Textile Industry Updates (From 1st April to 30th April 2019)
1) With cotton prices currently in the range of `6,100-6,200 per quintal and stock in short supply, ginning units in Maharashtra are finding it difficult to source it for their units.
The 150 odd units in Khandesh, one of the major cotton processing regions in the state, are working at 30-40% capacity.
2) The State Council, China’s cabinet, will cut the tariff rates for baggage brought by individuals and articles mailed into the country starting April 9 to expand imports and consumption.
The rate for commodities including textiles and electric appliances will be cut from 25% to 20%.
3) Countries and regions along the Belt and Road Initiative (BRI) have become major destinations for China’s overseas investment in the textile sector.
4) Demand for global air freight dropped to the lowest in the last three years in February, according to the monthly update from the International Air Transport Association (IATA).
5) Bangladesh exports to EU up 10 per cent
Last fiscal year, Bangladesh apparel exports to the European Union rose by 10.58 per cent. Now the EU wants Bangladesh to move towards an environment-friendly production process to reduce the negative impact on nature.
6) Vietnam, China trade ties continue to develop
According to the Foreign Investment Agency under the Ministry of Planning and Investment, China invested about 1.6 billion USD in Vietnam in the first fourth months of this year, making it the country’s fourth largest source of foreign investment.
7) Shandong emerges as textile hub
Shandong province in China has world class advanced textile industry clusters. After decades of development, a complete industrial chain including weaving, printing and dyeing, garment, home textiles has been formed, which has increased its competitiveness and influence in the world.
8) Russia’s technical textiles industry faces raw materials shortage
Russia’s technical textiles industry may face a shortage of raw materials this year, after government and business plans have so far failed to resolve the country’s dependence on imports.
9) Brazilian cotton index drops slightly in first fortnight
With most batches having lower quality, the pace of trading slowed down in the Brazilian cotton market during the first fortnight of this month.
10) The global textile market size is projected to reach at USD 1.23 trillion by 2025 expanding at a CAGR of 4.24%
Population growth, rising disposable income levels, and rapid urbanization in developing countries like China, India, and Mexico are likely to boost the product demand.
11) Robust textile exports help India reduce trade deficit with China
Robust export of cotton textiles to China has helped India reduce its trade deficit with that country. The recent government move to reimburse all State and Central levies on textile exports boosted shipments to major consuming countries.
12) China Signaling U.S. Cotton Purchases
China has started showing interest in buying United States cotton, based on discussions during the April 12 meeting of the Plains Cotton Growers (PCG) Advisory Group.
13) Iran: Textile, clothing exports growth at 26% in last yr.
Totally, production growth in the textile industry stood at seven percent. Exports in textile industry registered a significant 26 and 30 percent in terms of value and weight respectively.
14) India’s GDP expected to accelerate moderately to 7.5% in 2019-20: World Bank
India’s GDP growth is expected to accelerate moderately to 7.5 per cent in Fiscal Year 19-20, driven by continued investment strengthening, particularly private-improved export performance and resilient consumption, the World Bank has said.
15) China textile overseas investment flows to BRI region
Countries and regions along the Belt and Road Initiative (BRI) have become major destinations for China’s overseas investment in the textile sector. Over 80 percent of the industry’s global investment has flown to the BRI region in the past five years, according to the China National Textile and Apparel Council (CNTAC).
16) 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.