|
Item |
Price |
Unit |
Fluctuation |
|
PSF |
1271.946 |
USD/Ton |
-0.64% |
|
VSF |
2031.8522 |
USD/Ton |
0% |
|
ASF |
2490.89425 |
USD/Ton |
0% |
|
Polyester POY |
1231.1785 |
USD/Ton |
-0.33% |
|
Nylon FDY |
3098.33 |
USD/Ton |
0% |
|
40D Spandex |
6392.344 |
USD/Ton |
0% |
|
Nylon DTY |
5952.055 |
USD/Ton |
0.14% |
|
Viscose Long Filament |
1495.3519 |
USD/Ton |
0% |
|
Polyester DTY |
2935.26 |
USD/Ton |
0% |
|
Nylon POY |
2685.7629 |
USD/Ton |
0% |
|
Acrylic Top 3D |
1443.1695 |
USD/Ton |
0% |
|
Polyester FDY |
3375.549 |
USD/Ton |
0% |
|
30S Spun Rayon Yarn |
2723.269 |
USD/Ton |
0% |
|
32S Polyester Yarn |
2005.761 |
USD/Ton |
0% |
|
45S T/C Yarn |
2984.181 |
USD/Ton |
0% |
|
45S Polyester Yarn |
2886.339 |
USD/Ton |
0% |
|
T/C Yarn 65/35 32S |
2739.576 |
USD/Ton |
0% |
|
40S Rayon Yarn |
2185.138 |
USD/Ton |
0% |
|
T/R Yarn 65/35 32S |
2511.278 |
USD/Ton |
0% |
|
10S Denim Fabric |
1.14149 |
USD/Meter |
0% |
|
32S Twill Fabric |
0.994727 |
USD/Meter |
0% |
|
40S Combed Poplin |
1.353481 |
USD/Meter |
0% |
|
30S Rayon Fabric |
0.7745825 |
USD/Meter |
0% |
|
45S T/C Fabric |
0.782736 |
USD/Meter |
0% |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16307 USD dtd. 07/06/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
India's exports are likely to remain flat at USD 310.5 billion-level or may even fall this financial year due to slow global demand for merchandise, Assocham has said. "Overall the trade confidence is quite muted," Assocham Secretary General D S Rawat said, impressing upon government to move fast on improving ease of doing business and reducing transaction costs for Indian shipments. The country's exports stood at USD 310.5 billion against a target of USD 340 billion for 2014-15 fiscal. While there has been a weak trend since July 2014, exports have been witnessing contractions since January this year right through April, the industry body said. In fact, generally the last quarter of the fiscal turns out to be much better to make up for the previous quarters. However, it has been a different situation in the last quarter of fiscal 2014-15 and the first month of 2015-16, it said. Engineering products, gems and jewellery and petroleum products are the biggest contributors to the overall export basket in terms of value.
In the previous fiscal, while engineering goods registered a modest increase, the other two segments witnessed a sharp drop. "The trend is likely to continue at least for gems and jewellery, while the situation may somewhat stabilise for the petroleum segment since after seeing a sharp fall, the crude oil prices have stopped seeing much of drop. Petroleum exports are related to the prices of crude oil," Assocham said. The industry body pointed out that the US is still not firm in growth as was witnessed in the first quarter of 2015 when its economy had contracted. Stronger dollar hit the US exports. In the euro zone, it was somehow better in the first quarter but it is quite puzzling and unsure. The emerging market pack remains in a challenging situation with China adding to the major woes, Assocham said. Going forward, the merchandise exports are likely to average around USD 22-25 billion a month till the end of second quarter of the current fiscal. The shipments would improve thereafter, but the upside remains limited, the chamber noted with concern. However, the impact of the flat or some drop in exports would not have major impact on the trade balance since imports too would remain in muted form because of the poor consumption demand in the domestic Indian economy. Imports too would remain between USD 440-450 billion in the current fiscal, more or less in sync with the previous year, Assocham said.
SOURCE: The Economic Times
One of the oldest textile businesses in India, Bombay Dyeing & Manufacturing Company Ltd, is selling the last of its textile manufacturing units, as competition from the unorganised sector and growing imports from Taiwan, China and Bangladesh have rendered its factory nonviable. The Wadia group flagship's textile processing unit at Ranjangaon in Pune is being sold on a "slump-sale basis", or without assigning specific values to individual assets and liabilities, for Rs 230 crore to a firm called Oasis Procon Pvt Ltd. The Ranjangaon facility was built after the Nusli Wadia-led company decided in 2005 to undertake a strategic business restructuring and shut down manufacturing activities in two prime Mumbai locations. Those Mumbai sites are being monetised as real estate assets. The Ranjangaon unit was built to cater to exports and institutional sales. However, this hasn't worked as per plan, as the company in a notice to shareholders admitted that the manufacturing unit is no longer viable. The sale of the unit may not have any impact on the company's existing retail business and its brand — Home & You — Bombay Dyeing. But it may have some sentimental impact on those associated with the company, which was established by Nowrosjee Wadia in 1879 as a small operation of Indian spun cotton yarn dip dyed by hand. "It is a pragmatic call. It is not core to their business," said Arvind Singhal, chairman at consulting firm Technopak, who closely tracks the textile industry. "Bombay Dyeing has struggled with the textile business for almost two decades," he said. "The focus has clearly shifted to monetising real estate ... The value of the land on which its factories stood once is much more valuable than its textile business." For the Wadia group, biscuit maker Britannia is now the crown jewel, along with the real estate business of Bombay Dyeing and budget airline GoAir. The airline venture is profitable and will need funds for expansion. Bombay Dyeing is shutting down the textile processing plant at a time when home textile manufacturers in India have developed an edge over their Chinese and Pakistani peers. There are many success stories in India, with increasing supplies to global retail majors such as Wal-Mart, Macy's and Target. Welspun, Trident and Indo Count have suddenly come to the fore in home textiles even as old business houses such as Bombay Dyeing have receded in revenues and profits from this segment. In 2014, Mukesh Ambani's Reliance Industries decided to sell its textile brand Vimal to a joint venture, with its Chinese partner Shandong Ruyi Science & Technology Group holding a 49% stake.
SOURCE: The Economic Times
India and Bangladesh on Saturday sealed a historic deal to settle the 41-year-old land boundary dispute and promised to do more in other areas. Prime Minister Narendra Modi, on a two-day official visit to that country, announced a fresh line of credit of $2 billion to Bangladesh. In the presence of his counterpart Sheikh Hasina and West Bengal Chief Minister Mamata Banerjee, Modi expressed confidence to have a "fair solution" to the Teesta and Feni water-sharing issues with Bangladesh "with the support of state governments in India". After extensive talks between Modi and Hasina, the two sides signed 22 agreements, including those on cooperation in maritime safety, curbing human trafficking, and fake Indian currency. Hasina, whose country is seen as a hiding ground for insurgents of Northeast India, also promised "zero tolerance" stance against terrorism. She said the two countries agreed to set up two special economic zones to bridge the growing trade deficit. Modi promised to do "everything" to bridge the gap. Besides announcing a fresh $2-billion credit line, Modi promised quick implementation of the earlier line of credit of $800 million and full disbursement of $200 million. The highlight of Modi's first day in Dhaka was the exchange of documents related to the Land Boundary Agreement (LBA), which paved the way for exchange of territories to settle the 41-year-old border dispute.
Under the agreement, 111 border enclaves will be transferred to Bangladesh in exchange for 51 that will become part of India. "The visit is at a historic moment. We have resolved a question that has lingered since Independence. Our two nations have a settled boundary. It will make our borders more secure and people's lives more stable," Modi said at a joint press interaction with Hasina. Referring to the unanimous passage of LBA by Parliament last month, he said it "reflects the consensus in India on relations with Bangladesh". Noting that the two countries had accepted the settlement of the maritime boundary last year, he said: "It is evidence of maturity of our ties and our shared commitment to international rules. So, we stand at a moment of huge opportunity in our relationship. Prime Minister (Hasina) and I recognise that."
SOURCE: The Business Standard
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 63.61 per barrel (bbl) on 02.06.2015. This was higher than the price of US$ 61.84 per bbl on previous publishing day of 01.06.2015.
In rupee terms, the price of Indian Basket increased to Rs 4060.23 per bbl on 02.06.2015 as compared to Rs 3933.64 per bbl on 01.06.2015. Rupee closed weaker at Rs 63.83 per US$ on 02.06.2015 as against Rs 63.61 per US$ on 01.06.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on June 02, 2015 (Previous trading day i.e. 01.06.2015) |
Pricing Fortnight for 01.06.2015 (May 14 to May 27, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
63.61 (61.84) |
63.49 |
|
(Rs/bbl |
4060.23 (3933.64) |
4045.58 |
|
|
Exchange Rate |
(Rs/$) |
63.83 (63.61) |
63.72 |
SOURCE: PIB
Leaders of the readymade garments and backward linkages in Bangladesh have hailed the national budget for 2015-16 as "business friendly", but demanded withdrawal of income tax at sources from the sector, the Bangladeshi media has reported. "As a whole the new budget is business friendly, but we can't recognize it as textile friendly due to the unexpected taxation in the RMG and textile sector," Bangladesh garment manufacturers and exporters association (BGMEA) president Atiqul Islam told reporters in a post budget reaction at a press conference. He said the finance minister in the budget has proposed tax in sources on the export of RMG and textile at 1 per cent from the 0.30 per cent, which would hinder the normal growth of the sector. "Our knitwear and woven sectors would witness new risk factors due to the taxation, and we think we can't survive competing with our rival countries by tackling the risk factors," Islam said.
The BGMEA chief made a conditional commitment to the government. "We will generate more employment and take all kinds of initiatives towards attaining the status of middle income country if the tax in sources fixed at 0.30 per cent like previous year," he said. The BGMEA, BKMEA, BTMA and BGAPMEA jointly organized the press conference to draw attention of the prime minister and finance minister so they would eliminate the tax considering all aspects of the industry. Islam thanked the finance minister for withdrawing the 15 per cent VAT on the export of firefighting equipment, electrical accessories and pre-fabricated building materials, which would help build safe, compliant and risk free RMG factory. He, however, expressed concern over imposing 5 per cent import duty on firefighting, safe and power efficient, and infrastructural material. Referring to the prescriptions of Accord, Alliance, ILO and buyers, Atiqul Islam said each factory has to spend Taka 5 crore to develop the working environment and safety at international standard. "Give us policy support, we will give the nation US$ 50 billion export along with generating additional 65 lakh employment in the 50th anniversary of independence," he vowed.
SOURCE: Fibre2fashion
Pakistani finance minister Ishaq Dar has announced a few sops for the country’s beleaguered textile sector in the budget for 2015-16. “Textiles industry is the mainstay of Pakistan's economy. It accounts for more than 50 per cent of our exports value and is the single largest employment provider in the manufacturing sector,” Dar said in his budget speech. Under the textiles policy 2014-19 financial package of PK Rs 64.15 billion ($0.63 billion) has been approved in order to double the textiles exports and create three million additional jobs by the year 2019. He also announced the restructuring of the Federal Textile Board with majority members from the private sector to resolve the various issues pertaining to textile sector and for implementation of textiles policy 2014-19. The benefit of drawback of local taxes and levies scheme shall remain available for the textile exporter in the FY 2015-16 under which they shall be entitled to the drawback on FOB values of their enhanced exports if increased beyond 10 per cent of their previous year's exports. Nder the scheme, garments will be entitled to 4 drawback, made-ups 2 per while processed fabric will be entitled to 1 per cent. From July 1, 2015, export refinance facility and long term finance facility will be available for textile-exporters at the lowest rate ever -- at 4.5 per cent and 6 per cent respectively. The custom duty on import of textile machinery under SRO 809 will be zero for 2015-16 as well.
In order to facilitate and incentivise the investments in plants and machinery, technology up-gradation fund scheme will be launched in 2015-16, as per the provisions of textiles policy 2014-19. Dar said the spadework has been completed on a mega project worth Rs 4.4 billion for training of 120,000 unskilled men and women over a period of 5 year. This scheme shall be launched in FY 2015-16. Dar said Pakistan’s economic growth during 2014-15 has been provisionally recorded at 4.24 per cent compared to the revised estimate of 4.03 per cent last year. Pakistan’s textiles exports have been falling recently and exporters have blamed the government for energy shortage, taxation hassles and rising input costs for their woes. (SH)
SOURCE: Fibre2fashion
Nigeria’s textile industry seems to be at its lowest ebb as smuggling of fabric materials from other countries, particularly African markets, has whittled down annual local production to $40 million, as against over $100 million obtained few years ago, data from the World Bank show. The data, which were used by The Economist in its latest research entitled, ‘Enabling a more productive Nigeria: Powering SMEs,’ also reveal that textiles smuggled into Nigeria through Benin every year are worth $2.2bn. While enumerating various problems that stifle Nigerian industries, The Economist, a multinational media firm, said an even bigger threat are illegally imported Chinese-made fabrics imitating Nigeria’s signature prints, which some customs officials are turning a blind eye to. The research shows that imports of these Chinese products comprise 85 percent of the market, despite the fact that importing such textiles is illegal. “If policymakers wish to nurture their homegrown industries by protecting them from import competition, a far better option would be to crackdown on illegal smuggling and pirating of goods from abroad—a far greater threat,” said The Economist.
Nigeria’s textile industry has been worst hit by smuggling which has continued to happen in the full glare or seeming complicity of some corrupt officials of the Nigeria Customs Service (NCS), according to analysts. Coupled with this is the import of cheap but substandard textile materials from China and other Asian countries that have continued to make locally made fabrics un-competitive. The situation has been worsened by harsh business environment in the country that has been pushing up to raise production costs of textile firms. Findings have shown that in many cases, production costs of locally made textiles are higher than the market prices of substandard and fake products, thus making it difficult for local players to compete effectively with importers. “The major problem is the influx of foreign textiles into the country. This is killing the industry. As at today, almost 80 percent of textiles in the country are imported. Though it is still under ban, it’s still smuggled,” said. Paul Jaiyeola Olarewaju, director-general, Nigeria Textile Manufacturers Association (NTMAN), in an earlier interview with Real Sector Watch. Inconsistent policy has also continued to wreak havoc on the sector as successive administrations have failed to come up with a practical roadmap that will save the sector from total collapse. The 100 Billion Cotton, Textile and Garment (CTG) Fund established in 2006 and re-launched this year, has failed to raise the sector as stakeholders say funding is not the basic industry problem but smuggling, patronage and power.
Nigeria’s uniformed agencies have consistently failed to patronise local firms, having been relying on contractors that import textile materials. The continuing closure of ginneries in the Northern part of the country, where cotton is ginned, has also worsened the sorry state of the sector, according to Usman Garba Saulawa, director-general, Kaduna Chamber of Commerce and Industry. “People are no more into cotton production. Only few ginneries are involved in cotton,” he said, in a recent telephone interview. Currently, the number of companies producing fabrics has hit an all-time low of 10, from 34 reported by 2010. The only surviving firms are African Textile Manufacturers Limited, Angel Spinning and Dyeing Limited, Spinners and Dyers Nigeria Limited, Tofa Textiles Limited and Lakhi Textiles, among other five. By 1980s, the Nigerian textile market had become the third largest in Africa, with over 160 vibrant mills and more than 350,000 direct and indirect jobs generated in the industry. In 1985, the number had risen to 180, while over one million Nigerians had been gainfully employed in the sector. Companies like United Nigerian Textile Limited (UNTL), Aswani Textile, Afprint, Asaba Textile Mills, Edo Textile Mills, among others, were at the forefront, while the country’s textile capacity in West Africa was about 60 percent. But all these have now changed.
SOURCE: The Business Day Online
According to a survey conducted by the South African Labour Research Institute, load-shedding has the clothing, textile, footwear and leather (CTFL) sectors under strain. The study found many factories are making a lesser profit. Workers are also not earning as much. They are often sent home during load-shedding. About 112 companies employing about 17 000 workers, were covered in the nationwide survey. It was found that, as a result of load-shedding, 17% of workers in companies surveyed have been put on short-time, meaning about 1 in 6 workers have sat at home at some stage, with no pay due to load-shedding. In addition, 14% of workers are facing the possibility of short-time in the near future. There is also concern of retrenchments in the future because of problems with the electricity supply. On Sunday, SACTWU released a statement saying, "Whereas it is commonly understood that load-shedding occurs mostly in two-hour blocks, the effects of load-shedding on manufacturing industries extend beyond this." "The true impact of load-shedding on businesses is higher and our survey revealed that in the CTFL and allied industries, it can take on average a further two additional hours after electricity comes back on line to regain maximum productivity." In other words, the actual impact of load-shedding costs the industry double the hours of standard load-shedding whilst trying to regain productivity. SACTWU said it has organised the Fashion Imbizo, involving all stakeholders and including Eskom, to discuss solutions to this situation. "We have invited Eskom to discuss alternatives to the current load-shedding with labour and business and the Industrial Development Corporation (IDC) and the National Cleaner Production Centre (NCPC) to share with manufacturers how they can reduce their dependence on the grid and save energy," the statement read. The Imbizo will also include a session on future trends in retailing and technology and how South African CTFL manufacturers can respond to these. It will be hosted in Cape Town on 9 June, under the theme 'Energising the CTFL sector: the energy crisis and emerging opportunities'.
SOURCE: The ENCA
Budget makers have failed to give direction to industrial progress, trading activity, reduction in cost of doing business and enhancing the competitive edge of Pakistani goods in international market. Government has not addressed the challenges hurting the exports. Responding to the budget measures, Chairman Pakistan Textile Exporters Association (PTEA) Sohail Pasha and Vice Chairman Rizwan Riaz Saigal, in a statement here on Saturday, pointed out the glaring shortcomings of federal budget 2015-16. Foremost objective of the budget is to give the direction and fillip to manufacturing, business and trade of the country enabling these sectors optimum utilization of available resources in order to maximize their output increasing their contribution and share to the GDP. But contrary to expectations, no heed had been paid towards this most important sector of national economy and architects of the budget have failed to realize the importance of major irritations besetting the economy and outline a strategy for their solutions, they said.
There are no measures to help textile export sector reduce its cost of production and become competitive in global markets as increasing cost of doing business is a stumbling block in export growth. They expressed disappointment over not restoring the zero rating facility for export oriented textile chain and said that this would negatively impact the efforts to boost the exports. Already, the Government has not cleared the outstanding export refunds in spite of its commitment in the last budget to pay off the claims by September 2014. He said that increase in sales tax rate from 2% to 3% is unacceptable and demanded zero rated sales tax regime on textile export chain. Activation of idle capacities in the value-added textile sector has also been ignored and no funds are allocated for revival of sick units which could help in fetching extra US$ 1 billion in foreign exchange and create additional thousands of new jobs. However, they expressed satisfaction over availability of export refinance facility and long-term finance facility to textile exporters at 4.5pc and 6pc, respectively.
PTEA Chairman Sohail Pasha was of the view that textile sector, an important segment of the economy is already in grip of severe crisis and the industrial production is not in accordance with the built up manufacturing capacity. Due to this underutilization, the country is not fetching the full potential of foreign exchange earnings. Industry would be hit hard by the soaring prices of supplies and ancillary goods which have been subjected to higher GST rate and withdrawal of subsidies on various items of inputs. Price hike in supply items would create a chain effect of increases and ultimately place a burden on cost of production of industrial goods making the Pakistani goods uncompetitive, he contended. Vice Chairman Rizwan Riaz Saigal expressed that energy shortage has been hitting hard the economy. Increasing prices of inputs and acute shortage has translated in to colossal loss of production and cumulatively shed deep negative impact on economy. The PTEA leaders urged the Government to address the real and basic challenges of textile industry to put the economy into deep gear.
SOURCE: The Pakistan Observer
Dr Vu Tien Loc, president of VCCI and Jens Ruebbert, president of the Germany business association in Vietnam met at the VCCI headquarters in Hanoi to discuss the issue. Dr Vu Tien Loc affirmed that Vietnam-Germany relations have been developed comprehensively. Germany is now the largest trade partner of Vietnam in Europe as it contributes 28 per cent of Vietnam-EU trade value. Germany is also an important gateway hub for Vietnamese goods to enter other EU markets. Vietnam and Germany now have very good opportunities to better tap their cooperation potential. With the joint chamber of commerce, all issues arising in trade and investment relations would also be tabled to seek for best solutions for businesses, he said. Ruebbert said Germany sees Vietnam as a rapidly developed potential market in Asia (after China and India). Many leading German corporations like Siemens, Metro, Mercedes-Benz, Deutsche Bank and Allianz opened business facilities and commit long-term investments in Vietnam. However, Germany’s investments in Vietnam remain very modest relative to potential and expectations of both sides. He hoped that the proposed joint chamber of commerce will receive active support from Vietnam for the early completion of this establishment.
Vietnam enjoys a trade surplus with Germany. Bilateral trade touched $1.28 billion in the first two months of 2015, up 15.9 per cent year on year, of which Germany’s share was $372.33 million, up 2.7 per cent, and Vietnam’s share was $913.80 million, up 22.1 per cent. Many Vietnamese businesses have regularly participated in international exhibitions and trade fairs in Germany like Anuga Colonge, Tendence, Koblenz, Resale Frankfurt and Hannover Expo. Through these events, they have established partnership relations and signed contracts with many German importers and other foreign businessmen. Garment and textile are the biggest exports to Germany, followed by footwear, coffee, handicrafts, seafood, computers and components. Germany is the largest supplier of advanced machines, equipment and technology for national industrialisation and modernisation of Vietnam. In addition, Vietnam imports pharmaceuticals, plastics and industrial materials from Germany. (SH)
SOURCE: Fibre2fashion
