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Cotton
yarn prices in China and Pakistan
Cotton yarn prices clearly rose in the past two weeks in
China, on average. With cotton prices now declining and
demand expected weakening in this part of the year, yarn
prices could now decrease. Prices of polyester-cotton or
viscose-cotton spun yarns already fell in the past two weeks.
|
No
change in cotton prices amid strong physical demand
Cotton prices were mostly unchanged in the last week, reflecting
the absence of speculative funds in New York while demand
from spinners was strong on physical markets. US and EU
quotas on imports from China have also added additional
uncertainties that could depress markets in the coming weeks. |
EU
reimposes quotas on T-Shirts and flax yarns from China
The European Union reimposes quotas in categories 4 (knit
shirts) and 115 (flax yarns), effective before the end of
the current month. Negotiations with China will continue
in the coming days, nevertheless. By officially requesting
consultations with China before the end of May, EU's Commission
is allowed setting the new limits at extremely low levels,
with embargoes on T-shirts from China expected no later
than July. |
Washington
reimposes four additional quotas, effective from today
The US administration reimposes four new quotas on imports
from China, effective from today. Three other limits had
already been reimposed from May 23. By taking rapid action
before the end of May, Washington is allowed setting new
limits at very low levels with quotas being filled in coming
months, as a result. All most sensitive categories are now
covered by China safeguards. |
Fine
wool prices sharply down in Australia
Wool prices were in sharp decline in Australia this week,
reflecting weakness in demand. Due to quality concerns,
fine wool prices more significantly fell while a rise in
the Australian dollar was far from boosting sales.
|
China's
apparel exports highly depending on US and EU markets
China's apparel exports could dramatically fall as quotas
are being reimposed by Washington and Brussels. Shipments
to both US and EU markets already accounted for a very large
part of exports in the first quarter, as indicated by statistical
data that were just released in China and that are covering
most sensitive products classified under US categories. |
Central
America and South Asia will take advantage of China safeguards
in categories 338/339, 347/348 and 352/652
A few countries in Asia and Central America will most certainly
take advantage of the new quotas that are being imposed
by the United States on six major categories of imports
from China. Sharp differences may be expected depending
on categories, however, including a jump in imports of cotton
trousers from Bangladesh and other Asian countries while
Central America could preserve its market shares of knit
apparel imports in 338/339 and 352/652.
|
The
United States imposes an embargo on sock imports from China
Washington just imposed an embargo on sock imports from
China after the US quota was last week fully filled. China's
socks will be stuck at US ports until November 29, when
US customs will start reopening the door. In addition to
protecting US sock production and filament yarn processors,
the new embargo will also boost imports from Pakistan, India
and other low-cost countries. |
Cotton
yarn prices surging in China, declining in Pakistan
Cotton yarn prices surged in China over the past two weeks
as a result of sharply higher cotton prices and stronger
demand from downward processors. The rally could rapidly
be short-lived, however, due to a possible slowdown in demand
and a shift to cheaper blends. Prices were slightly down
in Pakistan in the past two weeks, depressed by excess supply
in the yarn industry after new factories were built. |
US
apparel imports from India, Pakistan, Indonesia and Bangladesh
strongly rose in March
US apparel imports from China nearly doubled in March according
to definitive US official data. Shipments from Bangladesh,
India, Indonesia and Pakistan were also very strong in the
same month, indicating that other countries than China may
benefit from the removal in textile quotas. |
Surge
in Korea's PSF exports to Pakistan, Russia, Spain and Brazil
Korea's exports of polyester staple fibers continued declining
in the first quarter in volume terms, reflecting a sharp
decrease in sales to China and the United States. Shipments
to Pakistan and a few other low-cost countries surged at
the same time. Prices again increased as a result of higher
PSF prices on the world market.
|
US
apparel imports from India, Pakistan, Indonesia and Bangladesh
strongly rose in March
US apparel imports from China nearly doubled in March according
to definitive US official data. Shipments from Bangladesh,
India, Indonesia and Pakistan were also very strong in the
same month, indicating that other countries than China may
benefit from the removal in textile quotas. |
Latest
Regulations regarding Textile Trade
- China Ministry of Commerce: Export tariffs on textiles
as from Jun 1, 2005.
- US CITA: Request for bilateral textile consultations with
China and the establishment of import limits for cotton
knit shirts and blouses (category 338/339); cotton trousers
(category 347/348); and cotton and man-made fiber underwear
(Category 352/652). Designation and requests under short
supply provisions.
- US Customs: Implementation of China safeguards 338/339,
347/348, 352/652.
- World Trade Organization (WTO): Agreement with Egypt.
- W.T.O.: EU Tariff preferences to developing countries.
- US CITA: Rescheduling of consideration of requests for
textile and apparel safeguard action on imports from China
and solicitations of public comments. Short Supply Designation
under the CBTPA, AGOA and ATPDEA: certain ring spun single
yarns. Request for public comment on commercial availability
request under the United States-Singapore Free Trade Agreement
(USSFTA).
- US International Trade Administration: Imports of certain
worsted wool fabric.
- US Customs: Liquidation instructions for shop towels of
cotton from China.
- Hong Kong's Trade and Industry Department: The Mainland
of China/Adjustment of export duty rate on certain textile
products.
- US CITA announces that it will invoke safeguards on textile
imports from China.
- US International Trade Administration: Imports of certain
worsted wool fabric.
- US Customs: Short Supply Designation under AGOA, CBTPA,
ATPDEA (certain ring spun single yarns).
- US CITA: Solicitation of public comments concerning requests
for safeguard action on imports from China.
- US Customs: Short Supply Designation under the Caribbean
Basin Trade Partnership Act (CBTPA).
- European Union: Notice of Initiation of a safeguard investigation
concerning imports of certain textile products from China.
- China: Ministry of Commerce Announcement on Nylon 6 and
66 Filament Anti-dumping. |
Tariff
for textile sector will be minimized in coming budget
Federal Minister for Textile Industries Mushtaq Ali Cheema
has said that more incentives will be given to textile sector
in forth coming budget. The Ministry of textile Industry
has submitted a comprehensive proposal in this regard to
the prime minister for approval from the cabinet.
|
Textile
exports fetch $3bn in last four months
Pakistan earned a handsome amount of $3 billion through
textile exports in the last four months, analysis of data
released by the Federal Bureau of Statistics show.
|
Textile
exports during Jan-Mar 05 surge by 7 per cent
Pakistan's textile exports during January-March 2005 (quota-free
regime period) surged by 7 per cent and reached $2,160 million
as against $2,018 million...
|
Manufacturers
charge far higher prices for PSF than international rates
The cotton exporters could have exported at least one million
bales of cotton by December last had the government not
unleashed the Trading Corporation of Pakistan in the market..
|
US
chain demand for textiles & readymade garment doubles
The biggest US chain of multinational department stores
has decided to buy home textile products and readymade garments
worth Rs 8 billion from Pakistan every year...
|
Zero
sales tax on textile items under study
The government is considering zero rating of sales tax on
the local supply and import of textile products, carpets,
surgical, sports and leather products...
|
Iran
increases import duties textiles
Iran has raised import duties on various items especially
rice and textiles in its New Year commencing from March
2005 and effective till March 20, 2006...
|
21
new textile companies registered in April
This shows that textile industry in this Asian sub-continent
have shown positive response to the beginning of the free
trade era...
|
EPB
intend to cut import duties on textile machineries
The Export Promotion Bureau has proposed further reduction
in import duty on plants and machinery, which at present
is 5 per cent...
|
6
per cent exemption in duty drawback to textile garment sector
Exemption in compensatory duty drawback to textile garment
sector from next fiscal year may result in Rs 8 billion
shortfall in revenue collection... |
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