The World Bank predicts a slight recovery of the global economy in the coming years amid rallying oil and commodity prices and the expansion of emerging markets and developing economies. In its “Global Economic Prospects” report, the World Bank says global economy will grow 2.7% this year and 2.9% next year, better than last year’s 2.3%. The World Bank report says emerging markets and developing economies will grow 4.2% in 2017 and 4.7% in 2018, compared with 3.4% last year. These econo

CHINA has strictly followed WTO rules and fulfilled its commitments in the 15 years since its accession to the global trade body, an official said yesterday in response to concerns raised in a US report on Monday. The US Trade Representative filed the annual report on China’s WTO compliance to the US Congress on Monday. The report said China has not fulfilled some of its WTO commitments. The report’s views of problems in Sino-US trade and investment, as well as the roots of those issues, a

Bangladeshi companies received positive response from international retailers at the annual Heimtextil fair, the world's largest home textile exhibition, currently taking place in Frankfurt, Germany. A total of 23 home textile companies from Bangladesh are participating in the four-day fair that began on Tuesday. Messe Frankfurt, one of the largest trade fair companies in the world, has been organising the event since 1971. “The response from buyers is very positive. Most of our old custom

Unifi, Inc., a multi-national manufacturing company that produces textured and processed yarns, is expanding its global footprint of Repreve recycled fibre by entering into Vietnam with support from Century Synthetic Fiber Corporation, a licensed manufacturer of Repreve. Century Corporation will manufacture and sell Repreve filament yarn within Vietnam. Unifi Textiles (Suzhou) Co., Ltd. (UTSC), Unifi’s subsidiary in China, will manage sales and distribution of Repreve filament yarn exported f

Home textiles major Welspun Group will invest Rs 4,000 crore in three large textile projects in Gujarat. An integrated textile manufacturing zone will be developed in Kutch at a cost of Rs 2,000 crore, as a part of Indian government’s Sagarmala project. The group will also invest in its technical textile business and in the advanced textile arm of Welspun. All the three memoranda of understandings (MoUs) are being signed during the ongoing Vibrant Gujarat Summit 2017 in Gandhinagar. Welspun

Benzene prices soared across regions in December but showed moderation later amid weaker demand in China. In US, spot benzene moved up to 16-month highs due to rising Asian numbers, a strong derivative styrene market and low benzene fixtures to the US. In Europe, benzene spot moved up during the month. Asian marker, FOB Korea surged 18% in December and declined 5.9% YoY. US spot prices rose 16.7% while it fell 7.3% YoY as compared to previous year’s average. European spot was up 22.6% on the mon

Prime Minister Nawaz Sharif announced a package of incentives worth 180 billion rupees ($1.72 billion) after a meeting with top exporters on Tuesday aimed at reviving the struggling textile industry. However, it would take some time like four to six months before the favourable impact started reflecting in the country’s exports. Textiles make up more than half of Pakistan's exports, but it has lost ground to South Asian neighbours in recent years, hurt by chronic energy shortages and underinv

At a meeting held with textile minister Smriti Irani in New Delhi, the Tirupur Exporters’ Association president Raja M Shanmugham said that because of its MSME dominant nature and the slender margins in which the textile industry was operating, the entire textile sector may be placed in the lowest slab of the GST so that industry can absorb the levy without any significant impact on the business. TEA apart from keeping the industry under lowest slab of GST, has placed a number of measures, in

Although Vietnam’s economy had no major breakthroughs in 2016, it managed to maintain a stable growth thanks to careful government management. Vietnam’s GDP grew 6.21% for the year, short of the 6.7% target set by the National Assembly, mainly due to natural disasters, drought, and saline intrusion in the Mekong River Delta crippling agricultural production. Another reason was falling exports and falling prices of crude oil in the global market. In that context, service, industry, processi

Garment and textile enterprises have received enough orders to keep them busy through the first quarter of this year, said Le Tien Truong, General Director of the Vietnam National Textile and Garment Group (VINATEX). At a press conference on January 9, Truong said that in 2017, the group targets a rise of 11 percent in export turnover, 14 percent in production value, and 12 percent in revenue. He predicted that this year, Vietnam’s garment and textile sector will face numerous challenges,