THE $765 million a year spent by Canberra to subsidise the car and textile industries - and thousands of Victorian jobs - could be axed or scaled back under a Liberal government. Shadow treasurer Joe Hockey has raised the prospect as a "serious" option in reshaping the economy. He accused the Rudd Government of having "no appetite for hard reform". The Federal Government spends nearly $650 million a year on car industry assistance schemes and about $115 million on textiles, clothing an

KARACHI: Country’s textile exports remained flat during the first half of the current fiscal year by coming to the tune of $5.034 billion. Textile and garments exports remained almost equal to the number of corresponding period last year despite of the economic recession world over mainly because of extra ordinary exports of raw cotton and cotton yarn. The unprecedented increase of 217 percent in raw cotton export in December, which on one hand perturbed value-added textile chain, resulted in

The Textile Ministry has sought a 20 per cent increase in the budgetary allocation for 2010-11 over the current financial year allocation of Rs 4,500 crore, a top government official said. "In the current year the budget allocation is over Rs 4,500 crore. We are looking for an increase over that... We have already pushed for a 20 per cent increase. Let us see what we get," Textiles Secretary Rita Menon told reporters on the sidelines of a function here today. The enhanced allocation was ai

A 12-member delegation from Bangladesh met officials of the Apparel Export Promotion Council (AEPC) to explore the possibility of penetrating Indian domestic market. The delegation included two members of Parliament and senior representatives of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association(BKMEA) and Bangladesh Textile Mills Association (BTMA). Mr Siddiqur Rahman, vice-president (finance) of the BGMEA, said Ban

China views Ethiopia as its major economic and trading partner in Africa, says Minister of Commerce Chen Deming on Monday. The bilateral trade volume reached a historical high of 1.376 billion U.S. dollars during the first 11 months of last year, up 12.4 percent over the same period of the previous year, said Chen, adding that China's imports from Ethiopia during that period rose 202 percent to over 200 million dollars. During his talks with Sufian Ahmed, Ethiopia's minister of finance a

Hong Kong exports are expected to experience only mild growth in 2010 given that external demand will remain below their pre-crisis level, economists has said. The Hang Seng Bank on Monday estimated that Hong Kong exports fell by 12.4 percent in 2009, and projected a growth of 8.6 percent in 2010. The rebound will be significant but the total value of exports will remain below the pre-crisis level in 2008, the bank's Chief Economist Joanne Yim said in a report released on Monday.

KARACHI: Pakistan Readymade Garments Manufacturers and Exporters Association former chairman Bilal Mulla has asked the Cabinet Committee on Textile and Textile Industry Minister Rana Mohammad Farooq Saeed Khan to restrict export of yarn in order to make it available in the local market for the value added textile industry. Monthly export of yarn prior to June 2009 was 48 million kg but it jumped to 55 million kg in July 2009, 63 million kg in August, 56 million kg in September, 74 million kg i

The managing director of one of Australia's last remaining vertically integrated knitwear mills has denounced the Federal Governments plan to wind-up its duty concession scheme next June as the final death knock for the local industry. Steve Tsonidis, general manager of Melbourne-based knitwear and textiles manufacturing company ABMT textiles, said forcing companies that use Australia-made fabrics and get them assembled overseas to pay import duties on top of GST would make his business unvi

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