Increase in labour cost in Bangladesh could help Indian garment exporters, say expertWill Indian garment export demand see an upswing due to labour issues in Bangladesh, which has an edge over India in the sector globally? Things look bright but challenges remain.Bangladesh has built a ‘solid’ garment industry in the last one decade. It has an edge over India in the global readymade garments market, which is valued around $1,110 billion in 2023. India’s exports of readymade garments (RMG) including cotton accessories stood at $16 billion in FY23. In comparison, Bangladesh’s RMG exports last fiscal was more $47 billion, according to data on the web.David Birnbaum, Strategic Planner for the Global Garment Export Industry, says garment industries in Bangladesh are in trouble as tens of thousands of workers have taken to the street seeking higher wages. With minimum wage of $75 per month, workers there are demanding now minimum wages of $208. However, the industry has offered $113 on a take-it-or-leave-it-basis, he said.“We are looking at an existential problem. Frankly, a rise to $113 is not enough. Indeed, it is still below wages in neighbouring India and Pakistan,” he said. India’s wages in the garment sector is $168, while it is $142 in Pakistan, he added.Bangladesh’s garment industry is certainly in a state of decline, but so too are Pakistan and Cambodia and the other cheap commodity garment exporters, he told businessline.“India’s advantage is that it is not Bangladesh. India’s strategy is not to become the next Bangladesh but rather the next India. You have special nets and and facilities that customers want and need. Develop those. For instance, India has great fashion and colour sense. You can produce great quality. You can maintain design integrity. However, these are of no value if you plan to be the next Bangladesh,” he said.The Indian garment export demand may see an upswing due to high labour costs in Bangladesh, which is a major competitor, said P Sundararajan, CMD, SP Apparels Ltd, based in Avinashi in Coimbatore, and a large garment exporter.Bangladesh is consuming a wage hike of 35 per cent to 40 per cent. The high inflation there could create an opportunity for India’s apparel players. The situation in Bangladesh presents a significant opportunity for the Indian garment industry to capture a larger share of the global market, he told analysts while discussing the company’s September quarter financial results.Moreover, recent developments in Bangladesh, such as increase in labour costs and worker unrest impacting the industry, have led many retailers to shift their focus away from Bangladesh, he said.Scale & Competitiveness“Indian apparel companies needs to build scale and competitiveness in every aspect of manufacturing, very importantly integration. Even after the recent wage increase, if we account for the efficiency and low attrition rate at Bangladesh, they will continue to maintain their competitiveness. We can definitely compete by focusing on continuous improvement in process and products,” he said.N Chandran, Chairman of the Tiruppur-based Eastman Exports, said, “there will be no immediate benefits, but we hold a positive outlook for the long term. We will have to monitor events in Bangladesh, including the consideration of duty-free access to the US. The consideration of duty-free access to the US is in the wake of Bangladesh seeking this benefit from the US for its exports.”“Even after the recent wage increase, if we account for the efficiency and low attrition rate at Bangladesh, they will continue to maintain their competitiveness. We can definitely compete by focusing on continuous improvement in process and products,” said Prabhu Dhamodharan, Convenor, Indian Texpreneurs Federation, Coimbatore.. “We need to build scale and competitiveness in every aspect of manufacturing, very importantly integration,” he added.
This evening, the rupee closed at Rs 83.34 against the dollar with a weakness of 7 paise.Today Sensex closed at 65655.15 points with a fall of 139.58 points. Whereas Nifty closed at the level of 19694.00 points with a fall of 37.80 points. Apart from this, a total of 3,980 companies were traded in BSE today, out of which about 1,882 shares closed with gains and 1,932 shares closed with decline. There was no difference in the share prices of 166 companies. Today, 413 stocks have closed at their 52-week high.
This evening, the rupee closed at Rs 83.27 against the dollar with a weakness of 4 paise. Today the Sensex closed at the level of 65794.73 points with a gain of about 187.75 points. Whereas Nifty closed at the level of 19731.80 points with a gain of 33.40 points.
Brazil cotton price market fluctuations in October’23Brazilian cotton price marked fluctuations in October’23, revealing a divergence between cotton qualities and pricing dynamics.According to a report by the Center for Advanced Studies on Applied Economics (CEPEA), moments of stability amid buyer insistence on lower prices and seller demands for higher values.While there was a keen interest in new transactions, purchasers remained inclined to offer reduced prices, resulting in limited trades focused on inventory replenishment or immediate consumption.Particularly for high-quality cotton, some sellers stood firm on their price demands, contributing to market stability.Overall, October experienced decreased in market liquidity, attributed to logistical challenges such as elevated freight costs and transportation difficulties.The Brazilian Association of Cotton Growers (Abrapa) disclosed that, by October 26, cotton processing in Brazil had reached 74% of national production, with Mato Grosso at 68% and Bahia at a 90%.Over the period from September 29 to October 31, the CEPEA/ESALQ Index for cotton reflected a 1.36 percent decrease, closing at BRL 4.0185 per pound on October 30.Besides that, the Cotton Outlook report projected a 4.85 percent global decrease in cotton production for 2023-24 (24.603 million tons) compared to the previous year (2022-23 - 25.857 million tons) on October 27.The estimate for Brazil's cotton production in 2023-24 is 3.05 million tons, indicating a 3.8% decline from the previous year's figure of 3.17 million tons.Earlier this year on March, Brazil cotton price rose by 5.4%, according to the Center for Advanced Studies on Applied Economics (CEPEA).
Bangladesh: Exporters are facing problems in shipment due to continuous blockadeThe blockade, called by the opposition, has disrupted the transportation of import and export goods, causing significant disruption to the country's industrial sector.Stakeholders have raised concerns about the decline in production as imported raw materials are not reaching factories on time. The disruption is affecting the production of all types of industrial goods, including ready-made garments, the major export earner for Bangladesh.Exporters are facing huge challenges in meeting buyer's deadlines due to delays in transportation. These complications are causing disruption to shipments and putting export contracts at risk.Entrepreneurs say freight fares have almost doubled on all routes, including the vital Dhaka-Chattogram corridor, putting huge pressure on businesses.Amid rising political tensions, the readymade garment industry is witnessing a decline in orders, adding to the challenges faced by exporters and manufacturers.Mohammad Hatem, executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), told Business Standard that the ongoing blockade is hindering timely delivery of imported garments to garment factories. As a result, it has become difficult to meet buyer deadlines.He also highlighted the increase in transport costs, saying that the freight cost of transporting goods from Narayanganj to Chattogram has more than doubled from Tk12,000 to Tk25,000 since the lockdown was imposed.Chattogram C&F Agents Association Port Affairs Secretary Md Liaqat Ali Howlader expressed concern about the transportation crisis caused by the ongoing blockade. He said importers are now paying almost double the previous fare of Tk15,000 to transport goods from Chattogram port to Dhaka.Main Uddin, vice-chairman of the central committee of Bangladesh Truck Workers Federation, blamed the increased fares for the large-scale arson attacks on vehicles during the blockade. This has created fear among truck drivers to drive on the roads, making the situation worse, he said.In recent weeks, the BNP and Jamaat-e-Islami have imposed a series of nationwide blockades demanding the resignation of the current Awami League government and the formation of a non-partisan caretaker government to oversee the next national elections.RMG orders fell in CTG portReadymade garment factory owners have reported a significant decline in orders during the first ten days of November, falling by more than 20% compared to the same period in October. They fear that the decline could reach 30% by the end of November.About 450 textile factories, including 350 BGMEA member factories in Chattogram, contribute to the export of ready-made garments. These companies typically receive orders worth $200 million per month. However, orders fell to $113 million in October.BGMEA vice president Rakibul Alam Chowdhury revealed that BGMEA member factories in Chattogram received orders worth about $44 million in the first ten days of October. The figure fell to $35 million during the same period in November, representing a decline of 20.45%.Container deliveries declined by 50% in CTG portUnder normal circumstances, Chattogram Port usually delivers around 4,000 to 4,500 containers per day, with around 6,000 to 7,000 trucks, covered vans and prime movers transporting these containers.However, due to the ongoing blockade, container deliveries have dropped to just 2,000 per day. This represents a significant decline of about 50% compared to the normal delivery rate.Chattogram port data shows container deliveries have consistently been below normal volumes since October 27. Between October 27 and November 15, container deliveries remained within the 2,000 TEU to 3,000 TEU range on only 10 out of 19 days. For the remaining nine days, container deliveries ranged from 3,000 TEU to 5,000 TEU.Meanwhile, importers are facing additional financial burden due to the blockade as they have to pay penalties for not being able to take delivery of containers on time from the port.Under normal circumstances, importers have a grace period of four days to clear their containers from the port yard without any hire charges. However, after this initial grace period, importers will have to pay $6 per day for a 20-foot container during the first week.The daily fine subsequently doubles to $12 for the second week and increases to $24 starting on the 21st day. For 40-foot containers, charges follow the same doubling pattern.As of November 15, Chattogram Port had 27,665 TEU containers in its yard, which is more than half of its holding capacity of 53,518 TEU.
This evening, the rupee closed at Rs 83.23 against the dollar with a weakness of 9 paise.Today the Sensex closed at 65982.48 points with a gain of about 306.55 points. Whereas Nifty closed at the level of 19765.20 points with a gain of 89.70 points.
Cotton production likely to decline by 25% in north MahaNashik: Cotton production in north Maharashtra is likely to decline by 25% this year due to inadequate rainfall. Normal annual cotton production in north Maharashtra is about 20 lakh tonnes, and about 10 lakh hectares of land is used to cultivate this crop. According to the state agriculture department, cotton production this year may fall to 15 lakh tonnes.“Cotton crops have been badly affected this year.Cotton production is likely to be reduced by 25-30% this year,” said agricultural officials.Cotton is sown in all four districts of north Maharashtra — Jalgaon, Dhule, Nandurbar and Nashik. In Nashik, cotton is sown in Malegaon and Yeola talukas.Of the total cotton acreage, 60% is non-irrigated and 40% is irrigated. Exact quantum of losses will be known only after the harvest is over by January-end.There has been inadequate rainfall this year. There were no showers during more than 40 consecutive days in July and August, which is the primary period of growth for cotton crops. These districts had received showers in September. Some of the crops survived, but the yield was affected.In 2022-23, area under cotton cultivation in north Maharashtra was 10 lakh hectares and production was 19 lakh tonnes. This year (2023-24), the area under cotton crops has reduced to 9.6 lakh hectares and production is expected at around 15.4 lakh tonne, according to the state agriculture department. Deva Patil, a cotton farmer in Dhule district, said the inadequate rainfall had badly affected the cotton crops. The production is likely to reduce by 40%, he said.Jalgaon district is the major cotton hub in the region. The agriculture department had projected cotton crop sowing on 5 lakh hectares in Jalgaon for the current kharif season, but actual sowing has been done on 5.5 lakh hectares.Cotton crops have been sown on 2.3 lakh hectares in Dhule district, 1.3 lakh hectares in Nandurbar and 39,900 hectares in Nashik district.source : times of India
This evening, the rupee closed at Rs 83.34 with a weakness of 6 paise against the dollar.Today Sensex is around 72.48 It closed at the levelof 64904.68 points. Whereas Nifty closed at the level of 19425.30 points with a fall of 30.00 points. Apart from this, a total of 3,820 companies were traded in BSE today, out of which about 1,926 shares closed with gains and 1,764 shares closed with decline. There was no difference in the share prices of 130 companies. Today, 227 stocks have closed at their 52-week high.
The rupee closed at Rs 83.26 this evening with a weakness of 4 paise against the dollar.Today, the Sensex closed at the level of 64942.40 points with a decline of about 16.29 points. At the same time Nifty closed at the level of 19406.70 points with a fall of 5.10 points. Apart from this, a total of 3,813 companies traded on BSE today, out of which around 1,995 shares closed with gains and 1,683 shares closed with declines. There was no difference in the share price of 135 companies. Today, 238 stocks closed at 52-week highs.
Weak rupee helps cotton rate firm up over MSPNagpur: After a dull start to the cotton buying season, farmers have some hope as the market prices hover in the range of ₹7,000 to 7,200 a quintal, which is marginally above the minimum support price (MSP) of ₹7,020 per quintal for long staple cotton.Traders say the rates are likely to remain in the same range this season considering a 10% jump in global stocks.Experts say it’s the weaker rupee against dollar which is keeping a tab on cotton prices. The rate fetched by cotton growers in the country are pegged at international price of lint (processed cotton with seeds removed) quoted in dollars per pound.While cotton farmers in Vidarbha are complaining of low yield on account of erratic rains, the global outlook shows a higher stock internationally which can be signs of bearish rates ahead.“At present lint is in the range of 94 to 95 cents a pound, which translates to ₹7,200 a quintal. Even in 1995 lint was around 95 pounds on average and cotton fetched ₹2,500 to ₹2,600 a quintal. This was because the greenback cost was less at that time. At present, dollar is worth over ₹83, thus keeping cotton rates up,” said Vijay Jawandhia, a veteran farm activist. In 2021, lint had touched $1.70, fetching over ₹12,000 a quintal for farmers in India, he added.A report released by the international cotton advisory committee (ICAC) says the current price forecast predicts the rates to be in the range of 72.33 cents to 104.12 cents with a midpoint of 86.23 cents per pound. The report also says that the global reserves of cotton are at the highest level. With an increase in global production of 3% and consumption projected to fall by 0.43%, the global stocks may jump by 10%. The December futures for cotton also ended below 80 cents, says the report released early this month.Manish Jadhav, a cotton farmer from Yavatmal, said selling stocks in the market fetches only ₹6,800 a quintal. Soyabean, the second major crop is being sold at ₹4,800 a quintal as against MSP of ₹4,300.
Pakistan selective buying on cotton marketThe local cotton market on Monday remained steady and the trading volume remained low.Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is in between Rs 15,200 to Rs 18000 per maund. The rate of Phutti in Sindh is in between Rs 5,500 to Rs 7,200 per 40 kg. The rate of cotton in Punjab Rs 16,000 to Rs 18,000 per maund and the rate of Phutti in Punjab is in between Rs 6,500 to Rs 8,200 per 40 kg.The rate of cotton in Balochistan is Rs 17,000 to Rs 17,500 per maund while the rate of Phutti is in between Rs 7,500 to Rs 8,800 per 40 Kg.600 bales of Layyah were sold at Rs 16,000 per maund BCI, 600 bales of Tando Adam were sold at Rs 16,400 per maund, 200 bales of Mehrab Pur were sold at Rs 17,200 per maund, 400 bales of Saleh Pat were sold at Rs 15,500 per maund BCI, 400 bales of Khair Pur were sold at Rs 15,500 per maund, 600 bales of Tando Adam were sold at Rs 16,400 per maund, 200 bales of Rahim Yar Khan were sold at Rs 17,400 per maund, 200 bales of Obaro were sold at Rs 17,700 per maund, 600 bales of Layyah were sold at Rs 16,000 per maund, 1200 bales of Khair Pur were sold at Rs 15,500 per maund, 200 bales of Fort Abbas were sold at Rs 17,000 per maund, 200 bales of Sadiqabad, 200 bales of Rahim Yar Khan and 200 bales of Liaquat Pur were sold at RS 17,800 per maund.The Spot Rate remained unchanged at Rs 17,500 per maund. The rate of Polyester Fiber was increased by Rs 5 and was available at Rs 355 per kg.
Global cotton production likely to decline by 4.7% in 2023-24 seasonGlobal cotton production is likely to decline by 5 million bales (217.7 kg) this season (October 2023-September 2024) as production in China, the US, Australia and India is affected.However, industry experts and analysts have said that cotton prices are likely to decline in the current quarter, but are expected to rise from at least the second quarter of 2024.However, lower cotton production is unlikely to impact the textile industry as it is moving towards alternatives such as synthetic and blended fibres. “We expect global (cotton) production to reach 112.1 million bales in the 2023-24 season, lower than the estimated production of 117.6 million bales in the 2022-23 season, indicating a decline of 4.7 per cent year-on-year . Our outlook for the global production outlook is driven by an expected decline of 12.1 per cent year-on-year (y-o-y) in mainland China and the US due to a sharp decline in planted area and adverse weather conditions. Due to which production has been affected. Estimates,” said research agency BMI, a unit of Fitch Solutions.Brazil will partially offsetAdditionally, Australian production is projected to decline by 12.1 percent and Indian production will contract by 1.9 percent this season. But Brazilian output will partially offset declines elsewhere, with our forecasts indicating growth of 21.6 percent year-on-year.“The global market will face a supply shortage this year. But demand is sluggish as the US, Europe and other developed countries are going through financial problems. People there are not spending much on clothes,” said Anand Popat, a Rajkot-based cotton, yarn and cotton waste trader.“Production in India is less than 295 lakh bales (170 kg each). But the carryover stock of 25-30 lakh bales from the last season will help overcome any shortfall. Cotton consumption is also down as mills are shifting towards polyester blends,” said Ramanuj Das Boob, a sourcing agent for multinational companies based in Raichur, Karnataka.“The textile industry is clearly moving towards synthetic and blended fibers both in the country and abroad. The move is accelerating with higher prices of cotton and artificial fibers such as man-made fibers and cellulosic fibres, which are taking up more space in the market,” said Prabhu Dhamodharan, convener of the Indian Textiles Federation (ITF).technological advancement for protection“Quick change” will keep cotton prices under control. "Recent advances in technology are making synthetic fibers more functional, making them stronger competitors to cotton," he said.Despite lower production, BMI cut its average price forecast for 2023 to 84 US cents per pound from 86.5 cents, slightly above the year-to-date average of 83.8 cents. “Looking out to 2024, we maintain our average annual price forecast at 88 cents, which represents a 4.1 percent increase year-over-year (primarily due to lower supply),” the research agency said.Providing further support to global prices, it is expected that global consumption will reach 116.4 million bales in 2023-24, representing a year-on-year increase of 5 percent and, importantly, global production. Causes loss of balance.Current priceCurrently, cotton prices on the Intercontinental Exchange, New York, for delivery in March 2024 are quoted at 81.74 cents (₹53,800 per candy 356 kg) - the lowest in three months. In India, the benchmark Shankar-6 cotton price in Rajkot is ₹57,050 per candy.“Cotton (unprocessed cotton) prices in the domestic market are at ₹7,200-300 per quintal, while cottonseed prices are at ₹3,200-300 per quintal,” Das Boob said. If seed prices fall further, the Center may consider Minimum Support Price (MSP) procurement.This year the MSP of cotton has been fixed at Rs 6,620 for the medium staple variety. The arrivals are likely to increase after Diwali and will remain stable for two months thereafter. “We expect cotton prices to remain around Rs 57,000-59,000 per candy, although heavy arrivals and sluggish demand may put pressure on rates,” said a Raichur-based sourcing agent.Although the harvest is low, the quality of arrivals is excellent, Das Boob said.Caution on fiber selectionPopat said his own estimate of the cotton crop is not less than 315 lakh bales (170 kg each) and with the carryover stock of 27 lakh bales, the domestic demand can be easily met.Dhamodharan cautioned that spinning mills and textile manufacturers in the southern region are thinking twice about relying solely on cotton, due to its price fluctuations and persistent volatility. “They are now more open to mixing in different fibers, which allows them to adapt quickly to any market fluctuations,” he said.The ITF convener said it is the "right time" for the Indian government to bring the "right balance" to the ecosystem. "We expect production to decline by 12.3 percent during the 2024-25 season, which will support prices in the second half of 2024," BMI said.
Bangladesh: Import of cotton and yarn, falling demand, low gas supply, high US dollar price are responsible for this.Bangladesh's cotton and yarn imports declined in the first nine months of 2023 as falling demand in global and local markets, irregular gas supply and the US dollar crisis hit textile millers.According to Bangladesh Textile Mills Association (BTMA) data, the country's cotton imports for making yarn declined 28 per cent year-on-year to 9.87 lakh tonnes in January-September.In the same period a year ago, traders had imported 13.66 lakh tonnes of cotton.Similarly, yarn imports fell 26 per cent to 6.29 lakh tonnes in the nine months to September from 8.51 lakh tonnes a year ago.The decline in imports of cotton and yarn by textile mills comes at a time when export receipts by the readymade garment industry, which generates more than 80 per cent of the country's earnings from the external sector, have slowed down.In October, apparel shipments declined 14 percent year-on-year. Overall, apparel sector earnings rose nearly 6 percent to $38.7 billion in January-October. According to Bangladesh Garment Manufacturers and Exporters Association, it stood at $36.6 billion during the same period in 2022.A Matin Chowdhury, managing director of New Asia Group, a vertically integrated apparel manufacturing unit, said the decline in global demand has resulted in a 25 to 30 per cent decline in demand."There has also been significant disruption in production due to irregular gas supply. Local demand has also declined due to the current economic situation."Choudhary, who is also a former BTMA president, blamed the high prices of gas and cotton for the rising losses of textile mills and the high dollar price for the sharp depreciation of the taka.In January, the government raised the retail price of gas by 14.5 per cent to 178.9 per cent to ease its unsustainable subsidy burden amid a tight fiscal situation.And central bank data shows the taka has lost nearly 30 percent against the US dollar since January last year, making imports costlier.According to industry operators, local spinning and weaving mills meet about 90 percent of the textile raw material requirement for export-oriented knitwear, which is now the largest export earner in the apparel industry, and 40 percent of the demand for knitted fabrics. completes.BTMA Chief Executive Officer Mansoor Ahmed said export-oriented mills were facing difficulty in accessing the Export Development Fund (EDF) for importing cotton and yarn due to dollar shortage.Bangladesh Bank has increased the interest rate on loans given from its funds with the aim of making borrowing costlier in order to save foreign currencies. Foreign exchange reserves have fallen by about 25 percent since the start of the Russia-Ukraine war.Ahmed said the problem of domestic market oriented spinning mills is more serious as they have to depend on banks to buy raw materials from foreign markets."The rising value of the dollar has increased the cost of imports."BTMA president Mohammad Ali Khokon said many local market-oriented mills have suspended production due to shortage of raw materials."Export orders for clothing have fallen."He said that the market is not going to return to normal before March next year.“We have to stay afloat till then. So, we need support from the government and banks.”Mohammad Hatem, executive president of Bangladesh Knitwear Manufacturers and Exporters Association, said the cotton import data reflects the current situation of the sector."The decline in imports is natural."He said most knitwear factories are running at 50-60 per cent capacity as buyers are placing fewer orders."So, our consumption has declined. There is no sign of improvement in order flow either."Matin said the coming days were going to be "extremely challenging."“We are getting a disappointing picture in terms of gas supply,” he said, citing media reports."We are really concerned about the energy issue. Also, the demand is not increasing despite the overall capacity expansion."
This evening, the rupee strengthened by 6 paise and closed at Rs 83.22 against the dollar.Today, a total of 3,964 companies were traded in BSE, out of which about 2,459 shares closed with gains and 1,330 shares closed with decline. There was no difference in the share prices of 175 companies. Today, 253 stocks have closed at their 52-week high.
Spinning mills in Tamil Nadu to go on strike from November 7G. Arulmozhi, president of the open-end spinning mills’ association said that with the high costs of cotton waste along with steep power and labour costs, the mills are unable to operateOpen-end spinning mills in Tamil Nadu that supply yarn to producers of mops, mats, kitchen towels, lungis, etc. will shut operations from November 7 to 30. Similarly, master weavers in Tiruppur and Coimbatore districts have announced a strike from November 5.G. Arulmozhi, president of the open-end spinning mills’ association, told presspersons in Coimbatore on Saturday November 4, 2023, that open-end spinning mills, numbering almost 600 in Tamil Nadu, produce yarn worth ₹60 crores a day. “For the past six months, the mills are operating at just 50% of their capacity. Since we are incurring losses if we run the mills, we have decided to stop production,” he said.According to Mr. Arulmozhi, the main raw material for the mills is cotton waste that comes from regular textile mills. “The price of cotton is ₹160 a kg and the price of waste cotton should have been ₹97 a kg. But it is ₹115 a kg now. Waste cotton prices should decline by ₹20 a kg. Yarn is sold at ₹140 to ₹150 a kg, which was the price prevailing five years ago. In the past five years, costs of power, labour, and raw materials have increased multi-fold,” he said.Open-end spinning mills in Panipat, Haryana, he pointed out, are able to sell yarn at 30% lower prices compared to those in Tamil Nadu. The power costs in Tamil Nadu will force the closure of the textile industry if the government does not reduce the rates, he added.The Central government should control or stop the export of waste cotton, remove the import duty on cotton and relax quality control norms for synthetic fibres. The State government should remove peak hour charges for LT CT electricity consumers and revise the fixed charges. It should support the textile industry with a special status to revive textile activities in Tamil Nadu, Mr. Arulmozhi said.
Pakistan's cotton production increases by 82 pctPakistan registers an 82 percent increase in cotton production as compared to last year, the Pakistan Cotton Ginners Association said on Saturday.As of Oct. 31, around 6.8 million bales arrived at the ginning factories across the country as compared to 3.7 million bales last year after the crop got damaged by floods and heavy rains.The country's south Sindh province which lost almost a whole crop last year, saw a whooping 132 percent surge in cotton production this year, the association noted.However, despite the increase in production, the country still needs to import cotton bales to meet the needs of the textile industry.According to the target set by the Federal Committee on Agriculture, Pakistan needs 11.5 million bales for consumption in the textile sector.The total cotton crop this year is expected to be around 9.5 million bales, and the textile industrialists have to import an additional two million bales, the association said.
200 textile factories closed in BangladeshOwners have announced temporary closure of about 200 export-oriented garment factories in Ghazipur, Savar, Ashulia and Mirpur in Dhaka amid workers' agitation over wage hike. They fear that if the factory is kept open, the workers' protest may spread further.On Wednesday, workers protested by blocking the road in Mirpur of the capital. Some workers protested in Savar. But the situation was calm in Ghazipur.Meanwhile, bosses told the Minimum Wage Board yesterday they would be proposing a new wage. The previous proposal will be cancelled. The new proposal will increase salaries, but by how much has not been disclosed.It was decided in the board meeting yesterday chaired by Pay Board Chairman Liaqat Ali Mollah that the pay rate will be finalized in the second week of this month. The new pay structure will come into effect from December 1.Sirajul Islam, representative of the workers' side in the wage board, told Prothom Alo, 'There was a good discussion. 'The owner has become more flexible than before.'On the other hand, factory owners' representative and former BGMEA president Siddiqur Rahman told reporters, 'The wages will increase with the proposal we had given earlier. How much will it increase, I will discuss with the owners and tell in the next meeting.While the Wage Board meeting was going on at Segunbagicha in the capital, the owners were holding a meeting at the Uttara office of BGMEA, an organization of textile factory owners. It was decided in the meeting that closure of the factory due to workers' protest would be under Section 13(1) of the Labor Act. According to this section the owner can close the factory due to illegal strike. In the event of such a strike, the workers participating in the strike will not receive any salary.Source: Bangladesh News Paper
GLOBAL COTTON STOCKS POISED TO JUMP TO HIGHEST LEVEL ON RECORD IN 2023/24Global cotton stocks are poised to jump to 23.32 million tonnes in 2023/24, the highest level ever projected in the 83-year history of data collection by the International Cotton Advisory Committee (ICAC). This represents a 10% increase over the 2022/23 season, and is driven by a projected 3% increase in global production and a 0.43% decrease in global consumption.China's stocks are expected to jump to 9.16 million tonnes in 2023/24, while the rest of the world's warehouses are expected to swell to 14.5 million tonnes. With this amount in reserve, it is expected that the Cotlook A-Index will remain between 85 and 95 cents per pound for the remainder of the 2023/24 season.The global stock-to-use ratio is expected to increase to 1.00 (approximately 12 months of mill use) and the global average yield in 2023/24 is currently expected to remain stable at 771 kg per hectare. Despite average cotton prices and weakening demand, total planted area is projected to be 32.2 million hectares, a perplexing 2% increase over the previous season.source : fashiona world
This evening, the rupee closed at Rs 83.28 against the dollar with a weakness of 4 paise.Today the stock markets opened with a green mark since morning and finally closed with a rise. Last night the American stock markets closed with a rise, after that today there was a good bullish phase in the Indian markets including the Asian stock markets. In the end, a huge rise was recorded in the Indian stock market.
Brazil negotiates for tariff-free quota to export cotton to IndiaBrazil is negotiating with India a request for tariff-free quota of 100,000 metric tons for exports of Brazilian cotton to the Asian nation, according to a statement from the Brazilian cotton farmers association (Abrapa) on Wednesday. The association said in the note that a team of government officials and Brazilian cotton farmers is visiting India this week, seeking to seal a deal to have that quota implemented. Currently, any cotton exports to India pay an import tax of 11%, the association said. A deal would be a boost to an expanding cotton industry in the South American country, which is expected to surpass the U.S. this year as the world's No. 1 cotton exporter, according to the U.S. Department of Agriculture. "We believe that a larger amount of Brazilian cotton in India would be complementary to their production, particularly this year when their crop is expected to fall from 7% to 10%," said Abrapa head Celestino Zanella.
| title | Created At | Action |
|---|---|---|
| Increase in labour cost in Bangladesh could help Indian garment exporters, say expert | 21-11-2023 12:34:24 | view |
| This evening, the rupee closed at Rs 83.34 against the dollar with a weakness of 7 paise. | 20-11-2023 16:20:58 | view |
| This evening, the rupee closed at Rs 83.27 against the dollar with a weakness of 4 paise. | 17-11-2023 16:22:16 | view |
| Brazil cotton price market fluctuations in October’23 | 17-11-2023 14:58:02 | view |
| Bangladesh: Exporters are facing problems in shipment due to continuous blockade | 17-11-2023 11:32:02 | view |
| This evening, the rupee closed at Rs 83.23 against the dollar with a weakness of 9 paise.. | 16-11-2023 16:28:23 | view |
| Cotton production likely to decline by 25% in north Maha | 14-11-2023 14:04:26 | view |
| This evening, the rupee closed at Rs 83.34 with a weakness of 6 paise against the dollar. | 10-11-2023 16:15:50 | view |
| The rupee closed at Rs 83.26 this evening with a weakness of 4 paise against the dollar. | 07-11-2023 16:23:51 | view |
| Weak rupee helps cotton rate firm up over MSP | 07-11-2023 11:30:11 | view |
| Pakistan selective buying on cotton market | 07-11-2023 11:21:20 | view |
| Global cotton production likely to decline by 4.7% in 2023-24 season | 07-11-2023 10:51:26 | view |
| Bangladesh: Import of cotton and yarn, falling demand, low gas supply, high US dollar price are responsible for this. | 06-11-2023 17:31:29 | view |
| This evening, the rupee strengthened by 6 paise and closed at Rs 83.22 against the dollar. | 06-11-2023 16:37:24 | view |
| Spinning mills in Tamil Nadu to go on strike from November 7 | 06-11-2023 11:26:01 | view |
| Pakistan's cotton production increases by 82 pct | 06-11-2023 11:03:10 | view |
| 200 textile factories closed in Bangladesh | 03-11-2023 17:53:57 | view |
| GLOBAL COTTON STOCKS POISED TO JUMP TO HIGHEST LEVEL ON RECORD IN 2023/24 | 03-11-2023 16:55:00 | view |
| This evening, the rupee closed at Rs 83.28 against the dollar with a weakness of 4 paise. | 03-11-2023 16:27:38 | view |
| Brazil negotiates for tariff-free quota to export cotton to India | 03-11-2023 13:50:48 | view |
