Exporters have complained of 'inordinate' delays in sales tax refund by the tax office, saying that the Textile Ministry failed to honour its pledge to clear the refund claims of textile sector. Exporters demanded of the government to abolish the two percent sales tax regime for textile sector with a view to improve its finances for a better export prospects. "All the deferred claims of refunds should be cleared immediately," Chairman Pakistan Apparel Forum, Javed Bilwani demanded. He sugges

Cotton prices on Wednesday remained easy amid extremely slow trading against the backdrop of higher arrivals of phutti (seed cotton) and depressed prices in most markets world over. The buyers took to the sidelines after knowing that phutti arrivals during the outgoing fortnight (Oct 15 to Nov 1) rose 10 per cent compared with same period a year ago. This strongly indicated that current season would yield a bumper crop, brokers said. Besides, increased flow of cotton yarn from across t

Adidas, the German maker of sportswear and equipment, said Thursday that profits were down in the third quarter due in part to exchange rate effects, but it is sticking to its full-year targets. Adidas said in a statement that its net profit fell by 11 percent to 282 million euros ($352 million) in the period from July to September. Underlying or operating profit fell by 12.7 percent to 405 million euros while sales grew by 6.2 percent to 4.118 billion euros. "During the third quarter o

The immediate future of Swaziland’s duty-free export market to the United States (US) through the Africa Growth and Opportunity Act (AGOA) is hanging by a thread as Swaziland will be struck off the beneficiaries of AGOA late December, if it fails to meet the benchmarks. Varying stakeholders from the textile and apparel industry in the country have sent an impassioned request to United States President Barak Obama, to at least give Swaziland a few months more to sort the benchmarks hurdle tha

Despite a drop in Europe, global yarn output rose in the second quarter of 2104 from its previous quarter, due to higher yarn production in Asia, South and North America. “On an annualised basis, yarn production increased, only as a result of higher output in Asia with South America, North America and Europe recording reductions,” the latest report of the International Textile Machinery Federation (ITMF) reveals.Asia’s production is traditional significantly higher in the second quarter, compar

Ambassador of Russian Federation to Bangladesh Alexander A Nikolaev on Friday said Russia was keen to import readymade garments from Bangladesh. ‘The apparel sector has developed in Bangladesh with enormous potentials and there is ample scope to export garments to Russia from here,’ said the Russian envoy. The Russian ambassador was speaking while visiting RMM Knit Clothing and Sweater Factory at Aliganj in Narayanganj sadar upazila Friday morning. The European Union member countries

Textile exports of the country registered a nominal increase of only one percent in the current calendar year and netted $9.1 billion as compared to $9 billion during the same period of last year, it is learnt. Official sources revealed to Business Recorder that textile exports to the European Union (EU) registered an increase of 19 percent during the first nine months of the current calendar year and remained at $3.98 billion as compared to $3.3 billion during the same period of last year.

As China sends more aid to the Ebola-plagued west Africa, medical equipment suppliers are fighting the epidemic on another front as they rush to meet the soaring global demand for protective products. Protective gear such as coveralls, gloves and goggles are essential supplies in the battle against the deadly virus, with Chinese suppliers seeing a wave of orders from concerned countries. Gao Yan, a sales manager of Crown Name Disposable Hygiene Products Fty Ltd based in Hubei province, sai

CHINA is hoping that APEC will play a coordinating role in establishing a Free Trade Area of the Asia-Pacific (FTAAP), a Chinese official said yesterday. It is seeking implementation of an APEC information exchange for free trade areas to increase transparency and facilitate interaction among Trans-Pacific Partnership Agreement members and the Regional Comprehensive Economic Partnership, Wang Shouwen, assistant commerce minister, told a press conference. China also hopes concerned parties

The country’s jute growers have incurred huge losses this season as most of them failed to achieve their production target due to unfavourable weather during the cultivation, growers and traders told New Age. They feared jute production might have declined by 30-40 per cent this year across the country due to severe drought in the beginning of the season and downpour in the mid-season. Due to the decrease in jute production, its prices increased by 15 per cent compared with the last year’s