The first nine months financials of the listed companies of the textile sector suggest that the industry is heavily under pressure, as only 30 percent of the listed companies of textile industry marginally performing while remaining 70 percent companies showing closure or negative results. Financials of the non-listed textile companies are even worst and the exports of the sector are showing negative trends over the last two years. Unprecedented cotton crop failure caused 35% drop in producti

The cultivation of jute, the main cash crop of the country, is likely to cross acreage target this year, according to Department of Agricultural Extension. Farmers are growing jute on a total of 7.8 lakh hectares of land against the national target of 7.2 lakh hectares set for 2016-17 crop year, said DAE progress report. The production target of jute this year is 78 lakh bales, said DAE officials. DAE officials said farmers have become more interested in growing jute due to better price

The country’s earnings from Jute export to India in the July-April period of the fiscal year 2015-16 grew by 133.80 per cent to US$ 149.24 million from US$ 63.83 million in the same period of the FY 2014-15, according to the Export Promotion Bureau data. Data showed that the export earnings from India in the first 10 months of FY16 increased by 27.46 per cent to US$ 551.31 million from US$ 432.51 in the same period of the FY15. Readymade garment export to India in the July-April period gre

The owners of the export-oriented readymade garment manufacturers are set to contribute 0.03% of the export value to the workers’ welfare fund from July1, 2016. A 10-member board formed to manage the fund came up with the decision at its first-ever meeting held at the Ministry of Labour and Employment in the city yesterday. The board also decided to open two accounts with Bangladesh Bank where the contribution will be deposited. As per the decision, State Minister for Ministry of Labour an

Bangladesh Garment Manufacturers and Exporters Associations (BGMEA) one of the largest trade associations in the country, representing the readymade garment industry expressed concern over the drop in productivities due to various reason as a result in past three years 618 factories shut down. President Siddiqur Rahman yesterday said that Bangladeshs garment industry was facing myriad challenges of gas and power crisis, high interest rate of bank loans, devaluation of US dollars and cut in pr

Apparel and footwear brought total export turnover of US$10.5 billion in January-April. Textile and garment shipments neared US$2 billion in April, up over 5% against the same period last year. The industry registered outbound sales of nearly US$7 billion in the first four months, a year-on-year rise of over 6%. The Vietnam Textile and Garment Association (VITAS) said orders mainly came from major markets like the U.S., the European Union, Japan and South Korea. Export prices remained stab

Many RMG manufacturers in the country have resorted to diesel-run power generators Nearly 200 readymade garment manufacturers in Bangladesh are facing severe shortage of gas and power supplies, leading to massive disruptions in production, the owners’ association claimed. “As it has become difficult to get new gas and power connections, many RMG manufacturers in the country have resorted to diesel-run power generators, while power cuts have just added to our woes,” said Siddiqur Rahman,

The garment-textile and leather-footwear sectors brought in US$10.5 billion from exports in the first four months of this year. Of the total, the garment-textile sector generated $6.82 billion, an annual increase of 6.2 percent. The Vietnam Textile and Apparel Association (VITAS) said most orders sealed in the period came from major markets including the US, EU, the Republic of Korea and Japan. Overall export revenue increased, but the value of orders stayed unchanged, it said. Acco

Four Chinese cities have made the list of world's top ten favorite destinations for luxury retailers, according to a report released on Thursday. Hong Kong, Shanghai, Beijing and Taipei have joined London, Paris and New York as global luxury retailers' most favorable cities, the report from real estate consultancy Jones Lang LaSalle (JLL) found. The four Chinese cities, along with Tokyo and Osaka in Japan, and city-state Singapore, made the Asia-Pacific region the best place for luxury ret

As world economic growth remains weak, world gross product will grow by just 2.4 percent in 2016, the same pace as in 2015, said a UN report here on Thursday. This marked a downward revision of 0.5 percentage points from UN projections in December 2015. The World Economic Situation and Prospects as of mid-2016 report, released by the UN Department of Economic and Social Affairs, pointed out that persistent weakness in aggregate demand in developed economies remains a drag on global growth.