THE International Monetary Fund (IMF) executive board has decided to include the Chinese currency, the yuan, to its Special Drawing Rights (SDR) basket, marking a milestone in the renminbi (RMB) global march and a vote of confidence in China's ongoing financial reforms. During a meeting on the regular five-yearly review of the SDR basket, the IMF executive board, which represents the fund's 188 members, decided that the RMB "met all existing criteria," the Washington, D.C.-based international

Cambodia’s garment industry continued to perform “solidly” through the first half of the year, allaying fears that recent minimum wage increases would cripple one of the country’s main economic engines, according to the latest figures released by the International Labor Organization (ILO). According to its latest industry bulletin, drawing on data from the Ministry of Commerce, garment exports over the first half of the year hit $3 billion, growing 12.7 percent over the same period last year.

Pakistan is buying more cotton than expected from India after floods cut its own crop to the smallest in over a decade, opening an opportunity for the world’s biggest producer to offload its bulging stockpiles. Farmers in India have struggled to find buyers over the past year after the world’s top cotton consumer China cut import quotas to stimulate demand for its own fibre. The problem has been further exacerbated by near record high Indian output. But the recent flurry of purchases by Pa

The American economy expanded at a faster pace in the third quarter than previously reported, growing at a 2.1 per cent, the government said. The 2.1 per cent GDP growth turned out to be higher than an initial estimate of 1.5 per cent, according to an agency report quoting the Commerce Department report. The report of the Commerce Department also showed corporate profits slumped while worker incomes rose. The consumer continues to power the US economy, with cheap petrol giving households t

Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) Chief Coordinator Ijaz A Khokhar urged the prime minister to intervene and frame a policy for a reduction in input costs, otherwise industrial units would not only close down, but millions of workers would also lose their jobs. The government need to address the problems of the value added textile industry sector on an urgent basis as there is a sharp drop seen in the current exports of textile and clothing during the f

Zimbabwean cotton production 'white gold' at its peak period produced 353 000 metric tonnes in 2000-2001 was the major source of income and livelihood for rural communities around the Gokwe, Sanyati, Rushinga and Checheche areas and accounted for close to a fifth of agricultural exports but output declined to 102 000 tonnes this year. In the Budget statement on Thursday, Finance and Economic Development Minister Patrick Chinamasa said that Government recognized the importance of reviving cot

Spun yarn exports growth slowed down in October 2015 to just 4.1 per cent in volume terms in October 2015. In value terms, it declined 9.5 per cent. Spun yarn (all kinds) shipments were at 112 million kg worth US$310 million or INR2,007 crore, implying per unit realisation of US$2.78 per kg. This was US cents 4 down from previous month and down US cents 41 from October 2014. It was also the lowest since February 2015. China continued to propel yarn export from India, although average unit val

Vietnam and 11 other countries’ conclusion of negotiations for the Trans-Pacific Partnership (TPP) agreement has given opportunities to develop its economy. Vietnam’s garment and textile sector is one industry which stands to gain the most advantage from the TPP, while also presenting challenges. What Vietnamese garment and textile firms are concerned about now is input material supply sources for export production. Vietnam now has about 2,000 textile firms but few of them can be directly

The exports of garments and textiles in 2015 are expected to reach 27.5 billion USD, up 11.3 percent from the same period last year, as heard at the Vietnam National Textile and Garment Group’s fifth Congress for the 2016-2020 term in Hanoi on November 26. According to Chairman of the Vietnam National Textile and Garment Group (Vinatex) Vu Duc Giang, Vietnamese garment and textile enterprises have actively participated to the campaign “Vietnamese people prioritize Vietnamese goods” with a vie

Pou Chen Corp., the world’s leading contract shoemaker for Nike, Adidas and other major footwear brands, is shifting a large portion of its operations from China to Vietnam to bank on lower labor costs and more favorable tariffs. According to Nikkei Asian Review, Pou Chen had produced 42% of its total shoes in Vietnam as of the end of September this year, up from 39% in 2014 and 34% in 2013. The Taiwanese company now ships more than 300 million pairs of shoes a year and sees footwear and a