China will kick off sales from its cotton reserves on July 10, according to a statement from the stockpile agency, but traders warned demand was likely to be poor given the inventory available in the market and relatively high state prices, now at a premium to futures. The September cotton contract on Zhengzhou dropped by the maximum allowed daily amount on Wednesday amid a broad commodities sell-off sparked by stock market turmoil in China. Chinese share prices have plunged more than 30

The International Finance Corporation of the World Bank group on Wednesday announced it would provide US$ 50 million financing for the local banks for making loans available for the garments factories for remediation. The IFC will provide US$ 10 million each in financing to five Bangladeshi banks which will allow them to increase lending to garment factories to improve their structural, electrical and fire safety infrastructure, said a press release issued by the corporation on the day. Th

With the Chinese economy dwindling further, export potential for synthetic yarn in the Indian industry has fallen sharply again. China, which imports synthetic yarn from India to convert it into fabric and garment, has seen production being cut drastically. "The recent market crash in China has a lot to do with bleak outlook of domestic production in almost all sectors, including textiles. Units in China have been cutting down on production due to decline in the world's buying capacity for te

The cotton prices moved lower for the second consecutive day on Wednesday due to lack of interest by both ginners and spinners. The Karachi Cotton Association (KCS) reduced its sport rate by Rs100, to Rs4,850. Floor brokers said ginners were least interested to enter in new deals as they sought to clear the advance deals they had entered in high prices as compared to the prevailing prices. They said arrivals of phutti (seed cotton) have increased and farmers are forced to sell their crop

The Egypt’s agriculture ministry on Tuesday took a decision to temporarily ban cotton imports to improve and protect domestic cotton production and defend the interests of cotton producers, manufacturers and exporters of the country as it fear that its textile industry may end up paying the price. The decision dictates that all imported cotton will not be allowed in the country for an indefinite period of time, excluding imports shipped before 4 July. However, in a country where textile manuf

State Minister for Textile and Jute Mirza Azam said the government will sign memorandum of understanding (MoU) with China soon for Balancing, Modernisation, Rehabilitation and Expansion (BMRE) work of all the jute mills under the Bangladesh Jute Mills Corporation (BJMC), reports BSS. As per the MoU, the Chinese government will provide credit at 1.5 per cent interest to Bangladesh for executing BMRE work. The loan amount would be refunded within 20 years. The State Minister made this announ

The country fetched about US$ 0.2 million in the just-concluded fiscal year 2014-15 by exporting crocodile skins to the world market.A private crocodile farm-Reptile Farm Ltd (RFL) at Bhaluka, Mymensingh - exported skins of about 400 crocodiles to a Japanese firm in December last. Its officials expect more overseas sales in the current fiscal. This is the country's maiden crocodile skin export. Earlier, in 2010, the same farm exported some 67 frozen saltwater crocodiles of different age group

Garment manufacturers in Rangoon announced that they will push back against a minimum wage proposed by the Burmese government, claiming they cannot afford to pay laborers the 3,600 kyats (US$3.24) per eight-hour day recommended by an expert committee. More than 150 members of the Myanmar Garment Manufacturers Association (MGMA) convened on Thursday to discuss the proposal, which was announced earlier this week by Burma’s National Minimum Wage Committee. Following two years of research and

Polytex Far Eastern Vietnam, a subsidiary of the Far Eastern New Century Corporation (FENC) from Taiwan, has received an investment certificate from the People’s Committee of the southern province of Binh Duong to invest US$274 million into building a textile and garment production site. The 99-hectare project adds to FENC’s existing Apparel Far Eastern garment production facility established in 2007 in Vietnam Singapore Industrial Park I, also in Binh Duong. This investment is specificall

Multiple economic indicators in recent months suggest the Chinese economy is over the worst as pro-growth and reform measures take effect, according to the National Bureau of Statistics (NBS). "Positive changes are occurring due to government policies and reform measures," according to Sheng Laiyun, NBS spokesperson, who made the remarks in an interview hosted on the bureau's website on Monday. Sheng said that improvements in industrial output, fixed asset investment, and expanding consum