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Related Keywords: BASF, chemicals, earning, Economy, export, material, pre tax, slowdown

Chemicals group BASF has reported revenues of €46.5 billion for the first nine months of 2019, a fall of 2% on the figure for the corresponding period last year. Its pre-tax earnings were down by substantially more, falling by 34% year on year to reach €3.7 billion.

The group said it had had a “significantly lower contribution” from its materials segment, which brought in revenues of €8.8 billion over the nine-month period, a decline of 15%.

Related Keywords: Diesel, export, Fuel, government, import, India, labour, manufacturing, merchandise, petroleum, product

Merchandise exports in September fell by 6.6% to $26 billion. Exports during this fiscal have fallen 2.5% to $159.6 billion. The most worrying part is that labour-intensive exports, which create employment in large numbers, have been falling. Mint examines this decline.

Which sectors haven’t done well in exports?

Related Keywords: African, Agriculture, cotton, export, Malian, raw cotton, Textile, World Trade Organization

Major African cotton producer Mali expects to increase output to 1 million tonnes annually within two to three years as it mulls new cotton varieties to boost yields, its agriculture minister said in an interview on Monday.

Mali is targeting a record 2019/20 cotton crop of 800,000 tonnes this year which is expected to make it the top producer in Africa, edging out rival Burkina Faso.

Related Keywords: export, government, GST, India, manufacturing, taxes, Textile Industry, value chain

The textile industry has sought immediate release of refunds under various government schemes to ease the liquidity crunch faced by manufacturers and exporters.

In a joint memorandum presented by seven national-level textile associations and major export promotion councils to the Union Government, the industry said that since the units are facing acute liquidity issues, the government should take steps to release the refund arrears under programmes such as ROSL/ROSCTL, Duty Drawback scheme, GST refunds, and Technology Upgradation Fund scheme.

Related Keywords: export, fabrics, Imports, Indonesia’s Trade Ministry, synthetic, Textile, yarns

Indonesia’s Trade Ministry will tighten restrictions on textile imports in an effort to protect local industries, an official told reporters on Friday.

The ministry will require all textile importers to gain approval from the government before they can ship in textile goods, foreign trade director general Indrasari Wisnu Wardhana said.

The revision to regulations is targeted to be issued before President Joko Widodo, who takes office for the second term on Oct. 20, appoints new cabinet ministers, he said.

Related Keywords: apparel, China, export, fibre, Intertextile, production, Shanghai, Textile

The vice-president of China’s National Textile and Apparel Council, Xu Yingxin, has said the textile industry is still one of the pillars of the Chinese economy and provides employment to more than 20 million people there.

Speaking at the Intertextile Shanghai exhibition at the end of September, Mr Xu said that, in 2018, China’s total mill fibre consumption reached 54.6 million tonnes and fibre production exceeded 50 million tonnes, accounting for more than two-thirds of global fibre production.

Related Keywords: apparel, Asia, China, export, fabric, fashion, garment, Lectra, technology

Lectra unveiled its flagship Industry 4.0 solutions for Asia — Fashion On Demand by Lectra and Furniture On Demand by Lectra — as well as the new VectorAutomotive iP9 fabric-cutting solution for automotive seating and interiors this week, at the 2019 edition of the China International Sewing Machinery and Accessories (CISMA) exhibition in Shanghai.

Related Keywords: Africa, apparel, Europe, export, fabrics, future, Klopman, manufacturing, Servworx, South African, workwear

Klopman, a leading European producer of fabrics for workwear, has announced its entrance into the South African market. This follows an agreement to form a partnership with Servworx, the second largest workwear rental company in South Africa.

Servworx is a new generation services company with a significant presence in the healthcare, hospitality, manufacturing, mining and construction, and security sectors. Servworx is Klopman’s inaugural African partner/customer, with the continent projected to be “a key driver of future global economic growth”, according to the manufacturer.

Related Keywords: China, consumer, cotton, export, futures, production, Textile, trading, Zhengzhou Commodity Exchange

Cotton futures closed lower Thursday on the Zhengzhou Commodity Exchange (ZCE).

The most active cotton contract for January delivery lost 85 yuan (12.02 U.S. dollars) to close at 12,890 yuan per tonne.

On Thursday, the total trading volume for 6 listed cotton futures contracts on the ZCE was 292,860 lots with a turnover of 18.93 billion yuan.

As the world's largest producer, consumer and exporter of textile, China listed cotton futures on ZCE in June 2004, helping cotton-related enterprises hedge the price risk.

Related Keywords: China, cotton, export, home-textile, India, retail, Textile, trade, US

The trade conflict between the US and China may be unsettling global trade. But home-textile exporters from India see a silver lining, though benefits could be insignificant if US demand remains subdued.

Indian companies expect to benefit from the imposition of US duties on imports from China. Beginning September, import duties will kick in on home textiles, including towels and sheets.