15:24:07 local time * Chinese textile producers aim to double output by 2020:
A 10-year development plan released by China’s textile industrial association Tuesday shows the country’s textile producers are aiming to double their output by 2020 from the 2010 level.
According to the plan released by China National Textile and Apparel Council (CNTAC), the textile industry is aiming to increase clothing and textile exports by 7% annually thereby boosting the export value of fiber products to USD 400 billion by 2020.
According to CNTAC, the transformation and upgrading of the textile industry will be accelerated by rising demand for fiber products and further boost branding and innovation to drive high-end industrial development. read more.
* Chinese cotton futures plunge on US supply glut:
Chinese cotton future tumbled Friday amid a broader commodities sell-off after a USDA report showing a record surplus sent US cotton futures down by their daily limit Thursday. read more.
15:24:07 local time PHILIPPINES
* Find Butuan garment store owners – Robredo:
Interior and Local Governments Secretary Jesse Robredo has ordered the Philippine National Police to find the owners of the burned Novo Jeans and Shirts Enterprises, amid complaints of the relatives of the victims that they have not surfaced since last Wednesday’s fire.
Robredo also gave the team investigating the fire until May 9 to wrap up its probe.
”I gave them a deadline. Unless there is need for additional forensic tests, they should be ready with their findings. Anyway it’s clear what happened,” he said. read more.
14:24:07 local time VIET NAM
* Japanese corporation pours investment into VN:
The Vietnam National Textile and Garment Group (Vinatex) said on May 10 that it will team up with Itochu Corporation of Japan to build a modern fibre plant in the northern province of Nam Dinh.
According to Vinatex, construction of the plant is scheduled to start soon at Bao Minh Industrial Park in Nam Dinh province with a total investment of U$$120 million.
It is expected to become operational in 2013 and bring jobs to 3,000 workers.
14:24:07 local time THAILAND
* Garment exports improve:
A surprise increase in first-quarter exports of textiles and garments to Japan, China and Hong Kong, if sustained, could help to offset an anticipated contraction in the local textile industry later this year, says the Thai Garment Manufacturing Association.
* Wages ‘not main cause’ of price rises:
Prices of several products really have risen but the main cause was not the 300 baht daily minimum wage policy, Finance Minister Kittiratt Na-Ranong said on Friday.
However, Mr Kittiratt admitted that the wage hike was one of the causes of increased prices, adding that the prices of some goods have come down.
He said the government will come with measures to curb product prices to prevent purchasing power being affected by rising inflation. read more.
* Global apparel brands ready for Thailand foray:
H&M, Ralph Lauren, Levi’s Vintage, Agnes B, Miu Miu, Oakley and Giuseppe Zanotti are among the several international brands that are likely to open their stores in Thailand this year.
Apparel retail chain H&M is set to open its first Thailand outlet at Bangkok’s Siam Paragon mall in October this year.
While American brand Ralph Lauren will open its first flagship outlet in Bangkok, another brand Miu Miu, which had withdrawn from Thailand some years ago, is planning to re-enter the Thai market. read more.
* Restocking helps Indorama Ventures garner high Q1 volumes:
Indorama Ventures Public Company Limited (IVL), the world’s leading vertically integrated Polyester Value Chain producer, saw sales volume move up to 1.2 million tonnes in Q1 2012, about 13% up from Q4 2011, as utilization rates started to rise following the new year as the industry saw an end to the de-stocking phase of Q4 2011 and a commencement of re-stocking to meet demand from consumers. read more.
14:24:07 local time CAMBODIA
* Diversify, UN survey urges:
The Cambodian economy’s severe lack of diversification could have unfavourable ramifications, resulting in higher food prices and increasing the gap between rich and poor, according to the UN’s Economic and Social Commission for Asia and the Pacific (ESCAP).
In a report to be released in Phnom Penh today, ESCAP identifies key policies Cambodia will have to address in order to come out ahead as the global economic downturn enters its second stage. (…)
Currently, Cambodia’s economy is dominated by the garment sector, which accounts for two-thirds of manufacturing and 80 per cent of export revenue, rendering the nation vulnerable to price changes abroad.
“Cambodia is [an] exporter of most garments, for which prices fell due to a highly competitive market, especially at the lower end,” a survey briefing paper reads.
* Cambodia’s trade with S. Korea, Vietnam surges in Q1:
Bilateral trade between Cambodia and South Korea had surged by 35 percent in the first quarter of 2012, according to statistics of the Korea Trade and Investment Promotion Agency in Phnom Penh on Saturday. (..)
Cambodia’s main products shipped to South Korea are garments, steel and metal products, and agricultural and forestry products. In return, the country imported garment and textile raw materials, automobiles, electronic goods, and chemical products. read more.
* Cambodians queueing for a new future in Thailand:
Thousands of Khmers apply daily to work here, but many are being met with exploitative conditions and some within the country say there’s plenty of jobs at home.(…)
“I am going to work in Thailand through [a recruiter],” the Kratie province native said. “I don’t need to pay for the passport, the company just cuts back my salary to pay for it.”
Cambodians pay about US$160 (4,960 baht) for a passport, more than double the average monthly garment factory salary of $61. read more.
15:24:07 local time INDONESIA
* New import regulation upsets big retailers:
Indonesian retailers have called for the government to revise a newly-launched rule on the import of finished products, saying that the new import policy will seriously hurt their business.
Indonesian Retailers Association (Aprindo) executive director Tutum Rahanta said on Thursday that the regulation had created some difficulties for certain retailers, particularly international retail outlets, because they were only allowed to import products in the same categories, for example textiles and textile products, and footwear and footwear products. read more. & read more.
* SGS Indonesia extends deal with textile testing firm Boken:
In March 2012, SGS has started its fifth overseas business partnership with Japans leading textile testing and inspection organization BOKEN. The Jakarta regional hub is an addition to the current BOKEN overseas representatives at SGS in Hong Kong, Taiwan, Guangzhou and Hangzhou, facilitating a convenient one-stop service solution for brands to source from Indonesia and other ASEAN countries as part of the “China Plus One” sourcing model.
The textiles and garment industry in Indonesia is currently experiencing a period of rapid growth as it becomes an active hub for the sourcing of textile products by leading firms from across the globe.In March 2012, SGS has started its fifth overseas business partnership with Japans leading textile testing and inspection organization BOKEN. The Jakarta regional hub is an addition to the current BOKEN overseas representatives at SGS in Hong Kong, Taiwan, Guangzhou and Hangzhou, facilitating a convenient one-stop service solution for brands to source from Indonesia and other ASEAN countries as part of the “China Plus One” sourcing model.
The textiles and garment industry in Indonesia is currently experiencing a period of rapid growth as it becomes an active hub for the sourcing of textile products by leading firms from across the globe. read more.
13:24:07 local time BANGLA DESH
* UN body sees slower growth, troubled exports in Bangladesh:
Bangladesh faces a year of slowing growth, partly caused by contraction in exports due to the eurozone crisis, an annual United Nations report warned yesterday.
Economic growth may slow slightly to 6.6 per cent in 2012 from 6.7 per cent last year, the UN’s Economic and Social Commission for Asia and Pacific (Escap) survey found.
The projection is lower by 0.4 percentage point than the government’s 7 percent.
12:54:07 local time INDIA
* Adidas files police complaint on Reebok India ‘irregularities’:
The crisis at Adidas’ Indian operations deepened as the German sports titan announced that it had called for Indian authorities to launch a criminal probe into the commercial irregularities at Reebok India.
“Based on the commercial irregularities we have uncovered at Reebok India, we have now filed a criminal complaint with the Indian law enforcement authorities in order to start the formal investigation,” the Adidas group said in a statement on Saturday, declining to give any further details on the matter. “The matter now rests with the Indian law enforcement authorities.” read more.
* National floor level may be mandatory for minimum wages:
The national floor level for minimum wages should be enough to enable a decent life to all kinds of labour, the Parliamentary Consultative Committee attached to the Ministry of Labour and Employment said. It also wanted it to be made statutory with more stringent penal provisions for violations.
The floor, fixed at Rs 115 a day since April last, is revised on the basis of changes in the consumer price index. read more.
* Higher target set for textile exports:
The textile industry is expected to register exports of $38 billion in 2012-13 as against $34 billion in 2011-12.
Kiran Dhingra, Secretary of Union Ministry of Textiles, told The Hindu here on Saturday that the export target for textiles for 2011-12 was $33 billion and the year ended with exports of nearly $34 billion. The growth came partially from entry into new markets such as Latin America, Africa and the Asian countries. The fall in rupee value had also helped exporters. The target for 2012-13 was $38 billion. On the debt restructuring package, Ms. Dhingra said the draft report of a study by BOB Capital Markets would be discussed at the inter-ministerial steering committee meeting on May 18. The suggestions of the industry would also be considered before the Ministry finalised its views on the issue, she added. read more.
* Greaves Cotton posts Rs 78 cr net in Q4:
Greaves Cotton has posted a 66 per cent rise in net profit at Rs 78 crore for the quarter ended March 31, 2012.
There was an exceptional income of Rs 43 crore during the quarter. Profit from sale of land and building amounted to Rs 77 crore and provisioning for obsolescence of inventory and diminution in value of investment totalled Rs 34 crore. read more.
* Cotton wilts as US report shows higher global stocks:
Cotton prices declined by Rs 1,000-1,200 for a candy of 356 kg on Friday in line with the global trend. In the world market, cotton tumbled to a 21-month low after a US government report showed rise in global inventories and data from Asia indicated a slowdown in industrial output.Lower demand from mills and exporters also pulled down prices.
A trader said that prices may decline by Rs 500-700 in next 2-3 days as international reports are not positive and exporters are not buying aggressively. read more.
* Giving retail another go:
Mahipalpur, a dusty suburb separating Delhi from Gurgaon, is not where wannabe entrepreneurs set up offices. But Ramchandra Agarwal, the erstwhile promoter of Vishal Retail, is not a wannabe. He is a born entrepreneur. “Business runs in our blood,” he says from his first floor office overlooking the runway of Delhi’s airport, where every few minutes a plane is either preparing for take-off or making a landing.
* ‘Textiles a priority sector’ – Gujarat Industry Minister:
Government of Gujarat will shortly announce a spinning textile policy, which will encourage investments in spinning sector in a bid to add value to cotton produced in Gujarat, Mr Saurabh Patel – Minister of State for Industry (Gujarat) told invitees at the inauguration of the Incubation Centre for Technical Textiles in Ahmedabad. read more.