TRADE ministers from the world’s major economies have agreed to lower trade costs, enhance policy coordination, strengthen trade financing and promote e-commerce amid rising “protectionism.” “Global economic recovery remains sluggish, trade growth is lingering at a low level and investment flow has yet to recover to pre-crisis levels,” Chinese Commerce Minister Gao Hucheng said yesterday. “G20 countries should lead the way in tackling problems facing the world economy and reviving engines

THE unprecedented negative growth in the agriculture sector is attributed to the huge decline in cotton production to 10.07m bales compared with 13.96m in 2014-15, and the initial estimate of 15.5m bales. The forecast for the upcoming season is also not promising either, as the provincial governments of Punjab and Sindh have reported a 19.5pc and 5.1pc less sowing of cotton compared to the corresponding period last year. According to USDA, ‘looking at cotton futures, it appears that farmers

The Pakistan Economy Watch (PEW) on Sunday lauded the government’s move to provide facility of zero rating to the textile sector, but at the same time termed it insufficient in the current scenario. In a statement issued here, PEW President Dr Murtaza Mughal asked the government for more relaxations so that Pakistan could regain its position in the international market. “The $14 billion textile industry which is playing a critical role in the national economy is crumbling due to multiple r

Amid rising labor costs, Japanese garment industry is shifting production from China to Bangladesh and other Asian countries. Japanese clothing makers will continue doing business in Bangladesh, as it remains important both in terms of sales and production, although they will boost security after last Friday's terrorist attack in Dhaka. Fast Retailing, the operator of the Uniqlo casualwear chain, is one of the major Japanese companies that are doing business in Bangladesh. The Japanese compan

Vietnam, the world's fifth largest garment exporter, will import 1.2 million tonnes of cotton this year, which represents an increase of about 19 percent from the previous year 2015, an industry official said on Wednesday. Vice Chairman Nguyen Son of the Vietnam Cotton and Spinning Association said that most of the imported cotton will come from the United States, which has been Vietnam's top supplier of the raw material, followed by India, Brazil and Australia. The move is aimed to meet r

With Pakistani farmers switching to more profitable crops, its cotton area will fall to a 31-year low next season, US officials warn. Even with an expected uptick in yields, the 2016-17 crop was forecast at just 8.0m bales, down from an earlier estimate of 9.0m bales. Aside from last year's 7.0m bale crop, this would be the smallest harvest since 2003-4. The US Department of Agriculture's Islamabad bureau trimmed ideas for the Pakistani cotton crop, thanks to lower than expected sowings, and

The onset of good monsoon and Government initiatives, the domestic textile market may grow by 7-8 percent, which was estimated at USD 60 billion in FY17, said Confederation of IndianTextile Industry (CITI) Chairman Naishadh Parikh. While, the textiles exports, estimated at USD 40 billion, is likely to expand by 5-8 percent this fiscal. Parikh, welcoming the new Textiles Minister Smriti Irani, said that the appointment of a dynamic, progressive and result-oriented Cabinet Minister like Iran

Indian garment exporters are exploring opportunities in Iran, although the United States and the European Union are important markets for them, they are exploring new markets for textiles exports in an attempt to reduce their dependence on these two regions for growth, said Rashmi Verma, Secretary, Ministry of Textiles, on the sidelines of an event in Mumbai. A delegation led by the Ministry of Commerce and accompanied by over half a dozen industry officials recently met with their counterpar

Vietnam's textiles and garment products that accounted for nearly 14 percent of the country’s exports last year, is likely to miss the annual shipment target of $31 billion this year has it is facing downshift which industry insiders attribute to the rise of new suppliers in the global market. It’s textiles and garments exports in the first six months increased only 5.1 percent to US$10.7 billion, the slowest pace since 2010. According to figures released by the General Statistics Office of V

Reluctant purchasing and slow supply of the new cotton crop drove down cotton prices in the Brazilian market, in the second fortnight of June. This happened despite low availability, particularly of good quality cotton. Ginners were of the opinion that as the harvesting season advances; domestic supply will increase in the first fortnight of July. However, some agents also opined that as activities intensify, growers and trading companies may prioritise closing contracts signed earlier for