Garment exports declined 11.96 percent year-on-year to $2.21 billion in July, as political crisis during January-March affected orders. Earnings from the garment sector, which accounts for more than 80 percent of total exports, suffered the biggest fall in nine months. The last negative numbers recorded by the sector were in September and October 2014, when year-on-year exports fell 2.06 percent and 9.69 percent respectively. The sector also missed the targets set for the last fiscal ye

Nigeria's apex band, the Central Bank of Nigeria (CBN) has started a programme aimed at revival of the country's cotton textile and garment (CTG) industry, Nigerian media reported. CBN would provide loan at single digit interest to the CTG industry under the Real Sector Support Facility (RSSF). During a meeting with representatives of the country's textile and apparel industry in Lagos, CBN governor Godwin Emefiele said the textile and clothing sector, which once had over 150 mills and emp

Indonesian textile industry would still be pressured in the second half of the year and predicted that sales and exports of textile products would remain sluggish, according to Ade Sudrajat, head of Indonesian Textile Association (API). The domestic textile and related products market has been projected to generate Rp 60 trillion ($4.3 billion) in the second half of the year as local products hold only 20 percent of market share and the industry feels the effects of a dragging economy, an as

Reacting to China's currency devaluation, R K Dalmia, Chairman, Texprocil -- Textile Export Promotion Council -- stated that this sudden move on the part of China will have an adverse impact on India's exports of textiles and clothing, which are facing already sluggish growth due to recessionary conditions in global markets Dalmia stated that the Government has not yet announced the interest rate subvention of 3% which has been pending despite sanction of funds for this purpose by the Finance

Steady conditions prevailed on the cotton market on Wednesday as needy spinners continued to replenish their stocks to meet their near future demand. However, underlying sentiment suddenly turned cautious as Chinese currency took a fresh dip to register around 3.75 per cent devaluation during last two days, brokers said. On strong demand for lint, phutti (seed cotton) price moved higher as arrivals into ginneries was being res­tric­ted by stagnant flood water. Floor brokers sa

Ministry of Commerce, Government of China, has announced it would review anti-dumping duties on purified terephthalic acid (PTA) imported from South Korea and Thailand, according to a Xinhua report. Anti-dumping duties ranging between 2 per cent and 20.1 per cent were imposed on PTA imports from these two countries in August 2010, for a period of five years. The ministry's decision to review these duties follows an application made by domestic producers in June this year requesting the min

Sri Lanka is likely to regain the GSP plus trade concession from European Union for garments exports, government said, five years after the nation lost the trade concession over its failure to meet the criteria on human rights concerns. Prime Minister Ranil Wickremesinghe gave assurance that Sri Lanka will regain the GSP plus trade concession from the European Union when he met local and foreign garment industry officials at Temple Trees yesterday. He said that no fresh conditions have been m

Cotton spinning mills in northern India facing crisis due the excess spinning capacity and decline in exports this fiscal year have resulted in poor cash flow and excessive stocks due to which they are planning to shut down one day a week, according to Chandigarh based Northern India Textile Mills’ Association (NITMA) having 98 member mills that includes leading names such as Vardhaman and Trident, etc. Mr. Sharad Jaipuria, President of NITMA stated that in addition to these fiscal matters, t

Bangladesh earned $2.52bn from exports in July with a decline of over 15% from the same month in last fiscal year as the country’s largest RMG sector earnings suffered a sharp fall. The provisional data released by Export Promotion Bureau revealed the figures for the first month of the fiscal year. The total figure was $2.98bn in July 2014. The data showed the earning was $2.52bn in July 2015, which was 15.29% less than one year ago. The woven sector earnings dropped by nearly 10%, whil

Both the BGMEA and the BTMA leaders demand gas connections for the country's largest foreign currency earner on a priority basis as the readymade garment factory owners, especially those who want to shift their non-compliant units from the capital city and adjacent to it, are facing difficulties due to non-availability of gas for the last couple of years. Some 64 non-compliant readymade garment factories, mostly located in shared or rented buildings, failed to relocate their units only becaus