Textile Sphere News Roundup - 5th Nov 2024
1. Cotton Yarn Price Reduced
by Rs 10/kg; TN Exporters Optimistic About Achieving Rs 40,000 Crore Target
The price of cotton yarn
used in knitwear production has dropped by Rs 10 per kg across all counts as of
Monday. This price reduction is a positive development for the knitwear
industry, particularly as New Year and Christmas orders start to come in.
Tiruppur knitwear manufacturers are optimistic that this price cut will enhance
domestic production and export competitiveness, potentially helping achieve a
target of Rs 40,000 crore in exports this year.
KM Subramanian, President of
the Tiruppur Exporter’s Association, highlighted that the price drop from Rs
220 to Rs 210 per kg for 20s kh (18.5 count) yarn, and from Rs 248 to Rs 238
for 40s kh (38.5 count), could significantly benefit exporters. MP
Muthurathinam, President of the Tiruppur Exporters and Manufacturers
Association, echoed this sentiment, adding that lower prices may attract order
inquiries from countries like Bangladesh, which had previously been reluctant
due to high costs. Domestic orders, which slowed after Deepavali, are also
expected to pick up with the upcoming holiday season. (Read More)
2. Tamil Nadu Open
University to Support Higher Education for Textile Workers’ Children in
Tiruppur
The Tamil Nadu Open
University (TNOU) is in discussions with Tiruppur textile industry
representatives to encourage the children of factory workers to pursue higher
education. TNOU aims to spread awareness about its courses and has enrolled
over 11,000 students this year, significantly higher than last year.
Officials from the TNOU
Coimbatore regional centre noted that they have expanded their program
offerings from 35 to 75 courses. Through awareness campaigns in industrial
units and village meetings, the university is also encouraging enrollment among
migrant laborers. The university expects increased enrollments in the coming
weeks as the admission season concludes on November 15.
3. Karnataka Textile
Minister Emphasizes Need to Protect and Promote the Handloom Sector
Karnataka Textile Minister
Shivanand Patil highlighted the importance of preserving the handloom sector,
which is facing challenges from urbanization and industrialization. Speaking at
the Hathkarga Handloom Fair, Patil emphasized the cultural significance of the
handloom industry and the role of artisans in showcasing India’s heritage.
The minister encouraged the
public to support the industry by purchasing handloom products. Under the
Mitavyaya Nidhi Yojana for 2024-2025, the Karnataka government has allocated
funds to 44 handloom weaver cooperatives and 15 societies, as well as
distributing financial aid under the Nekar Samman Yojana to support weavers.
The initiative aims to bolster the sector, which employs a significant number
of artisans and contributes to India’s cultural identity.
4. Brazil Cotton Prices
15.9% Below International Market in October
In October, Brazilian cotton
prices were 15.9% lower than international rates, a typical trend driven by the
seasonal increase in domestic supply as processing of the 2023-24 crop
progresses. The CEPEA/ESALQ Cotton Index averaged $0.7060 per pound in October,
a 1.5% drop from September, while the Cotlook A Index rose by 1.6% to $0.8373
per pound.
Data from the Secretariat of
Foreign Trade at the Ministry of Economy (SECEX/ME) indicates a year-on-year
decline in exports, with Brazil exporting 165.9 thousand tonnes in October—a
26.5% decrease compared to the same month last year. However, daily average
exports saw an increase, with 11.8 thousand tonnes exported per day, up 10.25%
from October 2023.
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