Patna: Aimed at making the state a textile hub, the state government, in association with the Union ministry of textiles and Apparel Export Promotion Council began a two-day Textile Investors’ Meet here on Thursday. This comes just months ahead of Bihar Business Connect 2024, a Global Investors’ Summit, to be held in December. Industry and tourism minister Nitish Mishra said the meet is aimed at making the state a textile hub, which in turn would go a long way in employment generation and development of the state’s very own resources. “The meet intends to showcase the state’s vast potential in the sector to the investors gathered from across the country. Investments in textile will further lead to employment opportunities for the local people,” said Mishra. He added that majority of youths working in textile sector were from Bihar. “If the investors set up their units here, then our people would not need to migrate to other places. And even women can be part of the workforce,” the minister said. Mishra further said the investors would find a readily available market here and that the state govt was prepared to provide all possible help to them, including land for setting up their units. “Thirty-one districts already have industrial area and there is scope for land acquisition in the rest seven districts. Land can also be made available to the investors for setting up industrial units even in the 31 districts having designated industrial area,” said Mishra. Altogether 90 investors, including 70 big companies of the country, are attending the two-day meet. Around 25 of them went on a tour of Bela Industrial Area in Muzaffarpur on the first day, said the officials, adding, even investors related to Jeevika and Mukhyamantri Udyami Yojana are participating in the event. The second day will consist of technical and plenary sessions, where investors will be given detailed information regarding Bihar govt’s policies in the sector. Union minister of textiles Giriraj Singh, along with several officials of the central govt, are expected to attend the second day of the event on Friday.
Source: Times of India
Surat: A three-day exhibition, SITEX - Surat International Textile Expo, will begin in the city from July 20. It will be held at the Surat International Exhibition and Convention Center . The 10th edition is organized by the Southern Gujarat Chamber of Commerce and Industry (SGCCI), in collaboration with the Southern Gujarat Chamber Trade and Industries Development Center and the Surat Texmach Federation (STF). Vijay Mevawala, president of SGCCI, said, “The primary aim of this exhibition is to provide the city’s textile industry with a new direction and momentum on a global scale. The exhibition, focusing on textile technology and machinery, directly benefits the developing textile industry of Surat.” The event will be inaugurated by Union Minister of State for Textiles Pabitra Margherita on Saturday.
Source: Times of India
India’s annual median GDP growth is forecast at 7 per cent for fiscal 2025 (FY25), according to the latest round of the Federation of Indian Chambers of Commerce & Industry (FICCI) Economic Outlook Survey. The industry sector is anticipated to grow by 6.7 per cent in the current fiscal. According to the survey results, the median GDP growth is estimated at 6.8 per cent and 7.2 per cent for the first and second quarters of FY25, respectively. The median forecast for CPI-based inflation is projected at 4.5 per cent for FY24, with a range between 4.4 per cent and 5.0 per cent. Regarding the Reserve Bank of India's (RBI) policy actions, economists believe that a cut in the repo rate is expected only in the latter half of the current fiscal as the RBI maintains a cautious approach while closely monitoring the inflation trajectory. The policy repo rate is forecast to moderate to 6.0 per cent by the end of FY25 (March 2025).
With the Union Budget FY25 set to be announced next week, the participating economists shared their expectations for the first major public policy announcement of the new government. They anticipated continuity in policy and further momentum in reforms already being undertaken by the government. On fiscal management and expenditure, the economists commended the government's deft handling of the fiscal side and expected such prudence to continue to ensure macro-economic stability. They suggested that the government could leverage additional resources from robust tax collections and the Reserve Bank of India's dividend transfer to increase spending on social sector schemes, particularly to support the rural economy, as per the survey. While the target for capital expenditure could be increased, no significant deviation from the ₹11.1 trillion (approximately $132.72 billion) figure indicated in the interim budget for FY25 is expected. Survey participants indicated that the forthcoming budget could focus on several key priorities. For manufacturing, the budget is expected to create a more conducive environment for industrial growth, including a review of the PLI Scheme to include more labour-intensive sectors and component manufacturing, the creation of large SEZ-like clusters with liberal land and labour laws in the domestic tariff area, and expediting labour law reforms to increase flexibility and competitiveness. Regarding employment generation and skill development, economists expect the budget to introduce comprehensive measures to boost employment and enhance workforce capabilities. Sustainable development is also expected to remain a focus, with incentives green hydrogen production and energy transition support being key requests from participants. Support for micro, small, and medium enterprises (MSMEs) remains critical, with suggestions including leveraging the Account Aggregator framework for MSME lending and extending the NPA Classification Period from 90 to 180 days to provide financial breathing room. The surveyed economists emphasised the need for MSMEs to grow in scale and size, highlighting the importance of continued support for this sector.
Source: Fibre2fashion
New Delhi: India’s aim to clock bilateral trade of $100 billion with Russia by 2030 seems achievable, think tank Global Trade Research Initiative (GTRI) said Thursday, adding that increasing exports, making local currency trading workable and a free trade agreement with the Eurasian Economic Union will help boost trade. It said that India’s main concerns are containing the $57.1 billion trade deficit and finding an effective payment mechanism for transactions with Russia. The current bilateral trade is at $65.7 billion in FY24 of which India’s exports to Russia were $4.3 billion with the share of crude oil and petroleum products in imports being 88%. “India should not worry over the trade deficit, as it is getting crude petroleum oil at cheaper than market rates from Russia and it is also cutting India's overall oil import bill,” GTRI said. As per the report, export during FY21 and FY24 grew 59%, while imports surged about 8300%. Trade deficit rose to $57.2 billion now from $2.8 billion before the war in FY21. It said that the import surge is solely due to India's strategic procurement of crude oil from Russia influenced by favourable trade terms and Russia’s need to find new markets amidst Western sanctions. India exports a diverse range of products to Russia including smartphones, shrimp, medicine, meat, tiles, coffee, parts of airplanes and helicopters, chemicals, computers, and fruits. “India has competitive advantage in these products and hence the potential to export more to Russia. India should prepare a product-level strategy to promote exports,”GTRI Founder Ajay Srivastava said. On local currency trade, the think tank said that trade cannot be settled in rupee due to limited international use of the Indian rupee and Russia’s reluctance to accumulate it beyond a limit. The US has imposed sanctions on Russia, not allowing it to use SWIFT (Society for Worldwide Interbank Financial Telecommunication) pipeline for dollar transactions. The key question for India is finding the best way to pay Russia the amount equal to $60 billion in trade deficit. Noting that local currency trading would be the best solution for which India needs to establish a transparent and open currency exchange, GTRI said: “This exchange would provide clear, market-determined exchange rates between local currencies like Indian rupee and other currencies such as the Russian rouble, Malaysian ringgit, Thai baht, or Chinese yuan”. Moreover, countries with currency surpluses, like Russia with its Indian rupee surplus from oil exports to India, could exchange their surplus for other currencies more efficiently in such a multi-currency exchange platform. It also suggested making functional the International North-South Transport Corridor (INSTC) which is a 7,200-kilometer multi-modal route linking India with Iran, Azerbaijan, Russia, Central Asia, and Europe. It would reduce transit time between India and western Russian ports from 45 to 25 days and cut freight costs by 30% compared to the Suez Canal route. INSTC, despite these advantages, has limited use due to underinvestment in infrastructure, according to GTRI.
Source: Economic Times
Synopsis Consulting firm EY and industry group Assocham recommend the Indian government develop e-commerce export policies and integrate them into free trade agreements to achieve $200-300 billion in exports by 2030. Their report proposes cheaper financing, raising the courier consignment limit to $50,000, simplifying customs, and establishing E-commerce Export Hubs (ECEH) across the country. Consulting major EY and industry group Assocham have suggested the government to develop national and state-wise e-commerce export policies and include e-commerce exports in India’s free trade agreements. To achieve $200-300 billion in ecommerce exports by 2030, the two organisations, in a report on Thursday, proposed cheaper financing through priority sector lending for such outbound shipments and increasing the consignmentlimit via courier route to $50,000 from $12,000 now. The report titled ‘Enabling e-commerce exports from India’ has recommendations on easing customs procedures, enabling robust reconciliations and payment settlement mechanisms and various policy interventions to push e-commerce exports which are estimated at $4-5 billion in FY23 accounting for 0.9-1.1% of India’s total merchandise exports. The report compares best practices followed in China where the consignment limit for e-commerce exports is $50,000, cross-border e-commerce pilot zones established to expedite customs clearances through a ‘green channel’, simplified export procedures like release-from-manifest and consolidated declaration, and preferential policies, warehouse facilities, and benefits including lower income tax in these zones.
Source: Economic Times
The Hirdaramani Group, a top name in apparel manufacturing, is investing Rs. 10 billion in a new eco-friendly textile mill called ‘Mihila Tex’ in Pannala. This plant aims to boost Sri Lanka’s reputation as a hub for sustainable apparel. Partnering with China’s Hengda Textiles, the new mill will help reduce the need to import raw materials and support local production. This move is part of Hirdaramani’s plan to grow its business and provide better apparel solutions worldwide.Vinod Hirdaramani, Chairman of the Hirdaramani Group, highlighted the importance of this investment for the company’s growth and the positive impact on the community, providing jobs for over 800 people. Zheng Jianfan, Chairman of Hengda Textiles, is excited about the partnership, expecting it to offer sustainable and advanced apparel solutions worldwide.
‘Mihila Tex’ is set to open by 2025, marking a big step towards a greener future for apparel manufacturing.
Source: Apparel Resource
The three-day fair, which opened on Tuesday, has gathered hundreds of textile and garment suppliers and designers.
Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations, said Vietnamese textile and garment companies have a great chance to expand their market share there. He underlined the opportunity to meet potential customers, learn about fashion trends, and discover new ways to meet the demands of selective markets like the US. Giang suggested that Vietnamese associations and businesses continue to coordinate closely with Vietnamese representative agencies in the US to promote Vietnamese products to the local market, create momentum for Vietnam’s textile and garment industry, and strengthening trade relations between the two countries.
Source: Vietnam.in
China at forefront of textile industry trends, sustainability
From yarns and fabrics to finished garments and home products — each stitch connects China's textile industry to the world. This week, more than 500 Chinese companies are displaying their latest innovations and sustainability efforts at a major industry event at the Javits Center in New York City. The 25th China Textile and Apparel Trade Fair, Texworld New York City, Apparel Sourcing New York City, and Home Textiles Sourcing Expo New York City are participating in the three-day exhibition at the sprawling convention center in Manhattan, which started on Tuesday. It primarily focuses on two major themes: "Future Trends" and "Sustainability". More companies are joining the eco-friendly movement; 137 Chinese companies have environmentally friendly certifications, about 29 percent of participants. The semiannual exhibition is jointly organized by the Sub-Council of Textile Industry, China Council for the Promotion of International Trade (CCPIT), and Messe Frankfurt North America. More than 700 enterprises from 22 countries and regions will converge in an exhibition area of more than 21,500 square feet (20,000 square meters). Long lines formed in the registration area, made up of buyers from the textile and apparel industry, including retail giants Target, Macy's, Walmart, JCPenney, Athleta, American Eagle and Ralph Lauren. Chinese companies also featured those companies' logos at their booths, indicating who buys their products. "We have participated in this exhibition for more than a decade. The biggest change we've seen is the gradual upgrading of the Chinese textile industry," said Sheng Wubin, CEO of Ningbo Mondiland Fashions, a maker and distributor of men's suits and coats. "We are now producing more advanced products, with faster response times in product development, higher technical requirements and superior quality," Sheng told China Daily. The company has annual revenue of $30 million, with markets in the Americas, Europe and Japan. "Ningbo is the hometown of tailors. Our local industry integrated with the development of Ningbo and Shanghai very early," he said. "In the 1920s and 1930s, we introduced many Italian, Japanese and German suit-making technologies and equipment into our garment town, forming a complete system." Sheng said that the company's greatest strength "lies in our understanding of different markets and meeting their stylistic needs with significant changes and improvements".
"Ningbo's strong supply chain has also provided us with substantial support," he said. "We hope to see Chinese diplomats wearing suits designed and made in China on the international stage." Zameer Syed, the operational director of SNS Fashion Ltd, noted that speed of delivery and fabric innovation are strengths of the Chinese manufacturers. SNS, which started operations in China in 2002, supplies fabrics to most US apparel branches. "All the Chinese supplies are not regular supplies; they have innovations and sustainability," Syed said. Constantin von Vieregge, president and CEO of Messe Frankfurt, said: "There was always the 'stigma' that Chinese exhibitors are lower quality, the cheap fashion. But that has changed completely over the years. So you can see they're getting better and better from a quality perspective."
The company has been cooperating with the CCPIT for years, bringing Chinese companies and exhibitors to North America, France, Brazil, and Singapore as well as international exhibitors to Shanghai.
The locations are hubs of international sourcing for yarns and fabrics and serve as selling windows for knitting, hosiery, sports and outdoor wear and digital intelligence technology in the industry. "It [the partnership with China] is a very, very important one for us because obviously, the Chinese economy is such a strong economy; there are so many great exhibitors," von Vieregge said. "Everybody needs clothes, and we all need affordable clothes." Von Vieregge said "the consumer wins" in a competitive situation.He said that having so many Chinese companies participating in the global textile market is not overcapacity but vibrancy. "The demand will regulate the market," he said. "The strongest partner, or the strongest company, will always win." "Now we see there are more and more coming from Chinese exhibitors, the awareness about sustainability and you can see every year it's getting better and better," von Vieregge said. Erin Baker, a fashion student from Kent State University, told China Daily that it's been "really cool to see, just different kind of ways people are trying to implement sustainability into their brands". "They were able to kind of show us insight into how more brands are the more sustainable, what is behind the scenes," she said. "Sustainability is a trend." Gigi Marinho, also a fashion student at Kent State, said she was "wowed" watching a demonstration of the design and manufacturing process of a Chinese textile company. China's textile and apparel exports totaled $115.84 billion from January to May 2024, a 1.4 percent increase over the same period in 2023, according to the General Administration of Customs. In May, export value exceeded $26 billion, a year-on-year increase of 4.5 percent. Exports to the United States rebounded, growing by 9 percent year-on-year, while exports to ASEAN countries saw a jump year-on-year of 21.3 percent.
Source: China Daily
ISLAMABAD: Textile and clothing exports posted a modest growth of 0.93 per cent in FY24, indicating that the sector may not be able to compete with regional rivals due to the implementation of harsh taxation measures in the current fiscal year. The impact of the highest-ever energy cost is evident in the export results for June, which fell 3.91pc from the previous year, according to Pakistan Bureau of Statistics data issued on Thursday. Former commerce minister Gohar Ejaz told Dawn on Thursday that textile and clothing exports have stayed the same in the last two years despite having a $25 billion installed capacity. He added that exports from the same sectors had been static for the past two years. Mr Ejaz stated that to increase the country’s exports, the government must give competitive energy rates, drawbacks on taxes, and sales tax refunds.
Taxation measures may hurt sector’s performance in 2024- 25
In absolute terms, textile and clothing exports up 0.93pc to $16.55bn in FY24 from $16.50bn in the corresponding period of last year. In June, the export proceeds of textile and clothing fell to $1.41bn, a decline of 3.91pc from $1.47bn over the corresponding month of last year. On a month-on-month basis, exports dipped 9.23pc. The government has introduced various measures, including increasing the tax rate on exporters’ personal income in 2024-25. The impact of these measures will be visible in the coming months. The PBS data showed that exports of readymade garments rose 2.05pc by value in FY24 and 1.99pc by quantity, while knitwear dipped 0.66pc by value but grew 41.44pc by quantity. Bedwear posted a growth of 4.12pc in value and 15.27pc in quantity. Towel exports rose 5.55pc in value and 14pc in quantity in FY24, whereas cotton cloth went down by 7.72pc in value but rose 16.15pc in quantity, respectively. The import of textile machinery declined by 5452pc in FY24, indicating that expansion or modernisation projects were not a priority.
Source: Dawn
Exports have continued with the negative performance even during the month of June, influenced by the weak results of the groups of food products and textiles and shoes, influenced by the devaluation of the euro and by the drop in prices due to overproduction in Europe for agricultural products. According to INSTAT data, in June 2024, exports of goods reached the value of ALL 35 billion, decreasing by -8.9%, compared to the same period a year ago. The pace of decline has slowed compared to May, when the annual contraction was 12.4%. In April 2024, exports of goods had increased for the first time in many months by 1.8% on an annual basis. In March, exports had shrunk by 21%, in February by -16.1% and in January by 29.2%. During the month of June 2024, the reduction of exports by -8.9% was influenced by the following groups: "Food, beverages, tobacco" with -6.0 percentage points, "Textiles and shoes" with -4.6 percentage points, "Materials construction and metals" with -0.8 percentage points, etc. The group: "Other" had a positive impact with +4.2 percentage points. For six months, exports have recorded a strong contraction. According to INSTAT, in this six-month period, exports of goods reached the value of ALL 199 billion, decreasing by -14.9%. For the 6th month, the groups that have influenced the annual decrease in exports are: "Textiles and shoes" with -5.4 percentage points, "Minerals, fuel and electricity" with -5.2 percentage points, "Construction materials and metals" with -2.2 percentage points, etc.
Textiles and shoes continue the downward trend
In June, textile and footwear exports, the largest export group in the country (with 27.8% of the total), fell by 15.8%. For the 5th month, textile-shoe exports were 55.4 billion ALL, with a contraction of 18.6% on an annual basis.
The industry continues to suffer the consequences of many factors, such as the increase in costs that has caused partners to move to the Middle East, reducing orders, and especially the devaluation of the euro, which reduces their income when converted to lek. For the period January-June 2023, one euro was exchanged on average for 114 ALL, according to the exchange rate of the Bank of Albania, while for the same period of this year it is exchanged for 102.5 ALL, or almost 10% less. This situation is forcing many factories to close, according to announcements from the Association of Exporters.
Source: voxnews
EXTILE artists and their creations are in the spotlight once again as the Bendigo Annual Artisans Fibre Fair takes place from today until Sunday.Now in its 11th year, the fair is at the North Bendigo Bowls Club in Fenton Street and is open from 10am to 5pm today, 9am to 5pm tomorrow and 9am to 2pm on Sunday. Ten textile artisans from around the region are participating, offering demonstrations, supplies, kits and retail stalls. Among those represented are Kaye Adolphson Designs and Yarns, Pure Wool Handknits, The Sock Maker, Changeling Coloured Yarns and Tumbly Downs Mohair. Crafts on display include spinning, weaving, knitting, crochet, basket-making, hand-dyed gradient wool and silk yarns, and Australian cotton sliver and lint.
Garments will be on display at the fair.
An angora rabbit breeder who produces fibre and yarn and an angora goat breeder who hand-spins, weaves and dyes mohair are also demonstrating their skills, while socks created on an antique circular sock-making machine are on show. Snacks and refreshments are available from the fair’s ‘Baa Maids.’ Fair co-organiser Lisa Howard said the objective is to showcase smaller independent operators and their handmade creations. The fair complements the Australian Sheep and Wool Show and the Bendigo Woollen Mills but is not formally affiliated with them. Ms Howard said the fair regularly drew visitors from throughout Victoria and even interstate, and could inspire people to take up textile hobbies or resume them if they had been active in the past. “Newcomers to textiles through to experienced crafters are catered for in a warm and relaxed space,” Ms Howard said. “Lovely home-cooked food, tea, coffee, toilets and somewhere to sit helps visitors relax and enjoy. “Whether you enjoy your own textile passions or appreciate quality, handmade designs, the Bendigo Artisans Annual Fibre Fair has something for everyone.”
Source: Times News
