The recently signed India-UK Comprehensive Economic Trade Agreement (CETA) by the Hon'ble Prime Minister of India, Shri Narendra Modi, and the Prime Minister of the United Kingdom, Mr. Keir Starmer, marks a transformative milestone in strengthening economic and trade ties between the two countries. The Agreement offers 100% duty-free market access for Indian exports to the UK, covering 99% of the UK's tariff lines, thereby unlocking new opportunities for several sectors, particularly Technical Textiles. Bhadresh Dodhia, Immediate Past Chairman of MATEXIL (Manmade Fibre and Technical Textiles Export Promotion Council), who was part of the High-Powered Business Delegation accompanying Prime Minister Modi to the UK, said "This historic agreement is poised to open substantial new market opportunities for India's Technical Textiles sector. India will now enjoy a significant competitive edge over China in this domain, as China does not have any FTA with the UK."
The UK currently imports Technical Textiles worth over USD 7 billion annually. India, with its growing capabilities, can scale up its exports in this segment from USD 240 million at present to over USD 1 billion by 2030.
haleen Toshniwal, Chairman, MATEXIL, welcomed the CETA and emphasized that key sub-segments such as Agrotech, Geotech, Hometech, Indutech, Packtech, and Sportech are poised for strong growth under the agreement, citing India's cost competitiveness and manufacturing strength. Further , he added that "With the removal of tariff barriers, Indian exporters can now significantly enhance their footprint in the UK across high-potential categories like medical textiles, protective wear, geo-textiles, industrial fabrics, and agro-tech textiles."
India already possesses the technical capability to produce high-performance textiles in line with global standards. The India-UK CETA will allow Indian manufacturers to compete on equal terms with global players in the UK market. MATEXIL, which is entrusted with the export promotion of both Manmade Fibre Textiles and Technical Textiles, is actively collaborating with industry stakeholders and the Ministry of Textiles to:
- Identify priority export products,
- Support compliance with UK regulatory and sustainability standards, and
- Facilitate buyer-seller linkages and certification support.
Bhadresh Dodhia further advised exporters that "Until the agreement is fully implemented, Indian Technical Textile exporters should proactively study UK market requirements, technical standards, and sustainability norms to better position themselves and maximize the benefits of the CETA." To support the industry, MATEXIL will soon be organizing outreach programs, B2B meetings, and market intelligence sessions to ensure that Indian exporters are well-prepared to capitalize on the immense opportunities offered under the India-UK CETA.
Source: Business Standard
India's services sector surged to an 11-month high in July, fueled by robust international demand and sustained domestic sales, according to the HSBC India Services PMI. The index rose to 60.5, marking four years of expansion. New export business saw significant growth, while finance and insurance led service categories.
Source: The Economic Times
India strongly protested against potential US tariffs for importing Russian oil, arguing that it's essential for affordable energy and national interest. The Ministry of External Affairs highlighted that the US and EU are unfairly targeting India while maintaining significant trade ties with Russia themselves, including energy and critical materials. India emphasized its role in stabilizing global energy markets.
Source: The Economic Times
India is set to launch a ₹20,000 crore Export Promotion Mission by September, aiming to protect exporters from global trade uncertainties. The initiative, driven by multiple ministries, includes measures for easy export credit, tackling non-tariff barriers, and promoting Brand India. This plan seeks to mitigate the impact of the US's 25% tariff on Indian goods and boost overall export competitiveness.
Source: The Economic Times
A recent report by the Global Trade Research Initiative (GTRI) indicates that US President Donald Trump is unfairly targeting India over Russian oil imports while overlooking China, the largest buyer. The report refutes Trump's claim that India is reselling Russian oil for profit, clarifying that India exports refined petroleum products, not crude oil.
Source: The Economic Times
Indian rupee opened at 87.85 against the US dollar on Tuesday, weakening due to rising US-India trade tensions following President Donald Trump's renewed tariff threats. RBI intervention is believed to have prevented a fall beyond the record low of 87.95.
The Indian rupee opened weaker on Tuesday, pressured by heightened U.S.-India trade tensions following President Donald Trump’s renewed tariff threats.
The currency managed to avert a drop past the record low of 87.95 to the dollar, likely due to intervention by the central bank, traders said.
Rupee opens at 87.85.
The rupee opened at 87.85, compared to 87.6550 on Monday. At one point, the non-deliverable forward market had indicated that the rupee would weaken past 88 at open.
Source: Financial Express
Turkiye’s manufacturing sector lost further momentum in July as muted demand conditions resulted in more pronounced slowdowns in new orders and output, according to S&P Global Ratings. Manufacturers, in turn, scaled back their staffing levels and purchasing activity, and made efforts to limit inventory holdings. Currency weakness was a key factor leading to further increases in input costs and output prices. The headline Istanbul Chamber of Industry Turkiye manufacturing purchasing manager’s index (PMI) fell for the third consecutive month in July, posting 45.9 from a reading of 46.7 in June. The index signalled a marked moderation in the health of the sector, and one that was the most pronounced since October 2024. Business conditions have now eased in each of the past 16 months, a release from S&P Global Ratings said. A key theme of the latest survey was the muted nature of customer demand. This resulted in a twenty-fifth consecutive monthly easing of new orders, with the latest moderation the most pronounced since March. Demand conditions in international markets were also subdued, and new export orders slowed again accordingly. With new orders easing, manufacturers consequently scaled back their production. Here too the pace of moderation quickened, resulting in the most pronounced slowdown in output for ten months. Stocks of purchases eased to the largest degree since October 2024, while stocks of finished goods were depleted markedly following a slight rise in June. Muted demand for inputs helped suppliers to speed up their deliveries, with lead times shortening for the fourth time in the past five months.
Manufacturers posted a further sharp increase in input costs during July, often linked by panellists to currency weakness. The pace of inflation eased to the slowest in 2025 so far. Selling prices meanwhile rose at a slightly faster pace than in June, albeit one that was relatively modest as some firms lowered charges amid efforts to secure sales.
Source: Fibre2fashion
Statistics Netherlands (CBS) has reported that output prices for Dutch-manufactured products were 0.2 per cent lower, on average in June 2025 relative to one year previously. In May, prices were 0.6 per cent higher year on year (YoY). Output prices are generally strongly influenced by the price of crude oil. In June 2025, a barrel of crude cost nearly €61 (~$70.6), over 21 per cent less than in June 2024. In May 2025, the average price of a barrel of North Sea Brent crude stood at €57, nearly 26 per cent less than in May 2024.
YoY, prices for petroleum derivatives were down by 15.8 per cent in June, while in May they were down by 21.2 per cent, CBS said in a release. In June, output prices rose by 0.4 per cent compared to May. Prices on the export market increased by 0.3 per cent, while domestic prices rose by 0.4 per cent. Output prices for chemical products were 2.6 per cent lower than in June 2024; in May, they had declined by 3.5 per cent YoY.
Source: Fibre2fashion
Vietnam’s manufacturing sector returned to growth in July, buoyed by a rebound in domestic demand, even as export weakness persisted due to US-imposed tariffs. The S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) rose sharply to 52.4 in July from 48.9 in June, moving back above the neutral 50 threshold for the first time in four months and marking the strongest improvement in business conditions in nearly a year. The upturn was driven by renewed growth in new orders, which expanded at the fastest rate since November last year. Companies linked the rise in new business to improving customer demand, though they noted that US tariffs continued to weigh heavily on exports. Overseas orders contracted for a ninth consecutive month.
Stronger domestic demand supported a marked increase in output, which rose for the third straight month and at the quickest pace in 11 months. This production growth spurred a rebound in purchasing activity, which expanded at its fastest rate since August 2024, S&P Global said in a press release.
However, firms continued to report difficulties sourcing raw materials, especially from overseas suppliers, leading to supplier delivery delays and further depletion of input inventories. Although input buying rose, stocks of purchases declined once again, though the pace of depletion was the slowest since December 2023.
Employment levels neared stabilisation, as manufacturers responded to higher production needs. Although staffing continued to decline due to existing spare capacity, the rate of job losses was the weakest in nine months. Backlogs of work fell again, extending the current depletion trend to seven months, albeit at the slowest rate during that period.
Input costs rose for the second consecutive month, with the latest increase the steepest seen so far in 2025. Material shortages and rising import costs contributed to the rise in input prices, which in turn prompted manufacturers to raise output charges. Selling prices increased at the fastest pace in seven months, though the rate of inflation remained modest overall. Business sentiment dipped to a three-month low in July and stayed below the series average. While firms remained hopeful for output growth in the year ahead—citing expectations for more stable economic conditions, new product introductions and recovering demand—concerns around the prolonged impact of US tariffs continued to dampen overall confidence.
Source: Fibre2fashion
