Fibers & Yarns Updates (From 1st March to 31st March 2019)
1) Net textile and apparel fibre imports by the US rose to a second consecutive record in calendar 2018, as consumer demand for clothing increased with the expanding economy.
Total fibre product imports exceeded 20.8 billion raw-fibre-equivalent pounds in 2018, compared to 19.7 billion pounds in 2017. Textile and apparel exports reached 3.5 billion pounds.
2) AIC-NIFTTEA Incubation Centre for Textiles and Apparels will join hands with ICAR-Central Institute for Research on Cotton Technology (CIRCOT) to promote ‘Salt-free dyeing technology’, which would not use salts for setting dyes on fabric or yarn resulting in reduced virility of effluents.
3) Bangladesh local yarn manufacturers are struggling to survive as unsold yarn worth around Tk 1,500 crore is piling up at warehouses.
The prices of yarn fell drastically in the local market due to currency devaluation and a buoyant grey market, leaving yarn manufacturers in a dire situation.
4) Bangladesh National Board of Revenue has offered duty waiver on import of two types of yarn for Jamdani industry to facilitate the development of the sector.
Customs wing of NBR on March 19 issued a statutory regulatory order, amending the previous SRO on weaving industry, in this connection reducing the import duty for metalised round yarn and other metalised yarn. NBR waived customs duty in excess to 5%, all supplementary duty, regulatory duty and value-added tax on import of the two products.
5) The Indian textiles ministry amended hank yarn packaging norms whereby yarn packed for civil consumption in each quarter commencing from January-March should be less than 30% (Previously, this proportion was 40% of the total yarn packed) of total yarn packed in each quarterly period for civil consumption.
6) Bangladesh’s cotton imports in 2019 are likely to fall 15% from the previous year as lower yarn prices are forcing spinners to cut overseas purchases.