The government has reduced the cash incentive to 4 per cent from 5.25 per cent for apparel products export and 12.50 per cent from 15 per cent for leather goods export for the fiscal year 2015-16. A Bangladesh Bank circular issued on Monday said the government also decreased the additional cash incentive for small and medium industries of the textile sector to 4 per cent for the FY16 from 5 per cent for the FY15. A BB official told New Age on Monday that the export-oriented local textile

Garment exports to the US, the country's single largest export destination, rose 7.09 percent year-on-year in the January-May period on the back of a rebound in the American economy. Bangladesh exported $2.32 billion worth of garment products to the US in the first five months of the year, according to data from the US Department of Commerce. The development will assuage the nerves of many, as garment exports to the US experienced negative growth almost all throughout 2014 as a repercussio

India is losing its market share in cotton and man-made fibre (MMF) categories, as most of the products are made of coarse count yarn and MMF prices are at least 25 per cent higher than rates prevailing in competing countries, say textile industry sources. High duty Urging the Centre’s immediate intervention for improving India’s stance in the global market, the Indian Texpreneurs Federation (ITF) pointed out that of the total 864 textile and apparel commodities traded in 2012, India’s sha

The country produced a record of 0.152 million (1.52 lakh) bales of cotton in the just-concluded fiscal year (2014-15), marking a 5.47 per cent growth as compared to the previous year's production. In the FY 2013-14, the country produced about 144,616 bales of cotton from 41,498 hectares of land. "The production was higher in the last fiscal because cotton was cultivated on more land with the introduction of high technology and hybrid seeds," said Dr. Farid Uddin, Executive Director of Ban

Bangladesh earned US Dollar 124.73 billion by exporting readymade garments over the last six and a half years, Commerce Minister Tofail Ahmed said on Tuesday. "Bangladesh earned US Dollar 124.73 billion by exporting readymade garments to 140 countries of the world from January, 2008-2009 to May, 2014-2015," he said in reply to a question raised by treasury bench member Didarul Alam (Chittagong-4). Responding to another question raised by ruling party lawmaker Enamul Haque (Rajshahi-4), the

Export of readymade garments to US market in the month of June has declined by 16 per cent because of a phase out of quota provided by the US government for readymade garments, beginning January 2005. The decline rate of export in May was higher than June. Export of such items to US in May declined by 50 per cent, reveal statistics produced by Garment Association of Nepal (GAN). In the month of June last year, readymade garment export had declined by 46 per cent. The declining rate of export thi

The International Labor Organization (ILO) has found a slight improvement in Cambodia's garment factory working conditions, although issues of overtime and occupational safety and health continue, according to its latest report released on Wednesday. The ILO's Better Factories Cambodia (ILO-BFC) Program report said it saw "a slight improvement in factories' overall compliance with labor law standards." The findings were based on ILO-BFC factory assessment reports on 393 garment and footwea

The US government has excluded textile, garment and apparel, Philippines leading exports to the US, from zero tariff privilege under its newly extended Generalized System of Preference (GSP) although it gained preferences for travel goods. President Barack Obama signed last week the Trade Preferences Extension Act of 2015 (H.R. 1295), which will reauthorize the U.S. Generalized System of Preferences (GSP) Program until 31 December 2017, at the same time renewing the African Growth and Opportu

China will kick off sales from its cotton reserves on July 10, according to a statement from the stockpile agency, but traders warned demand was likely to be poor given the inventory available in the market and relatively high state prices, now at a premium to futures. The September cotton contract on Zhengzhou dropped by the maximum allowed daily amount on Wednesday amid a broad commodities sell-off sparked by stock market turmoil in China. Chinese share prices have plunged more than 30

The International Finance Corporation of the World Bank group on Wednesday announced it would provide US$ 50 million financing for the local banks for making loans available for the garments factories for remediation. The IFC will provide US$ 10 million each in financing to five Bangladeshi banks which will allow them to increase lending to garment factories to improve their structural, electrical and fire safety infrastructure, said a press release issued by the corporation on the day. Th