Continuing with the positive trend since the beginning of this year, exports of textiles and garments from Sri Lanka increased by 4.5 per cent year-on-year in the first six months of this year. During January-June 2016, Sri Lanka's export earnings from textiles and garments stood at $2.514 billion, compared to $2.405 billion earned in the corresponding period of last year, according to the data released by the Central Bank of Sri Lanka. Export growth in June mainly came from the US and no

The Ministry of Textiles is set to announce a cut in excise duty on MMF in the new policy in order to boost investment to meet growing demand from the synthetic textile industry. The MMF industry has on several occasions represented to the government seeking exemption on MMF from excise duty, arguing that the garments produced through MMF are primarily used by the economically weaker sections of society. While cotton fibre attracts no duty, the government has levied 10 per cent excise duty o

The Ugandan government has in the past proposed a ban on importation of second hand clothes, commonly known as mivumba, in order to protect and promote the local textile industry. But the US embassy expressed concern over ban on the importation of second hand clothes as it would have drastic effects on both Uganda and the US because of the significance of trading in used clothing. For now, the ban remains on paper and has never been implemented. Most Ugandans can't afford new clothes and depe

The 11th Summit of the G20 major economies is expected to open a new path for growth and more efficient global economic governance, international experts have said. The Summit is being held in eastern Chinese city of Hangzhou under the theme of "Toward an innovative, invigorated, interconnected and inclusive world economy." Overcoming global economic difficulties The greatest challenge for the G20 is to overcome economic difficulties the world has encountered since the 2008 financial cr

Government leaders' vision of building an open and transparent global investment environment and curbing trade protectionism will offer growth remedies to the world economy in the long run, especially to developing economies, officials and experts said on Monday. "It's time for the G20 to move forward with an effective agenda on investment and trade. Developing countries otherwise may continue to confront challenges caused by lack of foreign investment, and higher tariffs to ship goods to cer

Chinese President Xi Jinping (R) meets with Egyptian President Abdel-Fattah al-Sisi in Hangzhou, capital of east China's Zhejiang Province, Sept. 4, 2016. --Xinhua Egyptian economists and businessmen stressed on Sunday that the G20 summit being held in the eastern Chinese city of Hangzhou will help Egypt attract more investments to revive its ailing economy. During a seminar organized by China Today magazine in Cairo, experts discussed the importance of Egypt's participation in the summit

BRITAIN’S economy showed its clearest sign to date of bouncing back from the initial shock of June’s vote to leave the European Union, but a big slowdown in growth and a further Bank of England rate cut remain on the cards. A closely-watched monthly gauge of Britain’s giant services industry published yesterday saw a record leap in activity in August, echoing similar data released last week for the smaller manufacturing and construction sectors. Markit, a data firm, said its survey showed

A scandal involving the alleged sale of falsely labelled Egyptian cotton products by an Indian textile manufacturer to US big box retailers highlights a stiff reality facing the high-end fibre market: there isn't much Egyptian cotton any more. The shortage of cotton from Egypt, which commands a premium due to its superior quality, creates an incentive to blend it with other types of cotton without disclosing it or to counterfeit the label altogether, cotton traders said, exacerbating a proble

India’s ministry of textiles has launched an online portal forhandloomstall allotment. This weaver-friendly platform has been introduced to streamline the process of allotting handloom stalls and to ensure a level playing field for fresh applicants. It is expected to provide transparency, simplify procedures and offer ease of access to handloom weavers. Weavers and organisations can apply onthe online portalas and when online applications are called by way of advertisements in leading newspa

The legislature of California has passed a bill to declare denim as the official fabric of the state. The assembly approved the bill with 59 votes in its favour and 3 against it. According to the bill, the reason behind this proposal is the interwoven history of the fabric and the state. Denim is said to have been a part of California's history since 1850s. This bill was sponsored by Marc Levine, Democrat assembly member from California. Denim jeans were invented during the Gold Rush Era in S