Firms from Singapore, Japan, Taiwan and South Korea, which have traditionally relied on low-cost production in China are seeing Chinese textile firms shifting out of China and making their way to Bangladesh as a result Bangladeshi textile value chain is rising faster than any other Asian countries according to Asian Development Bank. With rising production costs in other economies in general, setting up operations such as in Bangladesh and Vietnam has been on the rise. Apart from rising domes

The central parity rate of the Chinese currency renminbi, or the yuan, weakened for the sixth consecutive day to its lowest level against the US dollar since July 2011, on Monday. The yuan weakened by 137 basis points to 6.4495 on Monday, according to the China Foreign Exchange Trading System (CFETS). The correction came after the Chinese currency had appreciated 2.93 percent against the US dollar as of November, compared with the end of 2014, according to CFETS. "CFETS, run by the Peop

20 Italian textile machinery manufacturers will be exhibiting at the upcoming edition of Colombiatex, to be held in Medellin from January 26-28, 2016. “The common exhibition area created by the Italian Trade Agency and ACIMIT will allow visitors from all over South America to verify and appreciate the excellence of the Italian technology on show,” an ACIMIT press release stated. Among the Italian companies exhibiting at the show are A. Piovan, Carù, Cubotex, Fadis, Ferraro, Itema, Mactec,

Bangladesh’s textile value chain is rising faster than any other Asian countries because of low-cost manufacturing firms shifting out of China, according to Asian Development Bank (ADB). Firms from Singapore, Japan, Taiwan and South Korea, which have traditionally relied on low-cost production in China, have had to adjust. The progress in sector-level value chains’ intraregional production activities within sectors appears to be changing, with shares within industrial exports showing inter

Spanish global clothing giant Inditex, owner of the Zara brand, posted Thursday a 20-percent surge in nine-month net profits thanks to higher sales as the economy in its home market Spain improves. The group said in a statement that net profit rose to 2.0 billion euros ($2.2 billion) between February and October. The results are in line with expectations from analysts polled by Factset who forecast the company would post profits of 2.01 billion euros. Expansion efforts had weighed down

Bangladesh to witness rise in cotton consumption by 10 percent to more than one million tonnes due to higher demand from garment makers and favourable government policies for the textile sector while cotton consumption in Vietnam, one of the major competitors of Bangladesh in global apparel trade, will rise 20 percent to 1.1 million this fiscal year, as per the latest report released last week by the International Cotton Advisory Committee. The ICAC, based in Washington, provides statistics o

CHINA will cut import tariffs on nearly 800 items from January 1 next year, the Ministry of Finance said in a statement yesterday. The range of goods for which tariffs will be cut include fresh food, nuts, industrial materials, equipment, and consumer goods such as suitcases, clothing, scarves, blankets, and sunglasses, according to the statement. Import tariffs for skin care products will be cut from 6.5 percent to 2 percent, plastic and fabric suitcases from 20 to 10 percent, leather coa

US-BASED Gap Inc will open 10 new stores within the next two months in China as the country becomes the most significant growth market for the group, Gap China head said. Abinta Malik, senior vice president and general manager of Gap Inc for China’s mainland, Hong Kong, and Taiwan, said the group aims to keep the same pace of growth in the next five years with a focus on enhancing online to offline interaction to meet changing shopping habits of Chinese consumers. The company will also foc

Export earnings from jute yarn and twine jumped in November of the current financial year 2015-16 thanks to a ban on raw jute export imposed by the government with effect from November 3. Sector people say they started to receive increased volume of export orders for jute yarn and twine after the imposition of ban and they hope that the orders will increase in the days to come. They hope that the countries which used to import raw jute from Bangladesh will now place orders to the country for

Different non-tariff measures are harming the business capabilities of the knitwear manufacturers and exporters of the country, despite some reductions of tariffs in the international trade, BKMEA officials has said. They said the developed countries are increasingly introducing non-tariff measures including anti-dumping, countervailing, safeguard measures etc. They were speaking at a seminar on problems and measures regarding non-tariff measures for ready-made garments industry held at BK