Textile Industry News & Updates | Latest Market Trends | 28 Oct 2024

Textile Sphere News Roundup - October 28, 2024

1. Textile Exporters Urged to Explore Emerging Markets

In a recent media briefing, CEM Altan, President of the International Apparel Federation (IAF), urged Pakistan's garment and textile exporters to diversify their markets by targeting emerging regions such as Russia, Central Asia, and the Middle East. He emphasized the importance of focusing on value-added products, such as fast fashion and medical wear, rather than low-cost items. The IAF highlights the potential for capturing orders from Bangladesh due to its current political instability. Additionally, the need for digitalization in supply chains and the strengthening of e-commerce platforms was stressed, alongside calls for a comprehensive five-year textile policy from the Pakistani government.

2. Bangladesh Losing Ground to Pakistan in Home Textiles

As Bangladesh struggles to regain lost home textile orders, many have shifted to Pakistan over the past two years. This shift has been attributed to increased gas prices in Bangladesh and ongoing political unrest. Pakistan, being the seventh-largest cotton producer globally, has inherent advantages, such as lower production costs and preferential tariffs under the EU's GSP+. Recent data shows a significant rise in Pakistan's textile exports, with an increase of 13% year-on-year in August 2024, while Bangladesh's home textile exports fell 2.05% in the same period.

3. Sustainable Textiles from Areca Nut Husks

Georgy Sunny Chandrankunnel, an Assistant Professor at NIFT, has developed a process to convert areca nut husk fibers into yarn suitable for fabric production. This innovation offers a sustainable solution for areca nut farmers in Kerala, who previously struggled with disposing of husks. The project reflects a commitment to sustainability and aims to provide new revenue streams for farmers while transforming a discarded agricultural byproduct into valuable textile materials.

4. Labour Shortage in Maharashtra Due to Government Scheme

Maharashtra's Ladli Behna Yojna, aimed at empowering women through financial incentives, is reportedly leading to a labor shortage in cotton farming. While the scheme provides financial assistance to eligible women, it is drawing them away from farm work during the crucial harvest season. This has driven up cotton harvesting costs significantly, from ₹5 to ₹9 per kg, with expectations of further increases. The state's cotton production is set to decline to 8 million bales this fiscal year due to a combination of adverse weather, pest outbreaks, and the recent changes in labor availability.

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