The value-added textile industry has asked the government to implement the zero-rated regime announced by the Prime Minister right now rather than from July 2016 and issue the bonds for exporters committed by the finance minister without any further delay. The industry stakeholders said that the value-added textile industry would welcome the PM announcement of zero-rated regime for exporters only when it is implemented. “We hope the govt will fulfill its commitment this time to restore the

Indian finance minister Arun Jaitley has proposed 2 per cent excise duty on branded readymade garments and made-up articles of textiles of retail sale price of Rs 1,000 or more, reports Business Standard. In the Union Budget 2016-17, Jaitley has proposed to bring in high-end readymade garments under excise duty net. However, this duty will be applicable only for those manufacturers who do not claim input tax credit popularly known as central value-added tax paid on various raw materials.

Clothing retailer Esprit Holdings Ltd posted a loss in the first half, hurt by a slowdown in China and a weak euro. Esprit reported a net loss of HK$238 million ($30.7 million) for the six months ended in December, compared with a profit of HK$47 million a year earlier. Turnover fell to HK$9.3 billion from HK$10.7 billion. Esprit has been in the midst of an ambitious revamp over the past year that has included store closures, price adjustments, new return policies, and technology and distrib

The cotton market on Monday remained dull as the presence of buyers and sellers in the trading ring was very thin. The undertone remained easy and outlook uncertain. Floor brokers said that depressed condition in world cotton markets and slow off-take of cotton yarn and textile goods were giving gloomy outlook as spinners had also reduced their daily operational shifts. Imports of huge quantity of cotton was equally hurting the domestic market and ginners with unsold stocks of around one m

The Vietnamese products would lose their strengths in the middle- and long-term if domestic businesses do not restructure production, thus bringing in higher added value, Tran Tuan Anh, deputy minister of Industry and Trade said. Anh said that Vietnamese exporters should restructure their production to improve profit and enjoy preferential of the Trans-Pacific Partnership Agreement (TPP). This was the reason that Vietnam has issued the export strategy by 2020 with a vision to 2025 to take

Vietnam's textile and garment industry is confident of achieving its 2016 export target of $30 billion as most of the companies have enough orders already or are confident of achieving them to meet their revenue goals, according to Vietnamese media reports. Importers have already placed ample of orders and the textile and garment industry in Vietnam may have to look for more staff in order to complete them on time, according to Vietnam Textile and Apparel Association (VITAS). The textile

A Chinese textile company buys a newly constructed 53,000 square foot warehouse at 1 Palmer Terrace in Carlstadt’s industrial section in January for use as its first U.S. distribution center. According to CoStar, a commercial real estate research company, the company paid $12.49 million, in a deal that reflects the strong demand for industrial space in the meadowlands. The warehouse was built by Sitex Group, a New York-based owner of industrial real estate. Sitex bought the 7.5-acre prop

Textile and clothing exports dropped by nine per cent to $7.345 billion during the first seven months (July-January) of this fiscal year from $8.086bn in the same period a year earlier, the Pakistan Bureau of Statistics (PBS) said on Tuesday. The decline came despite a duty-free access to European markets under GSP+ preferential tariff scheme. A source in the commerce ministry said the government has developed a three-year strategic trade policy framework 2015-18, but it has yet to annou

In India, cotton prices edged up in the third week of February on fresh demand from domestic yarn mills after prices declined in the previous week. Gujarat Sankar-6 cotton gained INR500 to INR33,600 per candy. Other varieties saw prices gain INR200-800 per candy. As a result, cotton yarn prices climbed in India during the week, with offers regaining INR1 a kg in Ludhiana whereas remaining flat in Indore. The rise explains the rebound in cotton prices, after progressively declining in the pas

Turkish textile and ready-made clothing sectors to make up for their losses experienced since bilateral political relations were strained with Russia, is all set to open up to Iranian and African markets as an alternative markets to compensate lose of Russian market. Turkish textile exporters have planned roadshows in Iran, Ghana, Nigeria, Morocco, Tunisia and Algeria in March. Laleli Industrialists' and Businessmen's Association (LASİAD) President Giyasettin Eyüpkoca said that economic