Heavy rains and floods have reportedly damaged 0.361 million bales of cotton crops, which may make it difficult for the government to achieve projected agriculture sector growth target of 3.8 per cent for the current fiscal year. Sources in the Planning Commission told Business Recorder that flood caused relatively more damage to the cotton crop in Punjab with 0.230 million bales followed by 0.130 million bales in Sindh. The floods and rains have inundated cotton crop at 78.6 thousands hectar

The textile sector posted 40 percent rise in profitability in the first quarter of fiscal year 2013-14 (Q1 FY14) due to improved demand and better yarn margins. The textile people said on Tuesday further boost to the profits was provided by depreciating rupee and cheaper financing rates. Profits of the sector’s listed textile firms increased by 40 percent on yearly basis to Rs 9.1 billion in the Q1 FY14. The same was also reflected at the local bourse as shares of listed textile firm

They demand review of Wage Board’s proposal Apparel manufacturers and exporters have threatened shutting down their factories unless the government reviews the recommendation of fixing minimum monthly wage at Tk5,300 within next 15 days. Their warning came a day after a government-formed wage board proposed the amount, up from existing Tk3,000 per month. “This is a suicidal proposal, which is void of reality, unacceptable and irrational,” Atiqul Islam, president of Bangladesh Garment

(VOV) - The garment and textile sector’s export turnover is expected to hit more than US$19 billion this year thanks to an increase in orders and export revenue. The Ministry of Industry and Trade (MoIT) said that it already reached US$14.8 billion by October, up 18.7% from a year earlier. In the 10-month period, Vietnam’s garment and textile exports to China were estimated at over US$270 million and its furnishing fabrics at nearly US$700 million. Meanwhile, its cotton imports from Ch

Vinatex wokers produce cloth. The group's investments are expected to total $476.2 million in 2013. — VNS File photo The Viet Nam National Textile and Garment Group (Vinatex) is accelerating investment in the central region of the country as part of the national strategy for the garment and textile industry until 2020. In a recent working trip to Nghe An Province, Vinatex general director Tran Quang Nghi said central provinces would be a destination for many large projects due to their adv

Two South Korean companies, which are reviewing closure of their businesses in the Kaesong industrial complex, would face ownership change, not a complete withdrawal from the joint factory park, despite their decision to close operations, Seoul's Unification Ministry said Wednesday. "To our knowledge, there are two companies planning to sell businesses and withdraw (from Kaesong). One firm stationed at the apartment-type factory is also reviewing its withdrawal," Unification Ministry spokesma

China on Tuesday pledged greater efforts to promote work safety following a three-month nationwide workplace safety campaign which ended recently. "Development at the expense of human life is a red line we should never cross," said State Councilor Wang Yong during an inspection tour from Sunday to Tuesday in Wuhan in China's central Hubei Province. "We shall develop a long-term work safety mechanism that is effective in preventing major accidents," he added. China launched a nationwide

A further reduction in gas supply to the Textile industry of Faisalabad in Pakistan during the next three months would lead to industrial stagnation, making it difficult for producers to honour their export commitment resulting into increased unemployment, said Faisalabad Chamber of Commerce and Industry (FCCI) President Engineer Suhail Bin Rashid at a media briefing. Presently the Faisalabad textile industry is receiving only 170 millions of cubic feet per day (mmcfd) gas as against its r

The apparel exports from Turkey has increased by 8.5 percent year-on-year to US$ 12.95 billion in the first nine months of 2013, as per the data released by the Istanbul Textile and Apparel Exporters' Association (ITKIB). According to ITKIB data, Turkey exported garments worth US$ 12.95 billion in the period of January to September 2013, whereas garment exports touched US$ 11.95 billion during the same period last year. The highest exports were from the category of knitted apparel and clot

The newly-formed wage board for the garment workers has set Tk 5,300 as the minimum monthly wages. The minimum wage came at the ninth meeting of the wage board Monday afternoon. Apparel factory owners, however, rejected the minimum wage. A press briefing is underway at the board office, in the capital, regarding its announcement at around 4:00pm. Apparels workers have long been demonstrating, demanding Tk 8,000 as minimum wage for a labourer per month. Source: New Age BD.