A number of Korean investors have closed down their factories and relocated them to other countries due to the increase in labor costs in the country, a senior executive of the Indonesian Employers Association (Apindo) has said. Apindo’s secretary-general, Suryadi Sasmita, said the Korean companies had shut down their Indonesian factories as their requests to be exempt from paying the new minimum wage had been refused. “These investors that employ hundreds of workers each, have left because t

Kingsland workers protesting outside the factory Workers at a Cambodian underwear factory supplying H&M and Walmart are keeping a 24-hour vigil outside their factory after managers shut up shop and fled, owing hundreds of thousands of dollars in unpaid wages and benefits. Workers from Kingsland Garment are maintaining a camp in front of the factory in hopes of catching managers if they return to take machinery and equipment out of the factory. After the factory abruptly closed in Dec

Raymond Limited, a global manufacturer of worsted fabric, has recorded an 8% increase in net sales, valued at Rs 554 crore, for its textile segment during the quarter ended December 31, 2012. However, margins for this sector were impacted due to higher output costs and the under utilisation of capacities. The firm’s branded apparel net sales were down by 7% on a year-on-year (YOY) basis, standing at Rs 184 crore. But the cotton shirting fabric business witnessed an improved performance d

Over 1,000 suppliers will gather at ShanghaiTex 2013 where the latest improvements in productivity, energy saving and new materials for the textile industry will be presented. The exhibition, which will take place in the Shanghai New International Expo Centre, China, from June 10-13, 2013, will showcase a range of high-quality textile machinery and equipment Due to the overwhelming support of key enterprises in the textile industry, the bookings for exhibition stands at ShanghaiTex 2013

The country’s garment industry has started on a recovery mode with 2012 exports expected to have returned to the $2-billion level for the first time in four years, outgoing Trade and Industry Undersecretary Cristino L. Panlilio said. Panlilio expressed optimism that garment exports in 2012 would go back to the $2-billion level from less than $1-billion level in 2009. “Garment exports get a big boost from new Chinese investors in this sector,” he said. As of November, 2012, however, the

Tamil Nadu textile industry which employs fifty lakh people and earns Rs 50,000 crores in foreign exchange faces a virtual shut-down with the hike in diesel price. Southern India Mills Association (SIMA) says that the hike would push cost of production by Rs 4 since the bulk purchase of diesel would cost extra Rs 11 per litre. This would affect the lives of ninety-one million workforce employed in textile industry. Indian textile industry operating out of rural India and employing mostly wom

Cotton production in the country may exceed the estimated target of 13.3 million bales for the current season, industry sources revealed to Business Recorder here on Friday. The Cotton Crop Assessment Committee (CCAC) has projected cotton production at 13.3 million bales against the initial estimate of 14.6 million bales for the current season 2012-13. However, over 12 million cotton bales have reached the market up to January 15, 2013 for local consumption as well as for exports as compared to

Egypt agreed to export 1,978 metric tons of cotton in the week ended Jan. 17, according to the Alexandria Cotton Exporters Association. The country has shipped 33,115 tons of the fiber, valued at $95.1 million, since Sept. 1, the association said today in its weekly bulletin. Exports last week included 46 tons of the Giza 88 variety and 1,932 tons of Giza 86, it said. Egypt produces the world’s finest extra-long staple cotton, which is stronger and softer than shorter staple cotton, and is use

Iraqi crude oil exports slightly decreased in December 2012 compared to the previous month, but the income of exports last year was sharply higher than 2011, the Iraqi Oil Ministry said Monday. Iraq exported a total of 72.8 million barrels of oil in December 2012, bringing in 7.551 billion U.S. dollars in revenues, with an average selling price of 103.723 dollars per barrel, the ministry said in a statement. In December, Iraq exported 62.7 million barrels through the southern port of Bas