “It makes sense for Indian companies to help African companies build these markets,” she said. Indian businesses, especially mid-size ones, have shown a lot of interest in the five East African countries ever since discussions on the programme began six months ago.
Key sectors
“Businesses in both countries and the EXIM Bank have identified sectors with potential such as cotton & textiles, IT, pulses, leather and medical equipment for possible cooperation. I expect deals in various sectors very soon. We will track the trade and investment generated under the programme so that we can expand it to other countries as well,” Gonzalvez said. ITC and the Central government are helping to explain to the East African countries the export opportunities in India under the Duty Free Quota Free programme of the WTO for Least Developed Countries. Financing investments of Indian companies in Africa will also not be a problem, as the EXIM Bank has existing lines of credit that could be tapped. India’s exports to East African countries in 2013-14 were $10 billion, over 3 per cent of its total exports, while imports were stood at only $1 billion (0.23 per cent of total imports).
SOURCE: The Hindu Business Line
Banks have started declining the request to process transactions of exporters requiring Iranian port services, fearing action from the West. Banks’ stance could jeopardise exports to the Central Asian and CIS countries, and even Afghanistan, industry sources told FE. Exports to the Central Asian and CIS region account for over $3 billion annually. The annual trade figure, including imports, stands at $8 billion.Shipment through strategically located Iranian ports to nearby countries are expected see exponential growth in the coming years. Therefore, such hurdles to exports could mean loss of business opportunity worth billions of dollars to the exporters, said sources. Iran is still in talks with the US and Europe to end international sanctions imposed on it for alleged illegal nuclear activities. However, for most exporters, a convenient way to export to CIS/Central Asian region and Afghanistan is to first ship the consignment to Bandar Abbas port in Iran and from there get the merchandise goods sent to countries in area via rail or road.
Sources said there are cases where banks (the nominated banks that forward the importer’s payment to the Indian exporter) — on finding that the consignments are to be routed through Iranian territory — refused to accept letters of credit and other supporting documents issued by importers’ banks based in such countries such as Uzbekistan. The cases that FE came to know are mostly concerning the engineering goods sector. Sources said Engineering Export Promotion Council, India, (EEPC) recently took up the matter with the commerce and finance ministries. The ministries, instead, want the exporters to raise the matter also with the banking regulator RBI and the banking industry apex body Indian Banks’ Association (IBA), they added. When contacted, a senior commerce ministry official said: “Banks might be having apprehensions about any Iran-related trade. We need to address the grievances of exporters.” IBA officials said they are yet to get a formal complaint from the exporters.
As international sanctions on Iran are yet to be removed, Indian banks fear facilitating trade that directly or indirectly helps Iran could bring them under the scanner of the Office of Foreign Assets Control (OFAC) of the US Treasury Department administering and enforcing economic and trade sanctions such as those imposed on Iran. “OFAC penalties and settlements are very huge and the US comes down heavily on any company or organisation violating their norms. Therefore, Indian banks are getting very careful so that they are not on the wrong side of the law. However, I don’t think OFAC imposes penalties on cases where exports pass through Iranian ports to a third country on which there are no sanctions,” said Ajay Sahai, director general and CEO of Federation of Indian Export Organisations, exporters’ apex body. As Indian exporters are increasingly diversifying into markets such as Central Asia/CIS (from traditional markets such as the US and Europe) and are looking to route their trade to these relatively untapped markets even through Iranian ports, it is important that RBI educates Indian bank officials on the actual OFAC norms so that they do not go by what they think is wrong or take decisions on the basis of partial information, Sahai said.
SOURCE: The Financial Express
The Indian rupee on Monday strengthened for the sixth consecutive session against the dollar, tracking the gains in Asian currencies market. The local unit opened at 62.37 per dollar and touched a high of 62.35—a last level seen on 5 March. At 9.10am, the home currency was trading at 62.36, up 0.18% from previous close of 62.47. The Sensex index rose 0.10% or 28.50 points to 28,289.89 points. Major Asian currencies were trading higher against the dollar. The Malaysian ringgit was up 0.96%, South Korean won up 0.37%, Indonesian rupiah 0.37%, Philippines peso 0.25%, Taiwan dollar 0.13%. However, Thai Baht was down 0.1%, Singapore dollar down 0.07%. The yield on India’s 10-year benchmark bond was trading at 7.748% compared with its Friday’s close of 7.746%. Bond yields and prices move in opposite directions. Since the beginning of this year, the rupee has gained 0.92%, while foreign institutional investors have bought $5.47 billion from local equity and $6.38 billion from bond markets. The dollar index, which measures the US currency’s strength against major currencies, was trading at 98.062, up 0.16% from the previous close of 97.909.
SOURCE: The LiveMint
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 52.50 per barrel (bbl) on 20.03.2015. This was lower than the price of US$ 52.78 per bbl on previous publishing day of 19.03.2015.
In rupee terms, the price of Indian Basket decreased to Rs 3280.73 per bbl on 20.03.2015 as compared to Rs 3294.53 per bbl on 19.03.2015. Rupee closed weaker at Rs 62.49 per US$ on 20.03.2015 as against Rs 62.42 per US$ on 19.03.2015.
The table below gives details in this regard:
|
Particulars |
Unit |
Price on March 20, 2015 (Previous trading day i.e. 19.03.2015) |
Pricing Fortnight for 16.03.2015 (Feb 26 to Mar 11, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
52.50 (52.78) |
58.21 |
|
(Rs/bbl |
3280.73 (3294.53) |
3618.92 |
|
|
Exchange Rate |
(Rs/$) |
62.49 (62.42) |
62.17 |
SOURCE: PIB
India's foreign exchange reserves decreased by $2.06 billion to $335.72 billion for the week ended March 13, Reserve Bank of India (RBI) data showed. According to analysts, the Indian reserves fell on the back of a rally in the US dollar and that major non-dollar currencies were trading at their weekly lows. The Indian reserves hold nearly 20-25 percent of the non-dollar currencies. "The fall in foreign reserves can be attributed to a sharp rally in the US dollar. This had an effect on the major non-dollar currencies which were trading to their weekly lows," Anindya Banerjee, senior manager, currency derivatives, Kotak Securities told IANS. For the previous week ended March 6, the reserves had decreased by $286.3 million to $337.79 billion. However, for the week ended February 27, the total forex reserves had increased by $3.88 billion to $338.07 billion.
According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves declined by $1.97 billion at $310.34 billion in the week under review. The foreign currency assets had risen by $122.4 million at $312.32 billion in the week ended March 6. For the week ended Feb 27, the foreign currency assets had increased by $3.90 billion at $312.20 billion. The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
India's reserve position with the International Monetary Fund (IMF) in the week ended March 13 decreased by $27.1 million and stood at $1.58 billion. The value of special drawing rights (SDRs) was lower by $60.8 million in the week under review at $3.96 billion. Gold reserves were static at $19.83 billion. The gold reserves had plunged by $346.2 million in the week ended March 6.
SOURCE: The Times of India
Pakistan textile and clothing exports during July-February had witnessed a nominal increase of just 0.47 percent as proceeds reached $9.179bn as compared to $9.136bn a year ago. But in February 2015 it has plunge to $1.087 billion compared to $1.119bn a year ago, a decline of 2.91 per cent, as per Pakistan Bureau of Statistics data on Friday. Product-wise details show that export of low value-added products, such as cotton yarn, dropped by 0.69pc; cotton cloth 15.47pc; cotton carded 89.25pc; yarn other than cotton yarn 30.88pc and art silk 23.21pc.
However, exports of textile made-ups, excluding towels, increased by 1.54pc; other textile material rose 10.07pc while raw cotton export witnessed a decline of 25.58pc in February 2015 from a year ago. Exports of value-added products witnessed an increase during the month. Exports of knitwear witnessed a growth of 3.57pc and ready-made garments of 20.22pc. Exports of bedwear and towels declined 4.82pc and 8.34pc, respectively. In fact, Pakistan’s total exports witnessed a decline of 4.96pc to $16.005bn in July-February 2015 as against $16.840bn in the same period last year.
SOURCE: Yarns&Fibers
British Deputy High Commissioner and United Kingdom’s Trade and Investment Board Director John A Tucknott in a luncheon reception organised by Korangi Association of Trade and Industry (KATI) in his honour said that 18 percent increase was being witnessed in the trade volume in the year 2014 between Pakistan and the UK. The textile goods made and produce in Pakistan have no comparison with the same being produced in India and Bangladesh.
On the occasion, John Tucknott said that the British government wants prosperous Pakistan and the British companies working in Pakistan are willing to enhance the economic growth of Pakistan. He said that more companies in other sectors like mining, oil and gas are willing to invest in Pakistan due to its 100 percent profit policies for attracting foreign investors. KATI President Rashid Ahmed Siddiqui, Senator Abdul Haseeb Khan, Gulzar Feroze, FPCCI Vice President Shah Nawaz Ishtiaq, Abdul Sami Khan, Zubair Chhaya, Syed Farukh Mazhar, Syed Johar Ali Qandhari, Ehtesham Uddin, Akbar Farooqui, Munir Sultan and others attended the event.
On the occasion, Trade Development Authority of Pakistan (TDAP) CEO SM Muneer said that for first time the TDAP is going to organize ‘Al-Ashan Pakistan Exhibition’ in London this coming June , so that the people and traders of the UK could see Pakistani products. He further said that the British prince would also witness the exhibition, adding that the TDAP was working hard to enhance the export volume of Pakistan and making all out efforts to promote Pakistani goods in the UK and other European countries. On the occasion, Rashid Ahmed Siddiqui said that there is a room for improving Pakistan exports to the UK and European countries after getting the status of GSP Plus. Exchange of delegations and exhibitions between two countries are necessary as it will help improve the trade volume between the UK and Pakistan.
SOURCE: Yarns&Fibers
The price advantages of Chinese exports to the European market have been mitigated by the euro deflation. The weak euro will also spur eurozone exports to other markets, adding competitive pressure to China's high value-added exports. The pressure is on Chinese exports as the euro sinks against the yuan, said Ministry of Commerce spokesman Shen Danyang on Tuesday. The yuan was up 10.8% against the euro until March 13, when the euro devalued 13.2% against the US dollar.
Imports from the eurozone have not been affected much by the fluctuation, as China mainly imports mechanical, electrical and chemical products from Europe, but investment and merger opportunities for Chinese companies have increased as asset prices tumbled, said Shen. In the first two months this year, Chinese non-financial direct investment in the European Union increased almost tenfold. According to the General Administration of Customs, China's exports plunged 3.2% year on year in January but increased 48.9% in February.
Growth of exports to the US and the EU hit 48.5% and 44.2%, respectively, in February thanks to a mini economic recovery there at the turn of the year. Exports of both textiles and clothes nearly doubled in January compared with the same period last year, driven by higher export rebates since the start of this year. She then attributed part of export growth in February to a low comparative base in the same period last year. It is common for the Chinese economy to fluctuate in January and February due to the Lunar New Year holiday, which took place in February this year.
SOURCE: Yarns&Fibers
Bangladesh textile industry is dependent on import of fibres from foreign countries, thus the government need to take steps for making the rules industry-friendly, said Jahangir Alamin, former president of Bangladesh Textiles Mills Association (BTMA) addressing a session titled “Bangladesh Spinning Industry in Next Decade” at the Global Cotton Summit Bangladesh-2015 that began in the capital to enhance relations between buyers and suppliers of the product.
Existing rules for importing fibres, slow progress in infrastructure streaming to supply chain management and limited control over prices of finished products in global market are the foremost challenges faced by the Bangladesh textile industry. Textiles and Jute Minister Mohammad Emaz Uddin Pramanik who inaugurated the event said that they produce a little quantity of cotton. But they required huge amount of raw cotton to meet the local demands. Thus cheap and competitive price rate of the cotton is mostly essential for them
Bangladesh import cotton mostly from India, USA, Brazil, Australia and Africa. But the import of cotton is not always smooth due to volatility in the international market. The prices of cotton in international market fluctuate regularly, and it makes a big negative impact on them, said BTMA President Tapan Chowdhury. The buyers and sellers face difficulties in fulfilling and complying with contractual obligations due to the high degree of fluctuation of the prices. Cotton exporting countries put export barriers and therefore their import contracts remain unperformed, he added.
The BTMA president firmly believes that this summit will provide their members an opportunity to understand the dynamics of cotton, growth, international trade and consumption. According to the BTMA, Bangladesh is the second largest importer of cotton having imported 5.5 million bales worth of $2.56 bn in 2014. The country’s spinning mills are fully supporting the export oriented readymade garment factories as they can produce 2100 million kilogramme of yarn and supply about 80-85% of knit and 35-40% of woven yarn to the RMG sector. The Global Cotton Summit Bangladesh-2015 has been jointly organized by the Bangladesh Cotton Association (BCA) and Bangladesh Textile Mills Association (BTMA).
SOURCE: Yarns&Fibers
The demand for Indonesian goods is pretty high in Egypt, said Indonesian Ambassador to Egypt Nurfaizi Suwandi on the sidelines of the Cairo International Fair (CIF), the largest annual trade exhibition in Egypt and hence they are committed to continue increasing their exports to Egypt. The primary Indonesian goods exported to Egypt included yarn, textile, handicrafts, crude palm oil (CPO), coffee, tea, paper, tires, electronic devices, and vehicle spare parts as per Indonesian embassy’s trade attaché in Cairo.
The value of Indonesian exports to Egypt has increased by 21.71 percent to US$1.34 billion throughout the 2014 fiscal year from the $1.1 billion recorded in the previous year. Nurfaizi Suwandi said that the double-digit increase showed Jakarta’s commitment to continue exploring economic and trade activities with Cairo.There are 17 companies participating at the CIF’s Indonesian stand consisting of 10 Indonesian firms, five Cairo-based companies and two Indonesian-Egypt joint venture firms. Tutu Nurhasanah from PT Syukestex, one of the participants from Indonesia said that their batik and textiles have already penetrated the market in Dubai. Now they want to try to enter the Egyptian market. This year the Cairo International Fair (CIF) is a well-established multi-sectorial trade event is an unique platform for marketing products and services. It enables participants from overseas to introduce new and improved technologies on Egypt and Middle East markets will held from March 18 to 27. CIF 2014 attracted more than 800 exhibitors from 15 countries and the number of visitors was more than one million.
SOURCE: Yarns&Fibres
The Ghana Chamber of Commerce and Industry (GCCI) has signed a Letter of Collaboration with the United States Agency for International Development’s (USAID) West African Trade Hub and African Partners Network, in Accra on Thursday. The collaboration will help establish a framework for cooperation between the two parties in the implementation of the AGOA Trade Resource Centre, stated Mr Ibrahim Murtala Muhammed, the Deputy Minister of Trade and Industry.
Signatures and exchange of the letter of collaboration were done at a ceremony to launch the new African Growth and Opportunity Act (AGOA) Trade Resource Centre, which was hosted by the GCCI within the World Trade Centre in Accra.Mr Jeffery Povolny represented the USAID Trade Hub and African Partners Network, while Mr Mark Adu Aboagye, the Chief Executive Officer of the Ghana Chamber of Commerce and Industry, represented the GCCI.Mr Ibrahim Murtala Muhammed, the Deputy Minister of Trade and Industry, said that the development of a trade hub has become necessary in view of the myriad of challenges confronting the country’s export business, particularly those within the textiles sector, to maximize fully the prospects of AGOA and other trade pacts available to Ghana.
The Trade Hub would work through regional private sector associations and regional Governmental entities to help channel all partners’ efforts in a way that would address critical constraints to trade competitiveness, capture opportunities to expand trade, demonstrate West Africa’s productive potential to investors and facilitate greater investment in the region.He also said that the Centre was expected to provide advisory services to Ghanaian companies to increase their competitiveness, and increase regional trade and value-added global exports, particularly to the United States under the AGOA. It is expected to also facilitate strategic investments to expand exports by providing technical assistance and industry-specific best practices to government and the private sector.
SOURCE: Yarns&Fibers
Archroma, a leader in specialty chemicals, has introduced its latest innovation in water repellency for outdoor clothing with the launch of the Smartrepel Hydro line for polyester, polyamide and cotton-based textiles. Smartrepel Hydro water repellent agents extend the benefits of high-performing, nature-friendlier protection to the full spectrum of fibres used in today’s outdoor segment, the company reports. The new range comprises Smartrepel Hydro CMD designed for cellulosic fibres and blends, and Smartrepel Hydro PM for synthetic fibres.
Novel technology
A novel technology that is not based on fluorine chemistry, PFC, PFOA, PFOS or solvents supports the increasing adoption of eco-advanced materials and production processes by textile producers and brand owners adhering to industry initiatives, such as the Joint Roadmap towards Zero Discharge of Hazardous Chemicals (ZDHC), and eco-label standards such as bluesign and Oeko-Tex. “We are quite excited to introduce this technology to the market. Smartrepel Hydro combines two benefits that were long awaited, especially by the outdoor textile segment: a nature-friendlier chemistry, together with long-lasting, efficient water repellency for both synthetic and cellulosic fibres,” commented Georg Lang, Global Head of Product Marketing Finishing, Textile Specialties, at Archroma. Smartrepel Hydro by Archroma, a new generation of non-fluorine chemistry that meets criteria for PFC-free finishes and clothing. © Archroma “With its strong eco-profile, supported by recognized eco-certificates, and unmatched performance Smartrepel Hydro now offers the market a positive alternative to conventional fluorocarbon-based water repellency products.”
Great performance
Smartrepel Hydro is said to achieve a level of performance for cotton and synthetic fibres and blends as yet unattainable with alternative non-fluorine solutions, and similar to C6-based solutions. Archroma’s micro-encapsulated technology uses a repelling agent and anchoring agent that together create a perfect symbiosis of water protection, breathability and durability. Its high water repellence performance for cotton, polyester and polyamide is tested according to AATCC 22. Thanks to the innovative technology developed by Archroma’s experts, the finish is designed to overcome the limitations of comparable non-fluorine products currently available on the market, and achieve a soft and bulky hand-feel and strengthens the fabric against abrasion and tearing, without any yellowing.
SOURCE: Innovation in Textiles
