The ten-nation Asean region has become an important market for China's knitting industry, the China Knitting Industrial Association (CKIA) has said. In 2015, the export of knitted fabric to the Asean region amounted to nearly $4.84 billion, up 84.69 per cent over 2011, growing annually at average rate of 16.58 per cent, and accounting for 33.08 per cent of the total export of knitted fabric from China, Lin Guangxing, vice chairman of CKIA, said while presenting a review of achievements of the

Garment accessories manufactures on Monday demanded that the government should reduce the tax at source for exports to 0.60 per cent from the 1.50 per cent proposed in the budget for the financial year 2016-2017. They also demanded cut in corporate tax to 10 per cent from 20 per cent proposed in the budget. Leaders of Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association in a press conference at a city hotel also demanded cash incentives against the export o

Bangladesh Paduka Prostutkarok Samity, an association of the footwear manufacturers, on Monday demanded withdrawal of value-added tax on shoes and slippers made of rubber and plastic. At a press conference held at Dhaka Reporters’ Unity in the capital, leaders of the BPPS said that the sector had been enjoying the VAT exemption for rubber- and plastic-made shoes and slippers priced up to Tk120 a pair. But finance minister AMA Muhith in his budget proposal placed in parliament on Thursday w

New Zealand's wool marketer, the New Zealand Merino Company, has signed $45 million deal to supply fine wool to Italian luxury fabric manufacturer Successori Reda over a five-year period. This is the longest-ever contract for the New Zealand MerinoCompany which markets the country's wool to customers on behalf of suppliers. The extended contract is expected to relieve farmers of boom-or-bust commodity volatility. Previously, NZ Merino's longest contract period covered three years, it said in

The Turkish ministries of economy and customs and trade have in recent years increased the number of inspections of imported textiles for presence of carcinogenic elements. Over the last five years, government officials have seized an estimated 141,000 products containing carcinogenic elements that might trigger cancer, Daily Sabah reported. In 2015 alone, around 14 billion imported textile, garment, shoe and leather products underwent carcinogen inspection, according to the Istanbul Read

In the proposed budget, corporate tax on the export-oriented readymade garment industry has been reduced to 20%. “As part of our continued support, I propose to reduce the tax rate of the RMG sector from 35% to 20%,” said Finance Minister AMA Muhith in his budget speech yesterday. However, the garment exporters’ demand was to cut the rate to the FY2014-15 level which was 10% as high corporate tax “discourages new investment.” “The proposed 20% rate is still high. We asked for 10% as hig

Yoweri Musevni, President of Uganda, stated that their country spends $888 million (Shs 2.991 trillion) on annual textile imports. He added that development of the domestic textile industry is needed in order to reduce the textile imports of the country. Hence, the President urged the government institutions in the country to buy Ugandan-made products to support the domestic industry and stated that they are of good quality as well as price competitive. Museveni added that the local manufa

Renewed buying interest helped cotton prices recover part of the recent losses on Saturday as lower prices attracted some spinners who eagerly replenished their stocks. The positive measures taken in the budget FY17 for the textile sector — including duty-free import of plant and machinery, cut in export refinance rate and extension in drawback of local taxes and levies (DLTL) scheme on incremental increase in exports — induced sentiment, brokers said. The last couple of week’s general let

South Korea-based textiles maker Toray Chemical Korea Inc. said on Wednesday that it has succeeded in developing micro-scale hollow fibres that can replace fillers such as goose feather for winter jackets. According to areportin Pulse, a Korean business website, Toray Chemical Korea's micro-scale hollow fibre is made by combining two types ofpolyesterpolymers and has a spiral shaped fibre structure, or three-dimensional crimp, making it possible to enclose more air to retain heat better.“The co

Global consumption ofcottondeclined by 3 per cent to 23.6 million tons in 2015-16, and it is likely to remain at the same level in 2016-17 due primarily to lowpolyesterprices and weak global economic growth, the International Cotton Advisory Committee (ICAC) has said in its latestreport. In 2015-16, China remained the world's largest consumer and its cotton mill use is estimated at 7.1 million tons. However, its cotton consumption is expected to decrease by 5 per cent to 6.7 million tons in