|
Item |
Price |
Unit |
Fluctuation |
|
PSF |
1258.33 |
USD/Ton |
1.32% |
|
VSF |
1993.72 |
USD/Ton |
0.41% |
|
ASF |
2451.30 |
USD/Ton |
0% |
|
Polyester POY |
1389.07 |
USD/Ton |
3.66% |
|
Nylon FDY |
3072.30 |
USD/Ton |
0% |
|
40D Spandex |
6569.48 |
USD/Ton |
0% |
|
Nylon DTY |
3382.79 |
USD/Ton |
0% |
|
Viscose Long Filament |
5850.44 |
USD/Ton |
0% |
|
Polyester DTY |
1634.20 |
USD/Ton |
2.04% |
|
Nylon POY |
2876.19 |
USD/Ton |
0% |
|
Acrylic Top 3D |
2598.38 |
USD/Ton |
0% |
|
Polyester FDY |
1568.83 |
USD/Ton |
2.13% |
|
30S Spun Rayon Yarn |
2663.75 |
USD/Ton |
0% |
|
32S Polyester Yarn |
1944.70 |
USD/Ton |
0% |
|
45S T/C Yarn |
2908.88 |
USD/Ton |
0% |
|
45S Polyester Yarn |
2042.75 |
USD/Ton |
0% |
|
T/C Yarn 65/35 32S |
2500.33 |
USD/Ton |
0% |
|
40S Rayon Yarn |
2827.17 |
USD/Ton |
0% |
|
T/R Yarn 65/35 32S |
2680.09 |
USD/Ton |
0% |
|
10S Denim Fabric |
1.14 |
USD/Meter |
0% |
|
32S Twill Fabric |
1.00 |
USD/Meter |
0% |
|
40S Combed Poplin |
1.36 |
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 = 0.16342 USD dtd. 21/04/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Chinese textile company Vision Textiles, which makes fabrics from recycled pet bottles, is on an expansion drive in India. “The initial reaction for products made from recycled pet (polyethylene terephthalate) bottles has been good in India, especially in the making of children’s school uniforms,” Founder and CEO Monique Maissan told BusinessLine via email. The company, which sells garments under the Waste2Wear brand in India, is now in discussion with possible investors to scale up business in the country. It’s also looking for partners, she added.
Besides, Vision Textiles is setting up a new project – Waste2Weave in India. It is aimed at developing new fabrics and handloom techniques to empower women. “We are working with TARA looms in Delhi for this,” said the CEO. She added the reaction her products get in different geographies varies. “In China, the Government is promoting ‘green’. So when the word ‘recycled’ is used, there is some hesitation among the consumers. But in Malaysia, the response for our products has been phenomenal.”
Vision Textiles has also entered Europe. “The initial response has been positive, but penetrating into the US has been tough. We started our Indian operations just a year-and-half back,” she said. When BusinessLine caught up with Rajvanti S and PT Mani, Directors of Vision Textiles (India operations), at their garment making unit at Kalapatti in the suburbs of Coimbatore, the former displayed the entire product range, including sportswear, ladies dresses, upholstery and curtains. The company sources yarn from units located elsewhere in India, blends it with cotton or polyester for making the fabric and ultimately stitching the garment, said Rajvanti. “We ensure that the yarn is made from recycled pet bottles,” adds Mani.
SOURCE: The Hindu Business Line
The rupee recovered from a three-month low on Tuesday, after the Reserve Bank of India (RBI) intervened in the currency market through state-run banks. The rupee ended at 62.85 a dollar compared with previous close of 62.92. The rupee had opened above the 63-mark tracking the Deliverable Forward (NDF) markets, and during intra-day trades, it touched a low of 63.16. The rupee had ended at 63.18 a dollar on January 7 this year. During intra-day trades, the rupee touched 62.75 a dollar. “The rupee weakened during intra-day trades due to outflows on account of Japan’s Daiichi Sankyo’s share sale in Sun Pharmaceutical. The RBI intervened through state-run banks due to which the rupee saw some recovery,” said Sandeep Gonsalves, forex consultant and dealer, Mecklai & Mecklai. Gonsalves added the bias for the rupee might continue to be weak as month-end dollar demand from importers will emerge.
On Tuesday, Sun Pharmaceutical Industries plunged on the bourses, following Japan’s Daiichi Sankyo’s $3.6-billion share sale in the company. However, foreign institutional investors were net buyers in equities by Rs 17,488.73 crore. This is 95.28 per cent higher than the previous single-day record in February 2012. They were net buyers then by Rs 8,955.3 crore. “The rupee might weaken to even 63.60 because it depends on how far the risk-aversion intensifies in the domestic equity market. The 63-64 range for the rupee is a comfortable range. Panic is not going to come in as long as the 64-mark is not breached,” said Banerjee, currency analyst, Kotak Securities.
In the recent past, the RBI had been buying dollars through state-run banks in a bid to boost its foreign exchange reserves. The country’s foreign exchange reserves stood at $340.41 billion for the week ending April 10. Now, these reserves are useful considering the rupee may weaken further from current levels. Besides that sometime in 2015 the US Fed is expected to hike interest rates which may intensify the outflows from domestic markets. Many currency experts are of the view that like other emerging market currencies, even the rupee will weaken at that time against the dollar.
SOURCE: The Business Standard
The Indian rupee rose by seven paise at 62.78 against the US dollar in early trade today at Interbank Foreign Exchange on sustained selling of the American currency by exporters. The domestic currency had ended six paise higher at 62.85 against the Greenback on dollar selling by banks after falling to over three-month low of 63.15 in yesterday’s trade. Forex dealers said besides increased selling of the US currency by exporters, a higher opening in the domestic equity market supported the rupee but the dollar’s strength against other currencies overseas, capped the gains. Meanwhile, the benchmark BSE Sensex rose 151.62 points, or 0.54 per cent, at 27,827.66 in early trade today.
SOURCE: The Financial Express
Bank credit is expected to grow by 14-16 per cent this financial year, on gradual pick-up in infrastructure activity, higher working capital needs and the retail segment. Bank executives and analysts said the real momentum will only be in the second half (October 2015-March 2016). Besides that being the busy season, the effect of the various steps to get stalled projects (in infrastructure) off the ground and auctioning for coal blocks and for telecom spectrum are expected to become visible.
In FY15, bank credit was Rs 766,305 crore, a 12.6 per cent growth on 2013-14. Almost a third (Rs 266,292 crore) was in the last fortnight. It had grown by 13.8 per cent in FY14 over FY13. State Bank of India chief financial officer P K Gupta said it was possible to grow the loan book by 14-15 per cent in 2015-16. With the economic growth estimate of 7.8 per cent and a multiplier of 2-2.5 times, credit can grow by about 20 per cent. However, there are constraints. One, capital expenditure is yet to pick up. Also, many corporate balance sheets are still over-leveraged. They need to raise equity to bring balance. Asked if further interest rate cuts could speed credit, Gupta said it is only one of the factors.
According to Reserve Bank of India data, consumer credit grew 16.5 per cent in the 12 months into February 2015, better than 15.5 per cent in FY14. With the softening of interest rates, housing credit, the key segment in retail loans, is expected to grow at a higher pace. IndusInd Bank managing director and chief executive Ramesh Sobti said for the system, non-food credit would grow 15-16 per cent this financial year. His bank could see 25 per cent growth. Credit to commercial vehicles, stuck in a slow lane due to a slump, could pick up gradually this year, he said.
For credit growth to sustain, infrastructure and industrial activity has to gather momentum. At present what bankers see is only improvement in business sentiment. New project proposals in significant numbers are not there. IDBI Bank deputy managing director B K Batra said the pipeline of new projects (infrastructure and industrial sector) is thin. But the banking system is better placed at the start of this new financial year for growth than early last year (2014-15). The system could possibly see 15-16 per cent growth in this financial year. Credit growth will be supported by retail segment. This should, over a period, trigger demand for capital goods. The projects stalled and gradually getting off the ground will require working capital, he said.
Vibha Batra, senior vice-president and financial sector ratings head, ICRA, said the flow of resources from the financial sector, a combination of bank credit and borrowings from the market, could be higher in the financial year. The pace of bank credit would also be shaped by yield trends in the money and bond markets. The coupon (interest rate) on commercial paper and debentures are ruling much below the base rate of banks. While the latter are 9.75-10.25 per cent, ‘AAA’-rated companies are now able to raise money through bonds at 8.26 per cent.
EYEING GROWTH
SOURCE: The Business Standard
India and Australia aim to conclude the comprehensive free trade agreement by December, following a renewed push to the pact months after Prime Minister Narendra Modi's visit to Australia. Australian trade minister Andrew Robb and his Indian counterpart Nirmala Sitharaman are expected to sort out the remaining issues on Thursday in a meeting that comes after the seventh round of bilateral talks on the issue concluded in Canberra last week. "It was a good meeting between the two sides and we are targeting to conclude it by end of the year. Australia is very keen to sign a comprehensive pact with us. Though tariffs is not a big issue with Australia, with their average tariff close to 2 per cent, it is a slew of non-tariff barriers in IT, fruit and vegetables that we are asking them to address," said a government official. Australia is pushing for tariff reduction in dairy, fresh fruit, pharma, meats and wines.
India, on the other hand, wants zero tariff on auto parts and textiles, besides fresh fruit including mangoes. Pressure has intensified on India to speed up FTA with Australia after China signed an ambitious FTA with Australia last year after nearly 10 years of negotiations, eliminating tariffs on 93 per cent product lines. The first round of talks for the comprehensive economic cooperation agreement was held in July 2011. The latest discussion covered key issues including market access for goods, services and investment, rules of origin, customs procedures and trade facilitation. The two-way trade stood at $12.1 billion in 2013-14, with trade balance skewed heavily in Australia's favour. "I am determined to ensure that both services and investment are given real prominence in the CECA negotiations, along with improved levels of market access for goods trade," said Andrew Robb ahead of his New Delhi visit that began on Tuesday. He added, "My aim is to keep the momentum building as there is definitely an enthusiasm on both sides to conclude a quality agreement this year. It won't be easy, but it certainly remains an achievable goal." In case of wines, India might look at lowering tariffs for expensive varieties over a certain threshold.
On the other hand, tariff reduction on dairy is being stiffly opposed by India. "They want dutyfree access for dairy over a certain period, which is simply not possible for us to open up given that we ourselves have a huge dairy market providing large-scale employment. It is on our negative list," said the official. Australia is also pushing for relaxation in the financial services sector, to invest in banking and insurance. India is seeking freer movement of its professionals to Australia for greater collaboration in the services sector. "Services represent around 70 per cent of Australia's economy, yet just 15 per cent of our exports. This is an export we are determined to grow and there are strong prospects with India across a wide range of services, given it is one of the world's most rapidly growing services markets on account of a rising middle class," said Robb. The next round of talks is expected in June or July.
SOURCE: The Economic Times
India and Bangladesh have agreed on the extension of Protocol on Inland Water Transit and Trade (PIWTT) with the provision of automatic renewal in line with the proposed amendment to Bangladesh-India trade agreement. The Indian government today said the decision was taken during the Secretary-level talks between the two countries. "It was also agreed between the two countries that a draft agreement for the regular movement of passenger and cruise vessels would be shared by India with Bangladesh through the diplomatic channel," said an official statement by the Ministry of Shipping. Both the sides were confident that deliberations would go a long way in the development of inland water transport and coastal shipping for enhancing connectivity and trade and commerce between the two countries, it said.
With regard to development of the entire protocol route under the regional IDA (International Development Association) assistance of World Bank, while welcoming the proposal Bangladesh agreed to revert after obtaining approval from the concerned authority on its side. The issue relating to inclusion of the Pangaon container terminal (ICT) in Bangladesh as a Port of Call was discussed and Bangladesh side informed that Pangaon (ICT) with two other ICTs in Bangladesh may be used as a Port of Call by cargo vessel operators, the statement said. It added that the Bangladesh side requested that Farraka and Bandel on National Waterway (NW) - 1 may be declared as Port of Call. "The Indian side, while agreeing on the reciprocity, mentioned that on Farraka it would revert after internal consultations," the statement said. Port of Call is any port except its home port being visited by a ship, especially to load or unload cargo or passengers.
A draft agreement on coastal shipping was also initiated by both the countries. It was also agreed to finalise the Standard Operating Procedures (SOP) in about two months time. On cooperation on Light House and marine training, India offered to extend training to the personnel in Bangladesh. The Indian delegation was led by Shipping Secretary Rajive Kumar while the Bangladesh delegation was led by Shafiq Alam Mehdi, Secretary, Ministry of Shipping. It was also agreed between the two countries that a draft agreement for the regular movement of passenger and cruise vessels would be shared by India with Bangladesh through the diplomatic channel. On cooperation on Light House and marine training, India offered to extend training to the personnel in Bangladesh. The Indian delegation was led by Shipping Secretary Rajive Kumar while the Bangladesh delegation was led by Shafiq Alam Mehdi, Secretary, Ministry of Shipping. It was also agreed between the two countries that a draft agreement for the regular movement of passenger and cruise vessels would be shared by India with Bangladesh through the diplomatic channel.
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$ 60.49 per barrel (bbl) on 21.04.2015. This was lower than the price of US$ 61.10 per bbl on previous publishing day of 20.04.2015.
In rupee terms, the price of Indian Basket decreased to Rs 3806.03 per bbl on 21.04.2015 as compared to Rs 3822.42 per bbl on 20.04.2015. Rupee closed weaker at Rs 62.92 per US$ on 21.04.2015 as against Rs 62.56 per US$ on 20.04.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on April 21, 2015 (Previous trading day i.e. 20.04.2015) |
Pricing Fortnight for 16.04.2015 (March 28 to April 10, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
60.49 (61.10) |
54.92 |
|
(Rs/bbl |
3806.03 (3822.42) |
3425.91 |
|
|
Exchange Rate |
(Rs/$) |
62.92 (62.56) |
62.38 |
SOURCE: PIB
Pakistan textile and clothing exports in March 2015 witnessed a negative growth of 16.23 per cent to $1.033 billion from $1.233bn in the same month last year. The fall was witnessed for the second consecutive month, after posting a positive growth of 10.23pc in January 2015 as per Pakistan Bureau of Statistics data. During the first nine months (July-March) of 2014-15, the exports of textile and clothing also witnessed a negative growth of 1.57pc.
Product-wise details show that export of low value-added products, such as cotton yarn, dropped by 29.36pc; yarn other than cotton yarn 31.04pc and made-up textile excluding towels by 13.62pc; cotton carded 35.77pc and cotton cloth by 14.45pc. The export of art, silk also dipped by 24.87pc. Moreover, raw cotton export witnessed a steep decline of 85.72pc during the month from a year ago. Exports of value-added products also witnessed a decline during the month. Export of knitwear decreased by 7.41pc, readymade garments by 5.20pc, bedwear dropped by 16.84pc and towels by 19.03pc. However, only tents exports witnessed a growth of 42.38pc during the month. Total exports stood at $17.930bn in July-March 2014-15 as compared to $19.072bn in the same period last year, a decline of 5.99pc.
SOURCE: Yarns&Fibers
Bangladesh Garment Manufacturers and Exporters Association has launched Center of Excellence for Bangladesh Apparel Industry (CEBAI) to improve productivity through research and development. The CEBAI is designed to establish a replicable industry-driven training and support service model for Bangladesh garment sector. It will also provide certified training to improve the quality of workers and productivity in the RMG factories to enable them to have their skills formally recognised.
Commerce Minister Tofail Ahmed unveiled the logo of the Center at a city hotel yesterday. Earlier on December 7 last year, Prime Minister Sheikh Hasina inaugurated the Center. “The CEBAI can play a significant role by providing the garment industry with skills and need-based training for the workers,” said Tofail Ahmed. He added: “Most importantly, the Center will also regularly conduct research on the industry to keep it in the right track of the development and act as the think-tank for the apparel industry.”
The objectives of the project are to boost workers’ productivity through skill development, strengthening management at factory level, setting market strategy for further value addition, suggestion for policy directives, economic forecast, said Prof Syed Forhat Anwar. Prof Anwar, who teaches at the Institute of Business Administration (IBA) of Dhaka University, made a presentation on the CEBAI. “Expansion of RMG market is very important for Bangladesh to achieve the export targets,” he said suggesting setting up of export zones abroad as the country lacks enough land.
BGMEA Vice-President Reaz Bin Mahmood said the CEBAI would work to device curricula for workers’ training, make policy directives and conduct exclusive research works for the sector to achieve $50bn export target by 2021. Country director of International Labor Organisation Srinivash B Reddy said the CEBAI is aimed at building skills that the industry needs. It also would reduce gap between suppliers and buyers, he added. The CEBAI is the first integrated approach in the country to address the issues of the RMG industry both as a think tank and also as an institute where training will be provide to develop various skills, said BGMEA president Atiqul Islam. Sate Minister for Foreign Affairs Shahriar Alam, AAMS Arefin Siddique, Vice Chancellor, University of Dhaka, Tomoko Nishimoto, Assistant Director General and Regional Director for the Asia Pacific, ILO were present at the programme.
SOURCE: The Global Textiles
Pakistan textile exporters strongly opposing the proposed merger of textile ministry with commerce terming it a negative move which would hurt the pace of growth in textile exports and would push textile industry on back gear. Pakistan Textile Exporters Association (PTEA) leaders expressed concerns over the proposed merger of textile ministry into commerce ministry and said that Pakistan has dynamic, vigorous and export-oriented textile industry that has an overwhelming impact on national economy.
Textile being largest industrial sector generates the country's highest export earnings of about 60 percent, providing the bulk of employment to 40 percent workforce and contributes 8.5 percent to GDP. The Ministry of textile industry was established on the demands of textile exporters to formulate strategies and programmes to facilitate the textile sector for attaining sustainable growth, to achieve higher objectives and to anticipate the challenges confronting by the textile sector, they said. With the establishment of full fledged textile ministry, the country's textile exports gradually increased from $8.29 billion in 2004-05 to $13.73 billion in 2013-14. Textile Ministry is greatly contributing in textile development by implementing and finalizing various initiatives like acquiring professional management skill, technological up-gradation, human resource development, innovations in diverse products, maintaining standards, ensuring quality to bridge the country's yawning trade gap.
The chairman Pakistan Textile Exporters Association (PTEA) Sohail Pasha was of the view that the current scenario has dramatically changed the global trade patterns have increased the competition; nonetheless there is a new focus required for textile industry to increase their successive rate. Successful operation of an independent textile ministry would help to boost textile exports and the country would be able to earn more precious forex to stable its sagging economy. He demanded the Government not to abolish or merge such an important textile ministry and keep its independent identity.
Vice Chairman Rizwan Riaz Sehgal said that creating greater opportunities for the fourth biggest cotton producer country of the world, an independent ministry for textile industry is envisaging new culture which would expedite the process of improvement in all the segments of textile sector. To keep the momentum of growth in textile exports and further development of the textile industry, the main stay of national economy, the government needs to allow textile ministry run independently.
SOURCE: Yarns&Fibers
Brent crude oil steadied around $63 a barrel on Tuesday, not far below the 2015 high, supported by worries that a civil war in Yemen could destabilise the Middle East region, affecting oil supplies. Oil has climbed around 15 per cent this month due to concern over the conflict in Yemen, Saudi Arabia's southern neighbour. The seaways around Yemen are some of the most important for the international oil trade with access points to the Red Sea and Suez Canal and the Middle East Gulf.
Brent hit a 2015 high of almost $65 a barrel on April 16, up more than 40 per cent from a January low of just above $45. Prices have also been supported by speculation over falling the US output, after data showing the number of US exploration and production oil rigs fell to their lowest since 2010. Brent crude for June LCOc1 was down 30 cents at $63.15 a barrel by 1105 GMT. US crude for May CLc1, which was due to expire later on Tuesday, was down 10 cents at $56.28 a barrel. "Geopolitics is supporting oil at the moment," said Tamas Varga, analyst at London brokerage PVM Oil Associates. But the global oil market is heavily oversupplied and a rapid build of inventories, particularly in the US, has been weighing on prices.
US commercial crude oil inventories are forecast to have increased by 2.4 million barrels last week, rising for the 15th consecutive week, a preliminary Reuters survey showed. Saudi Oil Minister Ali al-Naimi told Reuters in Seoul this week that the world's top crude exporter expected to produce at near record highs of around 10 million barrels per day (bpd) in April. Analysts warn Organization of the Petroleum Exporting Countries (OPEC)'s ability to cope with an unexpected surge in demand is diminishing fast. "If the demand and non-OPEC supply responses to lower prices are similar to what was experienced in the 1980s, the very low level of spare capacity carries a risk of a price spike in the not too distant future," said analysts at PIRA Energy. OPEC's spare capacity could halve to as low as 1.7 million bpd this year, far below the level of more than 10 million bpd in the 1980s, when Saudi Arabia last opted for market share over price.
SOURCE: The Business Standard
The World Bank’s East Asia and Pacific Economic Report April 2015 paints a favourable picture for Vietnam. According to the report, medium term projections reflect gradual improvement in GDP growth and macroeconomic stability confronting growing pressures from rising public debt. GDP growth picked up to 7 per cent in 2014 Q4, contributing to growth rate of 6 per cent for the year —the fastest rate since 2011. The reported noted that Vietnam still performs below its potential, due to slow-moving structural reforms, especially in the areas of banking sector and State Owned Enterprises (SOEs).
Inflation is projected to be moderate in 2015 on account of low global energy and food prices, and gradual recovery in domestic private demand. Strong exports and robust remittances will keep the current account in surplus, albeit of diminishing amount as stronger domestic economic activity stokes import growth. The fiscal deficit would decline to under 4 per cent of GDP by 2017, underscoring the need for fiscal consolidation over the medium term together with a credible plan to strengthen the finances of SOEs and state-owned banking sector to preserve public debt sustainability.
Poverty is expected to continue to decline. Extreme poverty ($1.25 a day) is expected to decline from 2.9 per cent in 2012 to less than 1 per cent in 2017 while the percentage of population living with below $2 a day would fall from 12.1 per cent in 2012 to 5.8 per cent in 2017.The World Bank report says the risks to the medium-term outlook remain mostly on the downside. Weak global prices of rice and other agricultural products may adversely affect rural household income and consumption and widen the urban-rural gap. Falling oil prices could also put additional pressure on the budget revenues. Domestic private investment is still weighed down by the subdued business confidence, the report notes.
On the external front, sluggish and uncertain global growth could dampen Vietnam’s exports and FDI inflows. On the upside, emerging trade agreements provide opportunity for Vietnamese enterprises to reach out to much bigger and richer markets. Domestic reforms, including medium-term fiscal consolidation, further improvements in the business climate and more credible and visible SOE and banking sector reforms will send important signals to domestic and international investors and lay the groundwork for stronger future growth, says the report.
SOURCE: Fibre2fashion
Indonesia’s trade minister, Rachmat Gobel is seeking to increase trade relations with countries and businesses worldwide. At During the first day of the 24th World Economic Forum on East Asia on Sunday he met with several top executives and high-level government leaders. Trade minister discussed a range of topics in which companies can increase their trade with Indonesia to cooperation on bilateral and multilateral levels. Among the executives and government leaders he also met Heineken International global director Roland Verstappen, South African Trade Minister Rob Davies, Vietnamese Agriculture Minister Cao Duc Phat and an executive from Mitsubishi Corporation of Japan. The possibility of a joint trade commission with the South African trade minister was also discussed as he would like to see South Africa as the door for Indonesian products to enter the African market, Rachmat said after a ministerial bilateral meeting in Jakarta on Sunday.
Indonesia and South Africa have been laying out plans to form a trade partnership since 2012, pressing on points such as market access, special economic zones and capacity building for small and medium-sized enterprises, according to Rachmat. Indonesia’s main exports to South Africa include palm oil, rubber, jewelry and vehicles. On the other hand, Indonesia has mainly imported cotton, pulp, wood and sugar from the African country, according to the minister. Indonesia exported as much as $1.4 billion to South Africa last year, and imports totaled $486 million, leading to a trade surplus of up to $914 million, according to the trade minister. The trade ministry wants to triple exports in the next five year with a goal to reach $192.5 billion this year – or up 9 percent from realized export value of $176 billion in 2014. The minister also met with an executive from Mitsubishi, and Rachmat sought to encourage the Japanese company to expand its garment business in Indonesia through its clothing retailer Uniqlo. He asked Mitsubishi to increase their export from Indonesia through their garment sector … and they’re actually planning to boost exports significantly going forward. Mitsubishi exported up to $264 million in textiles last year. According to Rachmat, this year, the Tokyo-based company wants to increase garment exports from Indonesia by 13 percent to $300 million. Rachmat has urged them to triple to at least $700 million by 2019.
SOURCE: Yarns&Fibers
