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Reflecting a shift to Asia in global denim apparel production, Taiwan exports of denim fabrics are significantly declining on the US and Central American markets while surging in low cost Asian countries. Jordan became the first customer of Taiwanese denim makers in 2006, thanks to relaxed rules offered by the United States to Jordanian QIZs (Qualified Industrial Zones).
The United States is ready implementing the duty free agreement with the Dominican Republic. Washington apparently accepted lowering its MFN tariff on certain trousers that would not comply with CAFTA rules of origin, in exchange for a restricted use of pocket fabrics.
Oil and paraxylene prices sharply decreased, leaving room for a new decline in polyester prices in the near term. PTA could fall as low as US$810 while MEG may resist. Polyester prices remained mostly unchanged in recent weeks, however, reflecting a slight rebound in intermediate prices.
Cotton yarn prices are now declining on the international yarn market, after cotton prices clearly decreased in the past weeks. By contrast, viscose prices are no more moving with several qualities even higher by the end of October. Demand from Turkey and Brazil (open end viscose yarns) is recovering, pushing up prices to higher levels.
European Union removed anti-dumping duties on Polyester Staple Fibers from India, Indonesia, Thailand and Australia. This should result in higher sales on the European market, helping to absorb excess capacities in Asia. EU still maintains anti-dumping duties on PSF from China, Korea, Belarus and Saudi Arabia.
The UNDP recently, released Asia-Pacific Development Report 2006 which says that Pakistan fared badly in the region’s textile exports compared to Bangladesh— a non-cotton-producing country. Pakistan earned less ($5.39 billion) than Bangladesh ($6.99 billion) in 2005 through the export of textile and clothing, though it exported nearly 200 million kg more than Dhaka. India and China which are cotton producing countries have a bigger share of the international market in terms of volume and are also earning far greater amounts of foreign exchange from their exports.
South Africa’s deal with China over textile imports is still being finalised, although one has been agreed in principle, said South African Trade Minister. South Africa’s textile industry is struggling in the face of massive international competition, with tens of thousands of jobs being lost in recent years.
Chairman of Vietnam Textile and Apparel Association (VITAS), Le Quoc An, recently, warned textile and apparel industry of the country that they would face even more difficulties resulting from the US decision of applying anti–dumping duties on Vietnamese goods. Imposing anti–dumping tariff on textile and apparel goods exported to the US market is a much harsher treatment than on–going mechanism of export–quota allocation.
National Development and Reform Commission (NDRC) has projected that if currency appreciation of China continues, the textile industry will start to lose money as their profit margins are pegged at 3% right now. Research report of Guotai Jun’an Securities Research Institute said that 1% Yuan appreciation will lead to loss of 2% in profit margins. Export from China to US reached US $27 billion, an upswing of 18.7% and is still the biggest exporter even though the growth rate has declined.
Demand for wool should further increase in the coming weeks, especially from China and Italy. Stocks are relatively low in the wool pipeline and activity is steadily growing, according to the Woolmark. Prices could be up in US$ terms if the Central Bank in Australia further raises interest rates.
Cotton is the major source of income for countries in West and Central Africa, which estimate that they lose at least US $1 billion (€840 million) every year because of subsidies paid by the US, the EU and China, to their local cotton sector.
Germany looks set to retain its title as ‘champion exporter’ of the world for 2005, after exports topped another record last year. Germany, which was already the world’s leading exporter in 2003 and 2004, exported goods worth a record 786.1 billion euros (942 billion dollars), a rise of 7.5% from a year earlier. The European Union remained the biggest customer for German made goods, accounting for exports of 498.5 billion euros, or 63% of the total.
Indian Textile Ministry had successfully implemented the UPA government’s ideas laid down in the Common Minimum Programme. Investment in the textile sector this year would be around Rs.30,000 crores and expected to generate 1.2 crore jobs by the year
2010, said Union Minister of State for Textiles, E V K S Elangovan.
The Silk Board of country should come forward and help the state to boost production of silk and cocoon by providing modern technology in the field, said Jammu and Kashmir Chief Secretary Vijay Bakaya. The production of silk in the country stands at 16,500 tonnes against consumption of 26,500 tonnes. However, the country has surpassed China in the production of cocoon.
Brazil is an important producer of intimate wear and beachwear. In 2005. The Brazilian production of intimate wear exceeded 600 million pieces and that of beachwear 200 million pieces. By 2010, Brazil wants to export textile and clothing articles worth US$4 billion.
