INTERNATIONAL
Textile Raw Material Price 2015-08-10
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1122.24 |
USD/Ton |
0% |
8/10/2015 |
|
VSF |
2125.51 |
USD/Ton |
0% |
8/10/2015 |
|
ASF |
2471.99 |
USD/Ton |
0% |
8/10/2015 |
|
Polyester POY |
1069.19 |
USD/Ton |
0% |
8/10/2015 |
|
Nylon FDY |
2733.26 |
USD/Ton |
0% |
8/10/2015 |
|
40D Spandex |
5948.86 |
USD/Ton |
0% |
8/10/2015 |
|
Nylon DTY |
5940.82 |
USD/Ton |
0% |
8/10/2015 |
|
Viscose Long Filament |
1345.73 |
USD/Ton |
-0.36% |
8/10/2015 |
|
Polyester DTY |
2524.25 |
USD/Ton |
0% |
8/10/2015 |
|
Nylon POY |
2664.93 |
USD/Ton |
0% |
8/10/2015 |
|
Acrylic Top 3D |
1278.20 |
USD/Ton |
-1.24% |
8/10/2015 |
|
Polyester FDY |
2958.35 |
USD/Ton |
-1.08% |
8/10/2015 |
|
30S Spun Rayon Yarn |
2733.26 |
USD/Ton |
0.59% |
8/10/2015 |
|
32S Polyester Yarn |
1784.66 |
USD/Ton |
0% |
8/10/2015 |
|
45S T/C Yarn |
2877.96 |
USD/Ton |
0% |
8/10/2015 |
|
45S Polyester Yarn |
2910.12 |
USD/Ton |
0.56% |
8/10/2015 |
|
T/C Yarn 65/35 32S |
2620.71 |
USD/Ton |
0% |
8/10/2015 |
|
40S Rayon Yarn |
1977.59 |
USD/Ton |
0% |
8/10/2015 |
|
T/R Yarn 65/35 32S |
2427.78 |
USD/Ton |
0% |
8/10/2015 |
|
10S Denim Fabric |
1.13 |
USD/Meter |
0% |
8/10/2015 |
|
32S Twill Fabric |
0.95 |
USD/Meter |
0% |
8/10/2015 |
|
40S Combed Poplin |
1.05 |
USD/Meter |
0% |
8/10/2015 |
|
30S Rayon Fabric |
0.76 |
USD/Meter |
0% |
8/10/2015 |
|
45S T/C Fabric |
0.77 |
USD/Meter |
0% |
8/10/2015 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16078 USD dtd. 10/08/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Textile spinning mills of the Northern India Textile Mills’ Association (NITMA) are considering cutting back production and shutting down their mills once a week against the current trend of operating a mill 24x7. The decision to take this extreme step has come in the wake of domestic excess spinning capacity in the country and poor demand for yarn from overseas markets leading to accumulation of yarn stocks and poor liquidity. Mr. Sharad Jaipuria, President of NITMA said, “States like Madhya Pradesh, Gujarat, Maharashtra, Rajasthan, Andhra Pradesh and Telengana are attracting new investments in spinning due to their new Textile Policy, which is loaded with incentives and sops and thereby adding more than required capacity in the country. Tamil Nadu too is going to announce a new Textile Policy soon.” “On the other hand, China which was a major importer of Indian yarns for the past few years, has cut-down imports in the past few months, thus worsening the situation, leading to accumulation of yarn stocks in Indian spinning mills,” Mr. Jaipuria observed. Mr. H.S Cheema, Senior Vice President, NITMA stated, "The spinning industry is under crisis and the situation is moving from bad to worse and spinners are making losses. We are therefore considering various options to reduce our daily production, including closing the plant for one day in a week.” Additionally, to add to the woes of the textile mills, TUFS reimbursements are pending for cleared cases from the July-September 2014 quarter. The government has also reduced allocation for TUFS from Rs 1,864 crore to Rs 1,520 crore in the 2015-16 budget.
Cotton Corporation of India (CCI) started buying the cotton at MSP from farmers and procured a total of 8.6 million bales (1bale=170 kgs) since October 2014. Initially, they began by offloading cotton to textile mills at prices higher than international prices, but having received poor response from industry, they reduced the prices, since they are under pressure to offload the entire quantity procured this year, with new-season cotton arrivals just two months away. CCI sells to Central, Western and Southern India, from their godowns in the respective regions, whereas spinning mills in Northern India have to pay higher cotton transportation charges than their counterparts in these regions. This has in turn added to the cost of textile mills in Northern India.
SOURCE: The Hans India
Helped by lower expenses, consolidated net profit at one of India's biggest textile group, Vardhman Textiles Ltd soared 37.27 per cent year over year in the three months to June 30, 2015. In a BSE filing, the company said its net profit surged 37.27 per cent from a fiscal ago quarter to reach Rs 145.57 crore for the first quarter of fiscal 2016. For the same quarter of the previous fiscal, the company had reported a net profit of Rs 106.04 crore. Net sales in the reporting quarter stood at Rs 1,640.77 crore, down 2.26 per cent as against Rs 1,678.74 crore in the first quarter of the previous fiscal. Overall expenditure in the quarter under review amounted to Rs 1,399.73 crore, declining by 6.95 per cent from Rs 1,504.4 crore, it reported in the prior fiscal first quarter. Vardhman was set up in 1962 by the Oswal family with 6,000 spindles and now has 1.1 million spindles and a capacity to manufacture over 580 MT of yarn per day.
SOURCE: Fibre2fashion
The ministry of commerce and industry has decided it will not halt the process of negotiating and concluding free trade agreements (FTAs) with partner countries, even as the finance ministry's chief economic advisor (CEA) has set up a committee to review the pacts. Presently, there are 19 pacts in various stages of negotiation. Of these, India is aggressively pushing for conclusion of the ambitious agreements with Australia and Canada. Some of the other significant ones are with the European Union (EU), Israel and New Zealand. The commerce and industry ministry believes the task of reviewing the effectiveness of FTA had already been completed by it last year in October. It was found that FTAs with Japan, Korea and the Association of Southeast Asian Nations (Asean) did not lead to any adverse impact. Rather those have helped India gain in the global value chain.
FTAs - AT A GLANCE
"We have done the exercise already and there is no need for us to wait for the committee's work to be completed. We are on a deadline and we will try to conclude these deals on mutually beneficial terms," a top commerce ministry official told Business Standard. The official added that according to the study conducted then, it was clear that although imports have increased as a result of the pacts compared to exports, India's domestic industry was not getting hurt. Besides, FTAs also have an adequate safeguard mechanism in the event a particular industry gets hit. When contacted, CEA Arvind Subramanian declined to comment. The committee headed by him is also likely to set a strategy on how to negotiate and approach these FTAs. This is not the first time FTAs have come under attack. The ministry of external affairs (MEA) had often complained about lack of negotiating skills in the trade policy division (TPD) of the commerce department entrusted with the job. When the Narendra Modi-government came to power in May last year, speculations was rife that the TPD might be allocated to the MEA. However, opinion seems to be divided on this matter. Some also believe it is only the commerce and industry ministry that can negotiate and bargain on deals effectively.
India and Australia had vowed to close the proposed Comprehensive Economic Partnership Agreement (CEPA) by this year-end. The talks are in full swing. Similarly, the India-Canada CEPA has gained momentum. The ninth round was held in March this year. Both sides are eyeing March 2016 for concluding the talks that will include trade in goods, services and investment. India is also actively engaged in mega trade pact, Regional Comprehensive Economic Partnership (RCEP) that is being negotiated with the 10-member Asean economies and its six trading partners, which has a December deadline. India has 22 trade pacts at present, of which some of the big-ticket ones are those with Asean, Japan, Korea, Singapore and Sri Lanka, among others.
SOURCE: The Business Standard
India is expected to witness “stable growth momentum” while mixed trends are anticipated in other major developing and developed countries, Paris-based think tank OECD said. Neighbouring China as well as Brazil are projected to see a loss in growth momentum, according to the Organisation for Economic Cooperation and Development (OECD). These readings are based on Composite leading indicators (CLIs) — designed to anticipate turning points in economic activity relative to trend. “Stable growth momentum is expected in Germany, Japan and India. The CLI for Russia also points to stable growth momentum albeit below long term trend,” the grouping said in a statement. India surpassed China to become the world’s fastest growing economy with 7.5 per cent growth in the quarter ended March 31. In 2014-15, the economy had grown 7.3 per cent. Last week, the Reserve Bank of India (RBI) had retained the country’s growth forecast at 7.6 per cent for the current financial year (ending March 31, 2016). The central bank had also said that economic recovery is still work in progress though outlook is gradually improving. In June, OECD had pegged India’s growth to remain “strong and stable” at 7.3 per cent for this year on the back of revival in investments. Meanwhile, OECD today said that in Brazil and China, “CLIs point more strongly than last month to a loss in growth momentum” while France, Italy and euro area as a whole are projected to see firming growth. “On the other hand, CLIs point to growth easing to around long-term trends in the US and the UK with tentative signs of a loss in growth momentum in Canada,” the statement said.
SOURCE: The Financial Express
India and Iran are set to wipe slate clean and start talks on trade and economic ties. The Indian authorities are working on a tight agenda for discussions with Iran’s Foreign Minister, who is expected here in the next few days. This is being seen as preparing ground for Prime Minister Narendra Modi’s likely visit to Iran this winter. “When commercial and economic discussions start after a significant lag, then it is not revival of talks but fresh talks under new terms,” an official closely associated with the talks told BusinessLine. New Delhi is hoping for improved trade in the unrestricted environment as the two main constraints to business – banking and shipping – will smoothen with easing of Western sanctions, another official said. “The Minister (Iranian Foreign Minister) will hold consultations with officials from the Finance, Commerce, Energy and other ministries to discuss the new dispensation,” he said. While the Indian officials agree that New Delhi could lose the preferential market access it got for a variety of items in Iran, as sanctions kept away most countries, it would gain from the overall increase in business, besides there will be no fear of retaliation. India would also want to discuss prospects of greater project exports to Iran now that the country would engage in more construction and re-building activities.
SOURCE: The Hindu Business Line
The World Bank's Doing Business survey is perhaps the most widely cited and internationally recognised indicator that gauges a country's business environment. But if a new study is to be believed, these influential surveys do not accurately reflect the hurdles companies face in actually doing business. The reality is more nuanced than what these surveys portray. A study carried out by Mary Hallward-Driemeier, a World Bank economist, and Lant Pritchett, an economist at Harvard University, compares the data gathered through the Doing Business surveys and the Business Enterprises surveys, both carried out by the World Bank. The authors examined three indicators - the time spend on obtaining construction permits, starting a business or getting an operating licence and the delay in importing goods - and found that the average time taken for these activities was "much, much less" in the Enterprise Surveys than in the Doing Business Surveys. The difference is staggering. In the Doing Business report, the median time reported for obtaining construction permits in developing countries is 177 days. In Enterprise Surveys, it is 30 days. Similarly, time taken to import goods in the Doing Business surveys is estimated at 21 days. In the Enterprise Surveys, it's a mere 6.25 days.
What explains this difference? The authors' explanation rests on the chasm between regulations and the capacity of the state to actually be able to implement them. State capacity, especially in developing countries, simply does not exist to be able to enforce regulations effectively. As a result, companies are able to find creative ways to circumvent cumbersome regulations. Differences in how data are collected in the two surveys seem to sit well with this explanation. The Doing Business surveys are based on information gathered from lawyers and accountants on the time it would take to legally comply with all regulations on starting a firm, dealing with construction permits, getting electricity, registering a property, paying taxes and so on. Countries are then ranked on the basis of this information.
On the other hand, the Enterprise Surveys directly ask firms about the actual time they take to deal with regulations. Thus, while the former provides estimates of what should ideally be the time taken to comply with a set of rules and regulations, the latter provides a more real picture, one grounded in reality. This is why differences crop up between the two estimates. As the authors say, "In practice, firms in developing countries are often able to sidestep the de jure legal rules, which make intuitive sense because many developing countries have low rankings by international standards in categories like rule of law, bureaucratic quality, government effectiveness, and control of corruption." But Arindam Guha, senior director at Deloitte, India, differs. "Limited capacity in government institutions acts more as a bottleneck and leads to further delays, which is why some states require significantly less time for the approval cycle," he argued.
Part of the difference between the estimates could also be attributed to differences in definition of the three indicators. As Guha says, "In the Doing Business report, construction permits cover the entire cycle starting from approval of building plans to obtaining a completion or occupancy certificate, including water connection whereas the Business Enterprises survey only limits itself to construction-related permits." Even if one accounts for this, differences between the two estimates are likely to remain. The study raises a larger, more perplexing, issue. The entire argument for improving a country's rankings is predicated on the belief that it will lead to an improvement in business environment, which would facilitate greater investments. But the study challenges this premise. It finds that changes in the reported Doing Business durations are not strongly associated with changes in actual durations as reported in the Enterprise Surveys. This suggests that an improvement in Doing Business rankings might not necessarily translate to a more conducive business environment. The authors contend that "given our evidence, it is a completely open question how reforms that altered the Doing Business indicators will actually affect the investment climate that most firms actually experience." While this might seem to challenge the purpose of the Doing Business surveys, there are strong arguments to be made in favour of continued reliance on these surveys. First, these surveys help identify areas where regulations need to be simplified. As Chandrajit Banerjee, director-general, CII, says, "Even if this (the Doing Business survey) is not entirely accurate, it does provide us a bearing on what are our strengths and shortcomings." Second, these rankings do have a signalling effect. A better rank is likely to improve the perception among investors.
SOURCE: The Business Standard
In a move replete with political implications, the National Democratic Alliance (NDA) government late on Monday listed the Goods and Services Tax (GST) Constitutional Amendment Bill, 2014, for consideration and passing in the Rajya Sabha on Tuesday. The Congress, however, stuck to its position that it would not let the House transact any business, except supplementary demand for grants, till External Affairs Minister Sushma Swaraj and two chief ministers resigned. Earlier on Monday, stock market investors turned jittery over progress on key reform legislation, including GST. The BSE benchmark Sensex declined 135 points from its previous close to end the day at 28,101.72, amid fears that key reform Bills might not get cleared in the ongoing monsoon session of Parliament.
With only three days before the monsoon session ends, the Bharatiya Janata Party (BJP) indicated its seriousness towards the Bill by issuing a whip to all its Rajya Sabha members to be present in the House on Tuesday. The Congress, meanwhile, dropped no hint that it might relent on its "no resignation, no House" stand and allow the Bill to be discussed and passed. However, the government appeared to have been emboldened on Monday, with the Congress, whose protests in the past two weeks have led to a near-washout of the session, receiving a tongue-lashing from Samajwadi Party chief Mulayam Singh Yadav in the Lok Sabha. Yadav asked the Congress to spell out its stand clearly.
Similarly, Janata Dal (United) chief Sharad Yadav and SP MPs in the Rajya Sabha broke ranks with the Congress, and blamed Finance Minister Arun Jaitley of not working hard enough to break the parliamentary impasse.Some ministers in the government saw the silver lining in these developments and put in place the plan to push the GST Bill.Both in the Rajya Sabha and outside, Jaitley said the two Houses were not functioning because of the "obstinacy" of "two leaders" of the Congress. He said Swaraj was willing to again make a statement on the Lalit Modi issue, but alleged the Congress' demand for her resignation was a "pretext"; the "real motive" was to stall the GST Bill.Also, Environment & Forests Minister Prakash Javadekar held a media briefing at BJP headquarters. He asked the Congress if it also considered the allegations made by former Indian Premier League commissioner Lalit Modi against Congress President Sonia Gandhi, Vice-President Rahul Gandhi and his sister Priyanka Gandhi Vadra.
Meanwhile, Congress senior leader and whip in the Rajya Sabha, Satyavrat Chaturvedi, told Business Standard: "We have made it clear to the government that we can allow only formal financial business, such as supplementary grants, to be taken up in the House. Apart from that, there is no question of any other legislative business, including the GST Bill, being taken up." Ghulam Nabi Azad, as well as other Congress leaders, clearly said on the floor of the Rajya Sabha that the government could not blame the Opposition for the impasse. "There has been no serious effort from the government to resolve the impasse; it has rather been arrogant," Azad said. The government's move to list the GST Bill on Monday could potentially put the Congress on the mat. If the latter chooses to continue obstructing functioning of the House, it could be labelled opposing the government's reformist agenda. However, implementation of GST requires constitutional amendment, so the members of Parliament will have to vote by pressing buttons under an electronic system - a complicated method difficult to execute if the House is not in order.
At present, the Congress has 68 MPs; the Left parties, which support the Congress, have 10; and the All-India Anna Dravida Kazhagam (AIADMK), which is opposed to GST, has 11. Last week, Prime Minister Narendra Modi had visited Tamil Nadu Chief Minister and AIADMK chief J Jayalalithaa to win her support for the Bill. If the Congress, the Left parties and AIADMK vote against the Bill, the legislation would fall by seven votes in the House of 245 members. A constitutional amendment needs two-thirds of votes in favour, in a House that has the attendance of at least half the members. The government has also mooted the idea of calling a special Parliament session to pass the GST Bill. Earlier, after the Lok Sabha passed the Bill, the Rajya Sabha sent it to a select committee. Now, if the Rajya Sabha passes it, with the select committee's recommendations, the Bill will need to be sent back to the Lok Sabha for passage. After several deadlines were missed during the previous government's term, the current is hoping to implement the indirect tax reform from April 1, 2016. K M Mani, chairman of the empowered committee of states finance ministers on GST, remains hopeful that the present deadline will be met. "Most states are on board for the GST rollout," he said. On the sidelines of an event, Revenue Secretary Shaktikanta Das also said on Monday: "We are taking all measures required to implement GST from April 1, 2016."
GST GIST
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$ 49.11 per barrel (bbl) on 10.08.2015.
In rupee terms, the price of Indian Basket decreased to Rs 3131.25 per bbl on 10.08.2015 as compared to Rs 3133.71 per bbl on 07.08.2015. Rupee closed stronger at Rs 63.76 per US$ on 10.08.2015 as against Rs 63.81 per US$ on 07.08.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on August 10, 2015(Previous trading day i.e. 07.08.2015) |
Pricing Fortnight for 01.08.2015 (July 14 to July 29, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
* 49.11 |
55.15 |
|
(Rs/bbl |
3131.25 (3133.71) |
3511.95 |
|
|
Exchange Rate |
(Rs/$) |
63.76 (63.81) |
63.68 |
* Since Oman & Dubai prices are not available due to holiday in Singapore on 07.08.2015 & 10.08.2015, the price of Indian Basket Crude oil cannot be derived. Therefore, price of Indian Basket as of 06.08.2015 has been considered.
While some Chinese textile firms have relocated to the United States, it has yet to become a trend, Texhong Textile Group Ltd. (02678.HK) chairman Hong Tianzhu said. The industry has a competitive edge in its supply chain in China, with ample room for market and technical revamps, Hong said. His comment came amid reports by domestic and offshore media on a purported trend of textile firms moving from China to the US. Hong said that in the light of the central government’s “one belt, one road” strategy, his firm will set up a cotton thread plant in Xinjiang with partners. The new plant will begin construction this year and start operating next year, he said. Meanwhile, Texhong Textile is considering expanding its production capacity in Vietnam in view of the Southeast Asian country joining the US-led Trans-Pacific Partnership. A new line for the production of 250,000 spindles per year will be built in the second half of this year and start running next year, Hong said. The firm may also invest 600 million yuan (US$95.2 million) in expanding its downstream businesses.
SOURCE: The Ejinsight
China’s foreign trade performance worsened in July with both exports and imports falling on an annual basis, customs said on Saturday, spelling more worry for the world’s second largest economy. Exports plunged 8.3 per cent year-on-year to $195.10 billion while imports dropped 8.1 per cent to $152.07 billion, it said in a statement on its website. The country still recorded a trade surplus of $43.03 billion, customs said, but gave no comparative figure. Separately, the agency said the trade surplus in yuan currency terms narrowed by 10 per cent on the year.
Exports are a key driver of China’s economic growth, while falling imports can indicate weak domestic demand. ‘China’s trade slump deteriorated further in July,’ ANZ Banking Group said in a research note. As global growth moderates and commodity prices remain depressed, he said, it will be ‘unlikely’ that China’s trade growth will pick up significantly in the remainder of the year. ‘China’s exports will continue to face strong headwinds,’ the bank said.
The latest trade figures worsened from June, when exports in US dollar terms eked out a 2.8 per cent annual rise and imports still fell but a lesser 6.1 per cent, previous data showed. A stronger yuan currency, which makes Chinese goods more expensive overseas, has hurt exports, analysts said. ‘The yuan has been stronger against the euro, and it’s hurting Chinese exports to Europe,’ Li Miaoxian, a Beijing-based economist at Bocom International Holdings Co, was quoted by Bloomberg News as saying. China’s economy, a key driver of global growth, expanded 7.4 per cent last year, its weakest since 1990, and has slowed further this year, growing 7.0 per cent in each of the first two quarters. The government has targeted annual economic growth of around 7.0 per cent for all of 2015.
SOURCE: The Global Textiles
Fiji garment industry is not the backbone of the manufacturing sector in terms of consistency, organisation and structure, but the industry is of particular significance and importance due to its rapid ascent in becoming the country's number one key export It remains a critical industry for the economy and a source of employment for the poor, according to Fiji Export Council CEO Jone Cavubati. He said that the industry employed a large number of people, the sector provided employment for more than 1000 people alone, the garment factories were expanding around the country including the recent $10million factory in Lautoka, which was great testament to the growth of the industry. In terms of export, the industry was progressing well considering the competition with Australia and New Zealand. The two countries are Fiji's main markets. Fiji can meet small orders compared with China and other Asian countries that only manufacture bulk orders. With flexible orders, Fiji could cater for the export of 10 to 1000 uniforms. The advantage is that they have daily flights to Australia so they can meet small orders — this is their major strength, Mr Cavubati said. The increase in cost was one of the major concerns for the ease of doing business in Fiji.
SOURCE: Yarns&Fibers
Finance minister Patrick Chinamasa announces removal of blankets from the Open General Import Licence for a period of 24 months, as it would boost their capacity which was welcomed by the Zimbabwean textile sector. However, the sector was quick to urge the government to be implementers of the policies not only crafters. Presenting his mid-year fiscal policy review last week, Chinamasa said that the textile industry was one of the low hanging fruits, whereby turnaround could be realized within a short period, if adequate support was availed. He proposed to introduce a Manufacturers’ Rebate of duty on critical inputs imported by approved textile manufacturers. This rebate of duty will cover spare parts, yarn and unbleached fabric, among others. He also proposed to increase customs duty on poly-knitted fabric from 10% to 40% plus $2,50 per kg.
Zimbabwe Textile Manufacturers’ Association vice-president Freedom Dube said that measures put by Chinamasa were pro-industry but urged the government to implement them. These cocktail of measures will go a long way in protecting the textile industry and their capacity is going to improve. Zimbabweans are good at crafting policies and the devil is in the implementation. They hope the responsible authorities like Zimbabwe Revenue Authority and the police would enforce these measures as stipulated. Dube is looking ahead to see that the whole value-chain of the industry would improve shortly. He said that people against the ban of second-hand clothing are being myopic. He further said that the measures introduced would help industry generate more employment needed in the country. Dube urged clothing and textile manufactures to desist from hiking their product prices willy-nilly. Chinamasa noted that the local industry has remained relatively uncompetitive, mainly due to high costs of production, obsolete equipment, lack of access to cheap finance and competition from imported products. Companies such as Karina Textiles, David Whitehead Textiles Limited, Merlin, Travan Textiles and National Blankets, which were some of the largest players in the industry, are under judicial management as the economy continues to be blighted by unrelenting turmoil. In the last decade due to the economic cruse, thousands of jobs have been lost in the clothing and textile industry in the last decade due to the economic crisis.
SOURCE: Yarns&Fibers
After almost three years and 14 official rounds of talks and many mid-term negotiations between ministers, heads of delegations and technical groups, Vietnam and the EU have reached an agreement on all basic points of the Free Trade Agreement between EU and Vietnam (EVFTA), the Ministry of Industry and Trade announced on Saturday. The EU will eliminate 99.2 percent of tariff lines for Vietnam, equivalent to 99.7 percent of Vietnamese export turnover with the remainder of export turnover enjoying zero-duty tariff rate quotas. The EU will also eliminate duties on garment, textile and footwear excluding canned tuna over a seven-year period. Vice-versa, almost all EU exports of machinery and appliances will be fully liberalized at entry once the pact comes into force and the rest after five years. Entire EU textile fabric exports will be liberalised at entry into force. The EU is currently the second biggest trade partner and one of the two largest export markets of Vietnam. Out of 28 EU member nations twenty-three member nations had invested in Vietnam by the end of 2014 with over 2,000 valid projects worth more than $37 billion.
SOURCE: Yarns&Fibers
The global technical textiles market will reach US$ 193.7 billion by 2020, amplifying at a compound annual growth rate (CAGR) of 4.5% during the forecast period 2015-2020, according to Future Market Insights’ (FMI) latest research report Technical Textiles Market: Global Industry Analysis and Opportunity Assessment 2015-2020. According to FMI, the key factors fuelling the growth of the technical textiles market include robust growth of the automotive sector in emerging markets and increase in number of end-use industries across various regions.FMI says the key challenges for the global technical textile market are high pricing of finished products and concerns about toxic waste production. Demand for e-textiles is also growing in emerging economies, and FMI estimates this trend to become more pronounced in the near future. Key players are focusing on research and development (R&D) activities to enhance the wearability of such textile materials.
The technical textiles industry is witnessing rapid innovations to meet the changing preferences of consumers. It is also expected that government support programmes will provide an impetus to the manufacture of technical textiles. FMI has segmented the global technical textiles market on the basis of product type into nonwovens, composite, and others (knitting, braiding, and weaving). According to FMI, the nonwovens segment has the largest share in the technical textiles market, accounting for 52.6% share in 2015. FMI expects this segment to expand at a CAGR of 5.1% during the forecast period 2015-2020. The composite segment held a 14.7% share of the global technical textiles market in 2015 but FMI estimates it will account for 14.4% market share by 2020. The others segment, which includes knitting, braiding, and weaving, accounted for 32.7% share of the technical textiles market in 2015. FMI estimates this segment to expand at a CAGR of 3.8% during the forecast period and reach a valuation of US$ 61 Bn. Future Market Insights is a market intelligence and consulting firm delivering syndicated research reports, custom research reports and consulting services. Its research services cover global as well as regional emerging markets such as GCC, ASEAN and BRICS.
SOURCE: Innovation in Textiles
