Textiles on display at a market in Jakarta. Indonesian textile and steel industries are particularly nervous about the lifting of trade tariffs in Asia. KUALA LUMPUR -- When the clock strikes midnight on New Year's Eve, China and 10 Southeast Asian nations will usher in the world's third-largest free trade area. While many industries are eager for tariffs to fall on everything from textiles and rubber to vegetable oils and steel, a few are nervously waiting to see whether the agreement will

The industry’s estimated losses stand at Rs 5-6 crore per day. Political instability and violence following the demand to carve a separate state out of Andhra Pradesh has dented the Rs 40,000-crore Surat-based synthetic textile industry. The industry is losing Rs 5-6 crore business daily due to the turbulence. With shops shut almost everyday in the southern state, the demand for synthetic fabric and finished goods from Surat has also taken a hit and the situation is getting worse, with the

Global 2009-10 cotton production is estimated at 102.7 million bales, down four percent from a year ago, and continuing the trend of declining production which began in 2007-08, AEPC report said. According to the Apparel Export Promotion Council (AEPC) release, Among factors contributing to the decline are the sluggish recovery from the global financial crisis and the world food price shock of 2008 which encouraged cotton farmers to substitute area to food grains and other competing crops. Reduc

The Cabinet Committee on Textile here on Wednesday decided to eliminate 5 percent customs duty on import of cotton yarn falling under chapter 52 of the Harmonized Tariff Schedule. Status quo would be maintained on export of cotton yarn and it has been decided that Cabinet Committee will keep the Yarn exports under review and would only take corrective measures if exports cross the level of 50 million kg per month. Federal Minister for Textile Industry, Rana M. Farooq Saeed Khan, presided over

The Centre today said it expects foreign investments to the tune of around Rs 25,000 crore in the textile sector over the next five years. "Around Rs 25,000 crore of foreign investment is expected to be made in the country over the next five years," Union Textiles Minister Dayanidhi Maran said after inaugurating the National Handloom Expo here. The minister hoped that the steps taken by the government would increase foreign investment in the country. He said steps are also being taken to set up

Same day deliveries are being offered by a brace of retailers online today in a last-ditch attempt to maximise full-price sales. Lingerie brand and retailer Agent Provocateur was offering a UK same day delivery service for all orders placed with its “personal shopping” team by 1pm today, with a guarantee that the merchandise would be couriered between 6 - 9pm this eveing. A charge of ?20 was being levied for the service, which was being offered in London, Manchester, Leeds and Glasgow. Net

John Lewis revealed this morning that sales from Sunday to Wednesday this week were up 27% on 2008 levels. Last minute gift sales in lingerie have been particularly strong, with designer lingerie sales up 115% driven by brands such as Stella, Myla and La Perla. Cold weather footwear has performed well due to the snow, with sales of snow boots trebling and wellington boots up 160%, and the company has sold a pair of slippers every two minutes. The Clearance starts online at 6pm today, and i

Shopper numbers were up over 6% in the three days from the 21-23 December compared to the same three days last year, according to Experian. On Monday shopper numbers were up nearly 48% on the 21st December last year, although the figures were distorted by the 21st being a Sunday in 2008. However on Tuesday and Wednesday traffic was down 8% and 4% respectively, affected adversely by the weather. Experian senior analyst Anita Manan said shoppers were making the most of Christmas Day falling

The European Union has decided to extend anti-dumping tariff on leather-capped shoes from Vietnam, and China, for an additional period of 15 months – till March 2011. The decision was voted for by EU ministers on Tuesday in Belgium’s Brussels City and will become valid from January 1, 2010. Accordingly, the EU will levy a taxation rate of ten percent on Vietnamese leather shoes, and 16.5 percent on the commodity from China. Deputy trade minister Le Danh Vinh said the duty extension woul

The extension will be effective from January 2010. The duties, of 16.5% on leather footwear from China and 10% from Vietnam, were originally imposed in 2006 with a promise that they would last just two years. However this is the second time the European Commission has extended the terms beyond that initial period. The European Footwear Alliance, which represents footwear companies such as Hush Puppies, Ecco, Gabor and Adidas, said it was “deeply disappointed” in the decision, which it calcula