FW
US gross domestic product is set to increase 2.9 per cent in 2018 and 2.8 per cent in 2019.
The recent US tax reform combined with higher public spending ceilings in 2018 and 2019 will provide a fiscal stimulus of around one per cent of GDP in both years, representing a sizeable short-term boost to growth.
First-quarter GDP growth was revised down 0.1 per cent to 2.2 per cent, a sharp but temporary downshift from the approximately three per cent growth over most of the previous year.
Greater domestic demand is being choked off by a stronger dollar.
US economic recovery and expansion has been remarkable and appears set to continue for the coming two years. But there are also some serious risks on the horizon, including trade policy, that could threaten much-needed growth. Further policy reforms are needed to sustain the expansion and ensure that all Americans benefit from stronger and more sustainable growth.
While Americans appear to be doing well on average in comparison to other OECD countries, job losses have become more persistent in areas hit by structural shocks, especially in the industrial heartland. This has created areas of high unemployment, non-participation in the labor force and poverty.
German fashion brand Tom Tailor will design and manufacture some lines in India that will be retailed globally.
These are Tom Tailor Contemporary, in line with Indian motifs on western silhouettes, and Tom Tailor Polo, focused on premium pique polo for men.
The brand works with multiple manufacturers across the globe. Some of the countries are Indonesia, China, Sri Lanka, Vietnam, Turkey and Bangladesh.
Tom Tailor is present in 35 countries with over 1,400 company stores and more than 11,600 other points of sale. It has seven exclusive brand outlets and more than 50 shop-in-shop counters in India. The plan is to open 55 stores in three years. It will look at opening more stores in the four metros to create a stronger presence and will also aggressively expand in Tier I and Tier II cities.
The brand came to India in April 2017 and managed to close the last fiscal with a top line of over Rs 15 crores in the first year of operation.
Ten per cent of the total sales are through the e-marketplace while the majority comes from retail.
Tom Tailor focuses on the industry's best practices resulting in sustainable procurement and sourcing operations.
Inceptra Lifestyle owns the exclusive rights of the brand in India.
Techtextil North America and Texprocess Americas took place May 22 to 24, 2018.
The co-located events brought together the latest innovators in technical textiles, nonwovens, textile machinery, sewn products, equipment, and technology.
Cooling fabrics, smart light technology, recycled fibers, 3D body scanning, and cloud connected smart machines were just some of the highlights.
The events brought 567 Techtextil North America and Texprocess Americas exhibitors together representing 32 countries, while total attendance grew by four per cent over the 2016 events.
Techtextil North America and Texprocess Americas have become premier events where professionals from all industries come to see the trends and technologies that are coming their way.
The co-located events were buzzing with visitors and speakers discussing new technology, game-changing research and cross-industry collaborations. Among the topics presented, smart textiles, wearables and the future of the technology that powers them proved to be top of mind for many attendees. In addition, how automation, robotics and connected machines are contributing to the industry‘s evolution made an evident impression on both visitors and exhibitors alike.
Evident was a focus on Industry 4.0 - communication between fabrics, the machine, the human, the CAD.
The events had lots of new equipment, products and a lot of interest from visitors in what’s next for the textile industry.
Southern India Mills’ Association plans to tie-up with an external agency to ensure that all the units at SIPCOT implement zero liquid discharge.
International buyers insist on environmental norms and so the units largely have systems in place for zero liquid discharge. SIPCOT houses 35 textile processing units, out of which even are connected to a common effluent treatment plant.
Besides, 26 units have a water quality watch centre through which the Tamil Nadu Pollution Control Board monitors real time data on energy consumption, water consumption, and effluent treatment.
In the last eight years, the level of TDS in wells around the SIPCOT reduced drastically. Textile dyeing units were among the first to start operations at SIPCOT Perundurai. Since then, several chemical processing units started operations. However, if there is an effluent problem it is assumed to be from textile units.
The clearance of textile raw material (pigments) has been virtually suspended due to non-feeding of the amendments made to Pakistan’s HS codes in the federal budget 2018-19.
The federal government in the recent budget 2018-19 had split HS codes of textile raw material (pigments) into three PCT headings, creating problems for the importers to avail of the tax benefit of SRO 1125(I)/2011.
The customs department has so far not fed the said PCT headings – 3204.1790, 3204.1720, 3204.1710 in the WeBOC system. Resultantly, importers are being denied SRO 1125(I)/2011 benefits by the system, which has led virtually to a suspension of clearance of subject goods.
In this regard, the Karachi Customs Agents Association (KCAA) in its letter cited that in the recent budget the HS code 3204.1700 of pigment has been substituted with the HS code 3204.1710 and 3204.1720 but the exemption under SRO 1125(I)/2011 has not been updated in the system, creating difficulties for importers and clearing agents to claim the benefit of sales tax under the said SRO, which was integrated with the PCT headings 3204.1700.
Following the said reasons, unnecessary delay in the clearance of consignments, which were presently lying at ports, was costing heavy demurrages to the trade.
The mounting problem of textile waste is beginning to be quantified in scientific research.
Across the globe consumers now purchase more than 80 billion pieces of new clothing each year, with an increasing amount ending up in landfills.
The average North American threw away 81 pounds of clothing in the previous year – 95 per cent of which could have been reused or recycled.
It is a lack of consumer awareness and understanding which has dictated these habits. Many do not have a grasp of the environmental impact of clothing production and disposal.
In order to encourage a change in behavior, donating and buying second-hand goods should be easy and accessible for consumers. Convenience is one of the top five reasons people choose to donate their clothing. They say they would support recycling bins in urban areas to reduce the amount of waste going to landfills. But 80 per cent would only be willing to drive 15 minutes or less to donate their unwanted apparel.
Decluttering their homes and saving money are primary reasons consumers choose to donate and buy secondhand clothes.
Public education is vital to ensure people realise the real cost of overconsumption and excessive waste in the apparel sector.
Bangladesh garment manufacturers want the present corporate tax rates unchanged.
They also the value-added tax on all exports and a 0.2 per cent stamp duty for the export-oriented garment sector to be waived.
There is a proposal to hike the corporate tax on non-green garment factories by three percentage points, taking it to 15 per cent, and that on green factories certified by agencies such as the US Green Building Council from ten per cent to 12 per cent.
A new 12.5 per cent corporate tax for garment factories listed on the stock market has also been introduced.
There is a proposal to increase VAT on the fashion and loom industry from one per cent to five per cent. Exporters say if this is done, the sector will be in big trouble, and if the sector does not grow, foreign products will dominate the local market. They add that increasing VAT now would put pressure on customers ahead of the buying spree for Id.
The aim of these taxes is to increase revenue collection by 33 per cent in the next fiscal year. Exporters wonder how this could happen since the previous targets of 14 per cent and 17 per cent in the last couple of years could not be attained.
WEAR - a fashion-tech firm and a fashion brand Sabinna have collaborated to launch a novel process that transforms a collection of wardrobe essentials into new, completely biodegradable materials.
The process centres on the concept of circularity. The materials used in the collection take full advantage of circular production and recycling processes. This means that the clothing created won’t be worn and then at some point thrown away. Instead, at the end of the garment’s life, the materials used can be dissolved and turned into new materials.
These materials are then transformed into garment packaging, tags, shop interiors and a range of other applications.
The innovative technique is based on simple organic chemistry. Using non-toxic chemical processes, the garments are dissolved into cellulose fibres and reformed into new, 100 % cellulose-based materials. The new, fully recyclable and biodegradable materials created are later compressed into flexible sheets similar to tissue paper, paper, cardboard, plastic and even wood. Further reducing the environmental impact, the processes require minimal chemicals, and sometimes no chemicals at all.
Egyptian cotton exports from December 2017 to February 2018 increased by 181.6 per cent compared to the same quarter of the previous year.
A classification map for Egyptian cotton has been prepared and distributed in the governorates, showing the cultivated varieties in each governorate, their productivity, and a map of the cultivars and the approved varieties for each fork.
The total area of cotton cultivation this season increased by 1,00,000 feddans on a year-on-year basis, recording about 3,21,787 feddans.
Measures have been taken to support the domestic cotton sector and increase long-term productivity of the long-staple and medium-length cotton.
Egypt is keen on upgrading the system of cotton cultivation and the textile industry to better meet the demands of the local market and enhance exports.
Exports of Egyptian cotton amounted to 462 million dollars in 2016.
Three new varieties of high-yield cotton crop have been registered to suit the local yarn industry and increase its yield.
In the past two years, Egypt has taken measures to restore seed purity and cotton quality. Egyptian cotton’s length, strength, firmness, color, trash count and maturity have all improved.
If Egypt’s cotton industry returns to its previous glory, the economy would flourish, the spinning and textile industries would boom, and stalled factories would reopen.
Bangladesh Garment Manufacturers and Exporters Association have demanded reduced corporate tax at 10 per cent from the proposed 15 per cent and withdrawal of the source tax for the next three years.
Every year, the government increases corporate tax and source tax in the RMG sector and BGMEA brings it down through discussion with high ups of the government.
Finance minister AMA Muhith in his national budget speech proposed to increase corporate tax rate for manufacturers and exporters of readymade garments to 15 per cent from existing 12 per cent. The finance minister also proposed tax rate for green building certificate holding apparel companies at 12 per cent from existing 10 per cent.
The RMG sector earned 83 per cent of total foreign currency and was the only one sector generating employment in the country. Muhith demanded waiver from submitting value added tax returns to the VAT office.
BGMEA president Md Siddiqur Rahman , however, termed the proposed budget business-friendly saying that it would create employment in the country. Although the BGMEA president demanded corporate tax cut and weaver from source tax.
