Buyers in the south Indian cotton yarn market have become price sensitive. Mumbai market noticed a decline in cotton yarn prices today after the demand weakened due to higher prices. Buyers were discouraged as mills increased the prices of yarn. Tiruppur noted a steady trend in cotton yarn prices. Demand was slightly better even as buyers were cautious.Mumbai witnessed a downward trend as cotton yarn prices eased by ₹7-12 per kg. “Spinning mills had increased the prices of yarn which discouraged

Hourly minimum wages in 23 US states rose beginning January 1 as part of previously scheduled efforts to reach $15 an hour or to account for cost-of-living changes. More than $5 billion in pay hikes has been witnessed for an estimated 8.4 million workers, the Economic Policy Institute (EPI) estimates. Additionally, nearly 30 cities and counties will raise their minimum wage.Working conditions and low pay contributed to a rise in labour movement activity and actions by many large corporations to

Ecuador and China will sign a free trade agreement (FTA) after almost a year of negotiations, Ecuadorian President Guillermo Lasso recently announced on micro blogging platform Twitter. "Our exports will have preferential access to the largest market in the world, our industries will be able to acquire machinery and inputs at lower costs," the president wrote.The FTA, negotiations for which began in February 2022, is expected to boost growth in the South American nation.China's ann

Commercial authorities in China cancelled registration requirements for businesses engaged in foreign trade activities from December 30 last year following a revision of the country's Foreign Trade Law, according to the ministry of commerce. However, whether this is applicable to all trades or not has not been disclosed by the authorities.Market entities will no longer be required to provide foreign-trade operator registration material while applying for import and export licenses, registrat

China’s exports of textiles, apparel and clothing accessories increased to $297.629 billion in the first eleven months of the current year, registering a growth of 4.57 per cent year-on-year. The latest monthly data released by the General Administration of Customs of China shows that the country’s garment exports grew by 4.3 per cent in the same period.Garments and clothing accessories exports reached $160.703 billion in the first eleven months, which was 4.3 per cent higher than the same perio

China's National Development and Reform Commission (NDRC) recently stressed on efforts to properly implement the country's optimised epidemic response while better coordinating epidemic prevention and control with economic and social development next year. NDRC chief He Lifeng called for accelerating development of modern industrial and logistics systems.Reform and development authorities at all levels nationwide should work hard to stabilise growth, employment, and prices, and vigorousl

Israeli, US and German scientists have found ancient cotton fibres dating back 7,000 years in Tel Tsaf, a prehistoric village located in the Beit She'an Valley near the Jordanian border in Israel and north of the West Bank, the University of Haifa recently said. It is the earliest evidence in the ancient Near East of use of cotton fibres, they claimed.The cotton fibres’ origin is estimated to be in the Indus Valley. The earliest known evidence of cotton fibres used by humans in the ancient N

More than 99 per cent of foreign firms surveyed in China expressed confidence in China’s economic outlook for 2023, as per the China Council for the Promotion of International Trade (CCPIT). Around 91 per cent of such firms in the country are positive about the country’s response to the COVID-19 situation.About 98.7 per cent of the firms stated that they will retain and increase their investment in China, according to a survey of more than 160 foreign firms, commerce chambers, and associations c

Sustainability ran high in decisions, actions and policymaking across the European Union (EU) this year. The European Fashion Alliance and the Nordic Swan Ecolabel were launched; the £2-million Circular Textiles Fund in Scotland was unveiled to help reduce the environmental burden of textiles; and EURATEX planned fibre-to-fibre recycling for 2.5 million tonnes of textile waste by 2030, writesDipesh Satapathy.Here is a glimpse into some of the major developments in the bloc.PolicyNovember saw bus

China will continue to widen opening-up and guide foreign firms to invest in areas like energy conservation, modern services and advanced manufacturing in its market next year, according to the ministry of commerce. The government will make appropriate reductions to the negative list for foreign investment, said ministry spokeswoman Shu Jueting.China will actively seek to join high-standard economic and trade agreements, follow relevant rules, regulations, management and standards, and steadily