The stalemate over the goods and services tax (GST) compensation may finally see temporary resolution at the Council meeting on Monday, with the fiscally stressed states unwilling to defer the matter further amid high spending pressure in the second half of 2020-21. Some dissenting states, including Kerala, may be willing to compromise in favour of the Centre’s offer of the Reserve Bank of India (RBI) window of Rs 1.1 trillion. However, dissenting states may parallelly move Supreme Court (SC) over the issue and press for their demand for setting up a dispute resolution body on the issue of compensation. As many as 21 states have opted for the RBI window. “Since 21 states are picking Option 1, we will go with it. But we will either move SC or the dispute resolution mechanism,” Kerala Finance Minister (FM) Thomas Isaac told Business Standard. The National Democratic Alliance-ruled states will press for expediting the borrowing process for states that have picked either of the two options presented by the Centre to make up for the compensation-cess shortfall. Meanwhile, Puducherry Chief Minister (CM) V Narayanasamy said that it was in favour of the GST Council resolving the issue at the earliest. “Everything depends on the discussions that take place. Every political party wants to resolve the issue and not defer it further.” He said it is the statutory obligation on the part of the Union government to borrow and give money to states. “That’s what the former FM (late Arun Jaitley) categorically stated when he chaired the meeting. The Centre should not go back on that commitment,” said Narayanasamy. The meeting on October 5 had remained inconclusive and discussion was deferred to October 12. Assam FM Himanta Biswa Sarma pointed out that there should be voting on the issue. “In the spirit of democracy, voting can take place to resolve the issue,” he said. He added that the matter should not be delayed further. “Let other states pursue their course. Whether going to SC, the dispute resolution mechanism or voting — we have no opposition. We will not get in their way, they should not get in ours,” he added. However, sources in the Centre had indicated that the issue of borrowing does not fall within the ambit of the GST Council. Hence, there can be no voting on the subject. Chhattisgarh FM T S Singh Deo, however, resisted this idea, saying if the borrowing was not under the purview of the GST Council, it should not even have been brought to the Council in the first place. He added that while it would want consensus on the issue, voting will be the last resort. He also said he was open to the idea of getting the issue resolved through a Group of Ministers (GoM). “While moving SC on the issue is acceptable, a GST Council GoM can also look at the issue and give recommendations within a few days. It is also a dispute resolution mechanism,” he added. Bihar Deputy CM Sushil Kumar Modi emphasised that the states that have picked the option of the RBI window should be allowed to go with it, while others can keep deliberating on it. “It should not be a matter for the GST Council to decide which states will opt for it or which ones won’t,” said Modi, adding that a GoM can look into the dispute raised by the dissenting states. The Union finance ministry has offered two solutions to states — borrow Rs 97,000 crore, which is the result of the shortfall owing to GST implementation through the special window facilitated by the RBI, or borrow the full shortfall in compensation (Rs 2.35 trillion), which includes the impact of the Covid-19 pandemic, from the markets, to be facilitated by the central bank. The amounts will be paid by the compensation cess, which will extend beyond June 30, 2022. In the case of the second option, the proposed extension of cess will be used for paying only the principal, not the interest. The option of the special window was raised to Rs 1.1 trillion at the October 5 meeting. According to government sources, at least 21 states and Union Territories that had agreed to the Centre’s options are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Karnataka, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Tripura, Uttarakhand, and Uttar Pradesh. The Centre needs the support of 20 states to pass a resolution in the GST Council in case voting is required.
Source: Business Standard
The government may consider allowing India Inc to deposit GST on cash basis to help them tide over the liquidity woes during the COVID-19 pandemic, a PwC report said. It said while formalising its support strategy for the industry in the next phase, the government could also consider suspending GST payments for select sectors during the COVID-19 period. In its report titled ‘Reimagining GST@3’,”PwC said cash liquidity support schemes that advance business continuity are the need of the hour.” “The government has announced a timely budgetary support scheme in line with the relief packages of various developed nations. Despite these steps, much ground remains to be covered,” it said. The report said that some key issues which require immediate attention of the government before taxpayers get entangled in long-drawn litigation include eligibility of ITC on expired stock, intermediary services and taxability of discount schemes. “The government should consider issuing clear guidelines around these critical issues, keeping in mind the evolving international taxation principles and business models prevalent in the trade and industry,” it said.With regard to suggestions to overcome the current crisis, the PwC report suggested some measures the government could consider while formalising its support strategy for India Inc in the next phase. These are facility to deposit GST to the treasury on cash basis, suspension of GST payments for select sectors during the COVID-19 period, dispensation of credit reversal requirement on expired stock during this period. It also suggested one-time dispute settlement scheme under Goods and Services Tax (GST). “The government can consider introducing a scheme under the GST regime for voluntary disclosure of tax payments before the taxpayer undergoes GST audits. The GST law has evolved over the past three years and the government has clarified several provisions after its introduction. Therefore, a one-time scheme to clear previous irregularities can be considered, which will help the industry in clearing past baggage and reduce litigation,” it said. PwC India, Partner & Leader, Indirect Tax Pratik Jain saidwith the wealth of data available with the government and measures such as coordination between direct, indirect tax administrations and technological advancements such as E invoicing and E waybills, tax base is likely to expand further. “We now need a ‘white paper’ articulating what is the form of GST we want in the next few years. The regime requires more stability, simplicity and transparency. The report provides some food for thought as we reimagine the new and much improved GST regime,” Jain added.
Source: Financial Express
The Monetary Policy Committee of the RBI on Friday shed its reticence over making a precise estimate of the country’s real GDP for FY21 by predicting a 9.5% contraction in the pandemic-ravaged year, with “risks tilted to the downside”. Among prominent global agencies, only S&P (-9%) has forecast a narrower contraction for the Indian economy. The central bank, however, has less certitude to offer on its retail inflation estimate for now. The headline inflation had remained above the MPC’s tolerance band of 4 (+/-2)% for eight out of the past nine months, but eased marginally to 6.69% y-o-y in August, against 6.73% in July. The MPC would just say the inflation “will remain elevated in the September print, but ease gradually towards the target over Q3 and Q4”. Of course, the committee chose “to “look through the current inflation hump as transient and address the more urgent need to revive growth”. Short of cutting the interest rates, the RBI unveiled a clutch of steps to spur growth, including boosting of liquidity support for financial markets and measures to speed up credit flows to specific sectors like SMEs and high net worth consumers and revive exports. A modest recovery in various high-frequency indicators in September (see graph) could strengthen further in H2, with progressive unlocking of economic activities, governor Shakthikanta Das said, adding, a predominantly “three-speed recovery” might be in the horizon, with individual sectors showing varying paces. Among the resilient brisk movers are agriculture and allied sectors, FMCG, passenger vehicles, tractors, two-wheelers, drugs and pharmaceuticals and electricity generation. According to the MPC, manufacturing firms’ capacity utilisation might recover in Q3 and activities could gain some traction from Q3 onwards. However, both private investment and exports will likely be subdued, especially since external demand is anaemic. “Our analysis suggests that supply disruptions and associated margins/mark-ups are the major factors driving up inflation. As supply chains are restored, these wedges should dissipate,” the MPC wrote.
Source: Financial Express
As many as 69.5 lakh e-invoices (invoice reference number) have been generated by 71,000 users in seven days since the new mechanism was launched on October 1 for GST-registered businesses with over Rs 500-crore turnover. Finance secretary Ajay Bhushan Pandey and other indirect tax officials reviewed the mechanism on Friday, finance ministry said in a statement. E-invoice mechanism, when extended to majority of taxpayers, is expected to ease compliance burden as it would eventually replace e-way bills and even return filing for smaller taxpayers. Issuing of e-invoice is not just between a buyer and seller but the details are also uploaded on the GST network portal. “Buyers and sellers will be able to have real time information of the invoices. Furthermore, the e-invoicing system can also eventually dispense with the present system of filing GST returns for smaller businesses and MSMEs because the system will pre-populate their returns and they have to simply pay the taxes. The returns will be automatically generated for all supplies for which e-invoice have been issued,” Pandey said. The system would be rolled out for taxpayers with over Rs 100-crore turnover from January next year, and will be available to all business-to-business (B2B) transactions from April 1, 2021. Pandey reviews roll-out plans along with other measure like analysis of errors and state-wise generation of IRNs. Although e-invoicing was to come into effect from April 1 this year, Covid-19 delayed the implementation. Additionally, the GST Council had also waived off penalty provision for 30 days owing to demand from the industry. However, if an eligible business is not issuing e-invoices in October, it would have to generate an IRN from the invoice reference portal (IRP) within a month of issuing invoice.
Source: Financial Express
A senior RSS functionary on Saturday claimed GDP was a “misnomer” and that India should develop its own model of development focusing on employment-led growth. Bajrang Lal Gupta said the Gross Domestic Product (GDP) does not give a correct picture in a country like India, and cannot be the most important parameter for evaluating development. GDP is the standard measure of the value added created through the production of goods and services in a country during a certain period. “GDP is a misnomer in the Indian context as it does not include services which are not chargeable, while they are being charged in western countries,” he argued. The RSS functionary was speaking at the convocation ceremony of IILM University which has three campuses in Delhi NCR region. He suggested an Indian model of economic development “Sumanglam” which emphasises on employment-led growth. The five features of this model include fulfilling basic requirements of all citizens, employment for all, equal opportunities for education, providing health security and ensuring internal and external security of citizens,” Gupta said. He reiterated that India should develop its own economic model rather than looking at capitalist and communist models".
Source: Financial Express
New Delhi: The GST intelligence arm DGGI has busted fraudulent availment of Input tax credit (ITC NSE 0.42 %) and cash refund of about Rs 61 crore by certain exporter companies, an official statement said on Friday. The Directorate General of GST Intelligence (DGGI) had inputs that few exporter companies were engaged in the fraudulent availment of Input Tax Credit (ITC) on the invoices of non-existing and fictitious firms or such firms, which apparently do not have any purchases themselves. "The ITC so availed was utilized to pay IGST on the export goods, which was thereafter claimed as cash refund. Thus, the government exchequer was put at double loss - on one hand ITC was obtained on goods where no tax was paid, and on the other hand IGST paid from such fraudulently availed ITC was obtained as cash refund. "The amount of IGST refund obtained is estimated to be approx Rs 61 crore," the statement said. DGGI, Headquarter, searched the exporter companies and residence of their owners as well as premises of various supplier companies on March 6, 2020. These supplier companies were found to have supplied only bills to these exporters, without the supply of goods. The exporters had taken ITC on these fake bills and had taken refund of the same as the goods were shown to be exported. The controllers of the export firms were arrested on March 6 by the DGGI. However, Ludhiana-based owner of the supplier firms was untraceable. He was not appearing for investigations even after various summons, the statement noted. It said based on inputs received that the said person was hiding in Shimla, a team of officers arrested him on October 7. Subsequently, he was produced before the competent Court and was sent to judicial custody at the Tihar Central Jail for 14 days.
Source: Economic Times
Exemption from I-T, GST, fast tracking of loans among measures sought Even as business returns to normalcy, the MSME (micro, small and medium enterprise) segment seeks more temporary support measures in view of persisting challenges in some areas. “As of now – need purchase category of demand has opened up fully and the biggest cause of fear is that it might taper down from October or November. The luxury purchase or status symbol purchase has started looking up, while purchases from middle- and lower-income group is yet to pick up, according to KE Raghunathan, Convenor, Consortium of Indian Associations (CIA). CIA conducted a study and survey across India on the reality of the situation with respect to performance of industries and employees especially on financial status, real time issues and the looking up scenario on Q3 and Q4 of 2020-21.
Survey coverage
The study was carried out across India between October 3 and 6, covering individuals earning above ₹25,000 per month, self-employed, owners-driven micro & small units, professionally-driven medium scale industries totalling 17,500 responses. About 53 per cent of micro and small units indicated that their sales in September were in the 25-75 per cent range of September 2019 level, while 19 per cent reported more than 75 per cent of the previous year’s level and 28 per cent reported less than 25 per cent sales, according to the survey. More than 75 per cent of September 2019's sales were recorded by 35 per cent in self-employed segment and 28 per cent in medium enterprises category. Of the five things (finance, orders, staff, raw material and profitability), finance is reported as a major concern by self-employed (80 per cent), micro & small units (54 per cent) and medium enterprises (38 per cent). In the area of finance, of the five key things (loan repayment, supplier payments, advances to get, overheads and salary), 62 per cent in self-employed, 57 per cent in micro and small segment and 44 per cent in medium units pointed out loan repayment as the major concern. About 62 per cent of units in self-employed segment, 64 per cent in micro and small units and 68 per cent in medium segment are hoping to do 50-60 per cent of FY2019’s turnover in this fiscal.
Seek urgent action
Raghunathan pointed out that an urgent action must be taken to pay the estimated dues of ₹3,50,000 crore to micro and small units from medium / large Industries, PSU, SPSU, Central/State Governments. Also, governments must spend at least 75 per cent of their budgeted procurements for 2020-21 before December 2020 to boost order book and create employment opportunities in the market. Other requests included abolishing income tax for this fiscal for who earn less than ₹15 lakh to spur consumption, exemption from GST for sub-₹5 crore turnover units till March 2021, special fast track loans for capital equipment purchase till March 2021 at 5 per cent interest rate and 2-year moratorium and an adhoc limit of 25 per cent of MSME’s monthly turn-over towards bill discounting facility, among others.
Source: The Hindu
Indian economy is expected to become the third-largest in the world by 2050 after China and the US and is likely to retain the spot in 2100 as well, according to a Lancet study. The report translated forecasts of the working-age population into scenarios for total GDP with 2017 as the base year. Huge declines in the number of workers were forecasted in China and India even as the latter was expected to still have the largest working-age population in the world by 2100, the report added. Nigeria, China and the US were expected to be other top countries by the working-age population. The working-age population defined by the International Labour Organization is 15 years or older. While economic pecking order by 2030 was expected to be the US followed by China, Japan and India, by 2100, the US was again likely to become the biggest economy followed by China and India. Japan, however, was forecasted to remain at fourth position in 2100 from 2050. Other leading countries in the top 10 economies were expected to be Germany, the UK, France, Brazil, Turkey, Canada by 2050 and Germany, France, the UK, Australia, Nigeria, and Canada.India had retained its rank as the third-largest economy globally in purchasing power parity (PPP) for 2017 reference year, the government had said in June this year citing data from the World Bank. India had a 6.7 per cent ($8,051 billion) share of $119,547 billion of global GDP in PPP terms vis-à-vis China’s 16.4 per cent share and 16.3 per cent share of the US, the Ministry of Statistics and Programme Implementation had said in a statement. On other hand, ranked as per nominal GDP, India became the fifth largest economy, as per data from IMF, in February this year leapfrogging France and the UK, said World Economic Forum. “The country’s GDP growth has been among the highest in the world in the past decade – regularly achieving annual growth of between 6-7 per cent. This rapid rise has been fueled by a number of factors, according to a 2016 McKinsey Global Institute report, including urbanization and technologies that have improved efficiency and productivity,” it added.
Source: Financial express
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
791.14 |
USD/Ton |
-0.47% |
10-10-2020 |
|
VSF |
1355.81 |
USD/Ton |
2.02% |
10-10-2020 |
|
ASF |
1787.88 |
USD/Ton |
0% |
10-10-2020 |
|
Polyester POY |
756.87 |
USD/Ton |
0% |
10-10-2020 |
|
Nylon FDY |
1974.12 |
USD/Ton |
0% |
10-10-2020 |
|
40D Spandex |
4350.51 |
USD/Ton |
0.69% |
10-10-2020 |
|
Nylon POY |
5363.64 |
USD/Ton |
0% |
10-10-2020 |
|
Acrylic Top 3D |
968.44 |
USD/Ton |
0% |
10-10-2020 |
|
Polyester FDY |
1854.93 |
USD/Ton |
0.40% |
10-10-2020 |
|
Nylon DTY |
1996.47 |
USD/Ton |
0% |
10-10-2020 |
|
Viscose Long Filament |
908.84 |
USD/Ton |
0% |
10-10-2020 |
|
Polyester DTY |
2257.20 |
USD/Ton |
0.66% |
10-10-2020 |
|
30S Spun Rayon Yarn |
1825.13 |
USD/Ton |
0% |
10-10-2020 |
|
32S Polyester Yarn |
1400.51 |
USD/Ton |
0% |
10-10-2020 |
|
45S T/C Yarn |
2257.20 |
USD/Ton |
0% |
10-10-2020 |
|
40S Rayon Yarn |
2115.66 |
USD/Ton |
0% |
10-10-2020 |
|
T/R Yarn 65/35 32S |
1981.57 |
USD/Ton |
0.76% |
10-10-2020 |
|
45S Polyester Yarn |
1735.73 |
USD/Ton |
0% |
10-10-2020 |
|
T/C Yarn 65/35 32S |
1579.29 |
USD/Ton |
-0.47% |
10-10-2020 |
|
10S Denim Fabric |
1.17 |
USD/Meter |
0% |
10-10-2020 |
|
32S Twill Fabric |
0.66 |
USD/Meter |
0.45% |
10-10-2020 |
|
40S Combed Poplin |
0.96 |
USD/Meter |
0.16% |
10-10-2020 |
|
30S Rayon Fabric |
0.49 |
USD/Meter |
0% |
10-10-2020 |
|
45S T/C Fabric |
0.67 |
USD/Meter |
0% |
10-10-2020 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14899 USD dtd. 10/10/2020). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Nadeem Babar, Special Assistant to the Petroleum Prime Minister (SAPM), said on Saturday that the federal government of Pakistan is committed to making the textile industry competitive and to helping it achieve its full export potential. The SAPM made its comments addressing the media at the All Pakistan Textile Manufacturers Association (APTMA) office in Punjab, where he was on a visit to hear and understand the issues facing the textile industry. He said his meeting with the leadership and representatives of APTMA was very fruitful on the topic of Gas Infrastructure Growth Cess (GIDC) and that, within the framework of the judgment of the apex court, the government will guarantee full relief to the industry. According to him, the textile industry is in need of a viable textile policy and the government is committed to taking it forward as soon as possible in order to allow the industry to start foreign exchange operations, create jobs and generate new investments in the country. In addition, unused capacity has been usable and, over the past two months, textile exports have begun to rise. In September, exports are expected to rise by 14 percent. Adil Bashir, Chairman, APTMA, adds that the organization is working for a feasible textile strategy with the government. He also indicated that companies that use gas for in-house use should be removed from GIDC captive tariff charges. He further suggested that a billing system should be established for the disbursement of SNGPL subsidies to supply gas at $6.5 per MMBtu to the five export-oriented sectors.
Source: Textile Focus
“Iran has exported 4,527 tons of clothing in the first 5 months of the year (March 20-September20), to 29 states worth $35,190,052 million in that time when only Afghanistan, Russia, Iraq and Yemen were the target countries for Iranian clothing last year,” Ruhollah Latifi Said, the IRICA spokesperson. Latifi estimates that Iranian apparel is being sold to Turkey, Korea , Japan, the UAE, the UK, Korea, Ivory Coast, Italy, Turkey, Korea, Ivory Coast, Qatar, Kenya , Nigeria, Georgia, Spain and Denmark, Iraq, Kuwait, Australia, Azerbaijan, Ukraine. As specified, less than 2.5 tons of the above listed goods valued at USD $514,441 were imported into the country that was mostly entered by passengers or by rail, since clothing imports were prohibited. Domestic units supply 70-80 percent of the textile requirement within the region, says the chairman of the Irish Union of Garment Producers and Sellers. “We have seen no lack of clothing on the clothing market before the new year’s holidays (early March) since the ban on imports of garments, domestic units make every attempt to increase their products’ quality and quantity,” Abolqasem Shirazi said.
Source: Textile Focus
Six leading fashion and textile brands are partnering with Infinited Fibre Company to use its technology which creates high-quality, bio-based regenerated fibres from discarded textiles, over and over again, retaining the quality of original fibres. The patented technology enables any cellulose-rich material to be reborn as soft and natural textile fibres. The fibre produced from any cellulose-rich material – including textile waste, used cardboard, straw, or wood – have unique characteristics, including extremely high dye uptake. The finished fibres are biodegradable as impurities, like plastic residues from polyester or elastane, are removed in the process. The fibres can also be re-recycled using the same technology without loss of quality. The fibres can be used on their own for 100 per cent waste-based, circular textiles, or blended with other fibres in yarn manufacturing. The brands view the technology as a viable, circular alternative to virgin cotton that takes them a step closer to responding to the mounting consumer demand for sustainable clothing and textiles. The fashion brands endorsing Infinited Fibre Company’s technology are H&M Group, Bestseller, PVH Corp, Wrangler, and Patagonia. Suominen, a globally leading supplier of nonwovens for wipes, is also endorsing the technology. “Infinited Fibre is just what we are looking for as their innovation aligns with Bestseller’s ambition of becoming circular by design. The feedstock is waste, and the technology does not use high amounts of water or harmful chemicals. The fibre is commercial quality and can be used to create the styles that our customers love. The clothes we make using Infinited Fibre can even be recycled again. All of this is making their technology the ultimate solution to our strategy of becoming circular by design,” said Camilla Skjønning Jørgensen, sustainable materials and innovation manager at Bestseller. Patagonia’s Materials Development director Sarah Hayes added “Infinited fibre shows the industry that apparel waste has high value and is something to be utilised. This waste is not only being upcycled but is being used to make a new premium fibre that can help push the industry toward circularity.” Each of the brands has worked with Infinited Fibre Company for a length of time, some already for several years. They have also conducted in-house quality testing on various types of textiles created from Infinited Fibre Company’s regenerated fibre, including single jersey, French terry, denim, shirting fabric, and nonwoven fabric. Each has found the fibres and textiles they have tested to meet their brand’s stringent material quality requirements and views the fibres as ready for commercial applications. “Developing sustainable solutions for the apparel industry requires collaboration,” said Roian Atwood, senior director, Global Sustainable Business, Wrangler. “We’re proud to work with Infinited Fibre Company and others across the industry to help shepherd this innovation into commercial use. At Wrangler, we are committed to evolving our supply chain to support a circular economy, and our work with Infinited Fibre Company is one step? forward?in that effort.” Representing the nonwovens industry, Suominen’s product development manager Miika Nikinmaa said: “Suominen has been working closely with Infinited Fibre Company and it has been thrilling to see the fibre develop from an idea into a commercially viable product. Suominen sees great benefits in working with Infinited Fibre Company for circular product design and a less wasteful future for the essential single-use items.” “Having invested in and worked closely with Infinited Fibre Company over a number of years, we are incredibly excited about their continued development and what this will mean for both H&M Group, and the wider industry in terms of our collective drive towards a more sustainable future. To see other brands collaborating with Infinited Fibre Company speaks not only to the quality of product but also to its exciting commercial possibilities,” said Erik Karlsson, investment manager at H&M Group’s investment arm CO:LAB. Infinited Fibre Company is enthusiastic about the potential for circularity in textiles going forward. “It is exciting to see the leading brands in the fashion and nonwoven textile industries validate and endorse our regenerated fibre. Our technology is ready to be scaled, and through close collaboration with these visionary brands we really can make circularity a reality – not in some far-off distant future, but very, very soon!” said Infinited Fibre Company cofounder and CEO Petri Alava.
Source: Fibre2Fashion
The global export of ensembles reported 1.07 per cent decline to $4,542.06 million in the year 2019 from $4,591.18 million in 2017. Total exports moved down 5.93 per cent in 2019 compared to the previous year, according to data from TexPro. However, exports are further expected to rise to $4,568.38 million in 2022 with a rate of 0.58 per cent from 2019. The global import value of ensembles was $1,249.97 million in 2017, which grew 3.45 per cent to $1,293.14 million in 2019. Total imports decreased 3.99 per cent in 2019 over the previous year and is expected to increase to $1,328.61 million in 2022 with a rate of 2.74 per cent from 2019, according to Fibre2Fashion's market analysis tool TexPro. Pakistan ($1,726.80 million), China ($1,341.73 million), Italy ($327.14 million) and India ($264.09 million) were the key exporters of ensembles across the globe in 2019, together comprising 80.57 per cent of total export. These were followed by Turkey ($199.29 million), France ($73.87 million) and UK ($40.87 million). From 2016 to 2019, the most notable rate of growth in terms of export value, amongst the main exporting countries, was attained by Pakistan (522.68 per cent). France ($86.02 million), Italy ($83.19 million), Netherlands ($81.60 million) and UK ($72.64 million) were the key importers of ensembles in the globe in 2019, together comprising 25.01 per cent of total import. These were followed by Japan ($63.75 million), Vietnam ($56.66 million) and Russia ($51.15 million). From 2016 to 2019, the most notable rate of growth in terms of import value, amongst the main importing countries, was attained by Netherlands (179.48 per cent) and France (7.14 per cent).
Source:Fibre2Fashion
