The Chinese yuan's inclusion in the International Monetary Fund (IMF)'s Special Drawing Rights (SDR) basket from Oct 1 is crucial for the currency's globalization, said an Argentine economist. In an interview with Xinhua, Jorge Castro, director of the Institute of Strategic Planning in Buenos Aires said the yuan is the only currency in the SDR that comes from a developing nation and that its new status will help create a more multipolar economic order. "The permanent inclusion of the yuan

Cotton prices remained under pressure on Saturday in line with global trend. The underlying sentiment also remained easy and outlook uncertain. Floor brokers said cotton prices moved lower in sympathy with global trend. Brokers refuted media reports about any slump in cotton imports from India, saying that at this time of season the arrivals of Indian cotton crop have just started and there was no question of entering into any deal at this juncture. Karachi Cotton Brokers Forum Chairman

The Ministry of Industry and Trade has submitted a proposal to Prime Minister Nguyen Xuan Phuc suggesting solutions to issues raised by the Viet Nam Textile and Apparel Association (VITAS). This includes a proposition to abolish inspections of formaldehyde content in textiles and garments. VITAS said the current regulation on this inspection has no legal grounds, and is costly and time-consuming. The ministry has recommended that the directive be abolished and instead, a national technical st

International Finance Corporation and VF Corporation are working together to enhance the long-term competitiveness and sustainability of the textile wet processing sector in Bangladesh by reducing excessive groundwater extraction and surface water pollution, energy and chemical use The project will be carried out by IFC’s Bangladesh Partnership for Cleaner Textile (PaCT) programme, said IFC in a press release. VF Corporation joins 12 other brands in the PaCT family bringing the total partn

Global consumption of apparel products has slipped by 7.92% in 2015 to $445 billion since 2008 economic recession The developed countries witnessed the consumption fall in the wake of gloomy economic situation. According to World Trade Organisation (WTO) data, global consumption of RMG products came down to $445 billion, which was $483.28 billion in previous year. After the economic recession in 2008, the global consumption of clothing products witnessed a decline by 13.23% to $315.51 b

Foreign minister AH Mahmood Ali had a meetingwith high level business delegation of the German-Asia Pacificbusiness community in Hamburg, the business capital of Germany,and discussed ways to strengthen business ties with Bangladesh. The interactive luncheon meeting, held on Thursday, was representedby prominent German business persons having diverse and long standingbusiness interests in Bangladesh. A number of innovative ideas were brought to the attention of theBangladesh foreign minist

The Cotton Crop Assessment Committee (CCAC) on Friday estimated the output for 2016-17 will remain 11.039 million bales. The second meeting of the CCAC took place with Ministry of Textile Industry Secretary Hassan Iqbal in the chair to assess the crop volume and area in 2016-17. The Plant Protection Department, Trading Cooperation of Pakistan, Pest Warning Department, Central Cotton Committee, Pakistan Cotton Ginners Association (PCGA) and cotton growers from Punjab attended the meeting.

Pakistan RMG exports surged 3.76% during the first two months of the current fiscal year. During the same period, about 5,109, 000 dozen readymade garments worth of $ 364.072 million were exported, as compared to the exports of 4,944, 000 dozen worth of $350.867 million of same period of last year. According to reports, bed wear exports rose by 5.28 percent, as about 58,365 metric tons of bed wear worth $355.799 million exported during the same period. The exports of bed wear were recorded

Pakistan government has taken many steps to boost cotton exports which has witnessed negative trends during the fiscal year 2015-16 as compared to the last fiscal year 2014-15. Cotton exports have declined from $11,983 million in the fiscal year 2014-15 to $11,020 during the fiscal year 2015-16. Due to inconsistency in yield of cotton crop, rising cost of business and shrinking global demand resulted in decrease of cotton prices in the market and consequently, this affected the exports.

Sharp increase in yarn prices have hit the powerloom units very badly and most of suppliers have now decided to cut production by downing their shutters once in a week to stay in the business by avoiding huge losses. "We are trying our best to clock a handsome business ahead of Diwali. But, we are finding it difficult to meet the orders as yarn prices have gone up," said K Suresh, president of Erode Powerloom Owners Association (EPOA). In the current scenario powerloom weavers were forced to u