Textile Industry Updates (From 30th July to 04th August 2018)
1) As per a report recently released by the National Bank of Cambodia (NBC), the country’s garment exports have risen by 11%, in the first six months of 2018, which is much higher as compared to same period of previous year.
2) Vietnam became the world’s leading destinations for investors in the textile & garment industry due to the bilateral and multilateral agreements that the country has signed.
Vietnam joined 16 FTAs, of which the two new-generation FTAs – CPTPP and EU-Vietnam FTA are expected to facilitate the development of the industry.
3) In fiscal 2017-18, Bangladesh’s total apparel exports to UK was US$ 3.71 billion, a rise of 3.9% from 2016-17.
4) The massive drop in unit prices of garments has resulted in a stellar surge in clothing imports of the European Union, according to the data released by Eurostat.
5) The Cotton Advisory Board (CAB) has estimated that during the current cotton season of October 2017 to September 2018, the export of cotton from India is likely to increase by 20% over last year and is expected to touch 70 lakh bales by September 2018.
6) China domestic MEG and PTA market usually showed upward movement in the week.
7) China domestic ACN market marched on the up channel in the week.
Amid tight supply of goods, downstream users could hardly access sources, while producers mainly focused on the contractual obligations, the materials of which were expensive as well.
8) China both PTA and MEG futures showed significant rise in the week.
9) India’s Textiles and apparel exports dropped by nearly Rs 8000 crore (1.16 Bn US$) to Rs 2,30,056 crore (33.60 Bn US$) in 2017-18.
This is due to the competition from emerging economies like Bangladesh and Sri Lanka which enjoy preferential duty access in key markets.
In 2016-17, India’s textile and apparel exports stood at Rs 2,37,922 crore (34.74 Bn US$).
10) China is the biggest apparel supplier in the world in 2017 by exporting garment items worth US$ 158 Bn, accounting for 34.9% share of the market: WTO Data.
11) Bangladesh remains the second biggest apparel supplier in the world in 2017 by exporting garment items worth US$ 29 Bn, accounting for 6.5% share of the market: WTO Data.
12) Vietnam is the third biggest apparel supplier in the world in 2017 by exporting garment items worth US$ 27 Bn, accounting for 5.9% share of the market: WTO Data.
13) Indian Textile ministry launches SAATHI (Sustainable and Accelerated Adoption of efficient Textile technologies to Help Small Industries) initiative.
Ministry of Textiles and Ministry of Power (GoI) have joined hands under the initiative SAATHI.
This is in order to sustain and accelerate the adoption of energy efficient textile technologies in the powerloom sector and cost savings due to use of such technology.
Power loom clusters at Ichalkaranji, Bhiwandi, Erode, Surat, Bhilwara and Panipat have been identified for pilot study.