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  • Cotton importers are in a fix after Indian exporters started backing out on deals negotiated last year due to pricing issue. Sources said some 200,000 bales contracted in Oct-Nov 2016 are currently being either renegotiated or would be cancelled by Indian exporters. Consequently Pakistani spinners may incur losses because prices agreed earlier had to be revised up because global cotton prices have risen. India has been a traditional supplier of cotton to Pakistan and last year around
  • Garment exports to Germany, the second largest export destination for Bangladeshi apparel after the US, will continue to grow in future due to the high quality of products and competitive prices, German traders said. As a member of the EU, Germany will continue its duty privilege for Bangladesh, said Manfred Junkert, deputy general manager of the Confederation of the German Textile and Fashion Industry, at a press conference on the sidelines of the Heimtextil fair in Frankfurt, Germany on Thu
  • The Government of India will soon set up a hosiery cluster at Sirsa and a carpet cluster at Panipat in Haryana, said Union textiles minister Smriti Irani. She also said that the government will provide its support for establishing a trade facilitation centre and encourage major design initiative to help the state have a huge influx into the industry. The hosiery cluster in the Sirsa district of Haryana will help create more employment opportunities, said Irani at the Pravasi Haryana Diwas he
  • The cotton market remained steady on Wednesday as spinners generally preferred to buy domestic stocks. Earlier, most spinners were holding their hopes to import cotton from India. The Karachi Cotton Association’s spot rates were steady at overnight level. Brokers said that Indian cotton prices have risen by around five US cents from 76 to 81 cents a pound on the expectation of huge imports by spinners from Pakistan and smaller than anticipated crop earlier. Meanwhile, ginners claim tha
  • The World Bank predicts a slight recovery of the global economy in the coming years amid rallying oil and commodity prices and the expansion of emerging markets and developing economies. In its “Global Economic Prospects” report, the World Bank says global economy will grow 2.7% this year and 2.9% next year, better than last year’s 2.3%. The World Bank report says emerging markets and developing economies will grow 4.2% in 2017 and 4.7% in 2018, compared with 3.4% last year. These econo
  • CHINA has strictly followed WTO rules and fulfilled its commitments in the 15 years since its accession to the global trade body, an official said yesterday in response to concerns raised in a US report on Monday. The US Trade Representative filed the annual report on China’s WTO compliance to the US Congress on Monday. The report said China has not fulfilled some of its WTO commitments. The report’s views of problems in Sino-US trade and investment, as well as the roots of those issues, a
  • Bangladeshi companies received positive response from international retailers at the annual Heimtextil fair, the world's largest home textile exhibition, currently taking place in Frankfurt, Germany. A total of 23 home textile companies from Bangladesh are participating in the four-day fair that began on Tuesday. Messe Frankfurt, one of the largest trade fair companies in the world, has been organising the event since 1971. “The response from buyers is very positive. Most of our old custom
  • Unifi, Inc., a multi-national manufacturing company that produces textured and processed yarns, is expanding its global footprint of Repreve recycled fibre by entering into Vietnam with support from Century Synthetic Fiber Corporation, a licensed manufacturer of Repreve. Century Corporation will manufacture and sell Repreve filament yarn within Vietnam. Unifi Textiles (Suzhou) Co., Ltd. (UTSC), Unifi’s subsidiary in China, will manage sales and distribution of Repreve filament yarn exported f
  • Home textiles major Welspun Group will invest Rs 4,000 crore in three large textile projects in Gujarat. An integrated textile manufacturing zone will be developed in Kutch at a cost of Rs 2,000 crore, as a part of Indian government’s Sagarmala project. The group will also invest in its technical textile business and in the advanced textile arm of Welspun. All the three memoranda of understandings (MoUs) are being signed during the ongoing Vibrant Gujarat Summit 2017 in Gandhinagar. Welspun
  • Benzene prices soared across regions in December but showed moderation later amid weaker demand in China. In US, spot benzene moved up to 16-month highs due to rising Asian numbers, a strong derivative styrene market and low benzene fixtures to the US. In Europe, benzene spot moved up during the month. Asian marker, FOB Korea surged 18% in December and declined 5.9% YoY. US spot prices rose 16.7% while it fell 7.3% YoY as compared to previous year’s average. European spot was up 22.6% on the mon
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