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Global Garment Trade Rises 7.26% In 2022

Textile Insights August 5, 2023

According to the World Trade Organisation (WTO), global garment trade rose 7.26 percent in 2022 and amounted to US $576 billion as against $537 billion in 2021. China is the largest supplier of apparel in the world while Bangladesh retains second spot and its market share climbed to 7.87

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US Garment Imports Plunge 22.92% Between Jan-May 2023

Textile Insights August 2, 2023

US garment imports in the first five months of 2023 plunged 22.92 percent year on year, to US $31.51 billion as against $40.89 billion in January-May 2022. Between January and May 2023, volume wise data measured in Square Meter Equivalent (SME) sank 30.48 percent from a year ago period to 9.58 billion SMEs from 13.79 […]

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Global Textile Sector In Need Of Demand Revival

Textile Insights July 31, 2023

As the economy is expected to rebound in the United States followed by Europe, global textiles industry is in the need of demand revival. The past eighteen months has witnessed rocky economic climate showing anomalies such as high inflation, strong labour market and weak consumer demand. The textiles sector in India has been hit hard […]

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Bangladesh & India Start Trade In Indian Rupees

Textile Insights July 31, 2023

For the first time a Bangladeshi importer, Nita Company, imported 36 Tata Motors pickup vans worth Rs 1.23 crores by paying in Indian rupees at Benapole Land Port. The trade in Indian rupees was earlier inaugurated on July 11, by the Bangladesh Bank Governor Abdur Raof Talukder and Indian High Commissioner Pranay Kumar Verma. “The […]

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22 Countries Open Bank Accounts To Trade In Indian Rupee

Textile Insights July 28, 2023

Banks of 22 countries have opened Rupee Vostro accounts in Indian banks in order to trade in the Indian currency as part of gradual plan to veer away from dollar payment. “This would enable exporters and importers to invoice and pay in their respective domestic currencies enabling the development of a bilateral foreign exchange market,” […]

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Vietnamese Garment Exports Decline 17.6% In H1

Textile Insights July 26, 2023

Vietnamese garment exports declined 17.6 percent from a year ago period to US $18.6 billion in the first six months of 2023, mainly due to the global slowdown. According to the Vietnam Textile and Apparel Association (VITAS), the country had set an ambitious target of $40 billion for 2023. The average monthly wage for workers […]

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Australia Assures Bangladesh of Duty Free Status Post LDC

Textile Insights July 25, 2023

Tim Ayres, Australia’s Assistant Trade Minister gave an assurance that duty free access for Bangladeshi garments would continue, even after the country loses the perks of its least developed country (LDC) status in 2026. The Minister said this while meeting a delegation of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh’s high

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Goyal Discusses Roadmap To Achieve $100 Bn Exports By 2030

Textile Insights July 20, 2023

At a brainstorming session held with officials of the Ministry of Textiles, Minister for Textiles Piyush Goyal discussed the roadmap to achieve the target of $250 billion in textiles production and $100 billion exports by 2030. According to a PIB press release, at the Chintan Shivir, Piyush Goyal emphasised on holistic approach towards making the […]

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Process Eased For Duty Free Import Of Export Purpose Inputs

Textile Insights July 19, 2023

Directorate General of Foreign Trade (DGFT) has implemented the Advance Authorisation Scheme under the Foreign Trade Policy, which allows duty-free import of inputs for export purposes. “The eligibility of inputs is determined by Sector-specific Norms Committees based on input-output norms,” a PIB press release stated. To make the norms fixation process more efficient,

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Indian Merchandise Exports Plunge 22% In June

Textile Insights July 17, 2023

Merchandise exports from India plunged 22 percent from a year ago month to $32.97 billion in June 2023, due to weakening global demand and inflationary trends in developed countries. Indian merchandise imports also fell 17.5 percent year on year to $53.10 billion in the previous month. Trade deficit however narrowed in the earlier month to […]