Indian textile and apparels exports in the first six months of the current financial year 2013-14 as per the latest data revealed by RBI earned nearly 15 billion dollars (around Rs 92,926 crores). Of the total 14.935 billion dollars exports, textile and garments contributed about Rs 92,358 crores during the first half of the current fiscal year, with readymade garments accounting for 7.074 billion dollars (Rs 43,745 crores) of the same.
Winsome Yarns Ltd, a Chandigarh-based yarn manufacturing company said that it has mandated a Singapore-based merger and amalgamation (M&A) consultant to scout for a joint venture partner or strategic investor for its knitting division.
In the filing to the BSE, Winsome Yarns said that the discussions are in advanced stages of negotiation with two parties who intend to acquire majority stake in the knitting division of the company.
In May 2013, the firm had decided to undertake an internal restructuring in order to improve efficiency and achieve better financial management
Iran is the leading exporter of hand-woven carpets. Persian rugs are highly in demand for their intricate design and skilled craftsmanship. Iran has exported 80 percent of its hand-woven carpets to the international markets, Director of Coordination Department of Carpet Management Organization Lotfi Afshar said.
He pointed out that Hand-woven carpet is an absolute advantage (for Iran) and this is the only good in the world led by Iran. Carpet-weaving is undoubtedly one of the most distinguished manifestations of the Persian culture and art, and dates back to ancient Persia.
US cotton production is raised 118,000 bales from last month, due mainly to an increase for Texas with domestic mill use remaining unchanged. But exports are raised to 10.5 million, leaving ending stocks unchanged at 3.0 million bales. To reflect higher production, the U.S. cotton estimates for 2013/14 are revised slightly.
The marketing-year average price is projected in a narrower range of 72-77 cents per pound, with the midpoint of 74.5 cents raised marginally from last month.
In Faisalabad, approximately 250,000 power looms and 80,000 auto shuttle looms are working. Most of these powerloom needs upgradation to product quality products with the grant of the Generalised Scheme of Preferences (GSP) Plus status by the European Union to Pakistan.
The major obstacle in the way of owners of outdated power looms is the lack of credit line – a necessity for upgrading their machinery to meet the growing demand for grey fabric in European markets.
The Bangladeshi home textile exports have declined due to political unrest and inadequate supply of gas in the dyeing factories. Hampering production and compelled them to spend more to generate energy by alternative means. It has seen a 6% decline in the first half of the current fiscal year. It also fell 9% short of the period’s target of $388.21m. The home textile export target was set at $831 for the whole fiscal.
In July-December period of the FY2013-14, home textiles fetched $350.20m, which is 6.30% lower compared to $375m for the same period of previous fiscal, EPB data showed.
Indian cotton exports look bright with sudden spurt in Pakistan’s cotton imports from India which is likely to see a rise mainly due to the recovery seen in rupee value and production of lower volumes of prime quality cotton produced in Pakistan this year. Experts are also of the opinion that Pakistani spinning mill owners prefer high quality Indian cotton compared with that from the US or Brazil, moreover the cost and transportation time in case of Indian cotton are much lower. Indian origin cotton is also receiving good export orders from Bangladesh as well.
Cooptex, the state handloom weaver's cooperative society had declared Friday as Veshti Day with the idea for promoting the handloom industry, prompting all male employees in government offices to go to work in traditional attire consisting of the white shirt and veshti.
Cooptex officials said that they were encouraged by the tremendous response they received from the public. The sales in the past one week is double that of the previous year, said G Rajasekaran, regional manager, Cooptex, Coimbatore.
Beijing is expected to begin to shift to crop subsidies as early as this year, gutting the stockpiling program that has driven up domestic prices and put a floor under global ones.
According to Jarral Neeper, president of Calcot, a growers co-operative and one of the largest US exporters, China's cotton imports may drop as much as 45 percent in 2014/15 as Beijing ends its stockpiling program and starts reducing its huge inventories.
This year, Vietnamese garment exports are expected to hit $10 billion and reach $20 billion before 2020, as its current, garments exports accounts around 8-9 percent of market share in the US.
According to Le Tien Truong, deputy chairman of the Vietnam Textile and Apparel Association, Vietnamese garment exports to the US market in 2013 grew 14.2 percent to nearly touch US$8.6 billion though garment imports into this market merely rose 3.6 percent compared to the previous year.
In 2013, garments contributed more than one third to $25 billion exports of Vietnam to the US market.
