Economic incentives for a growing textile company that has added 15 jobs in the past two years and expects to add at least 15 more jobs in another year were approved Monday night by the Columbus County Commissioners. Shodja Textiles, doing business as Whiteville Textiles, will receive incentives totaling more than $41,000 over the next five years based on an investment of more than $1.5 million in building renovations. The Company is in business since 2000, makes high-end fabrics used in t

The trade estimates cotton production at around 33 million bales (170 kg each) for the October 2015-September 2016 crop year against 38 million bales in the previous year. The Cotton Advisory Board anticipating lower output in its first estimate in November, forecast output at 36.5 million bales. The agriculture ministry had in September forecast cotton output at 33.51 million bales. Due to a decline in yield of the standing crop in north India, cotton production is likely to decline by over

Vietnamese textile and garment companies face a huge challenge with the market set to be flooded with imports following the country's accession to the ASEAN Economic Community (AEC) and Trans-Pacific Partnership (TPP) treaty. "I realise that customers will support domestic goods, but the most important factor to retain Vietnamese clients is to assure quality," Nguyen Thi Dien, chairwoman and executive director of the An Phuoc Shoes Sewing and Embroidering Company, has been quoted as saying on

Zhejiang province, home to about 50 per cent of textile dyeing industry in China, may shut down for few days during the G20 summit to be held later this year in Hangzhou, say Chinese media reports. Zhejiang falls within the 300 kilometres radius of Hangzhou, where G20 summit is scheduled to be held on September 4-5, 2016. The G20 countries account for 90 per cent of world GDP and 80 per cent of world trade. Though it is too early to conclude whether there will be a government order to shut

ASEAN garment products likely to flood the Vietnamese market and directly compete with domestic products following the country’s accession to the ASEAN Economic Community (AEC) and Trans Pacific Partnership (TPP) treaty due to which Vietnamese textile and garment companies might face a huge challenge. According to Nguyen Thi Dien, chairwoman and executive director of the An Phuoc Shoes Sewing and Embroidering Company, the customers will support domestic goods but the most important factor to

THE US economy struggled to grow in the October-December quarter as consumer spending, business investment and exports slowed. Yet despite global weakness and shrunken oil and stock prices, many economists expect growth to accelerate on the strength of healthy job gains. The economy grew at an annual rate of just 0.7 percent last quarter, less than half the 2 percent growth rate in the July-September period, the government said on Friday. It was the worst showing since a severe winter slowed

Local and foreign investment in ready-made garment sector are key to achieving the $50 billion export target as envisaged by multi-stakeholders, discussants said at a programme yesterday. They observed that apart from investments, fixation of safety remediation, apparel diplomacy, labour rights, productivity enhancement and figuring out logistical needs of RMG sector need to be addressed in right earnest to meet the target. The observations came at the roundtable titled “Target $50bn: We n

The government is likely to consider cutting down corporate tax on the export-oriented readymade garment sector in the current fiscal year because of intense lobbying by the exporters. Finance minister AMA Muhith on Sunday assured the businessmen of considering their demands including lowering existing rate of 35 per cent corporate tax during a meeting with them at his secretariat office. Although Muhith agreed to meet the demand from the next fiscal year, he finally agreed to do so in t

The country's overall exports of textiles and clothing may stand at $40 billion in 2015-16, similar to last year's level, a senior official said here. "We see slowdown in China as an opportunity for us and we are looking at $40 billion of textiles exports this year. To overcome global slowdown, the Textile Ministry will give full support to the industry," Textile Commissioner Kavita Gupta told reporters. She was speaking after inaugurating the 62nd National Garment Fair organised by the Cl

The Indian textile industry has recommended the government to levy goods and services tax (GST) on ex-factory price, which is always much lower than the maximum retail price (MRP) as it would leave some leg room for periodic discount offers. It has also warned the government that if the GST is levied on MRP then it would have multiple ill effects on the entire sector. Considering expenses incurred on branding, transportation and a host of other aspects, it is important to have GST levy on ex-