Bangladesh to witness rise in cotton consumption by 10 percent to more than one million tonnes due to higher demand from garment makers and favourable government policies for the textile sector while cotton consumption in Vietnam, one of the major competitors of Bangladesh in global apparel trade, will rise 20 percent to 1.1 million this fiscal year, as per the latest report released last week by the International Cotton Advisory Committee. The ICAC, based in Washington, provides statistics o

CHINA will cut import tariffs on nearly 800 items from January 1 next year, the Ministry of Finance said in a statement yesterday. The range of goods for which tariffs will be cut include fresh food, nuts, industrial materials, equipment, and consumer goods such as suitcases, clothing, scarves, blankets, and sunglasses, according to the statement. Import tariffs for skin care products will be cut from 6.5 percent to 2 percent, plastic and fabric suitcases from 20 to 10 percent, leather coa

US-BASED Gap Inc will open 10 new stores within the next two months in China as the country becomes the most significant growth market for the group, Gap China head said. Abinta Malik, senior vice president and general manager of Gap Inc for China’s mainland, Hong Kong, and Taiwan, said the group aims to keep the same pace of growth in the next five years with a focus on enhancing online to offline interaction to meet changing shopping habits of Chinese consumers. The company will also foc

Export earnings from jute yarn and twine jumped in November of the current financial year 2015-16 thanks to a ban on raw jute export imposed by the government with effect from November 3. Sector people say they started to receive increased volume of export orders for jute yarn and twine after the imposition of ban and they hope that the orders will increase in the days to come. They hope that the countries which used to import raw jute from Bangladesh will now place orders to the country for

Different non-tariff measures are harming the business capabilities of the knitwear manufacturers and exporters of the country, despite some reductions of tariffs in the international trade, BKMEA officials has said. They said the developed countries are increasingly introducing non-tariff measures including anti-dumping, countervailing, safeguard measures etc. They were speaking at a seminar on problems and measures regarding non-tariff measures for ready-made garments industry held at BK

Falling cotton prices attracted buying on Tuesday from some needy spinners who rushed to replenish their stocks. Floor brokers said fall in US dollar’s value against the rupee forced many ginners to unload their stocks in a hurry because import parity of cotton improved. According to market sources, a fall of Rs1.80 in dollar’s value during the last two days has made cotton import more feasible with a price fall of around Rs120 per maund. However, the situation continued to be uncertain

Cotton consumption will rise 10 percent to more than 1 million tonnes in Bangladesh this fiscal year on the back of higher demand from garment makers and favourable government policies for the textile sector, said the International Cotton Advisory Committee. In its latest report released last week, the ICAC said cotton consumption in Vietnam, one of the major competitors of Bangladesh in global apparel trade, will rise 20 percent to 1.1 million during the period. The ICAC, based in Washing

A Pakistani business leader has sound an alarm over reduced cotton output that could threaten the livelihoods of millions of farmers and the country's largest textile industry, according to newspaper reports. “The cotton output has been estimated to remain under 10 million bales as around 40 per cent crop has been damaged in Punjab only, “said Mian Shahid, Chairman of the United International Group. He said that government should immediately probe the failure through an independent commiss

The yarn-forward rule of origin under the Trans Pacific Partnership (TPP), which requires TPP countries to use yarn produced from a TPP country in textiles to qualify for duty-free access, is expected to increase the export competitiveness of Malaysia's textile industry. Higher demand for yarn produced in TPP countries is also expected to spur textile companies to expand their upstream yarn operations in Malaysia, which are higher value-added than downstream garment production, according to a Pw

The new phase of the China-Africa cooperation will now focus more closely on getting Chinese investors to provide financial support and investments across all African regions. They will focus on strengthening their cooperation to boost manufacturing output in key economic sectors of textile, electronics and car assemblies, a top Chinese official said last week. As part of China’s efforts to improve on multilateral cooperation with key African countries will now intensify the construction of