Nigeria currently spends over $4 billion annually on importing textiles and readymade clothing, despite the Nigerian government?s initiatives to revive the textile sector in recent times, according to the Director General (DG) of Nigerian Textile Manufacturers Association (NTMA), Hamma Kwajaffa. Textiles is Nigeria?s second largest employer after the government.
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ICRA, an Indian independent and professional investment information and credit rating agency, opines that a 12 per cent (lower rate) recommended by the Dr Arvind Subramanian Committee will have a negative impact on the textile sector, especially the cotton value chain, which is currently attracting zero central excise duty (under optional route); unlike the man-made fibre sector, where the fibre attracts excise duty at the manufacturing stage (unlike cotton).
India is looking beyond the EU and the US in trade. The Indian government plans to examine the feasibility of a free trade agreement (FTA) with Mexico.
India is looking beyond the EU and the US in trade. The Indian government plans to examine the feasibility of a free trade agreement (FTA) with Mexico.
Technosmart, a new revolutionary fabric from Raymond is expected to boost the company’s fortunes with the management targeting a business of Rs 100 crore in the next one year.
The weakness in trade in China, the world’s second-largest economy, continued in July 2016. China’s exports fell again in July by an unexpectedly wide margin. Exports fell by 4.4 per cent to $184.7 billion, of course, a slight improvement over June’s 4.8 per cent contraction, the country’s customs data showed. On the other hand, imports fell 12.5 per cent to $132.4 billion rising from a decline of 8.4 per cent.
According to a NASDAQ Report, cotton for December delivery rose 2.1 per cent to end at 75.83 cents a pound on the ICE Futures U.S. exchange, the highest since June 24, 2014. Cotton has been a star performer this year among commodities.