The government is likely to reduce tax at source on export of all products by 0.20 percentage points to 0.80 per cent in the budget for the next fiscal year from the proposed 1 per cent, officials of the finance ministry said. Bowing down to pressure from the exporters, particularly from the readymade garment sector, the government has decided to reduce the export tax, they said. In the budget proposal before the parliament on June 4, finance minister AMA Muhith proposed an increase of e

Vietnam is now the fourth largest textile exporter in the world with 12.18 billion USD earned from these products in the first six months of this year, according to the Vietnam National Textile and Garment Group (Vinatex). The figure represented a 10.26 percent increase from the same period last year. The US, the Republic of Korea (RoK) and the European Union were the biggest importers of Vietnamese products, posting growth rates of 11.01 percent, 8.33 percent, and 8.2 percent, respective

Cambodia will begin to discuss the annual increase of monthly minimum wage for the garment and footwear industry for 2016 in July, according to a Labor Ministry' s statement issued late Friday. The talks will be carried out by a tripartite working group, which comprises representatives of the labor ministry, the Garment Manufacturers Association in Cambodia (GMAC), and the trade unions, the statement said. It added that the final result of the negotiations will be released in early October

The garment industry, which is reeling under severe cash crunch, has recovered Rs. 400 crore in last three months from retailers who had defaulted on payment due to weak demand. The Clothing Manufacturers’ Association of India has formed a separate committee to negotiate with retailers and recover the dues. The Association has also formed a system to alert the members on the credit profile of buyers so that they do not fall prey to wilful defaulters. Rahul Mehta, President, CMAI, said the

Enterprises in Vietnam spent US$712 million importing 447,000 tons of cotton in the first five months of this year, up 35.2% in volume and 8.9% in value compared to the same period last year. The volume included 105,000 tons of cotton worth US$166 million, growing 39.1% in volume and 8.9% in value, Vietnam Television (VTV) reports, citing figures of the Vietnam Textile and Garment Association (Vitas). Vitas said cotton imports were higher than shipments of other materials used by apparel p

In its latest report, USDA has projected the global 2015/16 cotton production to decline 6 per cent from the previous season to 111.3 million bales.“Lower crops are forecast for most major cotton-producing countries in 2015/16, with India and Uzbekistan production level with 2014/15,” a press release from USDA informed.India is expected to be the leading producer in 2015/16 and is forecast to produce 29.5 million bales, or 26.5 per cent of global cotton production.“Lower area and higher yields,

Since the beginning of this year, China's textile industry has maintained steady growth through actively overcoming various negative factors such as weak market demand, price difference between overseas cotton and local-grown cotton and increasing manufacturing costs and by positively accelerating industry restructuring, the Ministry of Industry and Information Technology (MIIT) said in a statement. 1. Production grew steadily and part of the products grew at a faster pace Figures from t

The Gujarat government has said that a Chinese business association has decided to set up a textile industrial park in the state in near future. A delegation of China association of small and medium enterprises industry (CASMEI) met Gujarat chief minister Anandiben Patel at Gandhinagar and discussed various aspects related to the setting up of park in Gujarat, an official statement said. The meeting between CASMEI delegation, led by its vice chairman Shen Gaohua and deputy secretary genera

Vietnamese industry and trade minister Vu Huy Hoang and Bangladeshi textile and jute minister Mirza Azam met recently to exchange views on promoting bilateral cooperation in general and cooperation on textile and jute in particular, the Vietnamese trade ministry said in a statement. Vu Huy Hoang appreciated the traditional friendly relationship with many similarities and long-term cooperation potential between the two countries. He hoped that friendly relations between Vietnam and Bangladesh

The Indian textile and clothing sector likely to see slow growth in exports this year, especially sectors such as cotton yarn due to decline in demand from China, according to industry sources. Last financial year it had registered 41 billion dollars worth exports. The sources said that China was one of the major markets for cotton and yarn exports from India. Though textile mills were now exporting to countries such as Bangladesh, Vietnam and Cambodia, the demand from China was huge. Thi