Bangladesh Garment Manufacturers and Exporters Association (BGMEA) sent a letter to Bangladesh Bank seeking interest waivers as the apparel makers could not ship their products due to continuous hartals and blockades. The letter was sent on 5th this month signed by BGMEA vice president Shahidullah Azim. But Bangladesh Bank sources said the central bank is not the authority to ask the banks for interest waiver. They said it is the matter of respective banks if they would come up with suc

Repeated blockades have put the garment sector in a tight corner as exporters are counting losses from order cancellation and rising transport costs. Buyers are cancelling orders as exporters fail to meet the lead time due to transport crisis, said Atiqul Islam, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Some buyers are also imposing penalties in case of delayed shipment, cutting prices of garment products, he mentioned, adding that transport costs hav

On January 1, 2014 KARL MAYER will acquire the majority of the ownership of LIBA Maschinenfabrik GmbH, which in the future will be integrated into the KARL MAYER group. For decades KARL MAYER and LIBA have been the leaders in the development, manufacturing and distribution of warp knitting machines and machines for the production of technical textiles. Both involved parties are convinced that with the combined high level of technical knowledge of the two companies, the long term market l

The US state of Louisiana would be getting a new US$ 130 million cotton spinning plant, courtesy of the Gulf Coast Spinning Company, which plans to build the facility in the Bunkie Industrial Park of the state. According to a statement issued by State of Louisiana Office of the Governor, the announcement of the cotton spinning facility was made by Governor of Louisiana Bobby Jindal and Gulf Coast Spinning Company CEO Dan Feibus recently at the Bunkie Industrial Park. The construction of th

The Textile Ministry will try to get export incentives restored for cotton yarn , said Union Textiles Minister K.S. Rao . The Directorate General of Foreign Trade had in September revoked incentives – a duty credit of 2.5 per cent of Free On Board value for shipments to select countries under the Focus Market Scheme – for the export of cotton yarn on the ground that giving export incentives for a commodity that has export curbs is conflicting. The Ministry has taken up the issue with the

A truck drives past piles of containers in the Chittagong Sea Port The country’s export earnings rose to US$12bn in July-November period of the current fiscal year, posting over 18% growth over the same period last year. Bangladesh fetched $2.22bn in November, which is over 5% higher than the previous month’s export earnings of $2.11bn, according to Export Promotion Bureau (EPB) data released yesterday. “The July-November exports stood at $12bn, which was $10bn in the same period last

China said it bought 417,200 tonnes of domestic cotton for state reserves last week that has taken total purchases in 2013 to more than 3 million tonnes, about 10 percent lower than volumes bought by the same time last year due to quality considerations. Stockpiling by the world's top cotton buyer, now in its third year, has hurt Chinese mills by pushing up domestic prices while benefiting overseas suppliers, whose prices are significantly cheaper. To address the mills' concerns, China has b

The Rs 13,000-crore at in Tamil Nadu is faced with a peculiar problem. The export-based industry has been witnessing an uptick in enquiries and orders, but it is unable to accept all orders. Reason: unprecedented load-shedding of eight to 10 hours a day.With the industry reeling under the frequent power cuts, most of which is unscheduled, almost all units have been forced to run on gen-sets. This is a costly proposition for the units because gen-sets cost Rs 18-19 for a unit of power, compared

Traffic was disrupted for a few hours here on Thursday when several powerloom weavers blocked traffic in protest against an inspection by officials. Annadurai and Dhavasiraj who were engaged in the business said that Aruppukottai was well known for operation of handloom and powerloom units. In the wake of acute shortage of manpower, even handloom units were gradually turning into powerloom units. Meanwhile, the State government had declared that yarns made by handloom units should not be u

Apparel exports are expected to grow by 20 percent to $16 billion during the present financial year on the back of growing demand in the new markets like Latin America and Africa. "We are seeing this fiscal better than the last year. We expect a 20 percent jump in 2012-13 from $13.4 billion in 2011-12," Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said. He said the combined effort of the government and exporters to explore new markets would "give better fruits" this fiscal.