Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) central chairman Ijaz Khokhar has asked the Prime Minister to announce much-awaited textile package committed by him publically to pull the value-added textile industry out of crisis. “The cash subsidy of eight percent to exporters, as was decided at the highest level and agreed by the all export industries of the country, should be given immediately and without any delay along with announcing cut in utility prices

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 24 basis points to 6.8865 against the US dollar Wednesday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interban

THE world’s largest economy grew even faster than initially thought in the third quarter, based in large part on a jump in spending, the US Commerce Department said yesterday. According to a revised GDP report, the economy grew at an annual rate of 3.2 percent, three-tenths higher than the initial estimate published last month, which was already the fastest rate in two years. A consensus analyst forecast had called for a more modest upward revision to 3 percent, from the 2.9 percent initia

Export of leather products including shoes would be $6 billion by 2021 if 16.5% cash incentive is given. The parliamentary standing committee on the Ministry of Commerce was yesterday apprised of the export target at its 18th meeting held at Jatiya Sangsad Bhaban with committee Chairman M Tajul Islam in the chair. The parliamentary watchdog suggested the authorities concerned to give additional cash incentive to the leather products and shoes industries for making the country’s image brigh

With Indian textile industry aiming to double its exports and turnover in next five years, the textile machinery industry is expected to witness a robust demand. “For textile industry to achieve this growth, it has to rely on modern technology and engineering. Thus, we anticipate a strong demand for textile machinery and accessories, especially with foreign textile brands expanding their presence in the country,” said Sanjiv Lathia, chairman, India International Textile Machinery Exhibitions (IT

The footwear industry is striving to reposition itself with a view to forming joint ventures with Chinese manufacturers in order to take advantage of the opportunity created by increasing labour wages in China. Collaboration with Chinese shoemakers is expected to help the domestic industry access new technology and improve labour skills, as well as boost exports. “Our industry wants to collaborate with Chinese manufacturers and establish joint ventures with them in the proposed economic

Textile associations on Monday announced that December 6 will be observed as black day against the gas price disparity that has been affecting the entire industrial chain in Punjab. The announcement came at a joint press conference of office-bearers representing Pakistan Textile Exporters Association (PTEA), Faisalabad Chamber of Commerce and Industry (FCCI), All Pakistan Textile Mills Association (Aptma), All Pakistan Textile Processing Mills Association (APTPMA), Pakistan Hosiery Manufactu

Pakistan has suspended cotton imports from its top supplier, India, saying shipments failed to fulfil phyto-sanitary certification, threatening the $822 million-a-year trade, government and industry officials told Reuters. Traders say rising hostility between the neighbours might have prompted Pakistan to restrict imports. The decision will help other cotton suppliers such as Brazil and the United States to increase exports to Pakistan. “We had received some complaints regarding insect

Technology will be the key enabler that will help increase productivity in Bangladesh's labour intensive readymade garment sector, analysts said. All the factories in Bangladesh have been made compliant in the recent past, Shahriar Alam, state minister for foreign affairs, said at a seminar organised by PwC Bangladesh. “The global market is expanding and Bangladesh needs to diversify its products and markets and lead the garment sector,” said Alam, who is also a lawmaker. Moinuddin Ahme

United States President-elect Donald Trump has announced that the US will quit Trans-Pacific Partnership (TPP) trade deal on his first day in the White House. This announcement has also revived the hopes of Indian textile and garment industry for doing business with the US. Trump, in a video had said that TPP is a potential disaster for the US. “We are relieved with Trump’s announcement. If the TPP trade policy is to be ratified, Indian textile and apparel sector will incur huge loss. Withdr