The current broad-based global economic upswing offers an ideal window of opportunity to undertake critical reforms, the International Monetary Fund (IMF) said Tuesday. Broad-based acceleration In its latest World Economic Outlook, the IMF forecast that the global economy will grow by 3.6 percent in 2017 and 3.7 percent in 2018, both 0.1 percentage point higher than the previous forecast in July. That's an acceleration from the 3.2-percent global growth rate in 2016, which was the lowest

The country’s export earnings shot up to $8.66 billion in the first quarter of the current fiscal year, a 7.23% up compared to $8.07 billion of the corresponding period last year. However, in the last month alone export earnings fell by 9.83% to $2.03 billion compared to $2.25 billion in the same period last year. The earnings are 26.72% less than the target of $2.77 billion set for the month. Trade analysts and officials cited holidays during the Eid-ul-Azha as a reason for the fall in th

The Vietnam Textile and Apparel Association (VITAS) recently proposed that the regional minimum wage not be raised next year as several enterprises are already struggling with wage hikes in the last decade. The National Wage Council decided a 6.5 per cent raise in the regional minimum wage for 2018 and submitted the proposal to the government for approval. The proposed monthly wage hike of US$8-10 a month is the lowest raise ever offered, according to a report in a Vietnamese newspaper. VITA

Cambodia recently raised the monthly minimum wage of workers in the garment and footwear sector from $153 to $170, the highest hike in the past two years. The decision came after Prime Minister Hun Sen raised the wage by $5 after a committee, comprising representatives from the government, unions and employers, met on October 5 and agreed on a $165 value. The hike, to be effective starting January 1 next year, is an year-on-year increase of 11 per cent, with the minimum wage increasing by le

Uzbekistan to build another modern textile factory till late next year which involve investment to the tune of $92 million as a consistent step aiming at developing its textile industry. The factory will annually produce 10,000 tons of polyester fiber, 10,000 tons of polyester yarn, 20 million running meters of mixed fabrics, and 7,000 tons of blended linen. The project was initiated by the joint venture Namangan Sharbati, the National Bank for Foreign Economic Affairs and Uzbekengilsanoat. T

A high level of energy, business networking and dynamic synergy was seen at the 6th edition of Techtextil India where 173 exhibitors from 11 countries showcased a gamut of technical textile solutions to 5,436 visitors from across the country. Smart future textiles, recycled fibers, sustainable alternatives, welding, wearables, functional solutions were among some of the highlights on the showfloor. Closing its three-day run with positive impressions, the 6th edition hosted a series of busines

Latest figures by the United States Department of Agriculture state that the total supply of cotton in India was revised upwards by 1% relative to estimates made in August, despite a downward revision in initial stocks. This is due to expected production being revised up 3% relative to expectations made in August for 2017/18 market year. Total supply of cotton is now expected to amount to 43.34 million 480lb bales, with domestic producers accounting for 69% of total supply. 28% of total suppl

China's GDP accounted for 14.8 percent of the world's total in 2016, up by 3.4 percentage points from 2012, said Ning Jizhe, head of the National Bureau of Statistics, on Tuesday. The country made the largest contribution to global growth, averaging at about 30 percent annually, during the 2013-2016 period, larger than the total of the US, euro zone and Japan combined, he said at a news conference. Source: China Daily.

The garment exporters' profitability has hit a rock-bottom thanks to the continued downward price pressure by the international retailers amid rising production costs. “In fact we are just keeping our businesses afloat,” said a garment manufacturer who exports apparel items worth nearly $500 million a year. The price of garment items has been falling 5-8 percent every year whereas the cost of production is increasing 15-18 percent, he said. For instance, in 2015, a pair of denim trouser

The Zimbabwe Textile Manufacturers’ Association (ZCMA) has appealed to the government to timely disburse foreign currency to its members to ensure they meet their obligations and remain in business in times of liquidity crisis. ZCMA secretary-general Raymond Huni recently said the textile industry needed urgent intervention to avoid a total collapse. As the current liquidity crisis continues, the government assisted a few struggling companies to easily access foreign currency. People have re