Asian acrylonitrile markers the further moderated US$30 a ton CFR Far East Asia and Southeast Asia in the first week of January.
In China, offers for offshore cargoes were flat at US$1,150-1,200 a ton as buyers bought hand to mouth, and were noncommittal to deep-sea cargoes due to long freight period.
Acrylonitrile prices in Asia fell further amid thin activity and on concerns of fresh supplies in China.
The Russian Textile Association, chairperson Shamhal Ildarov pursues the idea for the development of garment production in the Caucasus as the textile industry will create upto 2 million new jobs and Russia will get its own domestic textile. The initiative was taken to eliminate the dependence of Russia on Turkish textiles and clothing.
According to Ildarov, Russia is also able to produce the entire range of light industry products.
The Indian government initiated the process of settlement of Rs 3,000 crore dues related to some 'blackout and left-out' cases which found no mention in the Amended Technology Upgradation Fund Scheme (ATUFS) which has come as a big relief for textile sector.
Confederation of Indian Textile Industry (CITI) Secretary General Binoy Job said that the quantum of liabilities under the blackout and left-out period cases was around Rs 3,000 crore.
India’s apparel exports may just about cross $17 billion in 2015-16, just over 90 percent of its garement export target in the current fiscal compared with the target of $18.73 billion for the fiscal, despite the sector putting up a better show than textiles and mancy other merchandise segemtns, as outbound shipments to key markets like the US and Europe remained lower than expected due to an economic slowdown, sources said on Wednesday.
China though stands as the world leader with US$170 billion worth of garment exports a year but the trend since early last year has clearly been down, in part because of stagnant demand in world markets and, to some extent, because unit prices are down.
The dilemma for all developing economies that rely heavily on the rag trade is now facing China as new competitors emerge underneath it.
Malaysian textile manufacturers are looking forward with optimism at the parliamentary endorsement of the TPP at the end of January as the industry can grow by at least 30 percent with the implementation of the Trans-Pacific Partnership (TPP) agreement said Malaysian Textile Manufacturers Association (MTMA) president Datuk Seri Tan Thian Poh at a press conference after a dialogue on potential economic impact of TPP on Malaysia’s textile and apparel industry, here, yesterday.
The Minister of State for Textiles (independent charge), Santosh Gangwar, after inaugurating the India International Garment Fair (IIGF) organized by the Apparel Export Promotion Council on Wednesday said that the draft policy of the long awaited new textile policy is ready and discussions are on. They hope to place it before the Union Cabinet in a month’s time.
Switzerland-based companies have evinced interest in setting up a solar panel manufacturing plant at an initial investment of $200 million and a proposal for setting up a Rs2,000 crore mega textile park in Andhra Pradesh during Chief Minister N. Chandrababu Naidu meetings with business delegations in Zurich on Tuesday.
Mr. Naidu, who arrived in Zurich en route Davos to participate in the three-day World Economic Forum’s annual summit, held meetings with various business delegations.
In the US, Pakistani textile exporters are losing their share to other exporting countries such as India, Vietnam and other competitors. Although in the US market the overall import demand for textiles and apparel increased during July-September 2015, Pakistan had not been able to firm up its exports, according to the State Bank of Pakistan (SBP) in its first quarterly review released a day ago.
It said that following the trend in previous years, the demand for cotton textile, which constitutes the bulk of Pakistan’s exports, continued to decline in the US market.
South India Textile Research Association (SITRA), a centre of excellence for medical textiles in Coimbatore to support new ventures in medical textiles will commission an incubation facility in another three months. The dedicated incubation centre for medical textiles (textile products used in the healthcare sector) is set up at a cost of Rs. 2 crore and it can incubate two units at a time for a period of six months to two years , said Prakash Vasudevan, director of SITRA.
