28th DITF concludes on a high note with 17% rise in export orders
The 28th edition of the Dhaka International Trade Fair (DITF) concluded on a high note with a significant rise in export orders and robust sales figures, as per the report by the Ministry of Commerce. The event recorded a 17 per cent rise in export orders to Tk 392 crore. Moreover, sales during the event increased by 15 per cent Y-o-Y to approximately Tk 400 crore.
Hosted by the Export Promotion Bureau, the month-long DITF was held at the Bangladesh-China Friendship Exhibition Centre in Purbachal, Dhaka. This year, the fair featured 304 stalls and pavilions, with nine operated by foreign companies representing India, Singapore, Hong Kong, Indonesia, and Turkey.
During the closing ceremony, Ahsanul Islam Titu, State Minister for Commerce announced plans to diversify the DITF in the upcoming years to bolster the country's exports. He emphasised organising seminars and symposiums to attract more foreign buyers and assured comprehensive arrangements to facilitate increased participation from both foreign and local business representatives.
Titu underscored the significance of these efforts in accelerating Bangladesh's export earnings, aiming to achieve the target of $100 billion by 2030. At the event, 41 stalls were honored with crests across various categories to recognize their outstanding performance.
The closing ceremony was presided over by Tapan Kanti Ghosh, Secretary, Ministry of Commerce. It also featured speeches from Mahbubul Alam, President, Federation of Bangladesh Chambers of Commerce and Industry, and AHM Ahsan, Vice-Chairman, Export Promotion Bureau.
Global plus size market to reach $696,712.1 million by 2027: Report
Valued at $480,991.8 million in 2019, the global plus size clothing market is projected to reach $696,712.1 million by 2027, growing at a CAGR of 6.9 per cent from 2021 to 2027, according to a recent report by Allied Market Research titled ‘Plus Size Clothing Market by Type, Gender, Age Group, and Price Point: Global Opportunity Analysis and Industry Forecast, 2021-2027.’
The surge in demand for plus-size clothing is attributed to the increasing obese population, heightened consumer confidence, and a greater number of brands offering plus-size garment ranges. However, challenges such as high pricing for retailers and manufacturing complexities somewhat restrain market growth. Nevertheless, the rise in availability through omnichannel retail and expanding brand presence present lucrative opportunities for market players.
Comprising nearly one-third of the global plus-size clothing market share in 2019, the casual wear segment is poised to maintain its dominance through 2027, reaching an estimated $220,779 million, driven by growing consumer adoption for social occasions. Meanwhile, the sportswear segment is anticipated to witness the fastest CAGR of 6.4 per cent by 2027, fueled by evolving consumer preferences and the popularity of athleisure sportswear.
In terms of gender, the male segment is forecasted to reach $338,032.8 million by 2027, with a CAGR of 6.8 per cent. This is attributed to a significant obese male population and substantial spending on plus-size clothing. Conversely, the female segment is expected to register the fastest CAGR of 7.50 per cent throughout 2027.
Geographically, accounting for over one-third of the global plus-size clothing market, North America is projected to reach $250,816.3 million by 2027, driven by the region's large obese population and high consumer spending. Additionally, the Asia-Pacific region is expected to exhibit the fastest CAGR of 6.50 per cent during 2020 to 2027, fueled by increasing caloric intake among middle and high-income households.
A few key players in the global plus-size clothing market include H&M (Hennes & Mauritz AB), Ralph Lauren Corporation, Adidas AG, Puma SE, Nike, Inc., ASOS plc, Capri Holdings (Michael Kors), WHP Global (Anne Klein), Punto Fa SL (Mango Inc.), and Under Armour, Inc.
Archroma debuts Super Systems+ at Bharat Tex 2024
Archroma, a global leader in sustainable specialty chemicals, is set to debut its cutting-edge innovations, notably the Super Systems+, at Bharat Tex 2024. This move aims to empower textile and apparel brands as well as mills in India to enhance their economic viability and environmental stewardship.
The Super Systems+ represent a comprehensive suite of end-to-end solutions, integrating fiber-specific processing techniques and intelligent effects. From sizing to finishing, these systems offer measurable environmental benefits, including resource savings and reduced environmental footprints. Anjani Prasad, Vice President of South Asia at Archroma Textile Effects, highlighted India's pivotal role in driving global sustainability initiatives in the fashion industry.
At Bharat Tex 2024, attendees can explore not only the Super Systems+ but also innovative tools like The SafeEdge and the Archroma ONE WAY Impact Calculator. The SafeEdge is an online portal providing real-time access to product-related regulatory information, while the Impact Calculator facilitates process simulation and cost analysis, covering factors like resource utilization and carbon dioxide emissions.
Bharat Tex itself stands as a beacon of sustainability and style, attracting industry leaders from around the globe. As the world's largest textile exposition, it serves as a platform where tradition meets technology. Scheduled from February 26-29 in New Delhi, India, Bharat Tex 2024 promises to be a showcase of sustainable solutions and cutting-edge fashion trends.
Eltex of Sweden AB marks 60 years milestone
Eltex of Sweden, a trailblazer in integrating electronic sensors into the weaving machinery industry, commemorates its 60th anniversary this month. Since its inception in 1964, Eltex has been at the forefront of enhancing weaving machine efficiency, with its sensor technology playing a pivotal role in elevating production speeds from 150-200 picks per minute in the 1960’s to a staggering 1,200 picks per minute today.
Founded by Åke Rydborn and Ragnar Henriksson, Eltex initially aimed to address the challenge of detecting broken or missing weft yarns during production. Their innovative solution, the world's first electronic weft-stop-motion, debuted at the 1963 ITMA exhibition in Hannover, Germany. This innovation laid the foundation for Eltex's journey, starting from a modest 12 sq m workshop in Älmhult, Sweden, before expanding to a modern 3,000 sq m plant by 1968.
The company's global footprint expanded rapidly, buoyed by the introduction of pioneering technologies such as the all-in-one printed circuit board (PCB) for sensor systems in 1971. Alf-Gunnar Sibbeson, a longstanding employee, reminisces about the early days when Eltex's expertise was in high demand due to the scarcity of electronics specialists in mills and machine builders' teams.
Eltex's evolution continued with strategic expansions into the USA and Ireland, diversifying its product portfolio to include energy control devices, safety systems for food handling, and military-grade battery chargers. Milestones like optical arrival detectors for air-jet weaving machines and the QTV system for warp preparation underscored the company's commitment to innovation.
Recent innovations, such as the Eltex EyETM system for continuous yarn tension monitoring and the ACT and ACT-R units for yarn tension control, demonstrate Eltex's unwavering dedication to enhancing textile production quality and efficiency. CEO Brian Hicks acknowledges the pivotal role of staff, customers, and suppliers in Eltex's success, reaffirming the company's commitment to customer service and technological advancement.
Since its management buy-out in 2007, Eltex has been led by Brian Hicks, Seamus O'Dwyer, and Jonathan Bell, culminating in the formation of Eltex Global Holdings in Ireland. With its headquarters in Osby, Sweden, and primary production facility in Ireland, Eltex remains at the forefront of driving innovation in the weaving machinery industry.
British Wool launches shearing courses with strong response
British Wool has rolled out its much-anticipated shearing courses, now accessible on their website, generating enthusiastic feedback from eager participants. Renowned globally, these courses cater to diverse skill levels, offering tailored instruction from novice (Blue Seal) to expert (Gold Seal) stages.
With an aim to enhance flock shearing proficiency, foster career pathways, and prepare participants for top-tier global competitions, the curriculum addresses multifaceted objectives.
Available nationwide, the one-day on-farm training sessions cover the spectrum from novices to seasoned shearers traversing international circuits. Led by seasoned instructors, over 100 courses are slated from April to August, spanning two days each, drawing over 800 attendees last year.
A key highlight is the extension of exclusive training opportunities to young farmers, irrespective of prior experience, with a generous 50 per cent discount on shearing courses throughout their membership tenure.
Richard Schofield, Shearing Manager, expressed gratitude for the collaboration with Young Farmers Clubs (YFC), underscoring the pivotal role of members in nurturing the UK's shearing talent pool.
Flipkart’s BBD boosts international sales for Walmart during Q4 FY24
Propelled by Flipkart’s stellar performance during its annual Big Billion Days (BBD) sale in 2023, Walmart recorded a remarkable surge in international sales during Q4, FY24.
The US retail giant witnessed a substantial 17.6 per cent Y-o-Y growth in international sales to $32.4 billion with a 13 per cent increase in constant currency terms, reaching $31.2 billion. Notably, Walmart's subsidiaries in Mexico (Walmex) and China also contributed significantly to this growth, leveraging festive occasions.
Doug McMillon, CEO hailed the 2023 Big Billion Days as the best ever. The strategic shift of Flipkart's BBD from Q3 to Q4 notably bolstered international growth for the quarter, he said, Attracting a record 1.4 billion customer visits, the event underscored Flipkart's robust performance in the Indian market.
John David Rainey, Chief Financial Officer, emphasised India, Mexico, and China as pivotal drivers for the company's international business growth in the coming years. Walmart's acquisition of a 77 per cent controlling stake in Flipkart in 2018, followed by subsequent stake increases, now stands at 80.5 per cent. The Bengaluru-based e-commerce giant competes fiercely with Amazon and Reliance in the Indian market.
In a bid to further expand its presence in India, Walmart recently hosted its inaugural growth summit in the country, the first of its kind outside the US, Chile, and Mexico. This event underscores Walmart's commitment to tapping into new suppliers and achieving its ambitious goal of sourcing $10 billion worth of goods from India annually by 2027.
UGC urges educational institutes to incorporate khadi in ceremonial events
Statutory body under the Ministry of Education in India, the University Grants Commission (UGC) has issued a directive urging higher educational institutions to incorporate khadi products in their ceremonial events such as seminars, conferences, and workshops. This move aligns with the Prime Minister's call in 2015 to prefer khadi products and promotes the ethos of Aatmanirbhar Bharat (Self-reliant India).
On February 15, 2024, Manish Joshi, Secretary, issued the directive emphasising the use of eco-friendly khadi products like angavastram and shawls for felicitation purposes. The directive aims to reaffirm India's ties with the freedom struggle while showcasing the nation's rich textile tradition. Additionally, it seeks to empower local artisans and promote their craftsmanship.
The backdrop of this directive includes previous circulars issued by the UGC. On January 15, 2024, the Commission reminded universities of circulars dating back to July 15, 2015, and June 7, 2019. These circulars urged universities to consider using handloom fabrics for ceremonial robes during special occasions such as convocations. The Commission highlighted the comfort of handloom fabrics in India's climate and noted that many universities had already made the switch to handloom fabrics.
However, some universities had yet to adopt this practice, prompting the UGC to reiterate its recommendation. The use of handloom fabrics not only fosters a sense of national pride but also supports the handloom industry, which provides employment opportunities, especially in rural areas.
Moreover, the UGC emphasised the importance of sharing the actions taken by universities regarding the use of khadi and handloom fabrics. Universities were encouraged to upload photographs, videos, and other documentation on the UAMP portal.
The directive underscores Prime Minister Narendra Modi's advocacy for khadi and the revival of handloom traditions, citing Mahatma Gandhi's association with khadi during India's struggle for independence.
In line with the directive, the UGC has urged vice-chancellors to disseminate the advisory on khadi and handloom fabrics to colleges affiliated with their universities, thereby encouraging broader adoption of these traditional Indian textiles in academic ceremonies and events.
Continue procuring cotton from Telangana, urges state government
Tummala Nageswara Rao, Minister of Agriculture has urged the Cotton Corporation of India (CCI) to persist with cotton procurement in Telangana due to the significant surplus of the crop among farmers.
During the 2023-24 kharif season, farmers cultivated cotton across 44.92 lakh acre, yielding an estimated 25.02 lakh tons. CCI, in collaboration with the State government, established 285 cotton purchase centers, acquiring 12.31 lakh tons valued at Rs 8,569.13 crore from over 5.36 lakh farmers at the minimum support price. Private traders procured an additional 4.97 lakh tonnes from farmers.
As the third picking of cotton progresses in some districts and farmers still hold quantities from previous pickings, an additional 7.1 lakh tons are anticipated from farmers. With international cotton prices remaining high due to increased demand, Rao emphasised the necessity for CCI to maintain purchasing operations.
Discontinuing CCI purchases could negatively impact market prices and detrimentally affect the farming community. In instances of lower-quality cotton arrivals, CCI may determine prices based on availability, as per established practices.
Sri Lanka EDB organises Country Pavilion at ‘Sourcing at Magic Exhibition’
Sri Lanka Export Development Board (EDB) collaborated with Sri Lanka Missions in the US to organise the Sri Lanka Country pavilion at the ‘Sourcing at Magic Exhibition’ in Las Vegas, US.
One of the globe's largest fashion marketplaces, ‘Sourcing at Magic Las Vegas is held biannually at the Las Vegas Convention Center. It offers a dynamic fashion experience where buyers and brands explore new trends, connect with industry insiders, and forge business connections. The event showcases men's and children's apparel, footwear, accessories, and manufacturing resources from worldwide
This year, the event featured eleven Sri Lankan companies, leveraging Sri Lanka's reputation for manufacturing excellence in South Asia. These included Timex Garments, Aitken Spence (Garments), Eskimo Fashion Knitwear, Trendywear Adhikarigama, Nobleswear, Garment Services Meegoda, Colmans Garments, Nasna Impex Garments Industries, Rainco Industries, and Insomnia. All these companies exhibited a diverse range of apparel products at the Sri Lanka Pavilion, catering to the US market.
Participating in the country focus session, Indika Liyanahewage, Chairman, Sri Lanka Garment Exporters Association, shared insights into Sri Lanka's sustainable and ethical manufacturing practices in the garment sector, highlighting ongoing improvements.
This year, the exhibition featured nearly 1,000 exhibitors from over 35 countries, representing manufacturing, supply chain, and fashion technology sectors. The Sri Lankan participant firms received positive inquiries, indicating potential future business opportunities. Buyers expressed interest in smaller orders, aligning well with Sri Lankan companies' capabilities.
VIATT to debut from Feb28-Mar 01, 2024 at SECC
The Vietnam International Trade Fair for Apparel, Textiles, and Textile Technologies (VIATT) is poised to make its debut from Feb 28-Mar 1, 2024, at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City.
Spanning 15,000 sq m, VIATT will welcome over 400 exhibitors from 16 nations and regions, including Bulgaria, China, Germany, Hong Kong, India, Indonesia, Italy, Japan, Korea, Pakistan, Switzerland, Taiwan, Thailand, the UK, the US, and Vietnam. These exhibitors will showcase cutting-edge innovations and solutions across the entire textile value chain, encompassing apparel fabrics, yarns, fibers, garments, home textiles, technical textiles, nonwovens, textile processing, and printing technology.
Among the highlights of VIATT include six country and region pavilions from China, Japan, Korea, Pakistan, Taiwan, and Thailand, each presenting state-of-the-art technology and market trends. Notable exhibitors at the exhibition include Idole Trading (China); Uni Textile (Japan); Hohmann (Germany); Groz Beckert (Germany); Thermotech (Taiwan) and Technical Absorbents (United Kingdom).
Developed in collaboration with Texpertise Econogy, the fringe program of VIATT will feature events like fashion shows, seminars covering design, technology, sustainability, and market strategy, as well as workshops offering insights into natural dyeing and clothing upcycling.
Organised by Messe Frankfurt (HK) and the Vietnam Trade Promotion Agency (VIETRADE), VIATT promises to be a comprehensive platform connecting stakeholders across the textile industry value chain.
More...
Mixed fortunes for Bangladesh as exports of knitwear rise, woven apparels dive
Bangladesh's textile industry is experiencing mixed fortunes, with knitwear exports experiencing a significant boost while woven apparel faces challenges. According to the Export Promotion Bureau (EPB), knitwear exports surged 8.15 per cent between July and January, to reach a value of $16.17 billion. This is in contrast to woven apparel exports, which dipped slightly by 2.20 per cent during the same period.
Despite global economic uncertainties like the Russia-Ukraine war and high inflation impacting textile demand, knitwear has emerged as a preferred choice in the market. Faruque Hassan, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), attributes this to knitwear's affordability, comfort, and versatility.
The positive trend for knitwear is further supported by export data. In December 2023, knitwear exports reached $2.49 billion, followed by a further increase to $2.71 billion in January 2024. Year-on-year comparisons also show significant growth, with knitwear exports rising from $24.71 billion in 2022 to $26.55 billion in 2023.
Meanwhile, exports of woven apparels have remained relatively stable, with a slight decline from $20.99 billion in 2022 to $20.82 billion in 2023. This suggests that the current market conditions may be impacting woven apparel demand more than knitwear.
Philippine garment industry faces challenging year ahead as revenues remain flat
The Philippine garment industry faces a challenging year ahead, with revenues expected to remain flat in 2024 as unfavorable economic conditions dampen demand in key export markets. The Foreign Buyers Association of the Philippines (FOBAP) has revised its earlier growth projection of 2 per cent down to 0 per cent due to concerns about slowing economies in the US, Japan, and Germany.
Citing a lack of new production orders, Robert Young, President, FOBAP, expressed concern over the ‘rather unstable business climate’ in the coming quarters. He explained that foreign buyers are increasingly turning to regional suppliers, further impacting Filipino exports. Coupled with potential recessions in major markets, this trend could lead to a decline in production orders for Philippine garment manufacturers, he warned
However, despite these challenges in the garment industry, Philippine service exports increased by saw a 20.7 per cent in the first nine months of 2023, reaching $34.7 billion. This growth could potentially offset some of the losses in the garment sector.
The news highlights the vulnerability of the Philippine economy to external factors, particularly the performance of major trading partners. The government may need to explore diversification strategies and focus on strengthening the service sector to mitigate the impact of global economic slowdowns.
Prada Group accelerates shift to sustainability with inclusion in Fashion Task Force
Luxury fashion giant, Prada Group has hastened its shift to sustainability by joining the Sustainable Markets Initiative’s Fashion Task Force.
Chaired by technology entrepreneur and sustainable fashion pioneer Federico Marchetti, the Fashion Task Force was founded in 2021. It aims to drive proactive programs to hasten the fashion industry’s shift to a more sustainable future. Prada Group will contribute to bringing about change and quickening advancement in the current focus areas as a member.
Lorenzo Bertelli, Head-Corporate Social Responsibility, Prada Group, says, brands can face the complexity of the modern world and improve their operations by building on everyone’s valuable expertise and achieving common goals in sustainability.
Marchetti adds, Prada with a cohesive group of leading brands striving for one shared purpose of creating fashion in harmony with nature, is an excellent fit for the Task Force.
Over the years, the Task Force has worked on a number of projects such as the introduction of the Digital Product Passport during the G20 meeting in Rome and programs centred on regenerative agriculture in areas like the Italian region of Apulia and the Himalayas.
Besides the Prada Group, the Fashion Task Force also includes leaders from high-end fashion companies, platforms, and retailers such as the Aura Blockchain Consortium, Brunello Cucinelli, Burberry, Chloé, Gabriela Hearst, Giorgio Armani, Puig, Moda Operandi, and Zalando.
India at Crossroads: Seizing the cotton boom or facing a bubble burst?
With cotton prices soaring to unprecedented heights globally, India stands at a pivotal juncture. The surge in international markets presents an opportunity for export growth, yet it also poses significant risks to the domestic textile industry's sustainability. This conundrum creates a complex landscape for India, with potential benefits and pitfalls for both its farmers and textile manufacturers.
Global cotton price surge: India's competitive edge
Cotton prices have skyrocketed by over 15 per cent this year, hitting record highs in international markets. Various factors contribute to this surge, including reduced production in key cotton-producing countries like Australia, coupled with an increase in demand that outpaces supply. Additionally, speculative buying by hedge funds exacerbates the inflationary pressure on prices.
Despite these global dynamics, Indian cotton remains the most competitively priced in the world. This places India in a prime position to capitalize on the export potential, potentially doubling cotton exports to over 25 lakh bales. Such a surge in export demand promises higher returns for Indian cotton farmers, thereby boosting their incomes.
Challenges in the domestic market
However, the unprecedented rise in cotton prices presents challenges for domestic textile manufacturers. These companies struggle to absorb the increased costs and may find it difficult to pass them on to consumers without compromising their competitiveness. Moreover, India's recent decision to remove import duties on cotton further complicates the supply-demand dynamics in the global market.
Furthermore, while experts anticipate continued strength in cotton prices in the near future, there looms the ominous risk of a bubble burst. If the current global price rally proves unsustainable and prices plummet, Indian exports could suffer a severe blow, jeopardizing the gains made in the short term.
Sustainability concerns and long-term stability
Amidst export opportunities, sustainability concerns cast a shadow over India's cotton industry. Increased exports could deplete India's domestic cotton reserves, raising questions about the industry's long-term viability. Sustainable practices are imperative to safeguard the interests of both farmers and the textile industry, ensuring their resilience in the face of future uncertainties.
Navigating the Cotton Market: A delicate balance
The current scenario presents India with a unique opportunity to capitalize on the global cotton boom. However, prudent navigation is essential to maximize the benefits while mitigating the risks. Balancing export potential with domestic challenges, such as rising costs for textile manufacturers, and prioritizing long-term sustainability will be critical for India to harness the full potential of this volatile market.
In conclusion, India's cotton industry stands at a crossroads, poised between unprecedented export opportunities and looming risks of market instability. By adopting a strategic approach that prioritizes sustainability and long-term stability, India can emerge stronger and more resilient in the global cotton market.
