Better days are ahead for jute exporters as Bangladesh is strengthening its position as a major supplier of the fibre to renowned car brands. Local exporters are supplying jute to top brands such as BMW, Ford, Mercedes-Benz and Toyota; the fibre is used for dash boards and other components for car interiors. However, the carmakers do not buy jute directly from Bangladesh. Exporters sell raw jute to processing companies in the US, Japan, Turkey, Germany, China and India; and the processo

A Chinese technician displays sewing equipment at an expo in Ho Chi Minh City, Vietnam, on Oct 21, 2015. [Photo/Xinhua] Vietnam is becoming a "hot spot" for Chinese textile manufacturers when they look to build factories overseas. One of the main reasons is that apparel produced in the Southeast Asian country for the United States market will be tariff-free after last month's Trans-Pacific Partnership agreement. Huafang Co, a textile business in Shandong province, plans to set up a high

President Xi Jinping said Sunday that the Chinese economy is predicted to grow about 7 percent this year, which will continue to contribute as high as about one third to the global growth. "China has the confidence and capability to maintain medium-high growth," Xi said while addressing a Group of 20 (G20) summit in Antalya in southwest Turkey. China shouldered the responsibility of driving economic growth in times of the world economic hardship, he said, noting that China had contributed

Experts at the 9th Cotton made in Africa (CmiA) and the COMPACI Stakeholder Conference in the Ethiopian capital Addis Ababa have pushed for the host nation to the develop the entire textile value chain instead of just exporting cotton, according to a press release by Aid by Trade Foundation. The CmiA is an initiative of the Aid by Trade Foundation. Earlier this year, Ethiopia became a member of the CmiA group of countries. According to American multinational management consulting firm McKinse

China's consumer price index (CPI), the main gauge of inflation, grew 1.3 percent year on year in October, the National Bureau of Statistics (NBS) said Tuesday. The weaker-than-expected reading slowed from the 1.6-percent gain in September and 2-percent in August. On a monthly basis, consumer prices edged down 0.3 percent. NBS statistician Yu Qiumei attributed the slowdown to falling pork and vegetable prices due to ample supplies. Food prices, which account for nearly one-third of weighti

CHINA’S manufacturing industry is losing out to the United States in cost advantage, a report has suggested. Prices of energy, logistics and some raw materials in China have surpassed those in the US, according to the 2015 China Purchasing Development Report, released yesterday by the China Federation of Logistics and Purchasing. The report said the US has slashed its energy costs with exploitation of shale gas, raising the competitiveness of American manufacturers. “Many raw materials

Introduction of the latest technology, upgradation of products and blending of fashion designs can lead Bangladesh to become a leading denim exporting country in the globe, said experts, manufacturers and buyers. They also said that there was a possibility for Bangladesh to become number one denim exporter within 10 years but the country would have to introduce more transparent production system and sustainable wages for the workers. ‘There is a lot of opportunities for Bangladesh in the

Regent Textile Mills Ltd, a unit of Chittagong-based Habib Group, is set to build two new units, including a textile mill and a garment factory, at an estimated cost of Tk 179 crore. Of the amount, Tk 125 crore will be raised through an initial public offering, while the rest will come from other sources. “Expansion of the textile unit will more than double its production capacity,” said Salman Habib, the company's managing director, at the IPO lottery ceremony in Chittagong yesterday.

The Bangladesh Ministry of Jute and Textiles has banned the export of raw jute for a month effective from Nov 3, 2015 while all unshipped export contracts are affected by this sudden decision. Since Pakistani jute mills are solely dependent on imported raw material from Bangladesh it will be catastrophic for the mills as well as federal and provincial governments which require jute products for safe storage of agricultural products. “The jute sector in Pakistan is already under tremendous

Landes, a denim label and accessory maker from Germany, is all set to establish a factory in Bangladesh in a year, as the company sees business potential here with the number of its customers growing. The company has completed almost all processes to establish the factory at Uttara in Dhaka at an initial investment of $300,000 (Tk 2.34 crore). “Our investment is small as our products are small,” said Davide Menini, sales director at Landes, at his pavilion at the third Bangladesh Denim Exp