A Chinese company has evinced interest in investing Rs600 crore in 35 acres in the textile park at Sitarganj in Udham Singh Nagar in the state. This is likely to help the textile industry of Uttarakhand take a major growth. According to experts, surplus ground table water in Sitarganj and proximity of US Nagar to neighbouring countries like Nepal and China have attracted industrialists to the textile park. Another advantage is its border with Uttar Pradesh and good transportation facility to

Sharp rise in rates seen on the cotton market on Tuesday, due to short supply and sporadic rains in some parts of cotton belt. In Sindh seed cotton prices were higher by Rs 50 to Rs 3250 and Rs 3400 and in Punjab, phutti prices gained Rs 100 to Rs 3250 and Rs 3400 per 40 kg, respectively, dealers said. The official spot rate also went up by Rs 150 to Rs 6,600. According to cotton analyst, Naseem Usman, mills and spinners have no choice just to buy cotton even at higher prices. Hovering fea

Mulungushi Textiles, which ceased functioning due to operational challenges in 2007, has reopened in Kabwe, the capital of the Zambian Central Province. At a ceremony to reopen the textile mill, Zambian president Edgar Lungu said it will lead to creation of more than 20,000 jobs in the next five years. The revival of the industry would also benefit the cotton value chain to increase exports and boost the country's economy, he said. About 300 people are already employed at Mulungushi and t

International cotton prices jumped to over 80 cents/lb in the second half of July 2016 from an average of 70 cents/lb for the rest of the season due to tighter stock situation, the International Cotton Advisory Committee (ICAC) has said in its monthly analysis. “Significantly lower crops in the five largest producing countries and higher than expected demand led to tighter stocks at the end of 2015-16, at which time world ending stocks were estimated to have fallen by 12 per cent to 19.7 mil

Entrepreneurs from Japanese city of Izumisano have proposed setting up towel manufacturing industry in Northern Uganda's Gulu district. The proposal was made during a courtesy visit paid by Japanese entrepreneurs on Ugandan president Yoweri Museveni in Entebbe. Museveni advised the Japanese investors to study the economics of growing, harvesting and increasing cotton yields per acre. He said that the economics of producing cotton on a small-scale is not a good idea, and farmers should prod

Vega Balls Vietnam, belonging to Taiwanese group Yuan Chi, recently received an investment certificate for its venture into Dong Mai industrial park (IP), in the north-eastern province of Quang Ninh, developed by state-owned leading building material maker Viglacera. Accordingly, the company will build a large-scale export sportswear manufacturing facility over 32,400sq.m in the IP, with a total investment capital of VND330 billion ($15 million) in the first phase. The plant is expected to co

Despite all odds, Bangladesh remains as the second largest exporter of clothing products after China as its market share rose to 5.9% in 2015 According to the World Trade Statistical Review 2016 released last month by the World Trade Organisation (WTO), Bangladesh global market share in clothing rose to 5.9% in 2015, which was 5.1% in the previous year. China’s market share stood at 39.3% topping the list, which was 38.6% in 2014. The global market size of the RMG products is around $

Garment retailers in India have started gradually shifting from the maximum retail price regime (MRP) to fixed price regime after Union Finance Minister Arun Jaitley, while announcing the Union Budget 2016-17, announced a 2% levy of excise duty on garments and made ups with retail price of over Rs 1,000. This means, excise duty was levied on garments based on its MRP, irrespective of the actual realisation for the retailer. For example, a branded shirt with an MRP tag of Rs 1,400 is sold with

Garment makers in Tirupur have urged textile mills in their region to drop the move on increasing prices of hosiery yarn as cotton prices are cooling off. Cotton prices have come down by Rs 2000 per candy (about 355kg) and in this scenario, the inclination of mills to increase cotton yarn prices will totally affect the Tirupur garment export sector, said A Sakthivel, president, Tirupur Exporters' Association (TEA). Hosiery yarn prices, which were ruling at Rs 216 per kg in April, are now quot

In a survey, ACIMIT, the Association of Italian Textile Machinery Manufacturers found that orders in the second quarter of 2016, slipped 7 per cent from a year ago quarter for Italian textile machinery makers. According to ACIMIT, although domestic markets held their ground, overall orders were down, primarily due to slowdown in export orders. “We're experiencing a period of profound instability, especially in geopolitical terms, resulting in stagnating investments in many of our benchmark