THE central parity rate of the Chinese yuan weakened to a six-year low against the US dollar on Monday. The central parity rate of the Chinese currency renminbi, or the yuan, weakened 132 basis points to 6.7690 against the US dollar Monday, according to the China Foreign Exchange Trade System. It was the weakest level since September 2010 as increased market expectations for an interest rate hike in the United States led to a stronger dollar. In China's spot foreign exchange market, the

The Malaysian government has decided to terminate the anti-dumping duty imposed on the imports of polyethylene terephthalate (PET) originating in or exported from Thailand. The decision by the ministry of international trade and industry (MITI) is based on information gathered during the administrative review (expiry) investigation concerning such duties. On 20 April 2016, the Government of Malaysia initiated an administrative review (expiry) investigation concerning anti-dumping duties impos

Fila Korea Ltd is planning to build a new apparel development center in China and bolster its “Fila Heritage Line” as part of efforts to improve its brand awareness in the global fashion market. It is time to focus to enhance Fila’s 105-year “heritage,” Fila Korea Chairman and chief executive Yoon Yoon-soo said during the two-day global branding enhancement meeting “Fila 20th GCM 2016” that ended Tuesday in Seoul. To further increase its brand awareness in the global market, Yoon urged the c

All Pakistan Cotton Power looms Association (APCPA) have expressed grave concern over the decline of cloth exports and warned that the prevailing situation is yielding negative impact over the power looms Industry, which is facing serious financial crunch and unfavourable doing business environment in the country. Addressing the APCPA executive committee members, APCPA Chairman Choudhry Abdul Haq demanded that the government should be given special rebate to power looms Industry to control th

Although the world has been mired in sluggish economic growth, countries along the Belt and Road Initiative are bucking the trend. According to a report Wednesday by China's National Bureau of Statistics, despite a slight decline of trade volume overall, China's imports and exports with the Belt and Road countries have impressively increased over the last three quarters of 2016. China's exports to Pakistan, Russia, Poland, Bangladesh and India have increased by 14.9 percent, 14 percent, 11

A bailout package of Rs 200 billion has been proposed by the Pakistan government to revive and modernise the textile sector of the country, said minister of commerce Khurram Dastgir. The special package is being considered on the direction of Prime Minister Nawaz Sharif for introducing technological and infrastructural improvements to the textile sector. Dastgir made this announcement at the Senate standing Committee on textile industry meeting recently held in Islamabad. The government i

Indian handicrafts exports are expected to rise by around 10 per cent year on year to Rs 23,560 crore in fiscal 2017, driven by surge in demand from new and traditional markets. Demand from countries and regions including the US, Europe, Latin America and Middle East is increasing which is expected to help record a healthy growth in export figures. Executive director of the Exports Promotion Council for Handicrafts (EPCH) Rakesh Kumar also said that for the April-September 2016 quarter, handi

The Indian polyester market witnessed a demand growth of 14 per cent year-on-year (YoY) in the second quarter of FY17, says the financial performance report of Reliance Industries Limited (RIL). Polyester filament yarn lifting was healthy for grey and finished fabrics during 2Q FY17 and there was a surge in demand for polyester products. The financial report documenting the growth of RIL in the second quarter and first half of FY17 states that polyester products witnessed a demand growth of

Spinning mills have reduced purchasing raw cotton from the market due to inferior produce. The buyers are holding back expecting drop in raw cotton prices with arrival of fresh and 'superior' crops in the market from next month. There are about 40 spinning units in the state. Each unit has a capacity of one lakh spindles that requires around 450-500 bales of cotton per day. President of a textile firm Suresh Maheshwari said, "Buying of raw cotton has reduced significantly because quality i

All Pakistan Textile Mills Association (APTMA) Punjab Chairman Syed Ali Ahsan has said the industry worries are multiplying fast due to an unprecedented 50 percent decline in cotton production to six million bales during the current crop season against 10.5 million bales in 2011-12. This was stated by him during a meeting with Governor Punjab Malik Muhammad Rafique Rajwana while apprising him of the issues relating to the restoration of viability and growth of textile industry in Punjab.Senio