Apparel exports have declined by 14 per cent in rupee and 8 per cent in dollar terms in January this year compared with the year-earlier month, latest data showed. Exporters cutting back on orders because of funds crunch and the delay in refund of levies hurting industry, say sources.
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The orders index for textile machinery compiled by ACIMIT, the Association of Italian Textile Machinery Manufacturers, rose by 29 per cent for the period from October to December 2017 compared to the same period for the previous year. The index value stood at 120.9 points (basis: 100 in 2010).
Dr A Sakthivel, well-known architect of Tiruppur knit cluster, has been unanimously elected as the vice chairman of Apparel Export Promotion Council (AEPC) for 2018-19. He has previously been the chairman of AEPC for three tenures in the year 1998, 2004 and 2012 and has also been a member of Executive Committee of AEPC for the last 35 years.
The CAI has lowered its estimate of the cotton crop for the ongoing season by 8 lakh bales. The reason for this reduction is severe infestation of the cotton crop by pink bollworm.
Cotton imports by Southeast Asian nation of Vietnam have surged by around 50 per cent in January 2018, compared to the same month of the previous year, according to data from the country?s ministry of industry and trade. The US, followed by India, Australia, Brazil and Ivory Coast were the major suppliers of white fibre to Vietnam during the month.
Tamil Nadu textile industry has reacted positively to the increase in budgetary allocation to the sector at Rs 7,140 crore but insists that concerns over pending funds under various schemes and erosion of pre-GST incentives still hurt the industry.
Finance Minister Arun Jaitley proposed doubling of customs duty on silk fabrics to 20 per cent to provide adequate protection to domestic industry. According to the Budget 2018-19, customs duty on silk fabrics has been raised from 10 per cent to 20 per cent. Silk exporters, however, said the move would hit shipments of silk garments from India.