The leather and footwear industry posts the annual growth rate of 9.7 percent on average. Made in Vietnam shoes have been exported to 50 nations but met only 40 percent of local demand, approximating 150 million pairs a year, according to statistics by the Ministry of Industry and Trade. The main export markets of Vietnam are the EU, the US, Japan, China, Mexico, Brazil and South Korea. Of these, exports to the EU hold the highest ratio with 35.3 percent, followed by the US with 31.55 perc

Belt and Road Initiative proposed by China could stimulate sustainable Asian and global economic growth, a leading Bangladeshi legal economist told Xinhua. In an exclusive interview recently, MS Siddiqui, a professor at Dhaka's Daffodil International University, said the Belt and Road Initiative will connect countries that represent 30 percent of world gross domestic product (GDP), 63 percent of global population, and most of known energy reserves. Promote infrastructure development In

A decline in global cotton quotes in August 2016, led to heightened trading activity in the Brazilian cotton market, which too resulted in drop in Brazilian domestic cotton prices. Despite this, the average Brazilian cotton price was 15.5 per cent higher than export parity, which made sales in the domestic market more attractive than exports. So, while trading companies made cotton available in the Brazilian market, most cotton growers were focused on accomplishing previous contracts. Growers

More than 10,000 hectares of land will come under cotton cultivation in Nigeria's Ogun state, as the provincial government has signed a memorandum of understanding (MoU) with ArewaCotton Limited, an indigenous natural fibre company. The MoU has been signed with an aim to focus on production, processing as well as marketing of cotton in the state. The memorandum states that cotton farmers in Ogun would mandatorily sell their produce to ArewaCotton, Nigerian media reports said. As a result, in

Cultured Expressions is celebrating a new venture called African Fabric Month to promote artistic and practical uses of African fabrics. The company wishes to honour African cultures that create authentic fabrics by encouraging DIY audience to participate in fun, educational and culturally relevant activities during this month-long celebration in September. Cultured Expressions has sponsored the venture to put the spotlight on some of the continent's most popular textile arts. The company be

Continuing with the positive trend since the beginning of this year, exports of textiles and garments from Sri Lanka increased by 4.5 per cent year-on-year in the first six months of this year. During January-June 2016, Sri Lanka's export earnings from textiles and garments stood at $2.514 billion, compared to $2.405 billion earned in the corresponding period of last year, according to the data released by the Central Bank of Sri Lanka. Export growth in June mainly came from the US and no

The Ministry of Textiles is set to announce a cut in excise duty on MMF in the new policy in order to boost investment to meet growing demand from the synthetic textile industry. The MMF industry has on several occasions represented to the government seeking exemption on MMF from excise duty, arguing that the garments produced through MMF are primarily used by the economically weaker sections of society. While cotton fibre attracts no duty, the government has levied 10 per cent excise duty o

The Ugandan government has in the past proposed a ban on importation of second hand clothes, commonly known as mivumba, in order to protect and promote the local textile industry. But the US embassy expressed concern over ban on the importation of second hand clothes as it would have drastic effects on both Uganda and the US because of the significance of trading in used clothing. For now, the ban remains on paper and has never been implemented. Most Ugandans can't afford new clothes and depe

The 11th Summit of the G20 major economies is expected to open a new path for growth and more efficient global economic governance, international experts have said. The Summit is being held in eastern Chinese city of Hangzhou under the theme of "Toward an innovative, invigorated, interconnected and inclusive world economy." Overcoming global economic difficulties The greatest challenge for the G20 is to overcome economic difficulties the world has encountered since the 2008 financial cr

Government leaders' vision of building an open and transparent global investment environment and curbing trade protectionism will offer growth remedies to the world economy in the long run, especially to developing economies, officials and experts said on Monday. "It's time for the G20 to move forward with an effective agenda on investment and trade. Developing countries otherwise may continue to confront challenges caused by lack of foreign investment, and higher tariffs to ship goods to cer