Centre for Trade Facilitation and Research in Textiles
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1 Centre for Trade Facilitation and Research in Textiles Textile Economic Intelligence (WEEK ENDING ) NEWS HIGHLIGHTS: GDP likely to expand by 7.4% in FY'19: Ficci survey US-China trade war could give India Iran boost Pakistan: Textile sector gets Rs25.5b under PM trade package PHILIPPINES: Garments sector eyes 20% export growth US cotton exports in highest in over a decade India may impose an anti-dumping duty of up to USD 719 per tonne for five years on imports of nylon filament yarn Reliance Industries inks partnership with Arvind Ltd for R Elan high performance fabric Textile sector rejoices after Maharashtra govt announces power tariff concessions Rupee weakening against the dollar to benefit the textile and clothing category
2 GLOBAL ECONOMIC NEWS a) Euro appreciated against Dollar by 0.11% from per dollar on 13th August 18 to per dollar on 17th August 18 and Japanese Yen appreciated against dollar by 0.05% from per dollar on 13th August 18 to per dollar on 17th August 18. b) Brent Crude oil price index decreased by 1.12% from 13th August 18 to 17th August 18. It decreased from $72.61 per barrel on 13th August 18 to $71.8 per barrel on 17th August 18. c) Cot Look a Index decreased by 3.67% from cents/pound on 13th August 18 to cents/pound on 17th August 18. d) The US stock market indicator Dow Jones went up 1.91% from on 13th August 18 to on 17th August 18. In Asian market, NIKKEI (Japanese market) went up by 1.89% from on 13th August 18 to on 17th August 18. SSE Composite Came down by 4.20% from on 13th August 18 to on 17th August 18 and Hang sang came down by 2.59% from on 13th August 18 to on 17th August 18.
3 INDIAN ECONOMIC NEWS EXCHANGE RATE: The Rupee depreciated by 0.03% from Rs 70.00/$ on 13th August 18 to Rs /$ on 17th August 18 weaken by Rs FINANCIAL MARKET TRENDS: The Sensex went up by points or 0.80% from on 13th August 18 to on 17th August 18. The Nifty went up by points or 1.01% from on 13th August 18 to on 17th August 18. CHANGE IN FOREIGN EXCHANGE RESERVES: India s Foreign exchange reserves decreased by $1.822 bn. To reach $ On 17th August 18 from $ bn. On 10 th August 18. EXPORT IMPORT DATA FOR THE MONTH OF JULY 2018: According to the Official trade data, Exports increased by 14.33% to $25.77 bn in June 18 as compared to the corresponding month last year when it stood at $22.54 bn. Imports stood at $43.79 bn. up by 28.83% in June 18 as compared to the corresponding month last year when it was $33.99 bn. India s Export-Import in July 18 (in $ bn.) Period June'18 June'17 % change Total Export Total Import Trade Deficit INFLATION RATE FOR THE MONTH OF JULY 2018: The consumer price index for the month of July 2018 is 4.17 per cent as compared to 5.00 per cent in June The wholesale price index for the month of July 2018 reached 5.09 per cent as compared to 5.77 per cent in June 2018.
4 GDP likely to expand by 7.4% in FY'19: Ficci survey According to FICCI Survey, The Indian economy is expected to grow at 7.4 per cent in the current fiscal. Rising oil prices however are putting pressure on the current account. Also, trade tensions between major economies is disturbing the global recovery. The survey forecasts an annual median GDP growth at 7.4 per cent for , with a minimum and maximum range of 7.1 per cent and 7.5 per cent, respectively. The expansion in the GDP was 6.7 per cent (provisional) in The Central Statistics Office (CSO) is scheduled to release the first quarter GDP number on August 31. The industry chamber said the economists universally believe that the Indian currency will remain under strain. Majority of economists believed that the fair value of Indian Rupee vis-à-vis the US Dollar would be in the range of 65 to 66. The study further said the median growth forecast for agriculture and allied activities has been put at 3 per cent for Although there has been some slippage in the monsoons during June and July, updated forecast for August and September indicate a pick-up in rainfall. Further, industry and services sector are expected to grow by 6.9 per cent and 8.3 per cent, respectively in
5 GLOBAL TEXTILE NEWS US-China trade war could give India Iran boost The trade war between the US and China is expected to deflect some of the heat from Washington s Iran sanctions away from India and provide New Delhi the opening to keep some Iranian oil flowing even after the curbs take effect on November 4. China s main oil importer, Unipec, the trading arm of the world s largest refiner by capacity Sinopec, earlier this month suspended US shipments. This triggered a buzz that Beijing intended to slap duty on US crude in retaliation to Washington s tariffs on Chinese exports, prompting refiners to keep off American oil. This is unlikely to change even after even after US crude was left out of Beijing s list of retaliatory tariffs on US goods worth $16 billion last week. Executives of state-run refining companies involved in oil sourcing operations said due to the cloud of uncertainty, Chinese refiners were unlikely to resume buying US oil anytime soon. It takes two months for tankers to reach China from the US. Shipments would be fraught with the risk of being hit by tariffs if they are imposed in between, an executive said. China is the largest buyer of US crude in Asia. It is also the largest customer of Iranian oil. India is the second largest buyer of Iran s oil. It is also looking at increasing US crude. The presence of Iranian oil in the market will publicly blunt the sanctions impact and give India the leverage for either a waiver or keep importing Iranian shipments under the rupee trading arrangement practiced during the previous sanctions put by the Obama administration. Iran displaced Saudi Arabia as India s second-largest crude supplier in the first quarter of current fiscal, regaining a position it lost seven years ago, as refiners rushed to take advantage of Teheran s favourable terms. Iran was India s second largest oil supplier after Saudi Arabia till Pakistan: Textile sector gets Rs25.5b under PM trade package The Ministry of Commerce and Textile has revealed that Rs 25.5 billion has been given to the textile sector in first phase under the prime minister s trade enhancement package by June. Rs2.6 billion was disbursed to the textile sector in first two months during Phase II from July to August. The Ministry of Commerce and Textile had assured payments through Prime Minister Trade Enhancement Package to the textile sector by February 2019 to enhance the country s exports. The government had planned to expand coverage areas under the Trade Enhancement Package to remaining industrial sectors including pharmaceuticals. They are committed to providing an enabling environment for the industrial sector and, also given relaxation on the import of textile machinery for the modernization of industry and to enhance the capacity of the sector. The government gave priority to facilitating the textile sector and helping it gain competitiveness in order to enhance the country s exports. They emphasized on structural balance and viability of industry to compete with regional competitors including India, Bangladesh and Vietnam. General Secretary APTMA said that pragmatic and export led policies were required for industrial growth and increase in the country s exports.
6 PHILIPPINES: Garments sector eyes 20% export growth The textile, garments and other wearable industries predicted a combined export growth of 20 percent this year to $1.22 billion from $1.02 billion in The Confederation of Wearables Exporters of the Philippines said it was anticipating a surge in wearable exports, currently dominated by China, as the trade war between the US and China would likely escalate. According to CONWEP executive director, they are hoping there will be a surge, even just for a little bit [in exports] from the tariff imposed by America in the ongoing trade war. A number of garment manufacturers are preparing to close shop in China with their sights set on the Philippines as an alternative manufacturing site in Asia. If this happens, exports from the Philippines will increase with expectations of a surge in the US demand for more wearables as it closes its doors from imports direct from China. Chinese manufacturers are still assessing the current labor situation and the taxation policies in the Philippines. These are two major points the Chinese companies consider when locating out of China. According to her, Philippine labour was just as competitive. The Philippines moved on from producing cheap, colourless shirts to more meticulous products, mostly for top-of-the-line and expensive brands. Wearable exports from the Philippines hit $2.9 to $3 billion in 2005, before it gradually declined to a third of its value over the succeeding years. Other industry groups were proactively promoting the Philippines as a safe and secure destination for manufacturing industries. US cotton exports in highest in over a decade According to the Foreign Agricultural Service of the US department of agriculture (USDA), Cotton exports from the US in reached their highest level since and were the second highest on record. The record reported exports were on the back of the largest cotton production in the US in more than 10 years and record global consumption. Compared with , US cotton shipments expanded in four Vietnam, China, Indonesia and Pakistan of the top five markets. However, expanding use in Southeast and South Asia has underpinned significant US shipments recently. For the third year in a row, Vietnam continued to be the top US market where shipments surpassed last year s record, owing to the country s record yarn production and robust yarn exports. China was the second-largest destination for US cotton and served as the largest market for US Pima (extra-long staple grade). US exports to Pakistan saw the largest year-onyear increase despite its larger domestic crop. The country s yarn production continues to grow and is expected to expand into , a promising sign for US export prospects. Shipments to Mexico and Turkey were down compared to the previous year, due to higher production in those countries. For cotton season, US exports are forecast down slightly, with exportable supplies lower in the US and higher for the rest of the world excluding China. Nonetheless, US shipments are forecast to be the second-highest since with global use projected at a record, the report said. (RKS)
7 INDIAN TEXTILE NEWS` India may impose an anti-dumping duty of up to USD 719 per tonne for five years on imports of nylon filament yarn To recommend duties, the DGAD in its probe would have to establish that dumping has caused material injury to domestic players. Anti-dumping duties are levied to provide a level playing field to the local industry by guarding against below-cost import. Imposition of antidumping duty is permissible under the World Trade Organization (WTO) regime. India and China both are members of the Geneva-based body. The duty is directed at ensuring fair trading practices and creating a level-playing field for domestic producers Vis-a- Vis foreign producers and exporters. They are not a measure to restrict import or cause an uncalled for increase in cost of products. Following complaints by five domestic players, the DGAD initiated a probe against alleged dumping of nylon filament yarn from the two regions. Import of this yarn from EU and Vietnam has increased to 13,799 tonnes during October 2015 March 2017 (which was the phase of investigation) from 7,201 tonnes in Five domestic firms including JCT Ltd, Gujarat Polyfilms Pvt Ltd and AYM Syntex had filed an application for initiation of the investigations. The major uses of this yarn are in home furnishing and industrial application such as curtains, sewing and embroidery thread and fishnets. In it s last findings of the probe, the directorate has concluded that the product has been exported to India from these countries below normal values and that the domestic industry has suffered material injury on account of such dumped imports. The final view to impose the duty would be taken by the Finance Ministry soon. The proposed duty ranges between USD per tonne to USD per tonne. India may urge an anti-dumping duty of up to USD 719 per tonne for five years on imports of nylon filament yarn from the European Union and Vietnam following recommendations by the commerce ministry's investigation arm Directorate General of Anti-dumping and Allied Duties (DGAD). Reliance Industries inks partnership with Arvind Ltd for R Elan high performance fabric Reliance Industries Ltd (RIL) has inked a partnership with Indian textile conglomerate Arvind Ltd for manufacturing of co-branded R Elan high performance fabrics. Arvind would be responsible for supply of quality fabric while RIL will take care of the timely delivery of R Elan high-quality performance technologies to Arvind. The partnership has been forged under RIL s Hub Excellence Partners (HEP) program. Garments manufactured using R Elan fabrics will be odour-free and quick-dry, making them perfect for the Indian tropical climate. According to CEO, Denims, Arvind Ltd, their co-branding efforts show that aesthetically pleasing, technologically advanced and, sustainable product offerings are our major focus. In addition to Arvind, RIL is associated with 32 textile players that are equipped to produce newage fabrics using R Elan technologies. Indian apparel brand Proline also has an agreement with Reliance Industries Limited (RIL) for the co-branding of a range of sports apparel made up of R Elan fabrics. Polyester brand RElan was rolled out by the Reliance Industries Ltd (RIL) across six major textile hubs like Bangalore, Delhi, Surat, Coimbatore, Ludhiana and Mumbai in October last year.
8 The Reliance Industries, the largest manufacturer of polyester in the country, aims to increase its presence in the polyester space with the launch of RElan. The annual production capacity of RIL is 2 million tonnes, almost half the country s overall 4.5 million tonnes production Textile sector rejoices after Maharashtra govt announces power tariff concessions The textile sector in Maharashtra rejoiced after Chief Minister announced concessions of power tariff for the sector in the state. The Rs 370 crore concessions in power tariff would help textile units create job opportunities in the state. Additionally, officials were directed to give interest and capital grants to the industry. Apart from power tariff, the state government also directed to sell the land belonging to financially weak Maharashtra State Textile Corporation and asked to transfer process to the textile department. The textile policy for the term unveiled in February this year had provisions to reduce the power tariffs and increase the capital subsidy to 45 per cent for spinning mills. Maharashtra has higher power tariff as compared to other states like Gujarat and Karnataka. The textile policy is aimed to bring investments worth Rs. 36,000 crores to the state and create employment for around 10 lakh people in the state. Last year, it announced to set up nine textile parks in the northern part of the state. Rupee weakening against the dollar to benefit the textile and clothing category Apparel exports, which were almost stagnant for the last couple of years, is expected to do better. It will give the garment producers cushion against increasing raw material prices. Vice chairman of the Council said that, however, buyers will ask for cut in rates even for existing orders, and they might not get the full benefit. According to adviser at Apparel Export Promotion Council, the rupee has been weakening this year compared with the last fiscal and garment exporters will benefit from it. Right now, it (weakening rupee) is positive. But, too much volatility will affect exports. The Centre is expected to reimburse embedded taxes and raise Reimbursement of State Levies, thus giving garment exports a push. Chairman of Confederation of Indian Textile Industry said, yarn exports to China increased 20% to 24 % between April and June. However, the Chinese yuan also weakened in the period and hence Indian exports were affected. It is more important to see the rupee weakening in context to our competitors currency. From April to June, the weakening Indian currency gave exporters a competitive edge. The rupee weakening against the dollar is expected to be positive for the textile and clothing sector.
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