Textile Raw Material Price 2015-05-20
|
Item |
Price |
Unit |
Fluctuation |
|
PSF |
1263.47 |
USD/Ton |
-1.28% |
|
VSF |
2043.13 |
USD/Ton |
0% |
|
ASF |
2496.70 |
USD/Ton |
0% |
|
Polyester POY |
1299.43 |
USD/Ton |
-1.24% |
|
Nylon FDY |
3138.24 |
USD/Ton |
0% |
|
40D Spandex |
6538.00 |
USD/Ton |
0% |
|
Nylon DTY |
5933.24 |
USD/Ton |
0% |
|
Viscose Long Filament |
1593.64 |
USD/Ton |
-1.02% |
|
Polyester DTY |
2942.10 |
USD/Ton |
0% |
|
Nylon POY |
2692.02 |
USD/Ton |
0% |
|
Acrylic Top 3D |
1520.09 |
USD/Ton |
-1.06% |
|
Polyester FDY |
3383.42 |
USD/Ton |
0% |
|
30S Spun Rayon Yarn |
2729.62 |
USD/Ton |
0% |
|
32S Polyester Yarn |
2059.47 |
USD/Ton |
0% |
|
45S T/C Yarn |
2991.14 |
USD/Ton |
0% |
|
45S Polyester Yarn |
2893.07 |
USD/Ton |
0% |
|
T/C Yarn 65/35 32S |
2762.31 |
USD/Ton |
0% |
|
40S Rayon Yarn |
2206.58 |
USD/Ton |
0% |
|
T/R Yarn 65/35 32S |
2566.17 |
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 |
0.78 |
USD/Meter |
0% |
|
45S T/C Fabric |
0.79 |
USD/Meter |
0% |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16345 USD dtd. 20/05/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Favouring enhancement of trade between India and Pakistan through land route, US Ambassador to India Richard R Verma said here today that he would certainly do whatever he can to push the governments of both the countries to resolve the issue at the earliest. "There is indeed immense potential to save huge transportation costs and time, if more and more trade is done through land route via Attari-Wagah border," Verma said. While listening to Confederation of Indian Industry's (CII) concerns and possible solutions to enhance trade between India and Pakistan through land route, Verma said that he would certainly do all he can, to push the governments of both countries to resolve these issues at the earliest and leverage each other's strengths.
A delegation of CII's Amritsar Zonal council led by its Vice Chairman Pradeep Sehgal met the US Ambassador during an interaction organised by Customs Commissioner at Integrated Check Post (ICP) at the Attari. "Though the economic destinies of India and Pakistan are interlinked, but our bilateral trade is below $3 billion which has the potential to touch $10 billion in the next few years. Our economies are complementary and it is highly imperative that, Pakistan at least declare the Negative list of a few important items, and thus allow import of the rest of items from India", said Seghal. Seghal said that "the biggest hurdle is that, though India has granted Pakistan the Most Favoured Nation (MFN) status, Pakistan has only created a positive list of importable goods from India." "If it intends to protect particular industries, it should rather create a 'negative list' of those items and allow export of rest of items from India to Pakistan", he added.
US Ambassador Verma while commenting on Pakistan and Afghanistan said that America perceived the situation in these two countries with a long term perspective and strongly believed in strengthening democracies in both these countries. Earlier, interacting with faculty and some representatives of trade and industry at Guru Nanak Dev University here, Verma said humanitarian and military aid to Pakistan was to fight poverty, developing infrastructure and bolster it's capabilities to fight terrorism. Throwing light on various strategic partnerships between the India and US, he said "If India and US work together, it is not only that the two nations shall be benefited, but the two together shall be able to deliver significantly for the rest of the world." Verma said the current times in which he is steering the US policies in India are the conducive times where the connect between two largest democracies at government levels now is coupled with the people. The US Ambassador also visited historic Khalsa college here and got glimpses of Punjab's rich history and culture.
SOURCE: The Economic Times
Union Textile Minister Santosh Kumar Gangwar today urged North-eastern states to adopt Geotechnical textile for construction of vulnerable roads to ensure better durability at an affordable cost. Laying foundation stone for apparel and garment manufacturing centre and silk printing units at Agartala, Mr Gangwar said his Ministry has been promoting Geo-Textile for road building, hill slope protection and lining of water reservoirs for hill regions. The technology was not new for the country but the new government at the centre has attempted to use it for development of road infrastructure in hilly states, Mr Gangwar said. He, however, pointed out that the ministry launched the ambitious project to promote usage of geo-textile technology in Imphal two months ago. The scheme has set the modalities to grant additional fund to be used for implementation of the technology in the normal road building works. A fund of Rs 427 crore has been earmarked for promotion of Geo-textiles in the north-eastern states in current fiscal, he stated.
However, Tripura Chief Minister Manik Sarkar asked the administration to examine the proposal of implementation of Geo-textiles in the roads of the state, as it is committed to providing modern cost-effective solution in the development of infrastructure in fragile geological conditions. To promote garments industry in Tripura, Textile Ministry to install 300 most modern stitching machines from Japan. The entrepreneur will use it for manufacturing readymade garments. The Centre has funded Rs 18.18 crore for setting up of apparel and garment manufacturing units, said Industry and Commerce Minister Tapan Chakraborty. Apart from that, the Ministry has sanctioned Rs 3.41 crore for silk processing and printing unit for the state. With the installation of silk printing unit, Tripura silk products will be finished here at low cost. As a result, annually about 22,000 export quality Tripura silk sarees can be printed with any design. At present 7,000 sarees are printed at Kolkata, Mr Chakraborty added.
SOURCE: The Web India 123
Surat's textile industry may be contributing over 40 per cent of the man-made fabric demand in the country, but what is lesser known is the unfortunate reality of the rampant child labourers working in weaving, embroidery, zardoji units and even in the textile markets. To curb this evil practice of child labour, the labour department has sought help from the textile industry. The civil society organization working in the sector estimate that number of child labourers engaged in city's textile industry was over 50,000. Despite of frequent raids in the textile market and the textile units the menace is far from over.
A meeting of labour department officials and textile industry stakeholders was held at the New Textile Market (NTM) on Tuesday to coin out ways and means to eliminate child labour from the industry. Ashish Gandhi, assistant labour commissioner told TOI, "Child labour is prevalent in the zardoji units and the textile markets. These teenagers are employed for petty jobs like packaging, sizing of the fabrics and zardoji work." "Though we do not have an exact number of the child labours employed in the city, but we are doing every bit to rescue them. From January to May, we have rescued over 45 child labours from zardoji and textile markets." Gandhi said, "We have asked the textile unit owners and traders not to employee children in their units or markets."
Sources said that most of the child labourers are brought from the states like Uttar Pradesh, Bihar and Jharkhand with the help of the middlemen who pay an agreed sum to the parents of these children. In Surat, there are over 75,000 shops in the textile markets. Most of the children are engaged in these markets get paid anywhere between Rs 90 to Rs 100 a day. However in powerloom factories, they get a measly Rs 40 to 45 per day as they are mainly employed as helpers.
SOURCE: The Times of India
Readymade garments' manufacturing units are being set up in all the eight northeastern states to boost employment, mostly for women, skill upgradation and marketing, a senior official said Wednesday. "The under-construction readymade garment manufacturing units would develop employment, mainly for women, skill upgradation, garment development and marketing. There is also a bright chance of exporting readymade garments to the neighbouring countries," union Textiles Ministry secretary S.K. Panda told IANS. "Prime Minister Narendra Modi has given special attention to the textiles ministry with special focus on the northeastern states. Each garment manufacturing unit isexpected to generate direct employment for 1,200 people, mostly women," he added.
Modi had announced the setting up of one garment manufacturing unit in each of the eight northeastern states when he visited Nagaland last December. Works to establish the units has started in five states - Nagaland, Manipur, Sikkim, Arunachal Pradesh and Assam. On Wednesday, the foundation stone for the Tripura unit was jointly laid by Tripura Chief Minister Manik Sarkar and the union Minister of State for Textiles Santosh Kumar Gangwar. "The textile ministry has been providing Rs.18 crore for each ready-made garment manufacturing unit called Apparel and Garment Making Centre (AGMC)," Panda said. He said that a Rs.427 crore scheme has also been sanctioned recently to promote geotechnical textiles in northeast India. This would be helpful in stabilising roads, addressing the problem of landslides and preserving waterbodies," said Panda, who was Tripura's chief secretary until March.
Geotechnical textiles provide the functional advantages of higher endurance and durability in roads, embankments and infrastructure projects. Most of the developed countries have established empirical evidence about these advantages through numerous studies as well as onsite trials. The topography of the northeast region makes application of geotechnical textiles particularly suitable for the region in infrastructure projects relating to road construction and controlling the erosion of river banks and hill slopes. "If the eight AGMC units are successful, similar units will come up in select districts later," Panda added. He said the government-run National Building Constructions Corporation would set up the eight AGMC units, which would be run by the local entrepreneurs with the requisite background. India's northeastern states border China, Myanmar, Bhutan, Bangladesh and Nepal. Some of the states have trade ties with some of these countries, especially Bangladesh and Myanmar. "It will be a new beginning for the organised textiles sector in northeast India," Panda said. The units are expected to meet the demand for garments from police and paramilitary forces in every state besides government officials as well as school uniforms. Panda said that the initiative comes under the North East Region Textile Promotion Scheme (NERTPS) of the textiles ministry.
The NERTPS is an umbrella scheme for the development of various segments of textiles, including silk, handlooms, handicrafts and apparels and garments. The scheme has a Rs. 1038.10 crore outlay during the 12th Five-Year Plan (2012-17). India's share in the global apparel and garment market is now just 3.7 percent as against Bangladesh's 6.1 percent and Vietnam's 4.3 percent, indicating that India has the potential to step up output.
SOURCE: The Business Standard
Kumaraguru College of Technology (KCT), Coimbatore has signed a memorandum of understanding with the Indian Textile Accessories and Machinery Manufacturers' Association, Mumbai, for establishing a common facility centre for the textile engineering industry at KCT campus, according to media reports. This project has been initiated under the cluster development programme (MSE-CDP) of the ministry of micro, small and medium enterprises (MSME). Under the MoU it is planned to establish a testing and quality control facility for engineering and plastics, a design corner for product design and development, developing manpower capabilities, establishing a knowledge corner, data centre and library, and developing technology/ products for indigenisation. The college would provide the necessary land and buildings for the establishment of the CFC, while the necessary equipment would be acquired under CDP of MSME. The CFC would charge a fee for rendering testing services, imparting training, technology consulting, and for developing new products, the reports said.
SOURCE: Fibre2fashion
Textiles secretary SK Panda has expressed optimism about the future of the handloom sector. At a meeting in New Delhi to discuss the revival of handloom, with particular focus on increasing earning of handloom weavers, Panda asserted that concern for the handloom weavers should guide all interventions of state and non-state actors, according to an official statement. He outlined the context in which the handloom weavers operate, and the various policy interventions that Government of India has been making in order to improve the earning of handloom weavers. He highlighted the potential of technology based interventions such as online marketing and of the financial inclusion scheme Pradhan Mantri Jan Dhan Yojana. Panda concluded by saying that youth, fashion and technology hold the key to the future of handloom.
Panda’s address was followed by a panel discussion on the subject. Other than Panda, the panel consisted of Sudha Pillai IAS (Retd.), former member secretary of the planning commission; Jaya Jaitley, leading fashion designer Ritu Kumar and a leading industry representative and founder of Good Earth, Anita Lal. The panel discussed the need to excite the younger generation about handlooms, the diversity of marketing opportunities available to promote handlooms, the need for innovations in design and weaving processes and the need for customer education. The panel acknowledged that the weavers service centres were being strengthened and were being given top priority by the central government, the statement said.
SOURCE: Fibre2fashion
The Kolhapur office of the Maharashtra Pollution Control Board (MPCB) has proposed closure directives against the Metro Hi-tech Cooperative Textile Park at Kagal Hatkanangale Five Star MIDC, after it found gross irregularities in the way the firm treats effluents. MIDC is one of the newest industrial parks in the district, set up for attracting more business activities. MPCB had received a complaint a week ago from a local village, Kasaba Sangav, near the park alleging that the industry was releasing untreated effluents into canals connecting the Doodhganga river. The river is a tributary of the Krishna river, which enters Karnataka.
Speaking to TOI, Kolhapur field officer Varsha Kadam said, "The complaint was raised before the MPCB by the villagers following the suggestion of a local Shiv Sena leader. We visited the place and collected samples of untreated effluents released by the park. So, we initiated an order against the textile park." "The order states that the park will be given a notice period of 48 to 72 hours, after which its water and electricity supply will be stopped. The notice will be issued to the regional office of Maharashtra Industrial Development Corporation (MIDC), which is the facilitating agency of the state for industries," she added. The details would be revealed on Wednesday morning as the MPCB staff was busy drafting the directives to the authorities concerned. The MPCB's directives will be implemented by the MIDC and the power distribution utility at the district level.
Shiv Sena district chief Vijay Dewane said, "I came to know about the protest by villagers some days ago. I first visited the village and heard objections of the villagers. I personally saw the canal carrying the effluents into the river. I filed the complaint with MPCB officials, who collected the samples and initiated the action." The report prepared on May 13 states that "the sewage treatment plant set up by the park was not working for a long period. All the machinery, along with the STP, was found lying idle. However, the green and blue effluent coming to the STP inlet has pH 6-7. The same effluents are released into a pond near Doodhganga canal with a depth of around 40 feet. Samples of the incoming effluents in the STP and the one released in the pond have been collected and are being examined.
The MPCB has proposed these directives under section 33 A of Water (Prevention & Control of Pollution) Act, 1974, 31 A of Air (Prevention & Control of Pollution) Act, 1981 & Hazardous Waste (M&TM) Rules, 2008. Sources at the pollution board pointed out that it was facing a staff crunch, which was why the existing employees could not complete the pending work for a long time. The directives were planned to be issued some days back. However, because of the work load and limited people to handle it, the board could not finish it earlier.
SOURCE: The Times of India
India’s National Green Tribunal (NGT) circuit bench of Jodhpur has ordered the closure of 739 textile factories in Balotra, Jasol and Birthuia until July 9, while they renew consent to operate and obtain hazardous waste disposal authorization from the Rajasthan State Pollution Control Board (RSPCB), according to the Times of India. These orders followed a joint common effluent treatment plant (CETP) inspection report completed by the Central Pollution Control Board and RSPCB that was submitted in court, stating that the CEPT has not been adhering to the rules laid by the pollution control boards regarding the consent to operate and the disposal of hazardous waste.
The joint report recommended installing adequate capacity reverse osmosis plants immediately to reuse the treated water in the member units and acquire land for the evaporation of reverse osmosis rejects. NGT has directed the Prabodhan Samiti advocacy organization chaired by the district collector to regularly monitor the CETP and address any shortcomings of its operation or compliance with the rules. The Tribunal also requested that a report outlining the textile units’ sources of water in Jodhpur and Pali be submitted by July 9.
Just last week it was reported that nearly 900 textile units in Sanganer were ordered to close by the RSPCB for failing to install CETPs, resulting in 18 million liters of untreated chemical water being discharged into the Drayvawati River everyday. The emissions have the potential to adversely affect the quality of both surface and ground water resources and could contribute to water-borne diseases like cholera and dysentery.
SOURCE: The Sourcing Journal Online
The commerce ministry has decided to set up a project development company under Global Procurement Consultants Ltd (GPCL), a consulting firm promoted by Exim Bank, to kick-start investments in Cambodia, Laos, Myanmar and Vietnam, or CLMV countries. The move is part of the ministry’s efforts to derisk India from the impact of regional trade agreements and create new exporting clusters for Indian companies. The newly created subsidiary of GPCL will act as a facilitator by identifying opportunities, preparing feasibility reports and finally creating bankable projects in CLMV countries where Indian firms can set up manufacturing units, a government official said on condition of anonymity. The subsidiary will subsequently create a number of special purpose vehicles with private entities, acquire a special economic zone (SEZ) or industrial park, develop it and then start allocating space in it to business entities in India against payments. “We have to set up the subsidiary under the Companies Act and adequately man it. “The government has allocated Rs.100 crore for this fiscal and intends to provide Rs.500 crore in total,” the official added.
The official said the first destination for investment could be Vietnam where a textile park could be developed. Of the four CLMV countries, Vietnam is part of ongoing negotiations for a 12-member Trans Pacific Partnership agreement, which is expected to raise standards of trade, investment and intellectual property rights, making it difficult for non-members like India to gain market access. India is hoping that a presence in Vietnam could help it gain easier access to markets of developed member-countries including the US and Canada.
According to Harish Anand, director at the Centre for Trade Facilitation and Research in Textiles, India is still a competitive location for business in cotton-based products and setting up shop in Vietnam may not make sense for textile makers. “We have easy access to raw materials here. Though labour will be available at a cheaper price in Vietnam, the logistical difficulties of importing cotton yarn from India and storing it will outweigh the advantages,” he said. The government official cited above said India enjoyed enormous goodwill in the CLMV group and for geo-strategic reasons, too, the country wants to increase its presence in these countries. “Investments in such countries will also help Indian companies to get integrated with the value chain of the East Asian economies,” he added.
In his budget speech, finance minister Arun Jaitley said the Act East policy of the government endeavours to cultivate extensive economic and strategic relations in South-East Asia. “In order to catalyze investments from the Indian private sector in this region, a project development firm will, through separate special purpose vehicles (SPVs), set up manufacturing hubs in CLMV countries,” he said. India’s exports to CLMV countries grew 38% to $6.4 billion in 2013-14, while its imports increased 4.2% to $4 billion during the same year.
The CLMV countries cover 32% of geographical area of the Asean (Association of Southeast Asian Nations) region, and account for around 9% of Asean’s gross domestic product. These countries have been undergoing a transition from central planning to market economies. CLMV nations, considered among the fastest growing economies in the region, are primarily agrarian. These economies are endowed with abundant natural resources and cheap labour, but they are plagued by underdeveloped infrastructure and logistics. Except Vietnam, the rest of the CLMV group are classified by the United Nations under the category of least developed countries.
SOURCE: The Live Mint
Đồng Nai, a province in the Southeast region of Vietnam, located east and northeast of Ho Chi Minh City with a keen view to invite investments to its industrial parks seeks collaborations with India’s Exim Bank. A delegation from the Export and Import Bank of India (EXIMBANK) paid a fact-finding tour to the southern province of Đồng Nai last week to seek partnership opportunities. During a working session with the delegation, Vice Chairman of the provincial People’s Committee Nguyen Phu Cuong said the locality has zoned off 31 industrial parks, 27 of which have been put into operation. The provincial leader suggested that the investors should construct their textile and dyeing factories in Nhon Trach and Nhon Trach 6 industrial parks in Nhon Trach district. He also said that currently, the province is calling for investment into the parks and proposed that the EXIMBANK Indian will help encourage Indian enterprises to invest in Dong Nai. The bank proposed that Đồng Nai put aside 50 hectares in an industrial park for Indian businesses to build their textile and dyeing factories. A representative from the Indian delegation said as a State-run agency tasked with assisting Indian enterprises in investing abroad and exporting. The delegation’s visit aims to study local investment policies and locations for possible Indian investment, focusing on textile, dyeing, electronics and health equipment.
SOURCE: Yarns&Fibers
The expectations from the new government when it came to power last year were "probably unrealistic" but it has taken steps to create an environment for investment and is "sensitive" to concerns of investors, RBI governor Raghuram Rajan has said. "This government came in with tremendous expectations and I think the kind of expectations were probably unrealistic for any government," Rajan said responding to questions after his address to the Economic Club of New York yesterday. He said in the minds of the people, Prime Minister Narendra Modi's image was that of "Ronald Reagan on a white horse" coming to slay anti-market forces and such comparison was "probably not appropriate." Rajan, however, said the government has "taken steps to create the environment for investment, which I think is important." The government is "sensitive" to the concerns of investors and is looking into addressing economic issues, he said. Rajan's remarks come as the Modi-led government completes one year in office this month, having received a commanding majority from an electorate that wanted jobs, economic development and respite from rising prices and corruption.
The Reserve Bank of India Governor said a "big part" of the business environment is taxes and the government has said it will not bring retrospective taxation again. "However once the tax authority levies a demand on you, there is a quasi-judicial nature of that proceeding and therefore it has to go through the courts before it is resolved. The government cannot intervene," Rajan said. "Legacy issues are winding their way through the courts, including issues based on laws that existed before they were changed," he said. The corporate tax rate will also come down one per cent every year going forward, he added. The former International Monetary Fund chief economist said "perhaps" India could have done a "better job" in handling these issues but "going forward the government says no more of this kind of stuff we will do."
Rajan said there are several areas where the government has taken more "serious and significant" advances to improve investor confidence and propel growth. On the issue of subsidies, he said petrol and diesel subsidies have gone. "Going forward these subsidies will be transferred directly into bank accounts," he said, adding that already the cooking gas subsidy is being transferred directly to bank accounts.
SOURCE: My Digital FC
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$ 62.65 per barrel (bbl) on 20.05.2015. This was lower than the price of US$ 63.01 per bbl on previous publishing day of 19.05.2015.
In rupee terms, the price of Indian Basket decreased to Rs 4001.46 per bbl on 20.05.2015 as compared to Rs 4013.11 per bbl on 19.05.2015. Rupee closed weaker at Rs 63.87 per US$ on 20.05.2015 as against Rs 63.69 per US$ on 19.05.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on May 20, 2015 (Previous trading day i.e. 19.05.2015) |
Pricing Fortnight for 16.05.2015 (April 29 to May 13, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
62.65 (63.01) |
64.51 |
|
(Rs/bbl |
4001.46 (4013.11) |
4115.09 |
|
|
Exchange Rate |
(Rs/$) |
63.87 (63.69) |
63.79 |
SOURCE: PIB
Pakistan’s exports of textile and clothing fell by 1.21 per cent in 10 months of the current fiscal year from a year ago. Export proceeds of textile and clothing fell to $11.281 billion in July-April 2015 from $11.420bn over the corresponding period of last year, Pakistan Bureau of Statistics data showed. On a monthly basis, nominal growth of 2.94pc was witnessed in April 2015. In the last couple of months, exports of textile and clothing witnessed a negative growth. Export of low value-added products dipped by 7.50pc; cotton cloth 10.98pc; art, silk dropped by 12.02pc and other textile material 0.11pc. Raw cotton export witnessed a steep decline of 26.22pc during the months from a year ago.
Contrary to this, exports of cotton carded was up by 2.49pc; yarn other than cotton yarn 5.40pc; made-up textile, excluding towels by 0.09pc and tents, canvas 73.26pc. Export of value-added products witnessed an increase during the months. Knitwear exports increased by 7.76pc and readymade garments by 9.14pc in July-April 2015 over last year. Export of bedwear dipped by 1.13pc. However, export of towels witnessed a growth of 3.20pc. Total exports stood at $19.921bn in July-April 2014-15 as compared to $20.979bn in the same period last year, a decline of 5.04pc. Import bill of oil and eatables in July-April 2014-15 witnessed a decline of 10.298pc to $14.06bn from $15.674bn in the same period last year. However, total import bill during the period increased by 1.83pc to $37.763bn from $37.084bn a year ago.
The import bill of food products witnessed a surge of 21.76pc to $4.205bn as compared to $3.453bn. The import of wheat witnessed an increase of 72.90pc; pulses 34pc and all other products 57.67pc. Import bill of sugar also increased by 11.34pc. Oil import bill reached $9.855bn during the period under review as against $12.221bn in July-April 2014-15, a decline of 19.36pc. Import of crude oil declined by 24.29pc and petroleum products by 16.26pc.
SOURCE: The Dawn
Trade bodies have rejected the proposed 3 percent increase in the general sales tax (GST) by the Federal Board of Revenue (FBR), demanded zero rating of GST for the industries, and threatened to take to the streets if the plan was withdrawn. Addressing a press conference held at the auditorium of Sialkot Chamber of Commerce and Industry (SCCI), the representatives of all the main trade bodies urged the government to announce zero rated GST in the coming fiscal budget for facilitating the business community. SCCI President Fazal Jillani warned that the Sialkot exporters would take to the streets and lock up their factories if the FBR increased the existing GST rate from 2 percent to 5 percent. The SCCI president said that Sialkot trade bodies were on one page over the crucial issue, adding that the proposed 3 percent increase in general sales tax would badly affect the industries which had already been suffering prolonged energy crisis and great financial crunch due to inordinate delay in the clearance of sales tax and duty drawback claims. Addressing the press conference, Pakistan Gloves Manufacturers and Exporters Association (PGMEA) Chairman Muhammad Younas termed the proposed 3 percent increase “unjustified”, saying that the increase would kill the industries. He said that government should announce some trade and export related incentives for the exporters instead of pushing additional financial burden on them.
A representative of Surgical Instruments Manufacturers Association of Pakistan (SIMAP) urged the government to announce early withdrawal of 15 percent regulatory duty already imposed on the steal-made surgical instruments by the government. He said that shelving of the regulatory duty would help boost the surgical exports from Sialkot. Expressing grave concern over the critical situation, Pakistan Leather Garments Manufacturers and Exporters Association (PLGMEA) Chairman Ehtesham Gillani said that the Ministry of Commerce and the minister of finance should be on one page for facilitating the business community, instead of running their horses towards the opposite directions. On the occasion, Sialkot Dry Port Trust (SDPT) Chairman Khawar Anwar Khawaja termed it a very cruel act of government if the FBR made any increase in the GST. He alleged that country’s corrupt bureaucracy was creating hurdles in the way of promotion of national exports and bringing stability in national economy. Khawaja said the present circumstances now had become unbearable for the Sialkot exporters, adding that the Sialkot exporters would not be able to increase exports to US$ 6 billion from the existing US$ 1.8 billion annually during the next three years.
SCCI SVP Mir Alamgir Meyer added that the export sector is already burdened with high power and gas tariffs, which have made it very hard and difficult for the exporters to compete in the international markets. The increase in the sales tax would further enhance the grievances of SMEs. He said that on the one hand, the government encouraged the industry to boost up the foreign exchange earnings, and on the other hand, it was planning unpleasant steps which not only would affect the efficiency but also let down the morale of business community. The government should make business friendly policies, so that the business community can focus on the increase of exports which would ultimately result in the progress of the Country, he narrated. The trade bodies’ representatives revealed that proposed levy of 5 percent sales tax on the exports of textile, surgical, carpet, sports and leather sector will have destructive effect on the export. It would add to the existing woes of the exporters and the export-oriented industries, they said. They added this 3 percent proposed increase would not be acceptable for the exporters as it will crush the exports. They said that the government should take business community on board on the issue.
SOURCE: The Nation
Sri Lankan export earnings from textiles and garments, which represent about 47 per cent of total exports, increased by 6 per cent in February 2015 to $419.9 million compared to exports of $396.2 million in the same month last year, according to the data from the Economics Research Department of the Central Bank of Sri Lanka. The 6 per cent growth rate registered by the textiles and garment exports reflect improved exports to both traditional and non-traditional markets. For the first two months of 2015, Sri Lanka’s cumulative textiles and garment exports stood at $829.7 million, showing an increase of 2.7 per cent over exports of $808.2 million made in the corresponding period of last year. On the other hand, the import of textiles and textile articles by Sri Lanka shot up by 38.4 per cent to $211.1 million in February 2015, as against imports of $152.5 million made in the corresponding month of the previous year. Cumulative January-February imports rose 18.8 per cent to $411.1 million. The increase in imports of textiles and textile articles shows expansion of garment manufacturing in the island country. In 2014, Sri Lanka’s textiles and garments exports increased by 9.4 per cent year-on-year to $4.929 billion, while the import of textiles and textile articles grew by 13.8 per cent to $2.327 billion.
SOURCE: Fibre2fashion
A delegation of the European Union trade office of generalised system of preferences (GSP) programme reviewed the benefits of GSP plus facility to Pakistan and the progress made so far on implementation of social standards related to labour and environment laws during a recent visit to the All Pakistan Textile Mills Association, according to media reports in Pakistan. The director DG trade office GSP programme Marc Vanheukelen led the delegation along with the acting EU Ambassador Stefano Gatto. APTMA Punjab chairman Sheikh Muhammad Akbar said that the textile in volume and exports have started showing progress in the EU market due to the GSP plus facility. “Textile exports have witnessed increase in apparel products by 24 percent in volume and 30 per cent in value terms from January to December 2014,” he said.
However, he pointed out that the growth pattern does not commensurate with the potential of the industry due to the productivity constraints, particularly the energy. “Both the industry and the government are working on various solutions for the availability of energy at regionally competitive tariff,” he added. He said APTMA is also working on better cotton initiative with best practices covering lesser use of water and pesticides. Marc Vanheukelen appreciated the efforts of APTMA for the compliance of the industry. He explained that in January 2016, and every two years thereafter, the Commission shall present to the European Parliament and to the Council a report on the status of ratification of the relevant conventions. He said that the main focus is on implementation of human rights including labour right, child labour, women right on floor level, gender balances, OHAS standards, and unionisation.
SOURCE: Fibre2fashion
The ministry of textiles and jute will set up more institutions to create more skilled manpower to help the sector grow. Currently, only 33 per cent of local textile engineers and technicians are engaged in the sector against the total demand of 150,000. "More textile engineering colleges, textile institutes and textile vocational institutes will be set up to plug the shortage of textile engineers and technicians,," an official of the ministry, who attended a review meeting on the activities taken by the ministry under the Annual Development Programmes (ADP) for the fiscal year (FY) 2014-15 told the FE. Acting secretary of the ministry Farid Uddin Ahmed Chowdhury presided over the meeting at the conference room of the ministry. The meeting was told that 53 per cent of 16 projects under the ADP were implemented till April 2015. Till April last, over Tk 976 million has been disbursed, which is 70.41 per cent of the total amount of Tk 1.38 billion for the fiscal year (FY) 2014-15 for 16 projects of the revised ADP.
Of the 16 projects, the Department of Textiles is implementing eight projects while Bangladesh Handloom Board three, Bangladesh Silk Development Board two, Bangladesh Silk Research and Training Institute one, Department of Jute one and the ministry one. Of the 16 ADP projects, four will be completed during the current fiscal. The meeting also discussed high demand of textile engineers in the country. At present, there are only 50,000 textile engineers against the total demand of 150,000, forcing the country to bring in a large number of textile engineers and technicians from abroad to meet the demand. Establishment of seven textile institutes in Jessore, Netrokona, Lalmonirhat, Chandpur, Madaripur, Gaibandha and Naogaon while two textile engineering colleges in Rangpur and Jamalpur are now awaiting approval from the Planning Commission. The commission has already approved setting up of textile institutes in Jamalpur and Bhola to create more textile engineers and technicians at the executive level of the sector.
SOURCE: The Financial Express Bangladesh
Chinese investments in U.S. businesses, all but nonexistent 15 years ago, now total nearly $50 billion and could reach $200 billion by the end of the decade, according to a new study tracking the accelerating trend. Rising energy and labor costs in China have helped to push the trend toward direct U.S. investments by Chinese individuals and companies over the last five years, said the study by global research firm Rhodium Group and the nonprofit National Committee on U.S.-China Relations. Chinese investors have bought or created 1,583 U.S. companies over 15 years through December that now employ 80,600 full-time workers after a five-fold increase in the last five years. California was the top destination as Chinese investors put $5.9 billion into almost 370 businesses that provide about 8,300 jobs, mostly in the Los Angeles and San Francisco metropolitan areas.
The fast-rising investment pales in comparison to three decades of far greater flows of U.S. capital into Chinese manufacturing, and China's direct investments in U.S. companies still are far from those made by a host of other countries. Still, Chinese purchases and start-ups should deepen ties in ways that mere purchases of foreign products cannot do, said Stephen A. Orlins, the National Committee's president. "Investment brings people together. Trade, less so," he said. That's an easier argument to make to a mayor in Alabama or a governor in California than to many politicians in Washington, said Thilo Hanemann, Rhodium's director of research.
China's outbound investments began only in the early 2000s, Towson said, and until the last five years, almost all of it was focused on natural resources, such as acquiring mining assets in areas like Latin America. That's starting to slowly change, he said. Rhodium's study stems from its desire to get a clearer picture of foreign investments in the U.S. Its study doesn't count deals in progress, only completed transactions. It also traces the money that China says flows into Hong Kong, a semi-autonomous Chinese city, to show how much of it often ends up in investments elsewhere. The study includes Chinese investments in large-scale real estate but not residential real estate — a hot market in California for Chinese millionaires — or construction projects because those jobs aren't permanent.
The Chinese Ministry of Commerce reported that the nation's total foreign direct investment in 2013, the latest year for which statistics are available, was $107.8 billion, making it the third largest in the world behind the U.S. and Japan. But it calculated outflows to the U.S at just $3.9 billion, only 3.6% of the total and 4.3% lower than the previous year. And according to U.S. statistics, U.S. companies and entrepreneurs have accumulated nearly $6.35 trillion in total foreign direct investments over its much longer history of such deals, compared with China's $660 billion. China still ranks behind Britain, Germany, France, Hong Kong and Japan in total accumulated direct investments, though it is rapidly moving up the ranks.
The U.S. Bureau of Economic Analysis statistics show that China accounted for less than 1% of all foreign investment from 2010 through 2013. South Korea had more than twice the volume, Japan 13 times more and Britain spent 18 times as much buying U.S. business operations or starting new ones. Those figures understate the outflow from mainland China because they miss certain investments made through Hong Kong or other offshore locations, Rhodium's Hanemann said. Such statistics are "the main reason" why Rhodium built its own database of deals, he said.
SOURCE: The LA Times
