News Tags

Related Keywords: affecting powerloom sector, cotton price, declining slowly, demonetization, Erode Powerloom Owners Association, fix price, high production cost, huge quantity of cloth, of All Traders and Industries Association, power looms in Erode closed down, powerloom owners, stability of cotton and yarn prices, Textile Ministry

Cotton price that stood at Rs 52,000 a bale (172 kg) some months back has started declining slowly which is now available at Rs 46,000 to Rs 48,000 a bale. A steep decline in yarn prices is affecting the powerloom sector. About 2,000 of the about 10,000 power looms in Erode and surrounding areas closed down in the last three days, with the danger of many more following suit, according to a senior official of Erode Powerloom Owners Association.

Related Keywords: becoming uncompetitive, Chinese labour intensive industries, Chinese textile firms keen to establish joint ventures, focusing on research, high production cost, no information of import patterns in China, Pakistan Hosiery Manufacturers Association, Pakistani companies, shifting manufacturing to other locations, textile value-added sector

Chinese textile firms showing keen interest to establish joint ventures with Pakistani companies, as China’s labour intensive industries were becoming uncompetitive due to high production cost, which is why they were shifting manufacturing to other locations and focusing on research, according Ahsan Iqbal, federal minister for planning, development and reform.

The minister at a meeting with the members of the textile value-added sector, said that if they are able to have joint ventures with them, it will benefit the businessmen of both the countries.