Indian mills catering to the Chinese market likely to get hit with china taking decision to increase spending on farm subsidies by 10 percent to boost yarn production as cotton will be available to Chinese spinning mills at a cheaper rate.
Pakistan eyeing bigger share of global textile market, the Federal Board of Revenue (FBR) has notified new rates of duty drawback on export of textile and allied products. According to notification (SRO754 of 2014) issued on Tuesday, the new rates will be effective from Aug 21.
The FBR has also issued another notification to allow new rates of duty drawback to exporters retrospectively from Jan 1 as well.
In the current budget, the Pakistan government announced textile package to be effective from July 1 to provide relief for the textile exporters.
At present, Vietnam is the world’s third largest importers of textiles and ranks fifth on the list of the largest suppliers of garment products. On the other hand, India is the world’s second largest producer of input materials for the textile and garment industry, such as cotton, cloth and fiber. Keeping this in mind, the Indian textile and garment material suppliers have drawn up a plan to raise their market share in Vietnam to 25 percent by 2018.
Egypt's economic ministers takes a move to encourage domestic industries to purchase Egyptian cotton as well as support local farmers by giving approval to raise the subsidy for spinning companies (Private and state-run) to purchase abundant Egyptian cotton to become LE350 per quintal instead of LE200 ahead of harvest season in September. This was announced the ministry of, industry, trade and Small and Medium Enterprises (SMEs) in a statement on Tuesday.
Indian weaving and design methods, songket textiles were brought in to trade or as gifts for the sultan and his entourage as early as the 15th century in Malacca. Hand-woven from silk or cotton and intricately patterned with gold or silver thread, songket is a fabric that belongs to the brocade family of textiles of Indonesia, Malaysia and Brunei.
Textile & Apparel sector in India is an important contributor to the national economy in terms of direct and indirect employment generation and net foreign exchange earnings, contributing 4% to India’s GDP in 2012, the sector has also attracted direct foreign investments worth USD 1.11 billion from April 2000 to February 2014.
Currently, the overall textile and apparel sector accounts for about 24% of world’s spindle capacity and 8% of global rotor capacity and is expected to touch USD 223 billion by 2021.
Japanese company Nitura that planned to build a textile complex with units for spinning, weaving and apparel manufacture in the city of Nacala-Porto, in Mozambique’s Nampula province has announced the postponement of the project, apparently, due to a lack of security in some areas of Sofala province.
The project also included opening a cotton-based raw materials production centre, in Malema district, on a 4,000-hectare plot, to produce the cotton needed for the textile complex to operate and a seed-cotton processing factory in Nacala-Porto.
Restoration of all of industrial units, beginning with textile industry existing in three locations within the country (Luanda, Benguela, and Dondo), as well as to provide plant facilities and carry out installation work has been taken up which involves investment to the tune of US$2 billion, is entirely funded by the Angolan state.
Pakistan textile and clothing products exports witnessed escalation by 5.96 per cent in July-May 2014 from a year ago, mainly owing to a trivial increase in export of value-added products. But only nine textile products witnessed positive export growth among all textile and clothing categories.
In May, exports of textile and clothing saw a marginal growth of 1.19percent over the corresponding period of last year.
With various problems being faced by small spinners, President, K Thirunavukkarasu of South India Spinners Association (SISPA) has urged Textile Commissioner Kiran Sony Gupta to make sure that quality raw material, cotton is made available at reasonable price level without much instability.
SISPA wants the textile ministry to maintain a stock to use ratio of 50 lakh bales of cotton stock till the end of the cotton arrival season to meet the needs of the spinning sector.
