The Finance Ministry has done away with certain export promotion incentives on cotton, cotton yarn exports. The apparent surge in export value of these products in recent years has prompted the Government to remove these export promotion incentives for these products, official sources said.
Cotton yarn exports will also not be eligible for benefits of incremental export incentive scheme.
The Punjab government has signed a memorandum of understanding with the Chinese group, Shandong Ruyi Group for investment of $2 billion in the Pakistani textile sector to establish a textile industrial zone near the motorway.
The agreement was signed by Punjab Investment Board Vice-Chairman Maratab Ali and Shandong Ruyi Group Chairman Yafu Qui on Friday, and witnessed by Punjab Chief Minister Shahbaz Sharif, Punjab ministers Mujtaba Shujaur Rehman, Muhammad Shafiq, and senior officials of the Chinese firm.
The constant demand from leading spinners for quality cotton has maintained rising trend in lint prices. However, on the other hand slow arrivals of phutti (seed cotton) have kept trade volume from gaining momentum.
Consequently, there is constant rise in phutti prices which resulted in higher lint prices. The Punjab variety cotton is mostly being quoted between Rs6,800 to Rs7,300 per maund and phutti prices in the range of Rs3,000 to Rs4,000 per 40 kg.
The Union Ministry of Textiles in association with the Silk Mark Organisation of India (SMoI) and Madhya Pradesh Silk Federation has organized exhibition, an attempt to raise awareness among the customers about genuine silk products. The Prakrit Saree Expo started on Thursday at the Hotel Mayfair here and will continue till January 13.
Nike Inc., sports apparel brand opens its water-free dyeing new facility at its Taiwan-based contract manufacturer Far Eastern New Century Corp. (FENC) and will be implementing the Netherlands-based DyeCoo Textile Systems BV's recycled supercritical carbon dioxide (CO2) dyeing technology to dye polyester fabrics.
Saluzzo Yarns, Sinterama Group, Saluzzo (Cuneo) has announced that a number of European fashion brands have now chosen its Newlife yarn, a recycled polyester filament yarns made from 100% post consumer plastic bottles, for their Spring/Summer 2014 collections.
The Zimbabwean government targeting to increase cotton output from 140,000 tonnes last year to 180,000 tonnes this cropping season expecting increase in local demand, Zimbabwean news agency New Ziana reported.
Strategies for reviving the textile industry and value addition and financing from the banking sector are expected to boost local demand for cotton and production.
However, Zimbabwe may fail to meet its target of producing 180,000 tonnes of cotton this year due to shortage of agricultural inputs and late onset of rains, an official said Friday.
After four days of dull and slow trading activity, new and transformed buying interest was observed on the cotton market on Friday with some ginners rushing to set out of their stocks at rising prices.
Many spinners who were keen to replenish their stocks with quality lint readily paid up deals even at higher prices which help generate trading activity.
Good news for the cotton industry, Gulf Coast Spinning Co., plans to invest $130 million in a new cotton spinning facility on 43.5 acres at the Bunkie Industrial Park, in central Louisiana. Construction will begin in mid-2014.
The plant is the second phase of a project that included the opening of a Zagis USA spinning facility in Lacassine that employs 79 people in Jefferson Davis Parish. The Zagis mill costs $20 million.
At 500,000 square feet, the Bunkie cotton spinning mill will hire more than 200 employees by the end of 2015 and 307 people in 2016, according to the newspaper.
China has been the hub of garment manufacturing and its goods are supplied across the world — but they are now culling at least some processes in the chain. Much of the cotton used by China to manufacture the garments was imported from India, 80-90% of which came from Gujarat.
But now importing cotton and making yarn is seen no longer viable in China with the rising labour cost, would be now reducing cotton purchase and shifting to the value-added yarn from Gujarat, India.
