An increase in service tax will increase overall manufacturing cost of garments, said R K Dalmia, Chairman, The Cotton Textiles Export PromotionCouncil (TEXPROCIL). Expressing displeasure over the Finance Minister Arun Jaitley's proposal to increase service tax to 14% from existing12.36%, the apex textilebody says despite textile being the highest employment generator, the government neglected the sector in the Union Budget. Source: Business Standard.

Persistent demand for quality lint boosted the rates on the cotton market on Wednesday in the process of trading, dealers said. The official spot rate maintained overnight level at Rs 5000, dealers said. In the ready session, nearly 10,000 bales of cotton changed hands between Rs 4200 and Rs 5250, they said. The prices of seed cotton in Sindh were at Rs 1800 and Rs 2350 and in Punjab the rates of phutti were at Rs 2000 and Rs 2600, they said. Commenting on the gradual rise in rates, cotton a

Exports rose 5.46 percent year-on-year to $2.51 billion in February, buoyed by increased shipment of garments, according to central bank data. Earnings in the first eight months (July-February) of the fiscal year were $20.31 billion, which were $17.80 billion till January. The figures show a positive trend as the country is receiving payments for goods that were shipped earlier. “We are now facing difficulties exporting goods for political unrest,” said Atiqul Islam, president of Bangla

The 25th East China Fair 2015, a prestigious and preferred exhibition that attracts hundred and thousands of exhibitors and visitors of national and international fashion, gifting, and home furnishing business community opened on 1st March at the Shanghai New International Expo Center in the Pudong New Area. The fair will go on till Thursday, 5th March. Companies taking part in the East China Fair are targeting the higher-end market to be more competitive but the still-weak global economy and

The imports of textiles and clothing by South Korea crossed the US$ 14 billion mark last year, narrowing the industry’s surplus further. In 2014, South Korea’s textile and clothing exports grew by 8.4 per cent year-on-year to $14.66 billion, which is an all-time high, yonhap news agency said citing data from the Korea International Trade Association. On the other hand, South Korea’s textile and garment exports decreased 0.1 per cent year-on-year to $15.94 billion during the year. Thus, the

The country is set to reap a bumper crop this season as phutti arrivals into ginneries reached 14.7 million bales till March 1, an increase of 10.33 per cent over a year earlier. According to Pakistan Cotton Ginners Association’s (PCGA) fortnightly data released on Tuesday, the country harvested 1.377m more bales over the last season (2013-14) when total production stood at 13.328m bales. The higher production could well be judged from the fact that 111,957 bales reached ginneries during

Zimbabwe cotton also known as the white gold had economically uplifted places such as the hot and semi-arid marginalized areas like Gokwe in the Midlands Province. Besides bringing in the much needed foreign currency, the textile, oil-pressing and stock feed industries also benefitted from cotton production in Zimbabwe. But today, the nation cannot talk of a 2015 cotton crop because there is no cotton crop to talk about. The 2015 cotton crop is too small that experts in the industry believe

Vietnam garment and textile export turnover witnessed 1.2 percent growth in the month of January over the same month last year to reach US$1.9 billion, according to Vietnam Textile and Apparel Association. The production output of garment and textile products such as fabric and clothes have been on the rise compared to the same period last year as many businesses have got orders to produce until the end of the first quarter this year and even the second quarter to some. However, 60 percen

Kanoria Chemicals & Industries Limited (KCI), leading manufacturer of chemical intermediates in India, has opened Kanoria African Textiles Plc, a subsidiary and a denim fabric production unit in Ethiopia’s Bishoftu town of Oromiya regional state. The newly opened factory began yarn production last week and is expected to start denim fabric manufacturing in May 2015. The company has acquired on lease 153,000 square metres of land from the Bishoftu town administration and is annually expect

More than 100 billion yuan ($16.6 billion) in tax break eased tax and fees burden of small businesses last year, an official with the Finance Ministry said on a Friday policy briefing. Shi Yaobin, deputy minister of Finance Ministry, said the combined tax break for micro and small businesses in China until Dec 31, 2014, was 61.2 billion yuan. Along with more than 40 billion yuan cut on various fees imposed on these firms, they were able to save more than 100 billion yuan last year. The Sta