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 Tariffs against China could destroy US jobs: Study US apparel import climbs, India fails to step on the ladder Vietnam Analysts Sound Caution on Surge in Chinese FDI Surat textile traders' sales fell 40% post GST: FOSTTA Textile mills attempting for cut in hank yarn obligation Production of cotton yarn grows 1.5% in February 2018 Bombay Dyeing to enter readymade apparels segment once more

2 GLOBAL ECONOMIC NEWS a) Euro depreciated against Dollar by 0.85% from per dollar on 30th April 18 to per dollar on 4 th May 18 and Japanese Yen appreciated against dollar by 1.55% from per dollar on 30 th April 18 to per dollar on 4 th May 18. b) Brent Crude oil price index increased by 0.27% from 30th April 18 to 4 th May 18. It increased from $74.67 per barrel on 30th April 18 to $74.87 per barrel on 4 th May 18. c) Cot Look A Index decreased by 0.48% from cents/pound on 30th April 18 to cents/pound on 4 th May 18. d) The US stock market indicator Dow Jones went up by 0.41% from on 30th April 18 to on 4 th May 18. In Asian market, NIKKEI (Japanese market) came down by 0.04% from on 30th April 18 to on 4 th May 18. SSE Composite Went up by 0.29% from on 30th April 18 to on 4 th May 18 and Hang sang came down by 2.86% from on 30th April 18 to on 4 th May 18.

3 INDIAN ECONOMIC NEWS EXCHANGE RATE: The Rupee appreciated by 0.01% from Rs 66.78/$ on 30th April 18 to Rs /$ on 4 th May 18 strong by Rs FINANCIAL MARKET TRENDS: The Sensex came down by points or 0.70% from on 30th April 18 to on 4 th May 18. The Nifty came down by points or 1.13% from on 30th April 18 to on 4 th May 18. CHANGE IN FOREIGN EXCHANGE RESERVES: India s Foreign exchange reserves decreased by $3.216 bn. to reach $ On 4 th May 18 from $ bn. on 27 th March 18.

4 GLOBAL TEXTILE NEWS CHINA EXPORTS OF TEXTILE AND GARMENTS FOR THE MONTH OF MARCH 2018: The Textile Exports by China decreased by 23% to $6980 Mn in March 2018 as compared to corresponding month last year when it stood at $9098 Mn. Whereas, the Garment Export by China also decreased by 34% to $7184 Mn in March 2018 as compared to corresponding month last year when it stood at $10917 Mn. Hence, the overall Export of Textiles and Garments by China decline by 29% The year-to-date Exports of Textiles & Garments increased by 4.4% from $54.9 bn in 2017 to $57.3 bn in 2018 China Export of Garment and Textiles, March 2018 (USD Mn) S.NO. COMMODITY VALUE (March) % Change YTD (Jan-March) % Change / / Textile yarn, fabrics and made-up articles Garments and clothing accessories Total of which: Cotton yarn Cotton woven fabrics Woven fabrics of synthetic staple fibres Garments, not knitted nor crocheted Garments, knitted or crocheted US IMPORTS OF TEXTILE AND APPAREL AUGMENT BY 2% FOR THE MONTH OF MARCH 2018: The total Textile and Apparel Imports of US for March 2018 went up by 2% to $7713 Mn as compared to corresponding month last year when it stood at $7548 Mn. Country-wise, China stood as top exporter of Textiles and Apparels to U.S. at $2179 Mn. India stood at 3rd position with exports of value $677 Mn to U.S.

5 US IMPORTS OF APPAREL AND NON-APPAREL FROM WORLD (USD Mn) Mar-18 Mar-17 % Change YTD 2018 (Jan-Mar) YTD 2017 (Jan-Mar) % Change Apparel Import Non-Apparel Import Total Imports Top 10 Textile & Apparel Exporters to U.S. (USD Mn) % Change 1 China Vietnam India Bangladesh Mexico Indonesia Pakistan Honduras Cambodia El Salvador S.No. Country Value (Mar 18) Value (Mar 17) Tariffs against China could destroy US jobs: Study The US administration recently proposed tariffs on $50 billion of Chinese imports, coupled with retaliation promised by China, would reduce US gross domestic product (GDP) by nearly $3 billion and destroy 134,000 American jobs, according to a new study. It further adds that four jobs will be lost in the US for every job gained. The study conducted by the National Retail Federation (NRF) and the Consumer Technology Association (CTA) warns that imposing tariffs on an additional $100 billion of Chinese imports would come at a significant cost to the US economy, destroying 455,000 jobs and reducing GDP by $49 billion. As administration officials prepare to head to China for trade talks, the livelihoods of American workers hang in the balance, said by NRF president and CEO. They hope this is the start of a serious negotiation process that leads to a more open Chinese market and protects US jobs and economic growth. They must resolve this trade dispute without resorting to job-killing tariffs and retaliation. Tariffs could wash away the benefits recent tax reform will have on the economy, bringing uncertainty to American businesses and devastation to some workers in key states they might lose their jobs over a trade tax, CTA president and CEO said. Rising costs on farmers, manufacturers and service providers isn t the answer; it shows protectionism will weaken America. We are encouraged by treasury secretary and US trade representative visit to China and wish them success addressing China's problematic trade barriers. They believe it is best for the administration to seize on China's willingness to negotiate to achieve positive outcomes for US workers, rather than via tariffs that ultimately harm us.

6 The study also details the employment impact of tariffs at the state level. The ten states that would suffer the highest job losses are California, Texas, Florida, Washington, New York, Georgia, Missouri, Pennsylvania, North Carolina and Ohio. US apparel import climbs, India fails to step on the ladder The USA has slightly improved in its apparel imports during the first quarter of During the first 3 months, the USA was up in both values and volumes by 1.63 per cent and 1.71 per cent, respectively. The country spent US $ billion on the import of million square metres of apparel in the reporting quarter as against million square metres in the same period last year. However, unit prices neither decreased nor increased (US $ 2.94) which helped the USA keep the balance between the imported apparels and the dollars spent on it. Of all the major export destinations, China and Vietnam scored well in their respective exports to the USA though the former (China) lost its share by 2.34 per cent in the US market. In the first 2 months of 2018, China had per cent share in the US apparel market which sharply declined to per cent by the end of the first quarter. On the other hand, Vietnam exported apparels to the US worth US $ 2.86 billion, marking 3.32 per cent surge on the yearly note. However, Vietnam too lost its share in the US apparel market as it tapped per cent share in overall US apparel imports in the latest quarter as against per cent share in the previous year. Markedly, India and Indonesia lost big in the top five apparel exporters to the US. India plunged significantly both in values (0.79%) and volumes (2.53%), whereas Indonesia s exports dropped by 5.78 per cent and 8.26 per cent in value and volume, respectively. In the last quarter of its FY 2018, India could only export apparels to the US worth US $ billion as against US $ billion in the same quarter of FY Down falling exports from India is a serious concern for the exporters who were hoping to end India s fiscal year 2018 on a positive note. Vietnam Analysts Sound Caution on Surge in Chinese FDI Of late Vietnam had a surge in foreign investment from China in both textile and allied power sector. The Foreign Investment Agency (FIA) Vietnam was quoted as saying that Chinese companies invested in 76 projects totally valued at USD million in recent times. Consequently, China ranks third in the largest number of projects and fourth in the total investment value globally, when it comes to Vietnam. Statistics released by the FIA and supported by analysts observe that Chinese investments in Vietnam have been increasing continuously over the past decade. From a modest USD million in 2007, it has risen to USD 2.17 billion in the year In recent years, more large scale projects have been registered from China. These include Vinh Tan 1 Thermal ower plant, which is capitalized at USD 2 billion besides the Lam Son industrial zone (IZ) More large-scale projects have been registered, including the Vinh Tan 1 thermal ower plant, capitalized at $2 billion, the Lam Son industrial zone (IZ). The Chinese industrialists and investors have used a diversified strategy over a period of years. They began by entering into joint ventures and later graduated to 100% fully foreign owned businesses. In the previous year alone they have set up 284 fresh projects totaling USD 1.41 billion. The FDI flowing in from China now covers textiles, garments, services, metal processing, manufacturing, and processing industries. They amount for 50 percent of the total capital investment. Despite differences, the analysts unanimously agreed that Vietnam needs to apply reasonable policies to take full advantage of the capital and minimize risks by

7 encouraging Chinese investment in projects in high technologies, startup development, and key industries. INDIAN TEXTILE NEWS Surat textile traders' sales fell 40% post GST: FOSTTA The implementation of the Goods and Services Tax (GST) has led to a drop of per cent in the textile sales in Surat, according to the Federation of Surat Textile Traders Association (FOSTTA). The association claims that the new tax regime has led to a loss of 4 lakh jobs, while daily production has decreased from 4 crore metres to 2.5 crore metres. A number of textile units in Surat are running below their respective capacities and traders are facing payment delays in the aftermath of GST rollout. GST and demonetisation have affected the textile trade in Surat, resulting in a 40 per cent decrease in production, said by secretary FOSTTA. The textile industry of Surat employs about 1.3 million workers, but per cent of the employees have lost their jobs after demonetisation and GST. The association said that textile and related industries like embroidery, power looms and artisans are losing jobs. FOSTTA has also written to Union textile minister informing her about the situation in Surat and requesting government s support and intervention. A majority of the textile and other related units in Surat are unorganised and are thus facing problems in implementing the structure of the new tax regime. This is leading to a decline in production as well as demand. Artisans skilled in embroidery are losing their jobs, while textile labourers are returning to their home states due to lack of work, said president FOSTTA. Exports have also been affected due to GST. Multiple export orders have been cancelled as refund was not received on time, and payment delays have led to a shortage in working capital. The association estimates that exports have declined 60 per cent after GST implementation. Textile mills attempting for cut in hank yarn obligation The association said that the mills are unable to market the hank yarn as the demand has reduced over the years. But, they might face action for not meeting the hank yarn obligation as hank yarn is covered under Essential Commodities Act. The Ministry should hence reduce the hank yarn obligation to 10 % from the current 40 %. In the letter to the minister from the association and its members, the mills pointed out that between and , the number of handlooms declined by 41 % (from lakh looms to lakh). Members of the Indian Texpreneurs Federation have commanded that the obligation should be reduced to 10 %. It is mandatory for the textile mills to sell in the hank form 40 % of the yarn they produce so that the yarn needs of the handlooms are met. Over 150 textile mills in the region have sent letters to the Union Textile Minister seeking reduction of hank yarn obligation. Yarn production has increased 133 % (from 1321 million kg to 3079 million kg). Handloom fabric production is likely to reduce further now while yarn production is only on the rise. Further, under the Goods and Services Tax, both, cone yarn and hank yarn attract uniform 5 % tax. Production of cotton yarn grows 1.5% in February 2018 Production of cotton yarn grew by 1.5 per cent to thousand tonnes in February On a cumulative basis, output stood at 3,742 thousand tonnes during April February 2018, up 0.9 per cent when compared to the corresponding year-ago period. The output of blended yarn fell by one per cent to 82.6 thousand tonnes in February It grew by 3.6 per cent during April February The industry produced thousand tonnes of blended yarn during the period.

8 Bombay Dyeing to enter readymade apparels segment once more Bombay Dyeing is planning to enter the readymade apparels segment once again. The company, which earlier had its apparels brand Vivaldi, had sold to it Proline to manage. However, the chief executive for retail at the company said that there is a huge demand for readymade apparels from southern India. Bombay Dyeing is launch menswear products and the merchandise will be priced below Rs.1, 000 apiece. Banerjee added that the company is growing by per cent in the retail and textile segment currently.

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