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Today's Textile News

Cotton prices hit all-time high at Rs 8,200/ quintal

1) Much to the joy of cotton farmers, Punjab recorded an average all-time high rate of Rs 8,200 per quintal, a jump of 26% from the previous season kharif season.
2) This despite the state witnessing a drastic dip of 47% in cotton production as compared to the last season. The 2021-22 cotton season has almost come to an end in Punjab.

India's garment export capital singed by Russia-Ukraine war

1) Tiruppur Exporters Association (TEA) president Raja A. Shanmugham has said that the industry which is often referred to as the hosiery capital of South India and the Manchester of South is facing an acute crisis.
2) He said that the heavy increase in raw cotton prices had already affected the business and now the Russia-Ukraine war has taken the business to a new low.

New India free trade agreement spins benefits for sheep and wool sector

1) The sheepmeat and wool industries are set to reap the benefits of the newly minted free trade agreement between Australia and India.
2) Representatives from the sheep and wool sector have welcomed the Australia-India Economic Cooperation and Trade Agreement, signed by federal trade minister Dan Tehan and Indian Minister for Commerce and Industry Piyush Goyal in a virtual ceremony.

Other Headlines:

Ind-Aus ECTA to ensure full capacity utilization of Indian apparel factories, says AEPC Chairman

GHCL completes divestment of its home textile business for a total consideration of Rs 608.30 crore

Indian export to Bangladesh rises 64.5%

Textile industry in Coimbatore facing a tough time due to scarcity, rising prices of raw cotton

Higher raw material cost to dampen textile demand in India: Study

Goods exports up 33% from pre-pandemic levels: Piyush Goyal

Revamp of Asia's biggest textile market on the cards

2,596 exhibitors and buyers from 92 countries: Handicraft fair wraps up

Tripura set to emerge as connectivity hub

CACP recommends extension of JCI's reach for jute procurement

Pakistan: Cotton rate stable amid low buying

China: Textile sector notches steady growth in first two months

Uzbekistan and Kyrgyzstan plan to increase trade turnover to $2 bln

Today's Textile News

Arvind Lifestyle Brands receives Rs 260 crore from Flipkart for minority stake in group firm

1) Arvind Fashions (AFL) on Tuesday said its subsidiary Arvind Lifestyle Brands has received Rs 260 crore from Flipkart India to pick a minority stake in another group firm Arvind Youth Brands. Arvind Youth Brands is Arvind Fashions' recently-formed subsidiary which will own the Flying Machine brand.
2) 'After completion of the customary conditions precedent, Arvind Lifestyle Brands Ltd, a subsidiary of the company, received Rs 260 crore from Flipkart India as consideration for the sale of a significant minority stake in Arvind Youth Brands, another subsidiary of the company,' Arvind Fashions said in a BSE filing.

India begins anti-subsidy probe on Chinese export of certain yarn

1) The Commerce and Industry Ministry on Monday initiated a probe into alleged low-cost imports of a certain type of yarn from China, which is impacting the domestic industry.
2) The Commerce Ministry's investigation arm Directorate General of Trade Remedies (DGTR) has started the probe to assess if the subsidy programme of China for exports of 'Viscose Rayon Filament Yarn above 60 deniers' is impacting the Indian industry.

Aatmanirbhar Bharat: Big relief for textile sector likely soon, reveal sources

1) The government is focusing on certain sectors to promote its 'Aatmanirbhar Bharat' mission and has identified the textile sector as one of the key sectors to take it forward. In light of this, the Modi government is planning to give a much needed relief to this sector.
2) The textile sector will play a big role in realising government's dream of 'Aatmanirbhar Bharat', Khandelwal said. Source close to her have revealed that the government is planning to develop a large world class textile infrastructure in the country in the form mega textile parks.

Other Headlines:

ICE Cotton Futures: Cotton futures up 0.25% in afternoon trade

Management of SP Apparels Ltd sees revival in order inflow

Haryana to bear 100% cost of insuring cotton crop

Uttar Pradesh: Rebate on power bills of weaving units

Rs 300-cr illegal HT cottonseeds trade thrives in Andhra, Telangana, Maharashtra

Indian Sellers on Amazon exported more than $2 billion worth of goods

Brands urged to support supply chains

Rupee strengthens to close at 74.74 against Dollar

Crude oil price rallies on improving demand, risk-on sentiment

Pakistan: Stable trend witnessed on cotton market

Today's Textile News

Peter Navarro walks back statement implying trade deal between Trump, China is 'over'

1) White House trade adviser Peter Navarro indicated on 'The Story' Monday that President Trump had decided to terminate the China trade deal before claiming his comments were taken 'wildly out of context' after stock market futures tumbled more than 400 points.
2) Navarro and host Martha MacCallum were discussing claims in a forthcoming book by former National Security Adviser John Bolton that Trump delayed imposing sanctions on China over its policy of interning Uighur Muslims so as not to jeopardize a trade deal with Beijing.
3) 'Do you think that the president -- he obviously really wanted to hang on to this trade deal as much as possible and he wanted them [China] to make good on the promises because there had been progress made on that trade deal," MacCallum told Navarro. 'But given everything that's happened ... is that over?' 'It's over,' Navarro responded.

FOSTTA bans delivery of finished, unfinished fabrics in market

1) With the cases of coronavirus on the rise in Limbayat zone, the the Federation of Surat Textile Traders Association (FOSTTA) has taken a decision for not allowing the finished and unfinished fabric parcels from the powerloom units and textile mills for one week starting June 22.
2) FOSTTA office-bearers stated that the representatives had organised a meeting with the municipal commissioner Banchhanidhi Pani, to discuss about the operational issues at the textile markets due to the spike in the Covid-19 cases at the Limbayat and central zone of the city on Saturday.

Raymond cuts workforce to tide over COVID-19 woes

1) Amid an organisational restructuring to tide over the COVID-19 woes, apparel maker Raymond has seen about 1,100 employees either resigning or being sacked since April as part of cost-control measures, retrenched employees claimed, but the firm refuted their assertions on non-payment of full dues.
2) About a dozen employees spoke to said the Raymond management sought resignations from them, failing which they were threatened with termination. While some 400 were coerced into resignation, around 700 who did not do so were sacked. Similar notices have been served to 400 more now, they claimed.

Other Headlines:

Bangladesh: 97% Bangladeshi products get duty free access in China

China's answer to India crackdown: Dragon eyes Bangladesh, Nepal with better trade deals

Brands looking to shift production from China to India

US: Donald Trump signs proclamation suspending entry of workers on H-1B visas, others

ICE Cotton Futures: ICE cotton slips on favorable weather conditions

Tirupur misses export target, domestic sales hold on

Shops function till 2 p.m. in Erode

CITU demanded the provision of ration for the closed textile mill workers

Use technology to explore possibilities, Smriti Irani tells Karur textile exporters

HeiQ and Intexso Biochem celebrate seven years of partnership in the fast-growing and innovative market of India

Rupee rises to 76.02 as equities extend gains, Dollar weakens

Crude oil prices steady on tighter supply, but virus fears cap gains

Pakistan: Business remains stable on cotton market

Pakistan: Textile industry: Punjab APTMA chief demands smooth supply of furnace oil

approves EU trade pact in bid for China-exit deals

1) Vietnam's National Assembly approved a free trade agreement with the European Union on Monday, a move expected to help make the country a new investment destination for manufacturers looking to leave China.

2) The deal was unanimously approved and, following formal ratification, will take effect as early as August. The trade deal has already been ratified by the EU, making Vietnam the second Southeast Asian nation to have such a trade treaty with the European bloc after Singapore.

Exports likely to be positive only by end of Q2, say exporters

1) Overseas shipment of goods from India's factories are likely to be in negative territory till October, exporters said, even as they are getting enquiries from potential foreign buyers. Exports from the country crashed 60% in April to $ 10.36 billion, the lowest in almost three decades.

2) 'Going by the feedback of our members, we expect contraction in exports to continue till at least October,' said Ajay Sahai, CEO of Federation of Indian Export Organisations, an umbrella body of exporters supported by Ministry of Commerce.

Pay within a week or face boycott: Traders told

1) (FOGWA), apex body of the powerloom sector has set new business rules to cope up with the present situation in the industry due to the lockdown and global pandemic.

2) office bearers have decided that the textile traders are required to make payment of the unfinished fabric within seven days of the delivery or else the powerloom weavers will boycott those traders flouting the norms.

:

1,300 Garment factory workers lose their jobs overnight in Karnataka amid COVID-19 pandemic

of migrants hits garment, knitwear hubs

cut down on cotton area, go for soyabean instead

over free inter-state movement hinders resumption of industrial activity in Kathua

demands waiver of fixed power charges for industrial sector

wants joint infra projects expedited

in sustainable cotton production, says Textile Exchange Report

: Weekly cotton review: Market witnesses slow trade

: DIFE urges factory leaders to stop sacking workers

: Textile enterprises here post declines in revenues

: 'Hard-hit' clothing, footwear sector appeals to govt to address financial challenges

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