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India Seeks Zero Tariff On Textiles & Apparel In FTA With EU

Textile Insights February 27, 2024

India is negotiating for textiles and apparels to be classified as non-tariff items in the ongoing negotiations for a free-trade agreement (FTA) with the European Union. The EU import duties, typically ranging between 10-12 percent on textile and clothing, places India at a disadvantage with

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Red Sea Crisis May Not Right Away Hit Textile Sector: CRISIL

Textile Insights January 29, 2024

Players operating in sectors like textiles, chemicals and capital goods may not be immediately impacted because of better ability to pass on higher costs, or because of a weaker trade cycle. “But a prolonged crisis over the next few quarters can make these sectors also vulnerable as working capital cycles would get stretched with orders […]

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Amid Red Sea Disruption German Shipper Offers Land Route

Textile Insights January 29, 2024

German shipping group Hapag-Lloyd will be introducing land corridors through Saudi Arabia to mitigate the impact on its business. But the German shipping giant will continue to route its vessels around the Cape of Good Hope until further notice due to Houthi attacks on vessels in the Red Sea. In a statement, the shipping company […]

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Swiss Import Duty Abolition Negates India’s Gains From FTA

Textile Insights January 10, 2024

Switzerland which introduced a policy to allow tariff-free entry for all industrial goods from all countries has negated India’s gains from the negotiations for a European Free Trade Association (EFTA) free trade agreement. Switzerland’s decision that took effect from January 1, 2024 resulted in removing tariffs on products, including chemicals, consumer goods, vehicles

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Textile Exporters Hold Back Shipments Amid High Freight Costs

Textile Insights January 8, 2024

The Indian Commerce Ministry is monitoring developments on the situation at the Red Sea, amid textile and garment exporters holding back their shipments owing to fears about higher freight costs. The cost of freight and insurance has risen due to ships being compelled to avoid the region and take a longer route around the Cape […]

Industry

Indian Textile Bodies Seek Financial Support for Industry From Govt

Textile Insights January 6, 2024

Various textile mill associations of India have highlighted the acute financial stress faced by the spinning segment of the textile industry to the Finance Minister. The joint appeal to Minister of Finance, Nirmala Sitharaman comes after a significant downturn in the cotton-based spinning sector, exacerbated by Ukraine-Russia conflict and the recent Israel-Hamas war. “The

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India’s Textile & Garment Exports Sluggish Despite FTAs

Textile Insights January 5, 2024

India’s exports from labour-intensive sectors such as textiles, garments, gems and jewellery, and leather have been sluggish despite free trade agreements (FTAs). “The rise of efficient suppliers in China, Vietnam, and Bangladesh has contributed to a decline in India’s market share in global trade,” a recent Global Trade Research Initiative (GTRI) report reveals. The

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India & Oman May Sign Proposed FTA In January 2024

Textile Insights December 30, 2023

In all probability, a Free Trade Agreement (FTA) may be signed between India and Oman in January 2024. “Negotiations are on track and both sides have already agreed on most of the text of the chapters of the Comprehensive Economic Partnership Agreement (CEPA),” CNBC quoted government sources as saying. The second round of talks for […]

Industry

Indian Textile & Garment Sector Worst Affected Worldwide

Textile Insights December 29, 2023

The Indian textiles and apparel industry is the worst affected among various textile and garment producing countries due to various challenges. “Challenges include on the raw material front, both cotton and manmade fibres, and a steep increase in power cost,” President of International Textile Manufacturers Federation (ITMF), KV Srinivasan said. “Urgent measures on policy

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Indian Textile & Apparel Export Shipments Freight Spikes 40%

Textile Insights December 28, 2023

The attack on merchant ships by Houthi rebel attacks in the Red Sea has spiked freight rates by 40 percent, with expectations of them going up and impacting Indian textile and garment export costs. Red sea is one of the busiest sea routes that connect Asia and Europe, but the attacks have forced ships to […]