Textile industry invested around $548.997 million during July-May 2013-14 to replace the rundown machinery with a view to boost up production, exporters said on Wednesday. "The industry has imported around $548.997 million of new machinery during the current fiscal year which is greater by 58 percent as compared to the machinery imported during last fiscal year," exporters said. The country's import of textile machinery grows by $200.714 million (58 percent) to $548.997 million in July-May 2

Apparel exports have seen 13.83% growth in the just concluded financial year over the previous year with the total earning from the sector standing at $24.49bn, Export Promotion Bureau (EPB) data showed. The garment exports even exceeded the target set for the FY2013-14 which suffered months of political unrest and deadliest Rana Plaza incident. The target was $24.14bn. In the FY2012-13, Bangladesh earned $21.5bn from the country’s largest export industry. The growth in the year was 12.71% gr

Producing footwear (Photo: VNA) Vietnam earned 4.8 billion USD from exporting footwear in the first haft of this year, a year-on-year increase of 21.9 percent. This is mainly thanks to the Generalise System of Preferences (GSP) tax offered by the European Union (EU) from January 2014 to Vietnamese exporters, experts said. Besides, with the political stability, the abundant workforce and the high quality of the products, Vietnam has won many contracts from foreign importers. The earning

Vietnam’s garment and textile sector has been expanding into major overseas markets and will do even better after several free trade pacts are finalized, according to industry insiders. Le Tien Truong, deputy general director of the Vietnam National Textile and Garment Group (Vinatex), said clothing exports have grown more than 15 percent annually since 2001--some years saw over 30 percent growth. Vietnamese garments make up over two percent of global market share, Truong told a reporter a

The online garment transactions are expected to reach 615.3 billion yuan (about $98.5 billion) in 2014, said China E-Commerce Research Center (CECRC) on Tuesday. The figure is increase of 41.5 percent and expected to cover about 22 percent of total online transactions in 2014, said the CECRC forecast, with online platfroms and physical stores supplementing each other. In 2013, China's online clothing sales were estimated to reach 434.9 billion yuan, a 43 percent year-on-year increase. Garm

Global yarn production increased in Q1/2014 compared to the last quarter in 2013 due to higher output in Asia, North America, and Europe, and despite a drop in South America. On an annual basis yarn production increased as well even though output levels were lower in South and North America. Worldwide yarn stocks decreased slightly in comparison to the previous quarter as a result of lower inventories in South America and Europe. Year-on-year global stocks jumped with higher stock levels in

The powerloom weavers in the country's biggest man-made fabric (MMF) sector in Surat have stopped the purchase of yarn material following the steep increase in the prices by the frontline spinners in the last few days due to Iraq crisis and the effect of extended monsoon season. Market sources said that yarn spinners have increased the price by almost 20-25 per cent following the rise in the crude oil price due to the Iraq crisis in the last few days. Surat has the highest consumption of

Bangladesh has significantly improved the workplace safety standards and labour rights in the last one year, but still a lot to do, EU Trade Commissioner Karel De Gucht said. The comment came at a time when the Sustainability Compact, which Bangladesh signed with the European Union involving the International Labour Organisation (ILO), completed its first anniversary yesterday. Under the agreement, Bang-ladesh is committed to improve safety standards and labour rights, and the EU will obse

As many as 17 Chinese companies have invested in South Carolina, the U.S., as of 2013 to help boost the local textile industry. Lancaster County of South Carolina used to be a textile powerhouse in the United States. Twenty companies were once operating in the county and two in neighboring counties during its peak time, but they had virtually shut down by 2007. Since the end of last year, China's Keer Group has invested US$218 million in South Carolina, the local textile industry became ac

An investment of US$ 33 billion is needed for financing the petrochemical projects that are currently under construction, a senior official of the National Petrochemical Company (NPC) has said, reports Tasnim News Agency. Mohammad-Hassan Peyvandi, deputy head of NPC, said a total of 71 petrochemical projects are currently under construction in Iran, with an average work progress of 27 percent. Once operational, these projects are estimated to raise Iran’s petrochemical output by 10 million