09 February 2022, Mumbai:

During the 50^th anniversary of the Frankfurt edition in January 2020, it was announced that Messe Frankfurt and Inexmoda will launch Heimtextil Colombia, a new trade show for the Americas that will take place in the city of Medellin, Colombia, South America. Messe Frankfurt, owner of Heimtextil has licensed the event to Inexmoda, the Latin American Fashion institute creator of the most successful textile and fashion trade shows for this market.

Heimtextil is the industry's most important global event for interior textiles, interior design and interior trends, and the biggest international trade fair for home and contract textiles held in Frankfurt, Germany.

With its new products and trends, it kicks off the upcoming season and gives important impulses to both exhibiting companies as professional visitors and decision-makers from all over the world.

Heimtextil Colombia facts

The show will open its doors from the 26^th through the 28^th of April 2022, showcasing trends and innovations for the most attractive categories in the Americas such as smart bedding, bath fashion, carpets and rugs, wall decoration, decorative fabrics, contract textiles and the hospitality business.

The show is expected to receive 110 exhibitors from countries such as Portugal, Spain, Colombia, Italy, Turkey, India.

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05 February 2022, Mumbai:

Union Minister for Commerce & Industry, Textiles and Consumer Affairs, Food & Public Distribution Shri Piyush Goyal today said that the Union Budget 2022-23 has laid a focus on demand stimulus and that the enhanced capital spending would lead to greater demand and job opportunities.

“Capital expenditure has been raised by 35%, to more than Rs. 7.5 lakh crore. Rs. 1 lakh crore is being given to states as interest-free 50-year loan to support funding of infra projects. Centre and states together, we are looking at Rs. 10.5 lakh crore of public spending.”

The Minister said that the enhanced capital spending of Rs. 10.5 lakh crore provided in the Budget 2022 is expected to have at least a 3-4 times multiplier effect in economic activity.

The Minister said this during an industry interaction on the Union Budget, at the Bombay Stock Exchange in Mumbai today, February 5, 2022.

The Minister noted that import figures were rising, indicating revival of demand. He added, together with capex thrust provided by government, this opens up huge opportunities to businesses to expand and look at new business avenues.

Union Minister Shri Goyal said India was showing rapid recovery in terms of tax collections, industrial output, consumer demand. He said in the Budget 2022-23, there are no new taxes, no new revenue generation measures. The government has forecast conservative revenue estimates.

‘We don't over-commit while ensuring needs of every department's expenditure needs’, he added.

Union Minister further said Budget 2022 has provided sufficient funding so that economic growth continues to be above 8% in next year and hope to look at least two decades of growth, ensuring prosperity can flow to everyone.

Detailing the focus on PM Gati Shakti National Master Plan in the Budget, Union Minister Shri Goyal said that the Plan will help us plan infrastructure projects more intelligently, and also reducing logistics costs.

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*Figures mentioned in the above article have been sourced from PBI article. 

05 February 2022, Mumbai:

Gartex Texprocess India, a premier trade show for the textile and garment industries, is gearing up for its first appearance in Mumbai.

The much-anticipated Mumbai debut of Gartex Texprocess India and Denim Show will take place at the Jio World Convention Center in BKC, Mumbai, from May 12 to 14, 2022. The show's 'Fabrics and Trims' part, as well as the co-located Screen Print India expo, will take center stage this year, according to a press statement.

After witnessing the enormous potential at the just finished Delhi edition in December 2021, the industry is yearning for more personal business contacts, and a Mumbai edition in the first half of the year has been strongly hinted at to keep the trade momentum continuing.

The platform, which is being jointly organized by Messe Frankfurt Trade Fairs India and Mex Exhibitions, will also host a series of informative sessions on the latest developments in textile, garment machinery, and screen printing with the goal of encouraging investments, new market development, and enabling India to become a globally competitive textile manufacturing destination.

The major B2B show, combined with its co-located and specialized segments, intends to target trade visitors and textile centers in the western and southern regions for its Mumbai debut, with dates established for its Mumbai chapter.

While the Gartex Texprocess India emphasis segments will highlight breakthroughs in garmenting and apparel equipment, Screen Print India will follow technical advances in digital textile and screen-printing technologies, broadening the machinery display.

Because of the quick pace of technical development, top companies will demonstrate their newest technology offerings in screen printing, digital sublimation, heat transfer and textile printing, and garment decorating to potential business visitors and merchants.

Fabrics are the axis around which the whole garment manufacturing business gyrates, and trimmings contribute to the aesthetics intended for both utilitarian and commercial objectives.

The demand for diversity in all aspects of garmenting grows as fashion advances, and the 'Fabrics & Trims Show' provides a much-needed platform for putting diverse fabrics, trims, embellishments, and accessories together on one plate.

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09 February 2022, Mumbai:

The Dutch Agreement on Sustainable Garments and Textile (AGT) has taken significant steps towards a sustainable garment and textile sector. This was the conclusion of the final evaluation of the agreement, which ended on 31 December 2021.

Under the agreement, companies received advice, tools and training to help them set up and implement their policy.

The aim was to analyse risks, improve working conditions, prevent pollution and promote animal welfare in production countries. Achieving substantial improvements in the garment and textile supply chain will require time and effort beyond the agreement period, however.

The independent final evaluation was carried out by KIT Royal Tropical Institute. KIT concludes that the AGT has set up an important multi-stakeholder structure that facilitates a collective approach to complex issues in the supply chain. 

Trust
The multi-stakeholder nature of the AGT has helped build trust between parties and supported the exchange of relevant knowledge on a regular basis. “The way in which parties in the agreement have worked together is essential,” says Pierre Hupperts, independent chairman of the AGT during the entire term of the agreement.

Transparency
In addition to trust, transparency was an important element of the AGT. There has been a positive change in the supply chain transparency of the participating companies, which now disclose their suppliers on the AGT’s aggregate production list.

Future
The final evaluation offers a starting point for future cooperation in the sector. 

About the final evaluation
KIT states that it was limited in its ability to assess the impact of the AGT on the supply chain or production countries, because the focus of its analysis was in the Netherlands and on the agreement itself and the participating companies. 

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08 February 2022, Mumbai:

The reality of the day is it is no less than revelation that," Promoting exports through subsidies is not really given yielded the expected results, but fundamental state of affairs is that,"the government's RoDTEP scheme is pretty supportive in helping grow exports which is likely to touch a record USD 400 billion this year, Commerce and Industries Minister Piyush Goyal mentions on last Friday in the Rajya Sabha.

*Goyal, while responding to a query during the Question Hour in the Upper House on cut in the budget for export promotion schemes, said the government has found "very good acceptance" of the RoDTEP (Remission of Duties and Taxes on Export Products) scheme.

"Based on that (RoDTEP), exports have also been growing," he said.

Contrary to the general conception that there has been scale down in the export subsidies, the Goyal alluded the truth this year been India is expected to hit an "unprecedented performance in exports and same is likely to sustain".

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*Figures mentioned in the above article have been sourced from ET article. 

05 February 2022, Mumbai:

In 2022, cotton prices are expected to gain 5% y/y, as last year's ending stocks are rapidly reduced amid strong global demand outpacing available supply. Last year, the average cotton price soared by 41% y/y to $2.23 per kg.

In 2021, the average cotton price surged by 41% y/y to $2.23 per kg. Despite the global cotton production rebounded after a 2020's drop last year, reaching the pre-pandemic level of 26.3M tonnes, growing demand outstrips supply.

In H1 2022, cotton prices are projected to increase, as global production at the beginning of the year is lower than in the previous months due to smaller crops in India and the U.S.

This year, the average annual cotton price is expected to pick up 5% y/y to approx. to $2.34 per kg. Instigated by boosting demand and high domestic cotton prices, China is forecast to ramp up imports sharply, also stimulating the price rally.

Global Cotton Lint Exports by Country

In 2020, the amount of cotton lint exported worldwide was estimated at 9.4M tonnes, picking up by 5% compared with the previous year's figure. In value terms, supplies contracted to $14.6B (IndexBox estimates).

The U.S. (3.8M tonnes) represented the major exporter of cotton lint, mixing up 41% of total exports. Brazil (2.1M tonnes) held the second position in the ranking, distantly followed by India (960K tonnes).

All these countries together held near 33% share of total supplies. Greece (289K tonnes), Benin (280K tonnes), Nigeria (212K tonnes), Australia (170K tonnes) and Burkina Faso (167K tonnes) followed a long way behind the leaders.

In 2020, the most notable rate of growth in terms of shipments amongst the key exporting countries was attained by India (+55.9% per year), while exports for the other global leaders experienced more modest paces of growth.

In value terms, the U.S. ($6B), Brazil ($3.2B) and India ($1.4B) appeared to be the countries with the highest levels of exports in 2020, with a combined 73% share of global supplies.

This report provides an in-depth analysis of the global cotton lint market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports).

The forecast exhibits the market prospects through 2025.

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08 February 2022, Mumbai:

The export of cotton yarns in India has been a source of intense debate in recent months, as garment makers have repeatedly expressed their worries about growing local yarn costs, which have made garment production more expensive!

Despite these atrocities, according to the most recent official statistics, India's cotton yarn export profits in 2021 were US $ 4.69 billion, or a 79.64 percent year-on-year increase.

Bangladesh was at the top of the list, with India earning US $ 1.72 billion from cotton yarn exports in 2021, an increase of 162.25 percent over 2020! With a value of US $ 949.90 million in cotton yarn imports from India, China remained in second place.

It's worth noting that while the China-India relationship has been shaky in recent years, the export of India's textile raw materials to the world's top textile exporter appears to be unaffected; in fact, it's rising at a rapid rate.

Portugal favored India's cotton yarn, with imports of the commodity reaching US $ 210.79 million in 2021, up 62 percent year on year.

Apart from Bangladesh, China, and Portugal, Vietnam, Egypt, Peru, South Korea, Turkey, Colombia, Sri Lanka, Guatemala, Germany, Italy, Jordan, and the United States were among the nations that expanded cotton yarn sourcing from India in 2021.

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*Figures mentioned in the above article have been sourced from Apparel Resources article. 

06 February 2022, Mumbai:

India’s textile and clothing exports increased by 25 per cent in rupee terms from April-December 2021 compared to the corresponding period in 2019, according to data available.

While the total textile and apparel exports in April - December 2019 were to the tune of $ 25 billion, it increased to almost $30 billion during the same period last year.

In rupee terms, the exports grew from Rs 177,803 crore to Rs 221,528 crore. While cotton yarn, fabric and made-ups grew by over 40 per cent in dollar and rupee terms, ready made garment grew only 2.69 per cent in rupee terms compared to the same period in 2019 and saw a negative growth of 2.81 per cent in dollar terms.

Overall textile and clothing exports are expected to be a little more than $ 40 billion this financial year (2021-2022) compared as against the target of $ 44 billion. The main area of concern is exports of apparel.

Many garments units, especially those located in Tamil Nadu, Karnataka, the national capital region (NCR), and Punjab remained shut between April and June in 2021 because of the spread of COVID-19.

Raja M. Shanmugham, President, Tiruppur Exporters’ Association (TEA), says garment exports from Tiruppur this fiscal is expected to be almost Rs 32,000 crore as against Rs 24,000 crore last financial year.

But, the growth is mainly in terms of value. While the exporters have orders, high raw material prices are a deterrent to increase in volume. If the current trend in raw material prices continues, sustaining this will also be a challenge, he said.

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04 February 2022, Mumbai:

The Council for Leather Exports is optimistic that the 2018 Union Budget's leather-related initiatives would enhance exports and benefit micro, small, and medium-sized businesses.

According to the Press Trust of India, CLE Chairman Sanjay Leekha remarked after the new budget was revealed, "The budget has announced important support measures, which would offer a fillip to the growth of exports from the leather and footwear sector."

The CLE said on February 2 that the budget's exemption of decorations and wet blue chrome tanned leather from import tariff will assist enhance outbound exports of leather goods. 

According to the CLE, the government is assisting to encourage the export of value-added products by lowering the price of importing important components for producing leather goods that are demanded by overseas clients.

This would enhance the industry as a whole. A revised start date for manufacturing activities for newly established domestic manufacturing enterprises is also included in the budget.

For enterprises intending to take advantage of the 15% corporation tax exemption aimed to encourage investment, the deadline has been pushed back from March 31, 2023 to March 31, 2024.

"By extending the Emergency Loans Line Guarantee Scheme, MSMEs would be able to obtain extra credit at lower interest rates," Leekha explained. By the end of the 2026 fiscal year, India's leather and footwear sector hopes to have reached a total export value of $10 billion and a domestic value of $20 billion.

"The measures made in the Union Budget 2022-23 will go a long way toward attaining these goals," Leekha stated.

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*Figures mentioned in the above article have been sourced from Fashion Network article. 

08 February 2022, Mumbai:

As per a new report by IndexBox, cotton prices in India are expected to rise by 5 per cent in 2022 on account of strong global demand and limited supply.

In 2021, the average cotton price surged by 41 per cent Y-o-Y to $2.23 per kg. Despite the global cotton production rebounded after a 2020's drop last year, reaching the pre-pandemic level of 26.3M tonne, growing demand outstrips supply.

In H1 2022, cotton prices are projected to increase, as global production at the beginning of the year is lower than in the previous months due to smaller crops in India and the U.S. This year, the average annual cotton price is expected to pick up by 5 per cent Y-o-Yto approximately. to $2.34 per kg.

Instigated by boosting demand and high domestic cotton prices, China is forecast to ramp up imports sharply, also stimulating the price rally.

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06 February 2022, Mumbai:

Union Minister for Commerce and Industry,  Textiles and Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal today termed the Union Budget 2022-23 as a direction setting budget, addressing both macro-economic and micro-econimic concerns, looking at inclusive development.

Speaking at a Public Function to explain the nuances of the Union Budget in Mumbai today, the Minister said “the Budget should be seen as an exercise in continuity to make India future ready”.  

Recalling Prime Minister Narendra Modi’s vision of converting crisis into opportunity, Shri Goyal said, the Government has been pro-actively announcing new projects and schemes through the year, and Union Budget has attempted to show the way ahead for the next 25 years.

Shri Goyal said the budget has laid a big thrust on infrastructure development and highlighted the importance of the PM Gati Shakti National Plan. He said the plan will leverage data and inter-connected national maps to better align infrastructure projects.

Explaining how the nation adopted to the Covid 19 pandemic by swiftly moving to remote working mode, Shri Goyal asserted that India did not let down a single international obligation, thanks to Digital India and thrust given on expansion of broadband connectivity.  He said despite the pandemic, India’s services export remained robust and would achieve $240 bn target.

Shri Goyal said that India produces second-highest number of STEM (Science, Technology, Engineering, Mathematics) graduates and this should encourage us to become not only the Start-up Capital but also the R&D and innovation hub.

The Commerce & Industry Minister further added that India has been working on a number of Free Trade Agreements (FTAs). Citing the India-UAE FTA, Shri Goyal said the entire process was completed in just 88 days. He informed that India-Australia FTA is also in advanced stage of finalization.  FTAs with UK, Canada are also in the pipeline, even as GCC also wants to sign an FTA with India.

“The world wants to work with us, we have to seize the initiative” the Minister added.

The Minister also spoke about the enhanced capital spending of Rs 10.5 lakh crores provided by the Budget 2022-23 to have a multiplier effect of 3-4 times, leading to enhanced demand and increased job opportunities benefitting all people.

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*Figures mentioned in the above article have been sourced from PBI article. 

04 February 2022, Mumbai:

In order to boost domestic manufacturing, the government has removed customs tax exemptions for 350 items, including wearable gadgets, in its budget for 2022-2023. In order to rationalize customs duty rates, the Central Board of Indirect Taxes and Customs tweeted that it has conducted a complete examination of customs duty exemptions on capital items and project imports.

The CBIC also stated that it intends to phase away approximately 40 customs exemptions over time. The Union Budget, which was presented to Parliament on February 1, proposed eliminating concessional rates on capital goods and project imports and replacing them with a 7.5 percent tax. 

According to the Press Trust of India, the government elected not to remove exemptions for machinery used in India, such as in garment production, for which components are not already made in the nation.

Wearable gadgets, hearable devices, and electronic smart meters, a rapidly developing product category in the country, are one product category for which the government has opted to standardize customs tax rates. Wearable device inputs, components, and sub-parts will be steadily enhanced.

Mobile phones and other devices are among the other products whose customs tax rates may alter.

The government did choose to lower some customs charges, such as the customs duty on cut and polished diamonds and gemstones, which was reduced from 7.5 percent to 5%.

Furthermore, diamonds that are merely sawn and imported under the Kimberley Process Certification Scheme will not be subject to any customs duties.

Imitation jewelry would be subject to a new baseline customs charge of 20% or Rs 400 per kilogramme, whichever is greater.

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*Figures mentioned in the above article have been sourced from Fashion Network article.