Textile Briefs International


1. Bangladesh as one of the biggest cotton importing country from the USA is now seeking duty-free market access to the USA for its garment products. Bangladesh’s apparel exports to the US, its single largest destination, have declined 1.96% year-on-year.Bangladesh is the second largest cotton importer in the world and the country has long been importing cotton from the US to make apparel for exports.

2. The European Union has announced a draft of new developments with its voluntary Green Public Procurement (GPP) criteria for textiles products and services. With criteria largely based on the EU Ecolabel criteria for textiles, this is an area with a high public spend, particularly on the uniforms of military, police and hospital staff.

3. A majority of Indian garment traders would be badly hit owing to the newly-introduced Goods and Services Tax (GST) as 80% of textile traders come under the unorganized sector and earn a modest living from the trade. Under the GST, 5% tax is levied on readymade garments priced under Rs.1,000. The tax for garments priced at Rs. 1,000 is 12%.

4.  The Ivanovo region located in the European part of the country accounts for 80% of Russia’s cotton fabric manufacturing.  A construction of a new synthetic fibre plant is scheduled to begin in the summer of 2017 in the Vichuga special economic zone in the Ivanovo region. Synthetic fibre is not yet produced in Russia and the plant has already secured orders for 80% of its proposed production capacity.

5. Sri Lanka is aiming to be the leader in swimwear market. The country is well on the way to becoming the swimwear destination of the world. At one time, Sri Lanka was known for T-shirts, jeans and intimate apparel. Swimwear is strategic to Sri Lanka in terms of both fashion consumption and manufacturing. The aim is to compete with top swimwear shows in Miami and Sao Paulo

6. Indian power loom accounts for more than 86% of the total MMF production in India while the rest comes from other segments like handlooms, hosiery and mills. The GST on cotton textile products has been fixed at 5% while GST on man-made fabric (MMF) is kept at 18% due to which power loom units will take a hit, said J Thulasidharan, Chairman, Confederation of Indian Textile Industry (CITI).

7. Cotton crop is giving a strong push towards Australia’s target of achieving around 4.0 million bales and bringing in $2.5 billion to the nation. According to Cotton Australia CEO, Adam Kay, while yields were back from the records of the past couple of years, strong prices meant good returns for growers. He said the cotton crop is giving a strong push towards Australia’s target of achieving around 4.0 million bales and bring in $2.5 billion to the nation.

8. The Bangladesh government has taken up a Tk 105 crore project to increase production of raw cotton, only 3% of which is now collected from local producers. Bangladesh produces only 1 lakh bales of cotton, which meets only 2%-3% of the garment industry's demand. At present, the government has to spend around $4.5 billion a year to import cotton.

 

 
Copyright 2017 Ptj.com.pk   Design: PTJ Graphics