Item	Price	Unit	Fluctuation
PSF	1151.05	USD/Ton	0%
VSF	2151.90	USD/Ton	0.46%
ASF	2510.28	USD/Ton	0%
Polyester POY	1134.73	USD/Ton	-0.71%
Nylon FDY	2922.53	USD/Ton	0%
40D Spandex	6122.63	USD/Ton	-1.32%
Nylon DTY	6032.83	USD/Ton	0%
Viscose Long Filament	1407.39	USD/Ton	-0.35%
Polyester DTY	2726.61	USD/Ton	-1.18%
Nylon POY	2706.20	USD/Ton	0%
Acrylic Top 3D	1363.30	USD/Ton	0%
Polyester FDY	3183.77	USD/Ton	-2.01%
30S Spun Rayon Yarn	2742.94	USD/Ton	0%
32S Polyester Yarn	1877.61	USD/Ton	0%
45S T/C Yarn	2938.86	USD/Ton	0%
45S Polyester Yarn	2906.21	USD/Ton	0%
T/C Yarn 65/35 32S	2677.63	USD/Ton	0%
40S Rayon Yarn	2040.88	USD/Ton	0%
T/R Yarn 65/35 32S	2481.70	USD/Ton	0%
10S Denim Fabric	1.14	USD/Meter	0%
32S Twill Fabric	0.96	USD/Meter	0%
40S Combed Poplin	1.06	USD/Meter	0%
30S Rayon Fabric	0.77	USD/Meter	0%
45S T/C Fabric	0.78	USD/Meter	0%

Source : Global Textiles

Note: The above prices are Chinese Price (1 CNY = 0.16327 USD dtd. 22/07/2015)

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

Incentive announced for textile sector to boost exports

The textile sector in Pakistan had remained stagnant over the last decade due to a number of exogenous and indigenous factors. Under the Pakistan textile policy (2015-19), incentive of Rs 64.15 billion cash subsidy to the textile and clothing sector has been announced which would boost the exports to $ 26 billion by 2019. The incentive package carries special duty-drawback rates, duty exemption on plants and machinery and subsidy on long-term loans. The Finance Division would provide Rs 40.6 billion over five years for duty drawback, technology up-gradation and brand development while another Rs 23.5 billion would be provided for skill development, dedicated textile exhibitions, establishment of world textile centre, weaving city, incubators, apparel house and mega textile awards. Also around 120,000 persons would be trained through skill development programme and 50 small companies from the sector would be picked each year, for next three years, to support the government. The proposed measures would promote value-addition and generate employment for more than 5 million people, the sources added.

They said the sector contributes to provide employment to about 40% of industrial lab or force, and consumed about 40% of banking credit to the manufacturing sector. Barring seasonal and cyclical fluctuations, the textiles products had maintained an average share of about 54% in the national exports. On the domestic side, cotton production had remained stagnant at about 13 million bales per annum and the resistance to grading and standardization of cotton bales by ginners and spinners alike had consistently lowered the value of Pakistani cotton by around 10 cents per pound in the international market. On the other hand, the value-added garments sector had grown marginally due to its limited product range, low usage of manmade fibres and inability of manufacturing units to restructure in order to meet the changing international requirements.

On the performance of textile industry, the sources said that it was the most important manufacturing sector of Pakistan and had the longest production chain with inherent potential for value addition at each stage of processing, from cotton to ginning, spinning, fabric, dyeing and finishing, made-ups and garments.

SOURCE : Yarn and fibre

Textile industry must look at new areas to scale up

The Indian textile industry will need to introspect and look into areas where there is scope for scaling up and upgrading the fabrics sector. The industry’s long-term prospects “are undoubtedly bright”, Prem Malik, Chairman, Confederation of Indian Textile Industry said here on Wednesday. Inaugurating the Natural Fibre Conclave at Hotel Le Meridien at Chinniampalayam in Coimbatore, Malik said the textiles industry in China was slowing down and Pakistan’s growth - constrained by power and other problems and the garment industry’s growth in Bangladesh – is expected to reach a saturation point sooner than later. Diversion of garment orders to India has already begun. “There is therefore a need to scale up and upgrade our fabrics industry,” he reiterated.The CITI Chairman also stressed the need for enhancing the yarn consuming capacities within the country, admitting that external issues such as a slowdown in the EU and policy jolts from China could have an adverse impact. “But there are more crucial issues such as infrastructural infirmities, transaction costs — which are way above our competing countries — inordinate delays in getting duty refunds, high cost of export credit and many more,” he said.

Policy intervention

The most important policy intervention required at present is making TUF effective. The scheme has no funds available for new investments and the budget allocation is not enough even to cover the backlog of the last fiscal in full, he said. Reverting to the fibre scenario, he said, “While India’s cotton production exceeds consumption, we continue to import cotton because of deficit in certain slots, especially the extra long staple cotton. We also face supply shortage of short staple cotton as there is little presence of BT technology in this segment.”

SOURCE: The Hindu Business Line

Export of cotton from India to China see 56.7% drop in 2014-15

Parliament was informed today that the cotton prices in the domestic market are subdued due plunge in India’s exports to China in 2014-15. Export of cotton from India to China has witnessed turn down by 56.72 percent from 61 lakh bales in 2013-14 to 26 lakh bales in 2014-15. As a result, there had been slowness in the domestic prices as compared to last year, said Commerce and Industry Minister Nirmala Sitharaman in a written reply to Rajya Sabha. Cotton policy adopted by China is the major reason for less imports. China has reduced cotton imports as their stock levels have reached over 8,000 million kg also the reduction in import quota granted to actual users of cotton thereby discouraged direct import by spinners and encouraged them to buy more of domestic cotton and from government agencies holding stock.

India to protect farmers has fixed the minimum support price, it is a form of market intervention by the Government of India to insure cotton producers against any sharp fall in prices. India is also looking for export of cotton to the various other cotton deficient countries, she added. On overall exports, she said that fall in global demand, decline in commodity prices and dip in oil prices are impacting India's trade.

SOURCE : Yarn and Fibre

Rajya Sabha panel for standard GST rate up to 20%

A select committee of the Rajya Sabha has observed that the standard Goods and Services Tax (GST) rate should be within 20 per cent, while the lower one should not cross 14 per cent. These rates are quite lower than the Revenue Neutral Rate (RNR) of around 27 per cent, arrived at by the sub-panel of the Empowered Committee of State Finance Ministers on GST, earlier. Besides, the panel suggested changes in the two important provisions of the Constitution Amendment Bill on GST - one per cent additional tax over GST on interstate supply of goods to help the producing states, and reduction in compensation to states in the fourth and fifth years. In its crucial report on the Constitution Amendment Bill on GST, submitted to the Rajya Sabha on Wednesday, the committee recommended that the proposed GST council may opt for a broad-based and moderate rate as the high rate will surely erode the confidence of the consumers badly and may lead to high inflation. In its dissent note, the Congress wanted the GST rate to be within 18 per cent. It should be noted here that the committee did not recommend any specific rate, but made an observation: "To start with, India's GST rate should not go beyond 20 per cent for standard rate, and perhaps 14 per cent for reduced rate."

It was so because the Constitution Amendment Bill, which was vetted by the panel, does not have any provision for the specific rates. It was left to the proposed GST council, a body of the union and state finance ministers. In fact, even the committee's observation drew flak from AIADMK in its dissent note. "The select committee has gone beyond its brief on the issue of Revenue Neutral Rate (RNR)... This is a matter for the Empowered Committee of State Finance Ministers, GST council to take an appropriate view."

SOURCE: The Business Standard

India, EU likely to restart FTA talks on August 28

After a gap of about two years, India and the European Union are expected to resume negotiations on August 28 on the proposed free trade agreement (FTA) to boost two-way commerce and investment. India's chief trade negotiator J S Deepak, Additional Secretary with the Commerce Ministry, and his European Union counterpart Ignacio Garcia Bercero will meet here on August 28, an official said. "It would be a full-fledged round," the official said. No negotiations were held after both sides failed to bridge gaps on crucial issues in May 2013 here.The India-EU trade talks, formally known as the Broad- based Trade and Investment Agreement (BTIA), remain stuck as both sides are not satisfied with each other's offers. The talks were launched in June 2007 and have missed several deadlines. The 28-nation bloc has demanded tariff cuts in products such as wines, spirits and automobile, besides inclusion of labour-related aspects. It also wants liberalisation in services such as retail and legal. On the other hand, India is insisting on data-secure nation status and immigration quota from the EU. The status is crucial as it will have a bearing on Indian IT companies keen on market access in the 28-nation bloc. Indian auto industry is worried that any concessions would have an adverse fallout and impact 'Make in India' initiative. The two-way commerce between the two sides stood at about USD 99 billion in 2014-15.

SOURCE: The Economic Times

India takes up visa, trade issues with US

India has raised the issues of market access for agrarian and pharma products, and high visa costs with the US during an official-level meeting on Tuesday. Commerce Secretary Rita Teaotia took up the matter with Deputy US Trade Representative Robert Holleyman. The meeting was held to decide the agenda, modalities and dates for convening the ninth round of the ministerial-level meeting of the Trade Policy Forum (TPF), to be held in the US by the end of October. Some of the key issues flagged by the commerce secretary include the discriminatory policy towards Indian workers, who end up losing their social security contributions due to discrepancy in the visa and social security programmes of the US, the commerce department said in a statement. Issues of high visa costs and corresponding higher wage implications and its impact on India's IT Industry and professionals were also discussed. New rules under the US Immigration Reforms and Executive Visa Guidelines are due to come into force on August 19. Teaotia suggested a separate working group to discuss the issue of market access for Indian pharmaceuticals and Ayush products as well as farm produce such as rice, mangoes, pomegranates and table grapes.

SOURCE: The Economic Times

India to take initiative on the TPP trade deal in Vietnam

The Trans-Pacific Partnership (TPP) trade agreement, of which Vietnam is a member, will come to a conclusion late this year has turned the Southeast Asian country into a so popular destination for investment for export. Many other countries outside of the TPP have already poured billions into the group to grasp the chances for exporting to the remaining eleven members, especially the U.S., which almost every country in the world wants to sell their goods to. India is the latest to signal that it will take seriously the opportunities to invest in Vietnam for export to the other TPP member countries.

According to the Vietnam Textile and Apparel Association (VITAS), last week, the Indian government launched a preferential credit package worth US$300 million for investments in the garment and textile sector of Vietnam over ten years. Accordingly, India will support investment projects in the garment and textile sector using Indian-made equipment and service up to 75 percent of the total funding estimated for a single project. The entire credit package, with an interest rate of two percent per annum for a 10-year term, is conducted through Vietnamese Eximbank under the guarantee of the Ministry of Finance, the VITAS said. The package will help Indian businesses develop new factories in Vietnam, as well as promote cooperation between Vietnamese and Indian partners in the same field. This is also an opportunity for businesses to gain more advantages after Vietnam joins the TPP trade pact, the VITAS said, citing a document from the Indian government.

With the huge credit support from the Indian government, Vietnamese textile enterprises will have a golden opportunity to access Indian capital and technology, the association commented. India is the world's second largest supplier of garment and textile materials, second only to China, so the credit package also means guaranteed supply for Vietnamese enterprises, according to the VITAS. The Indian garment and textile industry earns $100 billion annually, of which exports, mainly cotton, silk, cloth and cotton cellulose, account for $40 billion

The Consul General of India in Ho Chi Minh City last week also recommended that Indian enterprises, apart from expanding trade with Vietnam, should invest in the Southeast Asian country to make use of future trade agreements. Vietnam will soon sign many large-scale free trade pacts with important partners like the EU and the U.S., which will make the country more attractive as a destination for investment to serve ASEAN and other big foreign markets, Smita Pant, Consul General of India, said at a trade promotion and investment event held in the city on July 14.

India is planning to establish a $300 million industrial park specializing in garment and textile material production near the southern Vietnamese economic hub of Ho Chi Minh City. This was announced in the month of April by Vinod K. Ladia, chairman of the Synthetic and Rayon Textiles Export Promotion Council of India. It is important for Indian companies to take the initiative on the Trans-Pacific Partnership trade deal, which will offer a boost to the Vietnamese garment and textile industry, Ladia said. The TPP is a proposed regional free trade agreement aimed at eliminating tariffs and lowering non-tariff barriers that is being negotiated by 12 countries throughout the Asia-Pacific region, which collectively contribute almost half of global output and over 40 percent of world trade. The 12 countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

SOURCE : Yarn and fibre

Rise in textile and garment exports turnover to TPP market

Vietnamese garment and textile has witnessed increase by 69.66 percent in the first five months this year in its export turnover to countries taking part in the Trans-Pacific Partnership (TPP) negotiations compared with the same period last year, according to the Vietnam Textile and Apparel Association’s (Vitas) latest report. Vitas forecast that the country's textile and garment export turnover could reach $27.5 to $28 billion this year.Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam are members of the TPP.Exports to the US ranked top with US$4.05 billion, accounting for nearly 50 percent of the export value to the countries joining the TPP agreement, a 53 percent increase on the year.

Vietnam's textile and garment export turnover to the US is expected to reach $11 billion by the end of the year, said Dang Phuong Dung, Vitas deputy chairwoman. Textile and garment export turnover to the US has increased dramatically in the past 20 years from zero to $9.8 billion in 2014.Once the TPP is signed, she said that the turnover could be doubled, it would benefit local enterprises. Garment products' import taxes would be reduced by 7 to 8 percent, replacing the current 15 to 16 percent.

However, the TPP would also require information about the goods' origins, which is difficult for domestic firms. Vietnam's textile and garment sector needs improvement when it comes to naming raw material sources.The chairwoman called for ministries, society and the Government to help attract foreign investment, and encourage relationships between domestic producers and raw material producers. Only by doing those things could Vietnam satisfy the requirements on goods' origins, she said. US Fashion Industry Association President Julia K Hughes said that many US companies were willing to seek supply sources from nations joining the

TPP agreement once it took effect. Vietnam was ranked highest in terms of its ability to draw new businesses.

SOURCE : Yarn and fibre

Exports to Greece small; marginal impact of crisis on India: Nirmala Sitharaman

Government today said Greece accounts for around 0.1 per cent of India's exports and hence the impact on it due to financial crisis there will be only marginal. "Share of exports from India to Greece is around 0.1 per cent only, therefore direct impact on Indian exports due to economic crisis in Greece is likely to be marginal," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha. However, the government is continuously monitoring the export performance of different sectors to different countries and takes need based measures from time to time, keeping in view the global financial situation and overall economic implications. Contracting for the seventh month in a row, India's overallexports dipped by 15.82 per cent in June to $22.28 billion due to global slowdown and dip in crude oil prices that impacted shipments of petroleum products. Replying to a separate question, she said the interest subvention scheme for some select sectors is under consideration of government. Replying to another query on natural rubber imports, she saidprices have fallen in domestic market mainly due to declining trend international market and low growth in domestic demand for specific forms of natural rubber. The domestic price of dry rubber in the form of ribbed smoked sheet are currently at Rs 130.98 per kg, compared with the price of block rubber, the main form of imported rubber, which is at Rs 118.12 per kg. In June, rubber imports were at 33,606 tonnes as against 33,377 tonnes in the same month last year.

SOURCE: The Economic Times

Cabinet extends 3% interest subvention for crop loans

The Union Cabinet has approved a proposal to extend a three per cent interest subvention scheme to banks to ensure farmers get crop loans up to Rs 3 lakh at seven per cent a year interest. An additional subvention of three per cent would be given to those who pay loans on time, according to media reports. The Cabinet approved the expenditure of Rs 18,110 crore for 2015-16 to enable the subvention scheme on short-term crop loans capped at Rs 3 lakh to farmers making timely repayments i.e. those repaying within one year of disbursal. Of the total amount sanctioned, Rs 2,332 crore would be provided to Nabard and the remaining to commercial banks. The subvention will be applicable to those farmers who repay their amounts within one year of disbursal and it will be restricted to Rs 3 lakh of short-term crop loans. The subvention would also be applicable for post-harvest loans taken by small and marginal farmers against their negotiable warehouse receipts. The Cabinet also approved Rs 374 crore for farmers with Kisan Credit Cards. The subvention would continue to be provided to farmers affected by natural calamities. The scheme was announced in the 2015-16 Union Budget. For 2015-16, the target of agriculture credit has been raised to Rs 8,50,000 crore, from Rs 8,00,000 in 2014-15.

SOURCE : Yarn and fibre

EU to Ban Common Chemical in Textile Imports

Members of the European Union unanimously voted to expand a ban on a common textile chemical over its potential impact on aquatic wildlife.

EU states banned the use of nonylphenol ethoxylates in textile manufacturing more than 10 years ago, but the latest measure also includes clothing imported into member nations. A report in The Guardian said that nonylphenol ethoxylates, or NPE, are used as cleaning, dyeing and rinsing agents in chemical production. The chemical enters water supplies during washing, where it disrupts hormones in fish and impacts their fertility and development. The measure caps NPE concentrations at 0.01 percent five years following its enactment by the European Commission, a step likely to be taken in the next few weeks. Second-hand or recycled goods would not be impacted. Clothing companies told the European Chemicals Agency that compliance would be difficult due to NPE's prevalence in the textile supply chain.

SOURCE: The Chem Info

Bangladesh-RMG makers want price hike to retain business

The readymade garment manufacturers want price hike to remain in business as the production cost has gone up as a result of factory upgradation and also increase in workers’ wages. “Recently, the buyers have become tricky in setting prices of RMG products and introduced cost breakup system,” BGMEA Vice-President Shahidullah Azim told the Dhaka Tribune. They collect prices of raw materials used to make certain products from several manufacturers and set the lower price based on the average cost, said Azim. The new system put manufacturers in tough competition and it should be scrapped, otherwise the garment sector will fall in trouble, which will ultimately put the workers’ jobs at risk, he added.

The production cost has gone up by around 12% because of the factory upgradation to make it compliant and also hike in wages by 219% in the last four years, BGMEA President Md Atiqul Islam told the Dhaka Tribune. Before launching the inspection programme to improve safety standards in the RMG sector, the global buyers promised to raise prices of apparel products, but did not do so, rather they took the opportunity to lower the prices, said Atiqul. Prime Minister Sheikh Hasina yesterday requested the foreign buyers to raise the prices of Bangladeshi garment products, according to a UNB report. The PM made the request when Dutch Ambassador to Bangladesh Gerben de Jong paid a farewell call on her at her office. Citing her government steps about the welfare of RMG workers, Sheikh Hasina said the workers’ wages have been hiked by over 200% since 2009. “After the collapse of Rana Plaza building, Bangladesh RMG sector had to spend a lot of money to meet the prescription of global buyers to make the sector compliant,” Abdus Salam Murshedy, president of Exporters Association of Bangladesh (EAB) told the Dhaka Tribune.

“We have installed fire doors, sprinklers and been implementing Corrective Action Plans (CAPs) outlined by the Accord and Alliance, but the buyers are still unwilling to increase prices and the prime minister’s call for price hike is a timely and rational steps, said Salam. If prices are not increased, manufacturers might opt for job cut to avert losses, he added. During a visit in mid-June, the Minister for Foreign Trade and Development Cooperation of Netherlands, Lolianne Ploumen, underscored three challenges, including fair price for Bangladeshi RMG products, unauthorised subcontracting and rights to orgainse. According to the study conducted by Mark Anner, associate professor, Penn State University, prices of men and boys cotton trousers exported to the US market declined by 40.89% over the last 14 years.

Meanwhile, Bangladesh’s readymade garment exports displayed the poorest performance in six years with 4.1% rise in the just-concluded fiscal year while the country’s overall export growth also slumped to 13-year low. The RMG sector earned $25.49bn in the just-concluded fiscal year compared to $24.49bn in the previous year.

SOURCE : Global textiles

Lower cotton consumption to push world ending stocks: USDA

Lower consumption of Cotton will lead to higher ending stocks for both 2014/15 and 2015/16 relative to last month, says the US department of agriculture (USDA) in its estimate for this month’s world cotton supply and Demand. For US, the report keeps cotton production forecast unchanged from last month at 14.5 million bales, as lower expected abandonment and slightly higher yields offset the reduced planted area indicated in the Acreage report released by the National Agricultural Statistics Service (NASS). The NASS report estimates all cotton planted area for 2015 at 9 million acres, which is the lowest cotton acreage in the United States since 1983. Upland cotton is estimated at 8.85 million acres, down 18 percent from 2014.

“The 2015/16 projected ending stocks are 4.2 million bales, down 200,000 from last month and unchanged from the beginning level. The projected range for the marketing year average Price received by producers of 54 to 70 cents per pound is raised 4 cents on the lower end, with a midpoint of 62 cents,” states the USDA report ‘World Agricultural Supply and Demand Estimates’. The report predicts sharp reduction in cotton consumption by China for both 2014/15 and 2015/16 relative to last month, due to continued strong competition from both polyester and imported cotton products.

Meanwhile, 2015/16’s projected growth in world cotton consumption is above 3 per cent, as this month’s reductions in consumption by China, Brazil, Bangladesh, and Pakistan are partially offset by increases for India and Vietnam, according to the report. While world production is about unchanged, world trade is raised, as lower imports by China, Pakistan, and Bangladesh are more than offset by an increase for Vietnam. The USDA has raised projected 2015/16 world ending stocks by more than 2 million bales. However, with the expected China carryover 2.5 million bales above last month, stocks outside of China are projected lower, the report says.

SOURCE : Global Textiles

IPR infringement bleeding European textile industry

A new report of the Office for Harmonization in the Internal Market (OHMI) on the economic cost of IPR infringement in the clothing, footwear and accessory sector reveals that annually the industry loses more than €26 billion ($28 billion) of revenue which leads to over 500.000 job losses, according to a statement by Euratex, the European apparel and textile confederation. For many years now, the textile and clothing industry represented by Euratex, alerts the EU institutions and the national authorities about the disastrous consequences of counterfeiting and piracy for the European textile industry and for the whole European economy. The OHMI report shows that the costs of IPR infringement borne by the European economy in terms of job losses, loss of profit and even, in some cases, closures of SMEs are very high. According to the report 9.7 per cent of sales are lost by the sector due to counterfeiting. The sector also suffers annual revenue loss of €26.3 billion ($28 billion) and €17 billion ($19 billion) of sales are lost in related sectors. Over 500,000 jobs have been lost while €8.1 billion ($9 billion) of government revenue have been lost in social contributions and taxes.To overcome the challenges facing the textiles and clothing industry, Euratex has urged the EU to take concrete actions as regards the three essential aspects of the fight against counterfeiting and piracy.The first is to combat the phenomenon within the boundaries of the EU; secondly, appropriate steps need to be taken to ensure that imported counterfeit textiles and clothing are intercepted and perpetrators are brought to justice. And the last, exporters of European products to third countries need assurances that their designs will enjoy all necessary protection on the markets of those countries as required by the WTO TRIPs agreement, the statement said.

SOURCE: Fibre2fashion

World Bank predicts crude oil price rebound

The World Bank (WB) on Wednesday upped its crude oil forecast to $57 a barrel (bbl) for 2015 from its earlier forecast of $53 a barrel in April.The revised projection comes after a 17 per cent rise in the April-June quarter, according to the World Bank's latest Commodity Markets Outlook. However, even the new forecast is over 40 per cent down from $96 a barrel in 2014. The projection came a day after Gary Ross, known as the oil guru who predicted last year's rout, said oil would reach $100/bbl within five years. At the aggregate level, energy prices rose by a less extent at 12 per cent in the last quarter as the steep rise in oil prices was offset by the declines in natural gas by 13 per cent and coal prices by four per cent. But, despite the rise in the previous quarter, the WB projects energy prices to average 39 per cent below the 2014 levels, on account of a oversupply and weak demand. The WB expects non-energy prices to fall 12 per cent in 2015, with declines observed across all main indices. Metals prices are also expected to decline largely on account of over-capacity and slowing demand in China. Agricultural prices are projected to decline almost 11 per cent in 2015 on account of excess supply and high levels of stocks.

"Demand for crude oil was higher than expected in the second quarter (in 2015). Despite the marginal increase in the price forecast for 2015, large inventories and rising output from Organization of the Petroleum Exporting Countries members suggest prices will likely remain weak in the medium-term," said John Baffes, senior economist and lead author of 'Commodity Markets Outlook'. The surge in commodity prices over the past decade, which many labelled as the commodity super cycle, has been attributed to the sharp increase in demand from China and India. The WB notes that demand from China and India, although to a lesser in extent in the case of the latter, raised demand for metals and energy, coal in particular, and for food as well. China's consumption soared to account for roughly 50 per cent of metals and coal of total world consumption. India's consumption stood at three per cent for metals and nine per cent for coal. But the two countries are now likely to show divergence in their growth paths. China is expected to slow down below seven per cent in the coming years, transitioning towards a service-oriented economy. In contrast, India's growth is expected to move upwards and sustain at a 7 plus trajectory over the coming years.

Alongside the economic transition, the two countries are also likely to witness a demographic transition. China's population growth is expected to decline further over the next decade to about 0.3 per cent per annum, while India's population is expected to grow faster than China's at roughly one per cent over the next decade. The interplay of these factors, the bank argues, is likely to lead to shifts in global consumption. For one, as China transitions towards a service-oriented economy and in the absence of a shift in India's growth structure, metal consumption is likely to slow down. But if India's growth structure shifts towards industry, and if the two countries continue growing and reach Organisation for Economic Cooperation and Development income levels, then demand for metals, oil, coal and energy consumption is likely to remain strong. As food consumption in both countries is already comparable to world levels, upward pressure on food prices is likely to remain muted as their population growth eases.

SOURCE: The Business Standard

Quantities of imitated textiles seized in Kumasi, Ghana

Large quantities of cheap imported fabrics with imitated designs, trademarks or brand have been seized at the Kumasi Central Market by the National Anti-piracy Textile Taskforce. Mr John Kwesi Amoah, a member of the Taskforce, told the Ghana News Agency (GNA) that the arrests were part of efforts to protect the local textiles industry and curb the rising piracy, restore sanity and grow the nation' textile manufacturing companies, and that, offending dealers would be prosecuted. Many cloth sellers were, however, furious at the exercise, saying that, they had been treated unfairly. Some said they had done nothing wrong and could not be blamed for the woes of the local manufacturers. Mr Kwabena Mensah Bonsu, the Deputy Organizer of the Central Market Cloth Traders Association, said their members as retailers, bought their supplies from wholesalers and could not be responsible for the piracy claim. He said it is important for the textile industry to do an internal investigation, as the theft of their designs were being facilitated from within. Mr Bonsu said he found it difficult to comprehend how the imitated goods found its way into the system, saying that, if industry is serious about tackling the illegal trade in textiles, "they should look at the Ghana-Togo border". Another trader, who did not want to be identified, spoke against the situation where the local textile companies sell their products to both retailers and customers at the same price. This, the trader claimed, did not provide any incentive for the retailers to trade in their goods and called for a second look at their pricing policy.

SOURCE: The Business Ghana

Global crude oil price of Indian Basket was US$ 55.80 per bbl on 22.07.2015

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$ 55.80 per barrel (bbl) on 22.07.2015. This was higher than the price of US$ 55.60 per bbl on previous publishing day of 21.07.2015.

In rupee terms, the price of Indian Basket increased to Rs 3544.97 per bbl on 22.07.2015 as compared to Rs 3538.94 per bbl on 21.07.2015. Rupee closed stronger at Rs 63.53 per US$ on 22.07.2015 as against Rs 63.65 per US$ on 21.07.2015. The table below gives details in this regard:

Particulars	Unit	Price on July 22, 2015 (Previous trading day i.e. 21.07.2015)	Pricing Fortnight for 16.07.2015 (June 27 to July 13, 2015)
Crude Oil (Indian Basket)	($/bbl)	55.80 (55.60)	58.69
Crude Oil (Indian Basket)	(Rs/bbl	3544.97 (3538.94)	3730.34
Exchange Rate	(Rs/$)	63.53 (63.65)	63.56