The government is set to introduce new textile policy immediate after the Union Budget scheduled to be held on February 28, said Kiran Soni Gupta, Textile Commissioner. She was inaugurating The Clothing Manufacturers Association of India (CMAI)'s 60th National Garment Fair, the two-day event in Mumbai on Wednesday. She said that 13 textile parks are in various stages of consideration. The government has sanctioned 61 textile parks of which 55 are operational. Rahul Mehta, President of C

The textile and clothing industries of India and Vietnam are more complementary than competing in nature. Both can end up in a win-win situation by cooperating with each other, says Rajesh Kumar Shah With annual exports of around US$ 40 billion, India is currently the second-largest textile and clothing exporter in the world, next only to China. However, nearly $25 billion of this amount is earned by exporting textiles like yarn and fabric, with China being a leading destination, especially

China's yuan has become the world's fifth most widely used payments currency, with the value of cross-border deals settled in it more than doubling in 2014, data from transactions organisation SWIFT showed Wednesday. The data comes as China looks to make the yuan used more internationally in line with its standing as the world's second-largest economy, while at the same time keeping its value tightly controlled. The yuan, also known as the renminbi (RMB), overtook the Canadian dollar and t

The longstanding demand of the Lahore Chamber of Commerce and Industry (LCCI) that the mark-up rate should be at the lowest to provide some breathing space to industries has been taken care of with the State Bank of Pakistan’s (SBP) decision to cut the interest rate by 100 basis points – from 9.5% to 8.5% which will not only help stimulate private sector growth but also bring down the inflation rate according to them. All Pakistan Textile Mills Association Chairman SM Tanveer said that the de

Bangladesh’s RMG sector is gradually losing its share in the European Union market due to factors like political unrest and lack of compliance, which gives boost to its global competitors. According to Eurostat data, the country’s apparel export registered slow growth in July-October period last year compared to its competitors. In 10 months of last year the country earned 11.7% RMG export growth in the EU market while Vietnam posted 22.88% growth, Cambodia 25.41% and Pakistan 28.26%.

Garment exports to the US, Bangladesh's single largest export destination, declined 3.17 percent year-on-year to $4.64 billion during January-November last year, due to a slowdown in work orders after the Rana Plaza building collapse. Bangladesh was the sixth largest sourcing country for the US during the period though Bangladesh's position was third even a few months ago, according to the US Department of Commerce. Exports to the US started declining when retailers from North American cou

Union textiles minister, Santosh Gangwar has urged the Odisha government to submit a proposal to set up a Textile Park. The minister said this while attending the National Workshop on Promotion of Handloom with Fashion being held in Bhubaneswar.He said priority on allotment of Textile Parks would be given to states, which currently did not have any of them in their state.Currently, there are 61 textile parks in the country and the Union Ministry plans to set up 13 more in the 12th Five Year Pla

After a successful 2014 edition where new exhibitor, visitor and exhibition space records were set, Intertextile Shanghai Home Textiles – Autumn Edition returns in 2015 from August 26–28. According to fair organisers Messe Frankfurt (HK) Ltd, Intertextile Shanghai has become well established as the leading home textiles event in the region.The fair will take place for the first time at a brand-new venue, the National Exhibition and Convention Center (Shanghai), with a total of six halls and aro

Pakistan textile exports witnessed plunge of 6.38 percent in December 2014 despite the availability of GSP Plus scheme. The major factors behind the substantial drop in exports are energy shortage and lack of working capital. According to the Pakistan Textile Exporters Association (PTEA) details, the country exported textile goods worth $1.175 billion in December against exports of $1.255 billion in the same month of previous year. Value-added items also recorded a negative growth as cott

Experts and entrepreneurs on Saturday said that the government and businesses should take immediate steps to enhance productivity and value addition in the leather sector to explore huge untapped international export market. Tanneries should also be environment-friendly and should fulfil other compliance issues to keep protected its global market particularly in European Union, they said. They also emphasised on ensuring political stability for the growth of the sector and the overall econ