The Synthetic & Rayon Textiles Export Promotion Council

MARKET WATCH 24 April, 2015

NATIONAL

 

INTERNATIONAL

 

Textile Raw Material Price 2015-04-23

Item

Price

Unit

Fluctuation

PSF

1290.39

USD/Ton

2.60%

VSF

2009.08

USD/Ton

0.82%

ASF

2450.10

USD/Ton

0%

Polyester POY

1412.89

USD/Ton

1.76%

Nylon FDY

3070.79

USD/Ton

0%

40D Spandex

6566.27

USD/Ton

0%

Nylon DTY

5855.74

USD/Ton

0.14%

Viscose Long Filament

1649.73

USD/Ton

1%

Polyester DTY

2891.12

USD/Ton

0.57%

Nylon POY

2597.11

USD/Ton

0%

Acrylic Top 3D

1600.73

USD/Ton

2.08%

Polyester FDY

3381.14

USD/Ton

0%

30S Spun Rayon Yarn

2662.44

USD/Ton

0%

32S Polyester Yarn

1960.08

USD/Ton

0.84%

45S T/C Yarn

2940.12

USD/Ton

1.12%

45S Polyester Yarn

2825.78

USD/Ton

0%

T/C Yarn 65/35 32S

2678.78

USD/Ton

0%

40S Rayon Yarn

2058.08

USD/Ton

0.80%

T/R Yarn 65/35 32S

2531.77

USD/Ton

1.31%

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 = 0.16334 USD dtd. 23/04/2015)

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

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Make in India: Central Statistical Office to release data with exporters' details for the first time

In June this year, India's statistical office will release new data that will identify for the first time where India's exporters are located and what they are selling. Officials believe this could help the government make more informed manufacturing and trade policy decisions in the context of its Make In India programme and the stiff $900-billion exports target set for 2020. With exports of over $300 billion in 2014-15 and an economy that has been open to global trade for well over two decades, it may come as a surprise that the government of India has little idea where its export output is produced.

At present, the official trade data is compiled on the basis of inputs from ports and customs authorities, so it can track exports on the basis of where they were shipped out, not where they are made. This is about to change as the 2013 Economic Census, whose results are expected in two months, would offer a glimpse of which Indian firms are exporting what and where they are located. "We have asked all enterprises with ten or more workers if they are exporting any of their output and what product they are exporting," said a senior official in the Central Statistics Office.

These queries were added to the questionnaire at the behest of the agency that compiles foreign trade data - the Director General of Commercial Intelligence and Statistics or DGCIS. "This will not only help economic ministry mandarins examine what type of enterprises are engaged in exports, but also inform policy makers about the type of exports originating from different parts of the country," the official said. Based on the census data, the statistics office would undertake a special survey of exporting units to capture more details about their operations and constraints.

Significantly, the census would also reveal granular details about handloom and handicraft units in the country, a sector that generates very high employment as well as exports, the official added. A senior official in the DGCIS handling export data told ET that the census data on exporting units would be an important first step in a long journey, as more details would be needed to correlate the data with the commodity-wise export figures the agency currently compiles on the basis of validations from ports and customs authorities. "A unit maybe making ten products, but exporting only one of them. Ideally, we should have information on production quantity and value of the exports by such units to ascertain if these are moving in sync with the exports reported by ports and customs administration," the official explained.

SOURCE: The Economic Times

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Textile Industry: Delegation meets Textile Minister, Raises Concern over ailing Domestic Industry

Mr. O.P. Lohia, Chairman and Managing Director of Indo Rama Synthetics (India) Ltd. along with Mr. Madhu Sudhan Bhageria - Vice Chairman & Managing Director of Filatex India Ltd. met Shri Santosh Kumar Gangwar, Hon'ble Minister of State (Independent Charge) for Textiles and Shri Sanjay Kumar Panda, Secretary - Textiles on 20th March, 2015 in Udyog Bhawan, New Delhi along-with the delegation of Textile Industry to apprise the Hon'ble Textile Minister of the current as well as post budget scenario of the Textile Industry.

The Hon'ble Minister was apprised that while Textile Industry was expecting a strong focus from the Government, however, there was no mention of it and nothing was done in the Budget to improve the health of the Textile sector. Man-made Industry was expecting reduction of Excise Duty from 12.36% to 6% but it was increased to 12.50% and the allocation of TUFF was also not there as per recommendation given by all Textile Industry Associations including FICCI, CITI, etc.

Mr. Lohia requested the Hon'ble Minister to ensure that Textile Industry is kept in the lowest slab in GST, which is expected to be in place by next year as it being the second largest employment provider in India. In order to support the 'Make In India' Slogan of our Respected Prime Minister Shri Narendra Modi, he emphasized that the need of the hour is to focus on Textile Industry to boost production capabilities. Presently, Man Made Fibre requires special attention in textile sector as major growth, now in this sector, can come only from MMF. He stressed that if we do not focus now, other countries like Vietnam, Bangladesh, Indonesia, Pakistan will grow faster than India in this area.

Mr. Lohia expressed concern over the diminishing quantum of exports of textile goods for the last few months and looking at this dismal situation in Textile Exports, he suggests that we should now focus on export of textile apparel and garments so that the entire value chain in the Textile Industry is benefited. The Hon'ble Minister assured the delegation to look into all these matters and to bring growth in the textile sector so that it can achieve its desired position both in domestic and export market.

SOURCE: The Equity Bull

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South Korea seeks expansion of free trade pact with India

South Korea, with which India has trade deficit of over USD 8 billion, has sought widening of the scope of free trade agreement by including more products under the pact.  The issue came up for discussion during a meeting of Indian and Korean officials in Seoul last month.  The talks over widening of free trade agreement are likely to figure during Commerce and Industry Minister Nirmala Sitharaman's visit to South Korea in the second week of May.  Prime Minister Narendra Modi is also expected to visit the country later next month.

The Korean side wants that the comprehensive economic partnership agreement (CEPA) with India should be upgraded to include some more products such as machinery and certain kinds of steel products, an official told PTI. India and South Korea implemented the CEPA in January 2010. The bilateral trade is in favour of South Korea. Trade deficit increased from USD 5.1 billion in 2009-10 to USD 8.27 billion in 2013-14.  During the official level meeting, the Indian side raised concerns over declining exports of products, including textiles, gems and jewellery and pharmaceuticals to South Korea.

Upgrading of a free trade pact involves reopening of the agreement and fresh negotiations with regard to duty-free access of the new products. Re-opening of the pact can only be taken up after the Union Cabinet's nod. Therefore, Commerce Ministry is expected to soon approach the Cabinet for the approval. However, exporters' body FIEO has called for exercising caution before re-opening of the trade pact with Korea. "Indian side needs to carefully look at what they are getting in return. In re-opening of the pact, one has to be little careful about steel sector. The industry is already feeling the pinch of declining global prices," Federation of Indian Exports Organisations (FIEO) Director General Ajay Sahai said.

According to another expert, free trade agreements with Japan and South Korea have already resulted in cheaper imports of steel and have not impacted the domestic production. Under the FTA, duties on most of the products traded between the countries are either eliminated or reduced sharply. Industry has already demanded that steel products should be excluded from the ambit of FTA with Japan and Korea as these countries are flooding the Indian market, taking advantage of concessional duty rates at the cost of domestic firms. The bilateral trade between India and South Korea stood at USD 16.67 billion in 2013-14.

SOURCE: The Economic Times

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India Boosts ASEAN Engagement with Dedicated Mission

India today expressed its readiness to bolster cooperation with ASEAN in collectively addressing the "traditional and non-traditional" security challenges facing the region as it formally inaugurated a dedicated mission for the 10-member bloc in Jakarta. Inaugurating the mission, External Affairs Minister Sushma Swaraj said India is resolved to match the expectation of its friends in the region to play a "more active role." The event was also attended by ASEAN Secretary-General Le Luong Minh and Director General I Gusti Agung Wesaka Puja.

Ms Swaraj said the dedicated Mission reflects India's sincere commitment to intensify its engagement with ASEAN. "Our officials are currently engaged in drafting the next five year Action Plan for the period 2016-21 for furthering ASEAN-India Cooperation," she said. "We would work with our ASEAN colleagues to make it aspirational, yet pragmatic, that will help us realise optimally the potential for sectoral collaboration through a wide array of projects in a spirit of joint partnership and ownership that contributes to mutual learning and benefit," she added. The Minister said, "ASEAN lies at the core of India's Act East policy" which focusses on reorienting partnership with East Asian countries in the 21st century context to make it more "pragmatic, action driven and result oriented".

"We will also be happy to work with the ASEAN member states and other participating countries of East Asia Summit Process to bolster cooperation in collectively addressing the traditional and non traditional security challenges in order to establish peace and stability in the South East Asia and the Greater East Asia region," said Ms Swaraj, who is here on a five-day trip to attend Asian African conference. The work till now was handled by the Indian embassy in Jakarta but with increasing engagement with South East Asia, it was decided in 2013 to have a separate and dedicated diplomatic mission to cater to the growing diplomatic needs.

Last year, Suresh K Reddy, a veteran diplomat, was appointed as Ambassador to the Indian Mission to ASEAN, which is also headquartered in Jakarta. The mission works the Committee of Permanent Representatives to ASEAN and the Secretariat which is located. The Association of Southeast Asian Nations (ASEAN) includes Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar and Vietnam. Six dialogue partners of the bloc - the US, China, Japan, South Korea, Australia and New Zealand - have dedicated missions in Jakarta. "I am happy to inform we have just ratified ASEAN India trade and Services and Investments Agreement signed last November. Some ASEAN members have already ratified the agreement," Ms Swaraj said. "We are simultaneously endeavouring to see how we can transform corridors of connectivity into corridors of economic cooperation," she said, adding that in this context Prime Minister Narendra Modi announced in the 12th ASEAN-India Summit establishment of a facility to facilitate quick implementation of connectivity projects. "We are currently working out the modalities of this special facility," she said. She said fostering people-to-people linkages lies at the heart of India's engagement with ASEAN. "We are also looking to expand our air connectivity particularly between our North East and South East Asia to support the growing people to people linkages," she added.

SOURCE: NDTV

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GST Bill to be tabled in Lok Sabha today

Finance Minister Arun Jaitley will table the 122nd constitutional amendment Bill in the Lok Sabha on Friday, to pave the way for s national goods and services tax (GST) regime. The Bill will be taken up for discussion on Monday. The government is confident it will be passed in the House on the same day, before being sent to the Rajya Sabha.

Senior ministers on Thursday said the government was keen to ensure passage of the constitutional amendment in both Houses in the current session of Parliament and did not foresee any stumbling block, with nearly all major political parties on board. Jaitley had introduced a Bill on a GST in the Lok Sabha on December 19. The government proposes to roll out the GST, a new indirect tax regime, which will subsume various central and state levies like sales tax, excise and service tax, from April 1, 2016.

SOURCE: The Business Standard

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Rupee Hits Over 3-Month Low of 63.28/Dollar

The rupee fell to a three-month low of 63.28 against the US dollar on Thursday due to appreciation of the greenback overseas on strong American housing sales data. This is Indian currency's lowest level since January 7, when it had touched 63.56 against the dollar. Fresh demand for the dollar from importers also weighed on the local currency, forex dealers said. The rupee had closed at 62.82/dollar on Wednesday. Selling pressure in the stock market also hurt the sentiment. The Sensex fell over 200 points in late trade.

SOURCE:  NDTV Profit

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RBI revamps priority sector lending norms

The Reserve Bank of India (RBI) has revamped priority sector lending (PSL) norms. Now, loans to sectors such as social infrastructure, renewable energy and medium enterprises will also be treated as PSL. An Internal Working Group (IWG) was set up in July 2014 to revisit the existing priority sector lending guidelines. The report of the IWG was placed in the public domain inviting comments. The recommendations of the IWG were examined in the light of the comments / suggestions received from Government of India, banks, and other stakeholders and revised guidelines are being issued in supersession of guidelines mentioned in the Master Circular RPCD.CO.Plan.BC10/04.09.01/2014-15 dated July 1, 2014 on Priority Sector Lending – Targets and Classification.

The salient features of the guidelines are as under:-

(i) Categories of the priority sector: Medium Enterprises, Social Infrastructure and Renewable Energy will form part of priority sector, in addition to the existing categories.

(ii) Agriculture: The distinction between direct and indirect agriculture is dispensed with.

(iii) Small and Marginal Farmers: A target of 8 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, has been prescribed for Small and Marginal Farmers within agriculture, to be achieved in a phased manner i.e., 7 percent by March 2016 and 8 percent by March 2017.

(iv) Micro Enterprises: A target of 7.5 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, has been prescribed for Micro Enterprises, to be achieved in a phased manner i.e. 7 percent by March 2016 and 7.5 percent by March 2017.

(v) There is no change in the target of 10 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, for Weaker Sections.

(vi) Target for Foreign Banks: Foreign Banks with 20 branches and above already have priority sector targets and sub-targets for Agriculture and Weaker Sections, which are to be achieved by March 31, 2018 as per the action plans submitted by them and approved by RBI. The sub-targets for Small and Marginal Farmers and Micro Enterprises would be made applicable post 2018 after a review in 2017. Foreign banks with less than 20 branches will move to Total Priority Sector Target of 40 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, on par with other banks by 2019-20, and the sub-targets for these banks, if to be made applicable post 2020, would be decided in due course.

(vii) Bank loans to food and agro processing units will form part of Agriculture.

(viii) Export credit: Export credit upto 32 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, will be eligible as part of priority sector for foreign banks with less than 20 branches. For other banks, the incremental export credit over corresponding date of the preceding year will be reckoned upto 2 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher.

(ix) The loan limits for housing loans and MFI loans qualifying under priority sector have been revised.

(x) The priority sector non-achievement will be assessed on quarterly average basis at the end of the respective year from 2016-17 onwards, instead of annual basis as at present.

The revised guidelines are operational with effect from the date of this circular. The priority sector loans sanctioned under the guidelines issued prior to this date will continue to be classified under priority sector till repayment/maturity/renewal.

SOURCE: RBI

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Global crude oil price of Indian Basket was US$ 60.55 per bbl on 23.04.2015

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$ 60.55 per barrel (bbl) on 23.04.2015. This was higher than the price of US$ 59.62 per bbl on previous publishing day of 22.04.2015.

In rupee terms, the price of Indian Basket increased to Rs 3826.15 per bbl on 23.04.2015 as compared to Rs 3745.33 per bbl on 22.04.2015. Rupee closed weaker at Rs 63.19 per US$ on 23.04.2015 as against Rs 62.82 per US$ on 22.04.2015. The table below gives details in this regard:

Particulars

Unit

Price on April 23, 2015 (Previous trading day i.e. 22.04.2015)

Pricing Fortnight for 16.04.2015

(March 28 to April 10, 2015)

Crude Oil (Indian Basket)

($/bbl)

60.55              (59.62)

54.92

(Rs/bbl

3826.15          (3745.33)

3425.91

Exchange Rate

(Rs/$)

63.19              (62.82)

62.38

SOURCE: PIB

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China-Total Profits of Textile Enterprises Surge 6.4% in Jan - Feb.

China’s industrial profits for the first two months of this year declined 4.2% year-on-year to CNY 745.24 billion (US$ 121.5 billion), in which, profits of main textile businesses surged 6.4%. During the first two months of 2015, 30 of the 41 sectors surveyed reported year-on-year profit increases, with profit of textile sector surging 8.8% year-on-year, that of chemical raw materials and products rising 1.1%.

 Major financial data of above-scale industrial enterprises (with annual revenue exceeding CNY 20 million) show that in the first two months of this year, the prime business revenue of textile sector grew 6.4% year-on-year to CNY 524.70 billion; the total profits stood at CNY 25.37 billion, up 8.8% year-on-year; the prime business revenue of textile garment & accessories sector stood at CNY 17.14 billion, up 10.4%. Meanwhile, the prime business revenue of leather, fur, feather & down and their made-up products and shoe-making sector grew 8.2% year-on-year to CNY 187.86 billion; and the total profits surged 11.7% year-on-year to CNY 11.51 billion.

SOURCE: The Global Textiles

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Vietnam Trade deficit $3.1b as imports increase 18.9%

The country's total export and import turnover reached US$88.4 billion by April 15, a year-on-year increase of 13.9 %, according to the General Department of Vietnam Customs. The country's total export turnover was $42.65 billion by April 15, up 9 % year over year, and total import turnover reached $45.76 billion, up 18.9 %. The commercial balance in the first half of April saw a deficit of $3.1 billion.

Vietnam's merchandise export turnover in the first half of April was $6.34 billion, 12.3 % less than the second half of March. Of these, export turnover of foreign direct investment (FDI) enterprises was $4.3 billion, accounting for 67.8 % of the country's total export turnover for the period. The export turnover of the textile and garment sector in the first half of April fell by $143 million compared to the second half of March. Computers, and electronic products and components fell by $122 million. Telephones and accessories fell by $80 million.

The country's merchandise import turnover in the first half of April was $7.2 billion, a decrease of 11.1 % compared to the second half of March. The import turnover of FDI enterprises was $4.33 billion, accounting for 60.1 % of the country's total import turnover for the period. The import turnover of machines, equipment and spare parts in the first half of April fell by $251 million compared to the second half of March. Computers, and electronic products and components fell by $139 million. Soybeans fell by $60 million. Telephones and accessories fell by $46 million.

SOURCE: The Vietnam Net

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Pakistan urged Iran for free up non-tariff barriers to boost bilateral trade

Pakistan’s commerce minister has expressed the concerns on the unilateral import bans and emphasized elimination of all non-tariff barriers with his Iranian counterpart. The Iranian Commerce Minister assured that hurdles and obstacles in the way of bilateral trade would be removed through effective measures. He has offered maximum facilitation for Pakistan’s private sector to hold and participate in trade exhibitions in Iran. The two sides reviewed the present trade level and agreed to formulate a 5-year trade-facilitation plan to fulfill the shared vision of Prime Minister Nawaz Sharif and President Rouhani to increase bilateral trade from $1 billion to $5 billion.

Both sides also agreed to form a working group to devise substantial widening of the 2006 Pak-Iran Preferential Trade Agreement. The two sides also reiterated the need for joint investment in agro-food processing and infrastructure, particularly in the field of establishing effective rail, air, road and sea links between the two countries, as well as opening new border trade-posts at Mand-Pishin and Gabd-Reemdan.

Pakistan’s Commerce Minister enunciated Prime Minister Nawaz Sharif’s vision to achieve shared prosperity through economic integration: enhancing trade, investment and connectivity of infrastructure, banking systems, Customs and visa. The bilateral trade between countries had increased during first three years (2006-07 to 2008-09) of signing PTA, which later started declining after 2008-09. The trade volume between two sides enhanced to $1.32 billion in 2008-09 from $573.8 million of 2006-07.  However, later the trade figures reduced to $218 million in previous year 2013-14 from highest level of $1.32 billion. The volume declined due to several reasons like international sanctions against Iran, lack of banking channels and restrictive trade regime of Iran. Both sides mooted proposals for a joint free-trade zone between the ports of Chabahar and Gwadar, and a trade corridor to link Chabahar, Gwadar and Chaman. The last Joint Trade Committee meeting was held in Islamabad in 2011.

SOURCE: Yarns&Fibers

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APTMA chief seeks special relief package for textile industry

Chairman All Pakistan Textile Mills Association (APTMA) S. M. Tanveer has said that Pakistan Textile industry is on the verge of collapse and needs a special relief package from the government on urgent basis to secure billions of dollars investment and create millions of jobs for people.  Talking to newsmen here on Thursday Tanveer called for setting up a government-industry joint task force to restore industry viability and devise growth path. On the occasion former chairman APTMA Gohar Ejaz, Fawad Anwar of Al-Karam Textile Mills and others were also present.

APTMA chief said that energy crisis, poor infrastructure, uncertain polices, higher interest rate and smuggling were directly hurting the country's textile sector, which is the largest employment provider sector of the country. Recently, APTMA has conducted a detail study on the Pakistan's textile sector aimed at finding out the reasons of the collapse, he informed.  Talking about the industry, he said that Pakistan's some 25 percent textile industry has already been shutdown during the last five years, while there were threats of further collapse if the government did not provide immediate relief to the sector. "Presently, the country's textile industry is facing several issues including closure of mills, declining exports, fast losing world market share, idle of 30 percent production capacity and surge in imports and smuggling of textile and clothing. Therefore, from the last few years no investment and growth have witnessed in the sector as potential investors are reluctant to invest in textile sector", he added.

In addition, comparatively high cost of energy, finance and wages, energy crisis, technology disadvantage and Zero investment incentive and government support is also hurting the sector, chairman APTMA said. Although, Pakistan has successfully got GSP plus status from EU, however despite that the country exports were not increasing and posted a 16 percent decline during last month, he mentioned.  Talking about the policy measures, Tanveer said that Pakistan announced textile policy in 2009 for five year with $2.3 billion incentives, however only $450 million were spent with zero percent growth in textile exports. Second textile policy for the next five years was launched in 2014 with Rs 64 billion outlay, however so far no notification has been issued.

Comparing Pakistan's textile initiatives with India he informed that during the last five years Pakistan has added some one million spindles and 1,300 shuttless/Airjet looms. While, on the other hand India has given some $4 billion incentives to its textile industry during the last five years and it resulted in increase of 79 percent or $16 billion in the textile exports. Indian textile sector has added 14 million spindles, 36,000 Shuttless/Airjjet Looms, besides creating some 16 million new jobs, he added.  Talking about Export Incentives of India, he said that an Export Promotion Capital Goods (EPCG) scheme was introduced by India to promote the import of capital goods for zero duty subject to minimum export obligations. The government extended the benefits of zero duty EPCG beyond March 2013. Government of India also allowed a reduction on export obligation (EO) by 10 percent for domestic sourcing of capital goods.

Tanveer said that Pakistan's 90 percent textile machinery is some 10-year old compared to India's 30 percent and China's 10 percent. China and India were making billions of dollar investment in the machinery and technology side, while Pakistan's textile sector was fighting for its revival, he added. Talking about the relief measures, chairman APTMA said that Pakistan's textile industry needs 24/7 electricity and gas supply at regionally competitive rates and already determined tariff for FY 2014-15 be notified w.e.f. April, 2015. Presently, the industry was facing hours long load shedding and gas supply only for few hours, he mentioned.  He asked the government to exempt export-oriented textile industry from all surcharges, levies, cess and duties being imposed due to Inefficiencies and losses. "Fuel price adjustment due to falling oil prices should be fully passed on to industry to reduce the cost of production," he added.

Availability of raw materials particularly quality fibers (Cotton and MMF) at world competitive price through enhancing better quality cotton production is needed by removing duties/barriers on import of MMF and other specialty fibers to get a healthy growth, Chairman APTMA said.  Proper fund should be allocated for the ailing industry as per textile policy initiative and government make arrangements for reduction in financial costs/charges from spinning onwards through Export Finance Scheme and other fiscal instruments, he added. "Investment support measures should compatible with region and no further increase in minimum wage should be announced without getting a substantial growth in textile industry as well exports," he demanded. Chairman APTMA said that appreciation of Pak rupee has also hurt the exports growth therefore exchange rate should be brought to its realistic value.

The industry also needs export promotion strategies/measures to overcome market edge being provided to competitors by their respective governments. FTA, RTA and bilateral agreements with potential importing countries should be finalised to increase export through tariff reduction, he suggested.  "Government should also incentivise and support textile Industry in order to diversify new products and markets. We also need to strengthen domestic commerce through formalisation of domestic consumption to spare market for domestic industry by introducing Tariff/non tariff measures, countering smuggling and unfair practices," he said. He also suggested government for 15 percent regulatory duty on the import of Yarns and Fabric meant for domestic consumption under the marketing strategy. He called for a campaign with the slogan of "Market Pakistan" to change Pakistan's perception to retain and capture world brands and markets.

SOURCE: The Business Recorder

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Apparel, home textile and technical textiles likely to double their market size by 2023

India's apparels, home textiles and technical textiles segments are expected to double their market size. According to the latest report by Technopak Advisors, India's leading management consulting firm, textile and apparel exports too are expected to grow from $40 billion to $95 billion by 2023 – taking the total size of the industry to $233 billion from $98 billion. Indian textile and apparel market is estimated to more than double in a decade to Rs $138 billion by 2023, growing from Rs $58 billion in 2013. Young population, with high disposable incomes, is driving growth for apparel brands. Due to the increasing corporatization of retails, the domestic market for apparels will be growing from $41 billion to $102 billion. The share of corporatized retail in apparel has increased from 14 percent in 2008 to 19 percent in 2013, the study found.

Kedar Apshankar, COO of Peter England said that they have been focusing more on customers in the early and mid 20s. They have been introducing casual line of apparels. Most of the brands of Madura Garments, including Peter England, Louis Philippe and Allen Solly, are now aggressively pursuing younger customers. Fashion and lifestyle market is also shifting their focus away from the traditional retail channels towards alternative avenues like direct selling, home shopping, and e-tailing channels. The rapid penetration of internet-supporting devices is contributing immensely to the growth of alternative retail, the study found.

SOURCE: Yarns&Fibers

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