|
Item |
Price |
Unit |
Fluctuation |
|
PSF |
1142.63 |
USD/Ton |
0% |
|
VSF |
1863.09 |
USD/Ton |
0.26% |
|
ASF |
2445 |
USD/Ton |
0% |
|
Polyester POY |
1173.6 |
USD/Ton |
0.70% |
|
Nylon FDY |
2982.9 |
USD/Ton |
0% |
|
40D Spandex |
6927.5 |
USD/Ton |
0% |
|
Nylon DTY |
3292.6 |
USD/Ton |
0% |
|
Viscose Long Filament |
5745.75 |
USD/Ton |
0% |
|
Polyester DTY |
1442.55 |
USD/Ton |
0% |
|
Nylon POY |
2803.6 |
USD/Ton |
0% |
|
Acrylic Top 3D |
2591.7 |
USD/Ton |
0% |
|
Polyester FDY |
1377.35 |
USD/Ton |
0% |
|
30S Spun Rayon Yarn |
2575.4 |
USD/Ton |
0% |
|
32S Polyester Yarn |
1858.2 |
USD/Ton |
0% |
|
45S T/C Yarn |
2885.1 |
USD/Ton |
0% |
|
45S Polyester Yarn |
2004.9 |
USD/Ton |
0% |
|
T/C Yarn 65/35 32S |
2477.6 |
USD/Ton |
0% |
|
40S Rayon Yarn |
2705.8 |
USD/Ton |
0% |
|
T/R Yarn 65/35 32S |
2608 |
USD/Ton |
0% |
|
10S Denim Fabric |
1.141 |
USD/Meter |
0% |
|
32S Twill Fabric |
0.99756 |
USD/Meter |
0% |
|
40S Combed Poplin |
1.3529 |
USD/Meter |
0% |
|
30S Rayon Fabric |
0.7661 |
USD/Meter |
0% |
|
45S T/C Fabric |
0.78892 |
USD/Meter |
0% |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16300 USD dtd. 25/03/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Textile entrepreneurs are setup over the denial of permission for ‘third party exports’ for satisfying the export obligations under Export Promotion Capital Goods (EPCG) Scheme in various cases. In this concern, Texpreneurs Forum has made a representation to the Union Ministry of Commerce to ensure that the facility be made available to all for duty-free import of machinery considering the need for upgrading machinery which were costly affair.
Just because some violations occurred it is not wise to impose any denial or temporary ban on the incentives itself. The said rule allowing ‘third party exports’ was making it possible for those units such as spinning and wet processing firms along the garment production chain to import machinery under the EPCG scheme without duty. Such units were availing themselves of the duty-free benefits, even though they have not been exporting any products directly, by using the export performance of their customers who were the end-exporters of the garments.
Under that rule, importers of the machinery were stipulated to fulfil certain documentary procedures so that they could purchase the machinery from abroad without duty under Bill of Entry. S. Dhananjayan, an industry consultant, pointed out that all they have to do is at the time of imports, their EPCG licence number should be shown and the end-exporter of garments will mention the same licence number of the importer of machinery in export documents to enable the spinning and wet processing units to substantiate their claim for duty-free imports at a later stage.
SOURCE: Yarns&Fibers
With cotton prices starting to pick up, spinning mills are averse to buying this year. On Tuesday, the price of J 34 cotton rose Rs 1,200-1,400 a candy (356 kg) to Rs 33,830 a candy. J 34 is a variety of cotton grown in northern India with a strength of 4.5 micronaire (a measurement of the thickness of the cell walls of a cotton fibre) and length of 29 mm. A surge of Rs 300 per candy in the price of Shankar-6 (long staple cotton of 32 mm and 3.8 micronaire) has also been witnessed in Gujarat and its price is in the range of Rs 32,500 a candy. These prices are still lower than last year’s price of Rs 44,000 a candy. However, millers are worried a price revision in cotton now will disturb the price parity between yarn and cotton. The low demand for cotton yarn in international markets is already keeping the capacity utilisation low at 80 per cent.
The Cotton Corporation of India (CCI), the nodal agency of the Government of India that purchases cotton if prices fall below the minimum support price, has so far purchased 8.6 million bales (one bale is 170 kg) of cotton, said B K Mishra, chairman, CCI.We might purchase another 500,000-700,000 bales in the 2014-15 rabi marketing season. Of this, 260,000 bales have been liquidated by the CCI at a price of Rs 32,500 a candy,” he said. He added that Confederation of Indian Industries (CII) was not planning to liquidate, but would do so if there was a need for it. “The spinning mills can thrive on the market availability till harvesting is on in different parts of India and we project to enter when the harvesting comes to an end.”
Most of the mills said they had stock for three-to-four weeks, but purchasing cotton at a premium amid low profitability was pinching them. They want CCI to intervene so that cotton prices do not rise any further. According to T Kannan, chairman, CII National Committee on Textiles, if international demand is bullish, 25-30 per cent of yarn manufactured in India could be exported. At present, demand from China is cold. As CCI has procured one-fourth of the total crop this year, its intervention will boost the health of the mills.
According to Mishra, CCI has 45,000 bales of cotton from last year’s stock and that is meant for government-owned mills. The millers are also concerned about the fact that cotton loses its moisture content in summer, which means four to five per cent weight loss. This loss is recovered in monsoon, thanks to high atmospheric humidity. So CCI might not offload the stock before the onset of monsoon. While large mills have a fire-fighting system in place, small mills might have to face lean production days in the wake of flip-flops in CCI’s decision.
SOURCE: Yarns&Fibers
The Indian government plans to set up ready-made garment manufacturing units in each of the eight northeastern states to boost the textile industry in and export of ready made garments from the region, which would also boost local employment, particularly for women. The government-run National Building Constructions Corp would set up the units in Assam, Arunachal Pradesh, Manipur, Meghalaya, Nagaland, Mizoram, Sikkim and Tripura.
The textile ministry has decided to provide Rs.18 crore for each ready-made garment manufacturing unit called 'Apparel and Garment Unit' (AGU) in the northeast, said a senior official of Tripura's handloom and handicrafts department. The foundation stones in Nagaland and Manipur were laid recently. Union Minister of State for Textiles Santosh Kumar Gangwar will do that in Tripura on April 6 at Bodhjungnagar, 25 km from here. The official said that around 300 women would be engaged in manufacturing garments in each unit. The garments would be exported to neighbouring countries. All the units would be run by small entrepreneurs.
A textile ministry representative would be associated with the selection of the entrepreneur and the unit's management. The textile ministry and state governments would observe the functioning of these units but would not play any role in their day-to-day work. If these units are successful, similar units will come up in select districts later, the official added. At the instance of Prime Minister Narendra Modi, the textile ministry earlier asked the northeastern states to provide 1.5 acres of land each, preferably near their capital, to set up the garment units. It will be a new beginning for the organized textiles sector in northeast India, central Textiles Secretary S.K. Panda had earlier said. Once the scheme is implemented, several thousands, mostly women, are likely to get employed.
The units are expected to meet the demand for garments from police and paramilitary forces in every state besides government officials as well as school uniforms. India's share in the global apparel and garment market is now just 3.7 percent as against Bangladesh's 6.1 percent and Vietnam's 4.3 percent, indicating that New Delhi has the potential to step up output. India's northeastern states border China, Myanmar, Bhutan, Bangladesh and Nepal. Some of the states have trade ties with some of these countries, especially Bangladesh and Myanmar.
SOURCE: Yarns& Fibers
Textile mills in the State of Tamil Nadu to reduce the cost of transportation for importing cotton from Gujarat have started to use the shipping route, instead of road. The volume this year increased to 2,600 containers till January as against 1,200 containers of cotton transported by sea last year from Gujarat to Tamil. It is expected to touch about 4,400 containers by the end of this month.
T. Rajkumar, Chairman of Southern India Mills’ Association (SIMA) said that while the cost of transporting one bale of cotton by road from Gujarat to Tamil Nadu works out to nearly Rs. 850, same by ship it work between Rs. 640 and Rs. 790. During the last three months, the SIMA has held discussions with the Indian National Ship Owners’ Association and the revised rates for transport by ship ranges between Rs. 590 and Rs. 730 for a bale of cotton.
While one shipper is offering the service now, two more have expressed interest. The SIMA had written to Tamil Nadu Chief Minister seeking steps to bring down the cost further. Most of the cotton from Gujarat or Maharashtra arrive at the Tuticorin port. While the Centre should bring down the levies on fuel, the State government should relax the norms such as those on the number of moves in ports. Some textile mills bring cotton from Gujarat by ship and even send return cargo (fabric or garments) to the northern States in the same container.
SOURCE: Yarns&Fibers
Gandhi Shilp Bazar 2015, a handicraft exhibition cum sale organized by the the Manipur Apex Handloom Weavers and Handicrafts Artisans' CS Ltd under the sponsorship of Office of Development Commissioner (Handicrafts), Ministry of Textiles, Govt of India was set into motion today at Rising Athletic Union (RAU) ground, Khuman Lampak. Govindas Konthoujam, Minister of Commerce and Industries, Ng Bijoy Singh, Chairman, MPCB, M Satyabhama Devi, president of AWAS and T Rollee Vareishim, Asst Director (H), O/o Development Commissioner (H), Ministry of Textiles attended the inaugural function as a chief guest, functional president and guests of honour respectively.
Speaking at the occasion, Govindas Konthoujam said that a change has been witnessed in India including Manipur in handloom and textiles production sector after the introduction of Central sponsored NER Textile Promotion scheme. The Minister said that the Centre has sanctioned Rs 150 crore and Rs 30.34 crore for the valley and hill districts respectively for enhancing silk production in the State. He also added that a foundation for setting up of a regional Apparel and Garment making Centre for NE would be laid at Imphal by Union Minister for Textile during his visit tomorrow. The Gandhi Shilp Bazaar opened with a total of 100 stalls and will go on for ten day.
SOURCE: Yarns&Fibers
Central banks of BRICS countries (Brazil, Russia, India, China and South Africa) are actively engaged in discussions for an agreement to operationalise a BRICS ‘contingent reserve arrangement’ among them. The arrangement is aimed at forestalling short-term balance of payments pressures, provide mutual support and strengthen financial stability of the BRICS nations.
It is expected that the inter-central bank agreement will be signed this year, according to a top official of the RBI. This information formed part of a communication from PSS Vidyasagar, Assistant Adviser, Fund-Bank Division, International Department, RBI, to S Dheenadhayalan, an RTI activist. The RBI official was responding to a query raised by him in a letter addressed to the Prime Minister and concerning the banking system in the country. Dheenadhayalan had doubted the capacity of the RBI to effectively engage with counterparts to sign currency-swap arrangements, minimise dependency on dollar settlements, and control rupee volatility.
On July 15, 2014, the BRICS governments had signed a treaty on the setting up of the contingent reserve arrangement with a corpus of $100 billion, the RBI official said. He also recalled that the Prime Minister has announced that India will provide liquidity support to the tune of $1.5 billion to Sri Lanka. The RBI and the Central Bank of Sri Lanka are in the process of signing the swap agreement. The official reiterated that the RBI does have sufficient authority to engage with counterparty central banks for entering into currency-swap agreements. It has, in fact, sewed up some agreements with different central banks in the recent past. In his communication, the RBI official has given details on these swap agreements.
On December 18, 2013, the RBI signed a bilateral swap with the Bank of Japan for an amount of $50 billion. The RBI announced the launch of the SAARC swap arrangement in May 2012. Under this agreement, it will provide liquidity support to needy central banks in the SAARC region. Accordingly, the RBI signed a swap agreement with the Royal Monetary Authority of Bhutan on March 8, 2013.
Dollar settlement
To a query on dollar settlement of international trade, the official recalled that traders in India are free to settle trade transactions in any of the freely convertible currencies (US dollar, euro, Japanese yen, Swiss franc or the British pound). On the issue of rupee volatility, he clarified that the exchange rate regime in India continues to be ‘managed float’ with the RBI intervening in the forex market to dampen excessive volatility.
SOURCE: The Hindu Business Line
Finance minister Arun Jaitley has said the government would like the rupee to reflect its real value amidst call from experts that the currency should be allowed to depreciate against the dollar to give some competitive edge to country's exports. "I would like the real value of the currency to reflect itself," Jaitley said addressing 'Growth Net', a conference organised by the Ananta Centre and Smadja & Smadja. Jaitley said currency is managed by the RBI at present and they are effectively handling it. "It is effectively handling that situation and therefore I don't think that the government should be unusually worried if the movement takes place a little higher or lower," he said adding that exports would benefit if the currency fa ..
The Indian rupee on Wednesday declined 7 paise to end at 62.33 against dollar. Chief economic advisor Arvind Subramanian had told ET in an earlier interview that the rupee should be allowed to fall when possible. "I think we have to be opportunistic, when there is a chance to allow it to drift down maybe a little bit it drift down but when lot of capital is coming in intervene to keep it stable," Subramanian had said. "I agree that there is a part of the community out there that wants a strong exchange rate, but that would be very detrimental to our exports," he had said. The rupee has been stable against the dollar but has appreciated against a basket of currencies, severely denting exports competitiveness.
India's exports declined for third month running in February. Rupee has appreciated 22.4% against the euro in the current financial year. On a trade-weighted basis, and after adjusting for inflation, in February rupee was the rupee was over 24% overvalued against a basket of currencies of India's six largest trade partners. Asked on the prospects of a rate cut and if he would nudge public sector banks to lower interest rates, he said the government did not pressurise banks but there would cuts in future."What is within the domain of the RBI, I let them have the last word. I mentioned a few days ago in the presence of the RBI governor that we don't pressurise the banks to cut rates but we do expect that after assessing the situation they should act in a prudent manner.
The RBI, which cut interest rates twice this year outside the scheduled policy reviews, will come out with annual monetary policy for 2015-16 on April 7."Our banks, by and large, have been responsible and I am quite certain to see more cuts in future but as of today you asked me how much and when, it is the domain of the RBI and we know that. But, in my own view India needs to have lower interest rates," he said. Asked if he favoured a fixed term for the RBI governor to provide stability to fiscal policy, he said, "I think let others participate in the debate and I should speak at the end. I would rather reserve my comments for end."
On disinvestment, FM said the government is proposing to sell stakes in profit making public sector undertakings with management control besides sick ones. "I intend to step up disinvestment in the coming year. Dying units that are unable to revive cannot be funded by taxpayers. The list of strategic disinvestment has been drawn up," he said but declined to give any names. The finance minister promised to step up public spending in infrastructure, ease entry barriers for overseas investors and push Goods and Services Tax ( GST) to boost economic expansion. "There are some initiatives in pipeline from entry point to time gap between the entry point and actual start of business to have enabling environment for exit and non adversarial tax regime...," he said. He strongly defended the land acquisition bill saying it would benefit the rural India by promoting industrial activity in non-urban centres. "Historic opportunity has revisited (us) and we have to use it to the maximum," Jaitley said, adding that states that want to acquire land for developmental purposes should not get constrained by states who do not want to.
SOURCE: The Economic Times
India and energy-rich Qatar today signed six agreements including one on transfer of sentenced prisoners as the two countries sought to inject a fresh momentum in their bilateral ties. The pacts were signed after Emir of Qatar Tamim Bin Hamad Al Thani held extensive talks with Prime Minister Narendra Modi during which both the leaders discussed a range of issues including enhancing cooperation in energy sector and boosting trade and investment.
Under the provision of the pact on transfer of sentenced persons, Indian prisoners convicted in Qatar can be brought to India to serve the remaining part of their sentence. Similarly Qatari citizens convicted in India can be sent to their home country to serve jail term. According to official figure, 96 Indians are currently languishing in various jails in Qatar which is home to around 600,000 Indians.
The other five MoUs will provide for cooperation in areas like information and communication technology, atmospheric and ocean sciences and media. Qatar is an important country for India in the Gulf region. It supplies 86 per cent of India's Liquified Natural Gas (LNG). The bilateral annual trade is around USD 16 billion. The MoU in the field of information and communication technology would provide enhanced business opportunities for Indian IT industry in Qatar.
Qatar is an important country for India in the Gulf region. It supplies 86 per cent of India's Liquified Natural Gas (LNG). The bilateral annual trade is around USD 16 billion. The MoU in the field of information and communication technology would provide enhanced business opportunities for Indian IT industry in Qatar. Qatar has embarked on an ambitious programme for overall development as part of its Qatar 2030 vision and has created a dedicated Ministry of Information and Communication Technology for capacity building in ICT. Another MoU was signed between Ministry of Earth Sciences and Qatar Meteorological Department for cooperation in the field of atmospheric and ocean sciences.
A separate MoU was inked between Diplomatic Institute of Qatar's Foreign Ministry and Foreign Service Institute of External Affairs Ministry to facilitate exchange of faculty members and experts. The two sides also finalised a pact to encourage regular exchange of radio and TV programmes and content between Prasar Bharati and Qatar Media Cooperation.
SOURCE: The Economic Times
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$ 53.31 per barrel (bbl) on 25.03.2015. This was lower than the price of US$ 53.66 per bbl on previous publishing day of 24.03.2015.
In rupee terms, the price of Indian Basket decreased to Rs 3323.35 per bbl on 25.03.2015 as compared to Rs 3337.65 per bbl on 24.03.2015. Rupee closed weaker at Rs 62.34 per US$ on 25.03.2015 as against Rs 62.20 per US$ on 24.03.2015.
The table below gives details in this regard:
|
Particulars |
Unit |
Price on March 25, 2015 (Previous trading day i.e. 24.03.2015) |
Pricing Fortnight for 16.03.2015 (Feb 26 to Mar 11, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
53.31 (53.66) |
58.21 |
|
(Rs/bbl |
3323.35 (3337.65) |
3618.92 |
|
|
Exchange Rate |
(Rs/$) |
62.34 (62.20) |
62.17 |
RC/Rk/Daily Crude oil price- 26.03.2015
SOURCE: PIB
In the week ended 20 March, prices of polyester chain moderated a bit after generally rising earlier on cost support. While crude oil prices were up as US$ weakened on US interest hike uncertainty, Greece issue and report of a new four-year low in the number of rigs drilling oil in US, the impact was otherwise on the downstream derivatives. US crude jumped 4 per cent week end and European Brent snapped two straight weeks of losses as Iran struggled to reach a nuclear deal with world powers. Naphtha, the starting point for all petrochemicals, saw CFR Japan naphtha benchmark close the week up US$15.60 while European naphtha market ended on a strong note with support coming from tight prompt supply, steady end-users demand and a slight increase in gasoline blending.
Despite firming energy complex ethylene prices continued to remain under pressure of supply crunch in Asia while deepsea cargoes were heard arriving from US, Europe as the arbitrage window was open. In US, spot rose higher following several outages while trade in Latin America was paused for the period as Brazil producers ponder export possibilities while downstream pricing spiked amid firmer demand. European ethylene spot prices rose on tight prompt material. Paraxylene prices in Asia declined sharply as both upstream and downstream remained unsupportive. This led to decline in US paraxylene market which also faced weak demand. Asian paraxylene markers were down US$48 on the week while US spot price fell US$50 week on week.
Asian MEG prices were down on aggressive selling and falling Futures wile European MEG climbed on support of firm PET demand. Despite falling spot, MEGlobal raised its North American benchmark for MEG by US cent 1 per pound for April. PTA prices softened in Asia given the continuing glut in China. Players however, expect bearish sentiment to prevail in the near to midterm. In Europe, PTA spot remained unchanged, as it found support from further downstream PET market. Asian MEG spot prices slipped US$21 a ton week on week while PTA markers lost another US$10 a ton CFR China. Polyester chip markets weakened as oil prices tumbled last week and trades were thin over the weekend, and some offers were revised down sharply. Offers for semi dull chips fell US$50-60 a ton on the week while those for super bright chip were down US$30-50 a ton.
In China, PFY trading varied from producer to producer as some reported low-end numbers. In Fujian, PFY trading was sluggish amid thin participation and steady cost. In Jiangsu and Zhejiang, PFY prices were generally lower and discounts were available. Inventory was relatively low. In Pakistan, polyester filament markets were stable to weak amid thin trading. DTY prices were revised down amid tepid trading, and inventory level increased slightly. Regular yarns saw lower off-take volumes. In India, prices of POY were stable amid weak trading. Many producers were producing for downstream DTY units that seemed to show restocking interest recently. PFY markets are expected to remain stable in short term.
In China, POY 75/72 and 75/36 were steady while Indian POY 130/34 prices rolled over. In Pakistan, DTY prices for 300/96 were down PakRs2. Polyester fibre markets were depressed on the whole by continuous fall in raw material costs emerging from the crude oil markets. In India and Pakistan, trading was done on a need-to basis as the markets were mostly bearish with few enquiries and trades heard. In Jiangsu and Zhejiang an d Fujian, 1.4D direct-melt-spun PSF was down US cents 4 per kg from last week. In Pakistan, prices in Karachi were up PakRs2 a kg while PSF prices were stable in India.
Polyester yarn trading was slightly lukewarm in China, with prices in weak correction on the whole. Meanwhile, spun polyester yarn eyed listless transaction and overall trading was limited this week. Spun polyester yarn makers gradually returned to normal production after holidays, but sales were below satisfaction. Some makers still held raw material stocks built before the holiday. In India, despite the hike in polyester fibre prices for March, spun polyester yarn prices remained stable over the past three weeks. In Qianqing, offers for 32s were down US cents 3 on the week. In India, polyester yarn 30 yarns for knitting were pegged stable in Ludhiana while they rose INR1 in Indore market.
SOURCE: Yarns& Fibers
Brent oil prices pared gains sharply on Wednesday after data showed US crude stocks jumped to a new record last week, overshadowing weakness in the dollar. The US Energy Information Administration said US crude stocks jumped by 8.2 million barrels in the week to Friday, the highest in at least 80 years and surpassing expectations of a 5.1 million barrel build. Crude stocks at Cushing, Oklahoma, delivery point of the US crude contract rose by 1.9 million barrels, also hitting a record level.
Brent crude oil was up 34 cents at $55.45 a barrel by 1453 GMT, but that was well off an earlier high of $56.25. US light crude oil was up 8 cents at $47.59 per barrel, off an earlier high of $48.37. Providing support, the euro was up 0.4 per cent against the dollar, the currency in which crude oil futures trade. The dollar lost 0.4 per cent against a basket of currencies, making dollar-traded commodities more attractive for holders of other currencies.
Germany, Europe's largest economy, saw business morale rise for the fifth month in a row in March, hitting its highest since July 2014, Ifo's business climate index showed. Business morale also rose in France to its highest for nearly three years. A senior Gulf delegate of the Organization of the Petroleum Exporting Countries told Reuters on Tuesday that stronger-than-expected global oil demand should help support crude prices at around $55-$60 a barrel in the next two months despite some signs of a growing glut in the United States. Chinese crude oil stocks are also at historic highs and the country's commercial and strategic storage is almost full, a Sinopec trading executive told an industry forum.
With storage approaching its limit, China's oil imports will likely stay flat or rise only slightly this year, the official said. China has been taking advantage of cheap oil to build up its strategic petroleum reserves, helping push its imports to record highs late last year despite an economy growing at its slowest pace in 25 years, but that process is now ending.
SOURCE: The Business Standard
Swedish retail brands Indiska, KappAhl and Lindex in partnership with more than 40 Indian textile and garment suppliers have decided to reduce the environmental impact and improved capacity of supply chains through a unique project for cleaner production.The new project has saved 284 million litres of water and 402 tonnes of chemicals annually and is now being scaled up to include several Indian states and four other countries in the world. It involves more than 120 suppliers globally.
A training project set up by Indian-based Sustainable Water Resources (SWAR), a cooperation between the Swedish brands Indiska, KappAhl and Lindex and their Indian suppliers, along with the Stockholm International Water Institute (SIWI), Sida and India-based consultant cKinetics claims to have reduced the environmental impact of textile supply chains in India through improved resource efficiency.
SWAR was co-financed by the brands and Sida, in a public–private partnership that linked business and international development goals. More than 40 factories participated in the project, which is claimed to have contributed to saving 284 million litres of water and 402 tonnes of chemicals every year. The factories were also able to save an average of 3 percent of their energy cost and 3 percent of their operational costs.
The project trained more than 13,000 factory workers and managers in the past two years. Mr Ravinder Hand from garment manufacturer Radnik, which has taken part in the project said that they are now all aware of how important it is to save water, energy and chemicals, which is helpful in cutting factory costs. Building capacity and educating at every level in the garment industry needs to be an ongoing process.
The Indian textile industry contributes with three per cent to India’s GDP and employs more than 45 million people. The industry is one of the largest industrial water polluters in India, and is facing serious growth limitations due to increasing freshwater shortage. In response, more than half of the participating factories will continue to work on their own, continuously communicating their development to their clients in Sweden. Others have joined a network created by SIWI and the three fashion brands for continuing progress.
SOURCE: Yarns&Fibers
Syrian baby and children’s clothes rank the first place in many countries such as Algeria and Gulf states. Syria has a distinguished competitive ability in manufacturing baby and children’s clothes due to which it became a known brand at baby clothes’ markets in the Arab world. Syrian cotton clothes due to their creative models and healthy textiles are preferable more than Turkish and European ones at the global markets.
The Syrian textile sector exhibition organized by chambers of industry and commerce abroad have also attracted the visitors and consumers from all over the world. Syrian cotton-made clothes have a global classification concerning the products’ quality and credibility, a producer of baby clothes in Hama ,Talal al-Zoubi said, noting the creative thoughts in designing clothes embodied in Syrian products. Al-Zoubi clarified that 80 percent of cotton baby clothes produced by them are prepared for exportation to Arab countries that consider the Syrian clothes the best.
SOURCE: Yarns& Fibers
The government of Pakistan in the upcoming budget 2015-16 has proposed imposition of standard sales tax on cotton with a view to generating about Rs 50 billion revenue. Currently, sales tax exemption is available on local cotton a 5 percent sales tax is applicable on the import of cotton. The government has set cotton target for the next season (2015-16) at 15.49 million bales against the revised target of 13.48 million bales for the outgoing season (2014-15). The government had set initial target of 15.1 million bales for the current season (2014-15), however later the target was revised three times to finally set at 13.48 million bales due to multiple issues including water shortage, rains/floods, and shortage of certified seed. According to sources the revised target is close to the revised target and will be achieved.
In last budget, 5 percent sales tax was imposed on a number of items imported by seven sectors under SRO.575(I)/2006 including machinery and equipment for development of grain handling and storage facilities. In accordance with the policy of reviewing SROs, seven sectors ie Sr. No. 2, 3, 4, 9, 15, 20 and 30 of SRO were charged at reduced rate of 5% sales tax. The concessions for the socially sensitive sectors were retained. However, the concessions against S. No. 8, 16, 17, 24, 25, 32, 33, 37 and 38 were withdrawn. The FBR had transposed SRO.727(I)/2011 to Schedule with 5 percent rate of sales tax. This notification grants exemption on import and supply of plant and machinery not manufactured locally subject to certain conditions. Sales tax was charged at reduced rate of 5 percent on such plant and machinery, subject to the same conditions, by transferring the notification to the relevant Schedule of the Sales Tax Act, 1990.
The FBR had transposed SRO 549(I)/2008, dated11.06.2008 to Fifth Schedule. This notification grants zero-rating on certain goods, including petroleum crude oil, certain raw materials for export oriented sectors, etc. Since this zero-rating is considered essential, while the notification is required to be deleted, items in the notification were transferred to the Fifth Schedule of the Sales Tax Act, 1990. The FBR had transposed SRO 551(I)/2008, dated 11.06.2008 to Schedules with certain changes. This notification grants exemption to a number of goods such as raw material for pharmaceutical industry, iodized salt, medical equipment, components of energy saver lamps, renewable energy items, raw cotton and oil seeds for sowing, etc. The FBR has transposed SRO 501(I)/2013, dated 12.06.2013 to Schedules with certain changes. The FBR has rescinded SRO 69(I)/2006, dated 28.01.2006. This notification grants reduced rate of sales tax 14 percent to rapeseed, sunflower seed and canola seed. The notification was rescinded, thereby charging standard rate of sales tax (17 percent) on these seeds.
Finance Minister Ishaq Dar chaired a meeting of a high-level committee of secretaries, held in the Federal Board of Revenue (FBR) reviewing certain SROs to finalize the list of such orders as budget date is approaching. According to sources, a menu of budget proposals was shared with all the participants for generating revenue for the financial year 2015-16.
SOURCE: Yarns&Fibers
The United States Aid for International Development (USAID) launched the southern Africa trade hub programme to enhance economic growth and food security through trade. The programme has been running in Zambia, Lesotho, Swaziland, Namibia, South Africa, Botwana, Malawi and Mozambique from 2010 to September this year, according to the latest report on the USAID southern Africa trade hub.
ZAMBIA is among seven African countries which have advanced trade in the region through a programme supported by USAID. The programme is expected to increase international competitiveness, intra-regional trade and food security. The trade hub provides targeted technical assistance to governments, the privates sector and civil society organizations to advance regional trade within southern Africa while incorporating gender integration, environment compliance and strategic outreach in all activities.
The trade hub works to increase trade and investment in southern Africa’s textile and apparel sector through the annual source Africa trade show in Cape Town as a regional programme. It also helps increase capacity for regulating and enhancing the clean energy sector to increase investment. The programme will also strengthen the competitiveness, by deploying modern trade facilitation tools such as national single windows and one stop border posts among others it aims to reduce time and cost of transporting goods across borders.
SOURCE: Yarns&Fibers
