China's economy held steady, as industrial production gathered pace in May, retail sales maintained strong growth while investment cooled with improved structure, according to data released by National Bureau of Statistics (NBS) on Monday. On a month-on-month basis, industrial output was up 0.45 per cent in May, according to the NBS data, the official Xinhua news agency reported. Value-added industrial output, one of the leading indicators for economic growth, rose 6 per cent year on year

Lean business activity was seen on the cotton market on Saturday as a result of less buying interest by mills, dealers said. The official spot rate was unchanged at Rs 5,500, dealers said. In Sindh, seed-cotton prices were at Rs 2900-3050, per 40 kg, they said. In ready session, nearly 200 bales of cotton purchased by the Trading Corporation of Pakistan (TCP) at Rs 5885, they said.Market sources said that a kind of dullness persisted on the cotton market for a long time owing to directionless bu

Five Export Sectors' Associations in Multan have demanded of the Government to issue a notification regarding zero-rated regime for export-oriented textile industry. This demand came from Syed Muhammad Aasim Shah Chairman APBUMA, Khawaja Muhammad Ilyas (APTMA) Nawab Shehzad Ali Khan Chairman of PCGA, Ex-Presidents of MCCI Shahid Nasim Khokhar, Khawaja Muhammad Yousaf, Atta Shafi Tanvir Senior Vice President of MCCI, Khaliq Qandeel Ansari of All Pakistan Power Looms Association, Zulfikar Nasuh

The two-day meeting of India-Bangladesh Joint Working Group (JWG) on trade led by Munir Chowdhury, joint secretary of the Bangladesh commerce ministry, and his Indian counterpart Bhupendra Bhalla and their delegations ended yesterday afternoon with both sides agreeing to set up six new border haats along borders with the northeastern Indian states of Meghalaya and Tripura but turned down Dhaka’s pleas for lifting countervailing duty on import of readymade garments. The two countries agreed to

America's South Carolina state has amended a law on revitalizing or reviving sick textile units by enhancing financial incentives available in the South Carolina Textiles Communities Revitalization Act. The “taxpayer-friendly” amendment, cleared on May 23, seeks to remove a 50 percent cap applicable to the income tax credit provided by the Act. The amendment enhances the value of the credit by accelerating the time period for claiming the credit and applies to credits claimed for income tax y

Adidas and Parley for the Oceans have announced the release of a limited number of the iconic running shoe on the occasion of World Oceans Day made from Parley Ocean Plastic, which is collected in coastal areas in the Maldives. The shoe has been created with Adidas’ most innovative production method: Adidas Tailored Fibre Technology, a revolutionary manufacturing technique that enables unique footwear designs to betailored to the individual needs of any athlete. “This is an inspiring partn

Fifteen per cent of India's exports now come from textiles industry, signifying the sector's growth, Textiles Minister Santosh Kumar Gangwar said at a press conference in New Delhi on Friday, showcasing the Ministry's achievements of the past two years. According to the Ministry, apparel and handicrafts recorded 22 per cent growth, while textile exports grew by eight per cent during last two years compared with the previous two years. “More than Rs 6,500 crore has been spent by the Ministr

EXPORT growth continued to slow in May while imports rose for the first time in 19 months, pointing to a pick-up in domestic demand but a not-yet-firm overall recovery. Exports in yuan-denominated terms rose 1.2 percent year on year to 1.17 trillion yuan (US$181 billion), slower than April’s 4.1 percent rise, according to figures released by the General Administration of Customs. Imports surprised the market by growing 5.1 percent year on year to 847.1 billion yuan, reversing April’s 5.7 p

IKEA, the Swedish furniture company, 10 percent of whose global cotton suppliers are from India, plans to increase sourcing of cotton from India for its textile requirements as it gears up to start retail operations there by next year. The company, which is working with around four lakh farmers in India through local partners under its better cotton initiative (BCI) programme, is sourcing almost one-third of its global requirements from India. In 2015, the company bought 35 percent of its

India’s overall textile and garment exports remained almost flat at $40 billion in the last fiscal, according to a quick estimate said a senior textile ministry official. Still, the exports fell short of the official target of $45-47.5 billion for 2015-16. Textile minister Santosh Kumar Gangwar on Friday said that the government has fixed the textile and clothing export target at $48.5 billion for the current fiscal, aiming for an over 21% rise in outbound shipments from the actual level of 2