|
Item |
Price |
Unit |
Fluctuation |
|
PSF |
1142.49 |
USD/Ton |
0% |
|
VSF |
1867.75 |
USD/Ton |
0% |
|
ASF |
2444.70 |
USD/Ton |
0% |
|
Polyester POY |
1173.46 |
USD/Ton |
0% |
|
Nylon FDY |
3015.13 |
USD/Ton |
0.54% |
|
40D Spandex |
6926.65 |
USD/Ton |
0% |
|
Nylon DTY |
3292.20 |
USD/Ton |
0% |
|
Viscose Long Filament |
5753.19 |
USD/Ton |
0.14% |
|
Polyester DTY |
1442.37 |
USD/Ton |
0% |
|
Nylon POY |
2803.26 |
USD/Ton |
0% |
|
Acrylic Top 3D |
2591.38 |
USD/Ton |
0% |
|
Polyester FDY |
1377.18 |
USD/Ton |
0% |
|
30S Spun Rayon Yarn |
2575.08 |
USD/Ton |
0% |
|
32S Polyester Yarn |
1857.97 |
USD/Ton |
0% |
|
45S T/C Yarn |
2884.75 |
USD/Ton |
0% |
|
45S Polyester Yarn |
2004.65 |
USD/Ton |
0% |
|
T/C Yarn 65/35 32S |
2477.30 |
USD/Ton |
0% |
|
40S Rayon Yarn |
2705.47 |
USD/Ton |
0% |
|
T/R Yarn 65/35 32S |
2607.68 |
USD/Ton |
0% |
|
10S Denim Fabric |
1.14 |
USD/Meter |
0% |
|
32S Twill Fabric |
1.00 |
USD/Meter |
0% |
|
40S Combed Poplin |
1.35 |
USD/Meter |
0% |
|
30S Rayon Fabric |
0.77 |
USD/Meter |
0% |
|
45S T/C Fabric |
0.79 |
USD/Meter |
0% |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16298 USD dtd. 29/03/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The government is going to finally unveil the new Foreign Trade Policy (FTP) for 2015-2020 on April 1. It is expected to offer a slew of incentives for the exporters who are reeling under a slowdown in global demand. The government, which came to power in May 2014, was expected to release the policy last year. However, it was not able to do so as the focus was put on promoting the concepts of Make in India, Digital India and facilitating ease of business, which also helped promoting merchandise exports from India.
It is expected that this year the FTP will not only focus on offering incentives to the sectors that getting clobbered due to external conditions, it will also offer sops to those sectors that are having a robust performance despite weak global factors. These include textiles, engineering and electronic goods, officials told Business Standard. The government might also announce some incentives like duty-free scrips for some of the labour-intensive sectors such as leather and handicrafts. Apparently, there is also a possibility that the government might expand the Focus Market Scheme under which exporters can seek assistance through Indian missions and embassies located abroad.
The new FTP is expected to be much different a document compared to the previous FTPs. The ministry of commerce and industry has made it explicit that the new FTP will have a separate chapter on promotion of project exports and better utilization of the free trade agreements (FTA). All these years, the FTP has been more favourable towards exports compared to imports. Bucking the trend, this time the government might announce measures to promote the import of value-added imports.
“The labour component particularly in merchandise exports has declined from 34.2 per cent in 1998-99 to 27.9 per cent in 2007-08 which may be due to changing profile of India’s exports including emergence of petroleum sector, automobile, pharmaceuticals etc. as the new and dominant sector of exports. Labour intensive sectors may be given a boost in view of high employment opportunities in such sectors coupled with the fact that many Asian countries particularly China is gradually exiting from such sectors. However, this would require equal emphasis on skilling India as on Make in India,” said M Rafeeque Ahmed, president, Federation of Indian Export Organisations (FIEO). In the present fiscal total exports during April-February reached $286.58 billion. The set target was that of $340 billion worth of exports. However, there are fears that it might attain the goal as exports had been contracting for three straight months December onwards. Last fiscal exports reached $314.40 billion.
SOURCE: The Business Standard
The government is set to unveil the long-awaited new Foreign Trade Policy (FTP) for five years — from 2015 to 2020. The policy, poised to be “different” from previous such policies, will emphasise promotion of manufacturing and services exports and strive for greater use of free trade agreements (FTAs). The FTP, set to be unveiled on April 1, seeks to offer an incentive package for the exporting community. Typically, it is typically released for five years, with annual supplements revising the sops offered to exporters, depending on domestic and global factors. “The new Foreign Trade Policy will be for 2015-2020. This time, the policy is going to be different. We have taken a calibrated and open-ended approach to strengthen our exports,” Commerce and Industry Minister Nirmala Sitharaman told Business Standard.
The new FTP was delayed by a year, as it had to be in tandem with Prime Minister Narendra Modi’s Make in India, Digital India and ease-of-doing-business initiatives, said commerce department officials. They added the delay was primarily because last year’s Budget wasn’t a full-fledged one; it was only for eight months. As such, the government was left with small fiscal space to squeeze in various types of export-oriented incentive schemes. “The policy had to be given a financial connotation, which was not there last year. Since the government came to power in May and the Budget was passed in July, it wasn’t clear how much the export sector would get,” said an official. This time, it is unlikely the government will set specific export targets. Besides, through the past few years, the FTP has been more favourable towards exports compared to imports. Bucking the trend, this time, the government might announce measures to promote value-added imports. This year, the thrust will primarily be on manufacturing exports and services exports. Within manufacturing exports, the government will chart out a strategy to promote the key sectors of engineering products, electronic goods and textile exports.
Within services, a host of incentives are likely to be rolled out to sectors such as tourism, hospitality, education, etc, which might be promoted in the form of project exports from India. Sanjay Budhia, chairman of the National Committee on Exports and Export Competitiveness at the Confederation of Indian Industry, said, “The government should view the exports sector as an engine of growth and give it due importance. We need to retain our existing markets, as well as new markets, in line with the prime minister’s Make in India vision. Besides, this year, the government should bring top exporting sectors under the purview of the Focus Market Scheme and provide interest subvention to these sectors.”
The Focus Market Scheme is an incentive package under which exporters are entitled to duty credit scrip equivalent to three per cent of the free-on-board value of exports in free foreign exchange. This year, the FTP is also expected to put greater emphasis on more utilisation of FTA and other multilateral arrangements such as regional comprehensive economic partnerships. Apparently, after an internal study by the Ministry of Commerce and Industry, it was found the utilisation of FTAs was the lowest in India compared to its partner countries. As a result, exporters lost out in markets with which India had such bilateral arrangements. In line with commitments made at the World Trade Organization, the FTP is expected to announce measures on how to achieve greater movement of goods and services, in line with the trade facilitation agreement signed last year. For April 2014-February 2015, exports stand at $286.58 billion, compared with $314.40 billion for 2013-14.
SOURCE: The Business Standard
The Maharashtra government is likely to unveil a new textile policy that will include measures such as cotton-to-garment-manufacturing at a single point and reasonable electricity tariffs for setting up textile units. State Textile Minister Chandrakant Patil told the Legislative Assembly that the new textile policy would address issues of high electricity tariff.
"As some members pointed out that the textile industry is more power-consuming and since the industrial tariff is very high in the state, textile industry is not getting a boost," Patil said while replying to budgetary demands of the textile ministry in the lower house. Focus of the new policy would be on having "cotton to garment" at a single place and setting up more textile parks in the cotton-growing belt of the state, he said.
Education minister Vinod Tawde, while speaking on the debate for demands of his department, said the government was planning to adopt a private public partnership (PPP) model for setting up medical colleges in the state. Water Resources Minister Girish Mahajan said focus of his department would be to start small and medium projects and complete them at the earliest rather than investing in large projects. "We will try to take up smaller projects and ensure that the water table increases," he said.
SOURCE: The DNA
State Textile Minister Chandrakant Patil told the Legislative Assembly that the new textile policy would be unveiled soon that will address issues of high electricity tariff and also include measures such as cotton-to-garment-manufacturing at a single point for setting up textile units. The focus of new textile policy would be also on setting up textile parks in Vidarbha and Marathwada. It's not only expected to reduce farmer suicides but also generate employment.
Cooperative minister Chandrakant Patil said that as part of the new policy, they have demarcated 250 acres of land in Amrawati for the textile park, for which a firm from Tamil Nadu has shown interest. Their policy is cotton-to-garment in one place. By doing this, they will save transport cost and generate jobs. It will increase the rate of cotton and generate jobs for children of farmers, they won't need to go elsewhere looking for employment.
Presently, 80% of cotton from Vidarbha, Marathwada and Khandesh goes to Tamil Nadu for processing via Gujarat's ports. Although these regions are number one in producing cotton but don't have a good market to sell the crop. If the government execute its plan well, then the new policy will reduce farmer suicides, said farmer leader Nanasaheb Patil.
A senior BJP minister assured that prime minister Narendra Modi is batting for 'Make in India' and chief minister Devendra Fadnavis for 'Make in Maharashtra'. As part of this long-term strategy, they want Maharashtra and India number one in export. It will generate huge revenue for the state and Centre and farmers will benefit by getting good rates for their crops. They want to be self-sufficient, not depend on government for packages and compensations every time. A farmer from Jalgaon, Ishawar Patil, said that Khandesh too is one of the major cotton producers but the state government has not yet announced any textile park there.
SOURCE: Yarns&Fibers
The Union Minister of State for Textile Santosh Kumar Gangwar during the laying of foundation stone for first ever modern Apparel and Garment Manufacturing Centre in Gangtok, Sikkim on 25 March 2015 announced a Rs.430 crore project for production of the Geo-textiles in the North Eastern region.
Geo-textiles, also called filter fabrics, are permeable fabrics which, when used in association with soil, have the ability to separate, filter, reinforce, protect, or drain. These textiles are made from polypropylene or polyester and come in three basic forms: woven (resembling mail bag sacking), needle punched (resembling felt), or heat bonded (resembling ironed felt).
The Geo-textile will be very helpful in protecting the infrastructure like roads, especially in the regions like the North East which receive excessive rain. Beside this, the Chief Minister of Sikkim Pawan Chamling stressed on the need for imparting training to the local youth for creating a locally available manpower for the textile industry and also for ensuring usage of locally available material like bamboo in textile production.
SOURCE: Yarns&Fibers
The textile industry of Tamil Nadu has appealed the state government to reduce VAT on raw cotton and cotton yarn cones from 5 per cent to 2 per cent which would be on par with the 2 per cent CST. According to a SIMA press release, the industry in the state has been facing too many challenges in the recent past from acute power shortage, steep increase in the transport cost and also from the higher VAT. It said that Maharashtra has reduced VAT on cotton cone yarn from 5 per cent to 2 per cent and West Bengal has exempted hosiery yarn from 5 per cent VAT posing severe challenges.
As large volume of cotton yarn is procured by Tamil Nadu weavers and knitters from neighbouring states taking advantage of the 2 per cent CST rate, spinning mills have started incurring losses from April 2014. “As fabric and hank yarn are exempted from VAT, the evasion has become rampant during the last two years and created havoc for the honest mills,” the press release added. T Rajkumar, chairman of SIMA said that when the VAT rate was increased from 4 to 5 per cent, weavers and knitters in Tamil Nadu started increasing their volume of cotton yarn purchase from neighbouring states.
He pointed out that the normal profit margin for a spinning mill is only 3 to 4 percent and the tax evasion by a few mills is seriously affecting viability of honest spinning mills in the state. He added that reduction of VAT on cotton and cotton cone yarn would fetch more revenue to the government as currently over 65 per cent of the volume of business is taking place with fabric billing, hank billing and without billing. He has said that a rough estimate made by SIMA has revealed that 2 per cent VAT on cotton cone yarn would bring over Rs 200 crore in additional revenue, as inter-state purchase and tax evasion would become unattractive.
The SIMA chairman appealed to the chief minister of Tamil Nadu to consider the long pending plea of the Association and reduce the VAT on raw cotton and cotton cone yarn from 5 to 2 per cent. The predominantly cotton based textile industry in Tamil Nadu, accounts for 47.5 per cent of spinning capacity in India, 70 per cent of knitting capacity and 18 per cent of powerloom capacity.
SOURCE: Fibre2fashion
The textiles technical training institute, established here by Southern India Mills’ Association (SIMA) and PSG Institutions, has started offering training courses for fitters. SIMA chairman T. Rajkumar has said in a press release that a pilot mill was established for the purpose and Lakshmi Machine Works had donated the entire range of machinery.
The textile industry was facing acute shortage of manpower for mechanical, electrical and electronic maintenance. Several textile machinery, spares and accessories manufacturers and service providers had come forward to share their technical expertise with the participants. The institute would offer short, medium and long-term courses. Initially, it was offering four days’ training for fitters and it covered all machinery, accessories and equipment. Mr. Rajkumar appealed to the textile mills to make use of the facility to train their workers.
SOURCE: The Hindu
The Commerce and Industry Ministry would not hold the customary high-level Board of Trade meeting before finalising the new Foreign Trade Policy (FTP), to be announced on April 1. "There will be no such meeting this time. All the work is over for the FTP. The ministry has consulted all the stakeholders for the policy," a senior official told PTI. The Board of Trade (BoT) is normally constituted before the FTP, chaired by Commerce and Industry Minister, to discuss measures to boost exports. The FTP has been delayed by a year.
BoT was a top advisory body on external trade whose members included top industry leaders and representatives of exporters body FIEO and export promotion councils. The views of the members were included in the FTP. President of Federation of Indian Exports Organisation (FIEO) Rafeeq Ahmed said that holding consultations with sector specific exporters is much more beneficial than the BoT meeting. "Unless it (BoT) is structurally changed, it has no relevance," Ahmed said.
The government will announce incentives in the new FTP to boost exports and contain trade deficit. The country's exports are in the negative zone for the last three months. They dipped by 15 per cent in February. Due to this, it is difficult for the country to achieve the exports target of $340 billion for this fiscal.
SOURCE: The Economic Times
The Ministry of Shipping has asked the Indian Ports Association to review the role of the Tariff Authority for Major Ports (TAMP) and its relevance, given the changing dynamics of the port sector. The rationale for such a review may be the increasing share of non-major ports (now 45 per cent) that do not come under TAMP’s purview. The trade has been urging the government to review the regulatory regime for ports, especially tariff regulation, which covers only 5-10 per cent of the cost of the logistics chain. TAMP guidelines impact inter-terminal competition at major ports and they offer only limited incentive to improve efficiency, the IPA said in a note circulated to trade members seeking their comments on TAMP’s relevance.
There is a need to review the current regulatory framework in terms of tariff regulation, competition regulation, service standard, performance assurance, dispute resolution, grievance redress and policy advocacy, the note said. The IPA, a think-thank for major ports, appointed research firm Deloitte Touche Tohmatsu India to review TAMP and its role. Based on its recommendations, the IPA outlined various options for tariff regulation. At present, major ports governed by the Centre are regulated on two aspects — tariff regulation for major ports by TAMP and competition regulation by the Shipping Ministry and Competition Commission of India.
TAMP, created in April 1997, has jurisdiction over the 13 major ports and private terminals developed at major ports. It fixes rate scales for services rendered by the ports, rentals for use of port trust properties and charges for services rendered by port operators (concessionaires). The last two decades have seen a significant shift in port dynamics, largely owing to globalization of manufacturing, increased containerization, changing distribution patterns and growing use of regional transshipment hubs.
The natural evolution of the port sector, in terms of lifecycle and economic growth, has led to changes too. For instance, there has been an increase in the number of non-major ports under the jurisdiction of State governments. There is also a trend towards the landlord port model and the government is placing increased emphasis on public-private-partnership projects. The government also plans to corporatise major ports to bring in market-oriented business practices and attract private investments.
Performance standards
Due to these changes and the degree of achievement by TAMP of its objectives, its relevance in the present context is being debated, the IPA note said. J Krishnan, Chairman, Logistics Committee, Madras Chamber of Commerce and Industry, and a trustee of the Chennai Port Trust, said that while tariffs may be market-driven, performance standards must be first set, audited independently and service failures be matched by monetary relief to the users. Krishnan said the Indian port sector is yet to mature for total deregulation of tariffs, which can be market driven.
SOURCE: The Hindu Business Line
Businesses paying all forms of central taxes under the single-window facility called Large Taxpayer Units (LTU) have sought simpler procedures and clarity on whether the scheme would continue to be available once the Goods and Services Tax (GST) comes into force in about a year from now. Large “clients” of direct and indirect tax administrations are seeking a differential and easier treatment in terms of verifying invoices and forex remittances compared to how these are done in case of companies not registered with LTUs. Easier procedures can make LTUs, introduced by former finance minister P Chidambaram in 2005, much more appealing, they say.
According to Amit Gupta, director – tax, Dell India, the practice of tax authorities requiring foreign exchange realisation certificates from banks against each export invoice poses hardship for large businesses. What companies get from banks are Foreign Inward Remittance Certificates, which are not invoice-specific. Companies also want easier ways of verifying trade transactions. RC Pillai, VP and head of indirect taxes, ABB, says that instead of insisting on checking hard copies of each invoice a company has to submit, it would be a great idea to verify electronic invoices of low-value transactions and insist upon hard copies for only select large transactions.
“How LTUs will work in the GST regime is a big concern,” says G Elango, VP, indirect taxes, Bosch. If state GST (SGST) is administered in LTUs, it would be a major advantage for companies such as Bosch having more than a dozen manufacturing units in different locations. Elango says bringing transfer pricing audits on cross-border transactions of group companies also within LTU’s scope would be a great idea. The cost of doing business has come down because of LTUs, admits Elango.
Some experts say that allowing a large liability in one class of tax to be set off against a pending refund in another class of tax would also go a long way in making LTUs more attractive. The finance ministry is at present examining the suggestions by the Tax Administrative Reforms Commission led by Parthasarathi Shome and two reports given by DRI additional director general John Joseph aimed at revamping the LTU scheme. “The Boards (CBDT and CBEC) have to take a call on the procedural changes taxpayers are asking for. These do not require any change in law,” explained a senior tax official. The official also said that once the Centre and the states decide on GST and the way it operates, the question on how it is administered in an LTU can be debated.
Dell, ABB, Toyota Kirloskar Motors, Canara Bank and HP India Sales are among the 58 companies that contribute more than Rs 12,000 crore of taxes a year to the LTU in Bangalore, the first such facility set up in 2006. LTUs have been set up in Chennai, Mumbai, Delhi and Kolkata as well. Despite the advantages of duty-free movement of goods across different production units, transfer of tax credits among them, quicker refunds and dispute resolution, LTUs have not been a major success, apparently because the scheme is optional. Some observers also point out that the fear of more intense scrutiny on LTU assessees due to the direct and indirect tax authorities working under the same roof has also kept taxpayers away from availing this facility.
LTUs at present offer significantly easier rules to large taxpayers than those who have not opted for the scheme. This includes self-sealing of export consignments. “We trust our assessees, but it does not preclude us from verifying what is reported to us. But that is done in a very friendly and non-adversarial manner,” said the official. Companies that have paid Rs 10 crore as advance tax, or Rs 5 crore as central excise or service tax in the previous year, are eligible for paying excise on all their manufacturing units in different states, service tax and corporate tax in a single LTU.
GST jitters
* An official said that once the Centre and the states decide on GST and the way it operates, the question on how it is administered in an LTU can be debated
* The finance ministry is examining suggestions of the Parthasarathi Shome-led tax reforms panel and directorate of revenue intelligence aimed at LTU revamp
* Experts say allowing a large liability in one class of tax to be set off against a pending refund in another class will make LTUs more attractive
SOURCE: The Financial Express
Grasim Industries has invested Rs 100 crore to develop its first fabric brand, Liva', which it will distribute through 1,000 outlets as part of a plan to stay in sync with changing consumer behaviour. `Liva' is the first viscose staple fibre brand from Grasim, the flagship company of the Aditya Birla Group. "There has been a dramatic change in consumer behaviour. Today's consumers like freedom and wish to express themselves. The new brand Liva brings a direct connects with consumer," said Grasim managing director KK Maheshwari.
The company has brought weavers, spinners, processors and designers under one fold and created a value-chain to develop the product. "We have created a new partnership concept called the Liva Accredited Partner Forum or LAPF. We will closely work with them in areas of technical support, design development, supply chain and market development," Maheshwari added. As part of product development, the company has set up a design studio backed by a technical research and development centre. "This is mainly to work with the value-chain and bring new innovations every season," said Maheshwari.
SOURCE: The Economic Times
The Reserve Bank of India (RBI) has proposed to tighten the norms for large exposure by capping a bank's exposure to 25 per cent of its tier-I capital, both for single borrower and also for the group. At present, banks can lend up to 15 per cent of their net worth to a single borrower and there's an additional five per cent leeway for firms involved in infrastructure development. The additional five per cent leeway is given to the banks' board. So, in effect, the total single company exposure of a bank could go up to 25 per cent of its net worth. Similarly, group exposure is capped at 55 per cent of the net worth of a bank.
"Under the proposed LE (large exposure) Framework, the sum of all the exposure values of a bank to a single counter-party or to a group of connected counter-parties must not be higher than 25 per cent of the bank's available eligible capital base at all times," RBI said in the 'Discussion Paper on Large Exposures Framework and Enhancing Credit Supply through Market Mechanism', released on its website on Friday. Under the proposed LE framework, banks will get additional headroom for taking exposures towards single-name counter-parties. However, the exposure ceilings toward groups of borrowers will be significantly reduced in comparison with the present exposure ceilings.
The central bank said the new norms would come into effect from 1 April, 2019. "A group of connected counter-parties will be identified on the basis of 'control' as well as 'economic interdependence' criteria against only 'control' criteria under the extant RBI exposure norms," it said. Currently, banks are allowed group exposure of up to 55 per cent of their capital funds. However, the discussion paper noted that a study of 20 largest group exposures of 10 largest banks showed that the average group exposure of banks is only 10.60 percent of the capital funds.
The discussion paper highlighted the need for companies to rely more on market borrowings such as commercial paper and corporate bonds to meet their working capital needs rather than looking for bank funding. "The discussion paper also invites comments on a proposal to make large corporates, enjoying working capital and term loan limits above a certain threshold, to meet a portion of both their short term and long term funding needs through the market mechanism such as Commercial Papers and Corporate Bonds," it said.
The paper noted that banks should avoid taking any additional exposure in cases where their exposure is above the exposure limit prescribed under this new framework. The bank board has been advised to devise a smooth, non-disruptive transition plan for existing exposures which are currently in excess of the proposed LE limit. "Such transition may be by way of either reducing the exposure or by increasing the eligible capital base or both," the paper said.
SOURCE: The Business Standard
Even as he paid glowing tributes to Singapore's founding father Lee Kuan Yew at his funeral in the city state on Sunday, PM Narendra Modi utilised the opportunity to hold meetings with top leaders of Singapore, Israel, Australia and Canada, seeking to expand economic and strategic partnerships. At the meeting with Israeli President, an invitation for Modi to visit Israel was reiterated. The exact dates of the visit will be worked out later.
On his first visit to Singapore as PM, Modi noted in his condolence message that Lee believed in India's potential "more than many of us did", adding, "India's relations with Singapore is one of our strongest relationships in the world and Singapore is a key pillar of India's Act East Policy". Stating that Lee's personal life was an "inspiration for many like me", Modi wrote in the condolence book, "He (Lee) was a torchbearer of hope, not just for Singapore, but for all of Asia."
By deciding to attend Lee's funeral at a short notice, Modi signified the importance of Singapore in India's plans to expand its footprint in SE Asia and build smart cities, provide urban solutions and assist in skills building, people familiar with the matter said. Singapore has been exhorting India to play a larger role in SE Asia. Experts indicated that Singaporean leadership believes that India could balance China's rise in the region.
According to experts, Singapore has played a key role in integrating India into ASEAN and recently its defence minister called upon India to play a larger role in the region following the rise in tensions due to China's growing interests in SE Asia. Modi met Singapore's deputy PM as well as former PM Goh Chok Tong. The city state has taken the lead in building smart cities - new capital of Andhra- as part of the Centre's plan of developing 100 smart cities.
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$ 55.60 per barrel (bbl) on 27.03.2015. This was lower than the price of US$ 57.03 per bbl on previous publishing day of 26.03.2015.
In rupee terms, the price of Indian Basket decreased to Rs 3481.12 per bbl on 27.03.2015 as compared to Rs 3574.07 per bbl on 26.03.2015. Rupee closed stronger at Rs 62.61 per US$ on 27.03.2015 as against Rs 62.67 per US$ on 26.03.2015.
The table below gives details in this regard:
|
Particulars |
Unit |
Price on March 27, 2015 (Previous trading day i.e. 26.03.2015) |
Pricing Fortnight for 16.03.2015 (Feb 26 to Mar 11, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
55.60 (57.03) |
58.21 |
|
(Rs/bbl |
3481.12 (3574.07) |
3618.92 |
|
|
Exchange Rate |
(Rs/$) |
62.61 (62.67) |
62.17 |
SOURCE: PIB
The Industrial and Commercial Bank of China has assured of investing in the textile and energy sectors to chief minister of Punjab Shahbaz Sharif, who is on a visit to China. The assurance to the chief minister was given by the chairman of the bank, Jiang Jianqing during a high-level meeting in Beijing.
According to Pakistan media reports, as a result of this, billions of dollars of investments will flow in to Punjab in the next few years. The bank, apart from offering capital, will also help the Punjab government in attracting investment from other global sources. Shahbaz Sharif also appealed to the China National Textile and Apparel Council (CNTAC) to invest in an Apparel Park project in Sheikhupura, to which CNTAC officials expressed keen interest. Sharif said that there are vast opportunities for investment in the Apparel Park and also assured of full protection to their capital and said that Chinese investors could also repatriate profits to their country.
He added the Apparel Park has been planned in such a way that there would be separate textile and garment zones, apart from there was abundance of skilled manpower in the sector. “Cooperation in the Apparel Park project will help Pakistan benefit from Chinese expertise and technology,” he informed. The added benefit according to Sharif was that since Europe had granted Pakistan GSP Plus status, Pakistan can export its textile products duty-free to European countries. (AR)
SOURCE: Fibre2fashion
Thailand and Vietnam garment and textile industries to improve competitiveness and exploit the ASEAN market need to strengthen co-operation. Establishing fully vertical integrated-supply chain between Thailand and Vietnam would be one of the big steps toward granting and sustaining competitiveness. Nguyen Van Tuan, deputy general secretary of the Vietnam Textile and Apparel Association, said that in recent years Vietnam has emerged as a production hub for garment and textile products. However, the industry has had to import up to 85% of materials needed for production.
Last year, Vietnam earned US$76 million from yarn exports to Thailand and spent US$194 million to import fabric from the country. Cooperation with Thailand is necessary as it has advantages in textiles, design and administration. Tuan said that total global apparel trade was worth US$800 billion last year, and is expected to top US$1,664 billion in 2030, offering a huge opportunity for the industry. Asian production will account for 60% the world's total production by 2030 from the current level of 50%, he said.
Phasiree Orawattanasrikul, vice chairwoman of Thai Garment Manufacturers Association's (TGMA) Trade and Investment Promotion sub-committee, said that Thailand's textile and garment industry has an entire supply chain cycle from upstream to downstream, from yarn manufacturing to apparel manufacturing. It also includes fashion design. Meanwhile, Vietnam has the skills and ability to become an apparel production hub for international buyers, but it lacks upstream and midstream channels. With the rising costs in China as well as competitiveness with other industries, many garment and textile producers have moved their production base to ASEAN countries, including Vietnam.
Vietnam has signed, and is negotiating, a number of free trade agreements, including the Trans Pacific Partnership, which are expected to bring huge benefits to the garment and textile industry. However, to enjoy benefits, Vietnamese companies must meet product origin as well as yarn-forward regulations. With Thailand not included in the TPP, Thai enterprises should enhance co-operation with Vietnamese firms to produce fabric and materials in Vietnam to take advantages of benefits brought from trade agreements. The co-operation of the two sides would also help the industry better exploit the ASEAN market of 600 million people, when the ASEAN Economic Community becomes effective by the end of the year. Vietnam's textile and garment industry is always on the lookout to improve competitiveness and achieve higher productivity, thus increasing its edge in the world market.
SOURCE: Yarns&Fibers
GFT 2015, the most comprehensive show for garment and textile manufacturing industry in ASEAN which will once again open its door to the domestic as well as international participants from 9 - 12 July 2015 at BITEC, Bangkok. According to Duangrat Udomsomporn, senior manager-portfolio Reed Tradex Company, the upcoming GFT will bring opportunities for Vietnamese firms in the field to broaden knowledge, and update trends and latest technology and network across ASEAN,
Under the theme “Dress Up Your Competitiveness in AEC,” GFT will arm the whole community with all the factors required to drive your business growth in terms of technologies, know-how, trends, networks and promising opportunities. To help promote the technology and innovation application for Thai garment and textile industries, Besides exhibiting technologies and solutions from around 250 leading brands from 25 countries, the expo will also include the ASEAN garment and textile summit and business matchmaking, allowing participants to receive exciting and in-depth perspective on current and future trends of the industry.
Malinee Harnboonsong, Thailand's Director of International Trade Promotion, said that trade turnover between the two countries totaled US$10 billion last year, a year-on-year increase of 12.5%. GFT 2015 will be a one-stop single platform to showcase the latest textile and garment machinery and technologies will be held concurrently with the Garment Manufacturers Sourcing Expo 2015 (GMS), ASEAN's only exhibition on materials, accessories, and equipment for garment and textile manufacturing. It is expected to meet the needs of manufacturers from downstream to upstream.
SOURCE: Yarns&Fibers
