Cheaper Chinese textile machinery with faster delivery has forced Indian buyers to give up business with industry giants like Germany and Japan.Rs7000-crore Indian machinery market wants to meet rising global demand, but its demand is almost one and half times the supply as the domestic market can cater only to 28 percent of market.Moreover, the transportation costs to import machines from China are less.Besides faster delivery, Chinese machines are competitive as compared to local machinery in

HANOI - The American Apparel and Footwear Association (AAFA), a US footwear industry group, has joined European shoe importers and retailers in opposing the possible imposition of anti-dumping tariffs on shoe imports from China and Vietnam. The AAFA has urged the European Union (EU) to carefully consider the overall economic impact on the European economy - not just the short term advantages to a small group of shoemakers - of anti-dumping tariffs on shoe imports from China and Vietnam. Imposing

"Textile Industry which has been identified as one of the thrust sector with job creation opportunity has been undergoing substantial changes in its indirect tax structure," says Sanjay Lalbhai, Managing Director, Arvind Mills Ltd. "Cotton textile is already having optional excise duty whereas non-cotton or synthetic fibres were attracting 16% excise duty. Thus spun-yarn and blended fabrics had a distinct disadvantage over cotton textile.With reduction in excise duty from 16% to 8% and import du

After a stability of more than a week, cotton prices come down to Rs2525 from Rs2550 per maund in Pakistan, according to Karachi Cotton Association (KCA).KCA sources also revealed cotton transactions at VHR station, where only 300 bales changed hands at Rs2500 per maund on February 28, 2006.As per Cotlook Indices, A Index stood at 60.65 and B Index was 58.40.Coming to New York Cotton Market Closing Delivery, it released negative changes even on February 27, 2006.Cotton Futures at New York will d

China's textile exports will remain steady in 2006, said Cao Xinyu, vice chairman of China Chamber of Commerce for Import and Export of Textiles. Cao made the remarks at the 87th China knitted cotton textile fair held in Shanghai recently, saying the trade frictions and disputes will continuously exist in some areas in the year. Customs statistics showed that China exported 10.18 billion yuan (US$1.3 billion) worth of textiles and garments in January this year, up 23 per cent year on year.

International Service for Acquisition of Agri-Biotech Applications (ISAAA) said that increased use of bio-tech crops has helped to increase world? cumulative farm income by $27 billion. India? farm income too has increased by Rs 558 crore by the use of biotech crops.Production of insect-resistant cotton has increased farm income by $5.7 billion, since its introduction. Herbicide-tolerant soybeans have benefited greatly with income increase of more than $17 billion, the study revealed.About 8.25

The Chinese government attaches great importance to talks this week with the team sent by the Office of the United States Trade Representative (USTR), Vice Minister of Commerce Wei Jianguo said in Beijing Monday. Wei made the remark at a press conference about the second ministerial meeting between China and Portuguese-speaking countries on economic issues. In reply to reporters' questions from the press, Wei said "the two sides will exchange views on a wide range of issues of common con

Premier Wen Jiabao announced during his official visit that 84 products from Bangladesh will be granted duty-free access to Chinese markets starting now.China was expected to relax duties from July 2006, but competitive pressures and duty-free access to India has led to rescheduling of date by almost six months. The 84 goods will include garments, textiles, frozen foods, leather, jute, jute goods and plastics.This action under Asia Pacific Trade Agreement (APTA) is an attempt to increase trade w

NEW DELHI: India failed to capitalise on the free world textile market and registered only a 'moderate' export growth during the current financial year and lagged way behind arch rival China. The exports of textile and clothing from India increased by 8.21 per cent to $9.3 billion in April-November 2005. In the run up to the phasing out of quotas, studies had listed India and China as the main beneficiaries of the new global order in textile trade. China, however, has been more aggressive. W

Salem: The tax on silk yarn imported from China will be reduced to eight per cent from the existing 30 per cent, Union Minister of State for Textiles E V K S Elangovan said here today. Talking to reporters, he said the National Textile Corporation (NTC) would supply the yarn to weavers at a subsidised rate after importing it from China. He said the previous BJP government had increased the tax on the imported silk to 30 per cent from eight per cent. Union Finance Minister P Chidambaram had n