Reacting to China's currency devaluation, R K Dalmia, Chairman, Texprocil -- Textile Export Promotion Council -- stated that this sudden move on the part of China will have an adverse impact on India's exports of textiles and clothing, which are facing already sluggish growth due to recessionary conditions in global markets Dalmia stated that the Government has not yet announced the interest rate subvention of 3% which has been pending despite sanction of funds for this purpose by the Finance

Steady conditions prevailed on the cotton market on Wednesday as needy spinners continued to replenish their stocks to meet their near future demand. However, underlying sentiment suddenly turned cautious as Chinese currency took a fresh dip to register around 3.75 per cent devaluation during last two days, brokers said. On strong demand for lint, phutti (seed cotton) price moved higher as arrivals into ginneries was being res­tric­ted by stagnant flood water. Floor brokers sa

Ministry of Commerce, Government of China, has announced it would review anti-dumping duties on purified terephthalic acid (PTA) imported from South Korea and Thailand, according to a Xinhua report. Anti-dumping duties ranging between 2 per cent and 20.1 per cent were imposed on PTA imports from these two countries in August 2010, for a period of five years. The ministry's decision to review these duties follows an application made by domestic producers in June this year requesting the min

Sri Lanka is likely to regain the GSP plus trade concession from European Union for garments exports, government said, five years after the nation lost the trade concession over its failure to meet the criteria on human rights concerns. Prime Minister Ranil Wickremesinghe gave assurance that Sri Lanka will regain the GSP plus trade concession from the European Union when he met local and foreign garment industry officials at Temple Trees yesterday. He said that no fresh conditions have been m

Cotton spinning mills in northern India facing crisis due the excess spinning capacity and decline in exports this fiscal year have resulted in poor cash flow and excessive stocks due to which they are planning to shut down one day a week, according to Chandigarh based Northern India Textile Mills’ Association (NITMA) having 98 member mills that includes leading names such as Vardhaman and Trident, etc. Mr. Sharad Jaipuria, President of NITMA stated that in addition to these fiscal matters, t

Bangladesh earned $2.52bn from exports in July with a decline of over 15% from the same month in last fiscal year as the country’s largest RMG sector earnings suffered a sharp fall. The provisional data released by Export Promotion Bureau revealed the figures for the first month of the fiscal year. The total figure was $2.98bn in July 2014. The data showed the earning was $2.52bn in July 2015, which was 15.29% less than one year ago. The woven sector earnings dropped by nearly 10%, whil

Both the BGMEA and the BTMA leaders demand gas connections for the country's largest foreign currency earner on a priority basis as the readymade garment factory owners, especially those who want to shift their non-compliant units from the capital city and adjacent to it, are facing difficulties due to non-availability of gas for the last couple of years. Some 64 non-compliant readymade garment factories, mostly located in shared or rented buildings, failed to relocate their units only becaus

China devalued its currency on Tuesday after a run of poor economic data, a move it billed as a free-market reform but which some suspect could be the beginning of a longer-term slide in the exchange rate. The central bank set its official guidance rate down nearly 2 per cent to 6.2298 yuan per dollar – its lowest point in almost three years – in what it said was a change in methodology to make it more responsive to market forces. It was the biggest one-day fall since a massive devaluati

The National Tripartite Committee on Tuesday extended the timeframe for three months to complete the safety inspection in the readymade garments factories under the government-ILO joint initiative as the previous deadline ended on July 31 with more than 300 units yet to be inspected. After the Rana Plaza building collapse that killed more than 1,100 people, mostly garments workers, in April 2013, the European and North American buyers and brands launched safety inspection in the garment fact

The textile testing, inspection, and certification (TIC) market is expected to reach $7,221.01 million by 2020, growing at a CAGR of 4.6 per cent between 2015 and 2020, according to a leading research agency. Textile Testing Market players such as SGS Group (Switzerland), Intertek Group plc (UK), and TUV SUD (Germany) have been focusing on geographical expansion to broaden their portfolio and geographical presence. For Instance in February 2015, the SGS Group opened a new softlines testing la