CHINA’S currency moved slightly yesterday with banks offering ample dollars to meet demand from companies for greenback just days before the yuan is included into the International Monetary Fund reserve basket. Traders told Shanghai Daily that the government wants to see yuan traded within a narrow range of guidance rate when it is about to officially enter the IMF’s reserve basket, known as Special Drawing Rights, tomorrow. The spot market of yuan opened at 6.6724 yuan per dollar and was

CHINA'S foreign trade remains under heavy downward pressure due to increasing uncertainties, despite improved export and import data in August, an official has said. The difficulties are not short-term problems, with uncertain and unstable factors increasing, Shen Danyang, spokesman for the Ministry of Commerce, said. Foreign trade improved markedly in August, customs data showed in September, with exports and imports rising 5.9 percent and 10.8 percent respectively, the first time since N

To grab the market share vacated by Chinese apparel manufacturers, India's Clothing Manufacturers' Association of India (CMAI) has signed a memorandum of understanding with China Chamber of Commerce for Import and Export of Textiles (CCCT) to explore potential areas of mutual co-operation for increasing apparel exports from India. India's apparel export stood at $17 billion for the financial year 2015-16. With Rs 5,000 crore package approved to boost the entire apparel sector, the government

Rising hostilities between India and Pakistan have brought their $822 million-a-year trade in cotton to a juddering halt, as traders who are worried about uncertainty over supplies and driven by patriotism hold off signing new deals. The nuclear-armed rivals have seen tensions ratchet up in the past few months over the disputed territory of Kashmir, and cotton traders in both countries said they were watching developments along the de facto border with alarm. -- Pakistan a key market for Indi

Textile Raw Material Price 2016-10-07 Item Price Unit Fluctuation Date Crude Oil WTI 47.83 USD/Barrel 1.66% 2016-10-07 Crude Oil Brent 49.24 USD/Barrel 1.13% 2016-10-07 PX 792 USD/Ton 0.64% 2016-10-07 PTA Buy 4590 RMB/Ton 0.99% 2016-10-07 PTA Sell 603 USD/Ton 0% 2016-10-07 MEG Buy 5155 RMB/Ton 1.28% 2016-10-07 MEG Sell 625 USD/Ton 1.46% 2016-10-07 CPL Buy

Due to unfavourable market conditions and continuous losses, another textile unit was shut down in Pakistan. Sajjad Textile Mills Limited, has announced its closure while 110 textiles mills have already closed their operations mainly due to increasing cost of doing business.The company stated in a filing with the stock exchange that the board of directors of the company in its latest meeting had decided to suspend the manufacturing operations of the Company with immediate effect. Sajjad Texti

In the midst of economic problems, Azerbaijan president Ilham Aliyev has pinned hopes on revival of the cotton sector to bring the country's revenue back on track. Large decline in oil prices, cuts in public investment, currency depreciations, and the slowdown in trading partners' economies have all affected the economy of the former Soviet republic. Stating that higher cotton yields were urgently needed to replenish Azerbaijan's greatly diminished state coffers, Aliyev has issued an order on

China, the world's top textile market, will grow more cotton than originally expected after favourable weather over the summer, according to an industry survey carried out as farmers prepare to harvest the 2016/17 crop. Total output will be 4.91 million tonnes in the season which ends in September 2017, down 5.6 percent from the current year, but up 1.6 percent from the previous estimate released in June, cncotton.com, a government-backed trade publication, said in a report. That will be the

Pakistan’s exports of textile and clothing witnessed a decline of 2.64 per cent in July-August on a year-on-year basis. In absolute terms, export proceeds from the sector fell to $2.07 billion in the first two months of the fiscal year compared to $2.12bn recorded in the same period a year ago, according to data released by the Pakistan Bureau of Stati­stics (PBS) on Wednesday. Last year, exports of ready-made garments witnessed nominal growth despite a fall in the exports of most pr

Pakistani cotton, the most important cash crop and a major source of foreign exchange earnings which also provides livelihood to millions of people in Pakistan, Due to contamination its production is decreasing at higher rate and one of the critical issues for spinners to maintain first grade yarn quality. Agriculture Information Assistant Director Naveed Asmat Kahloon said that Pakistani raw cotton is being traded at low cost due to lack of quality-based pricing system and non-practicing of