Textile Sphere News Roundup | November 22, 2024
1. Cotton Prices Push Higher
in Thursday AM Trade
Cotton prices continue to
climb, recording gains of 30 to 42 points in Thursday's early trading. This
follows a strong rally of 65 to 157 points during the midweek session on
Wednesday, despite external market pressures such as a 457-point rise in the US
dollar index and a slight decline in crude oil prices.
Key updates include 2,808
bales sold on November 19 via The Seam at an average price of 64.18 cents/lb.
ICE cotton stocks remain steady at 13,274 bales, while the Cotlook A Index rose
to 79.45 cents/lb. The USDA Adjusted World Price (AWP) also saw a 24-point
increase to 58.20 cents/lb last week, with further updates expected today.
2. UK Researchers Introduce
World’s First Visual Fibre Fragmentation Scale
Dr. Lisa Macintyre and her
team at Heriot-Watt University have unveiled a groundbreaking five-point visual
fibre fragmentation scale to address microplastic shedding from textiles. This
innovative tool is designed to help manufacturers identify low-shedding
materials and could feature on clothing labels, promoting environmentally
conscious choices for consumers.
Microplastics are pervasive
in the environment, causing harm to ecosystems and human health. The new method
is faster and more cost-effective than existing techniques, allowing textile
manufacturers to assess fibre shedding efficiently. Supported by key industry
players like Helly Hansen, the scale aims to standardize and legislate against
high-shedding materials, advancing the push toward sustainable textile
practices.
3. Vietnam’s Textile and RMG
Sector Sets Ambitious $47-48 Billion Export Goal for 2025
Vietnam’s textile and
garment industry is targeting an export turnover of $47-48 billion for 2025, as
announced by Vu Duc Giang, chairman of VITAS. This marks an impressive leap
from this year’s projected $44 billion, which already reflects an 11.26% YoY
growth.
Despite global challenges
like geopolitical tensions, fluctuating oil prices, and climate concerns,
Vietnam continues to solidify its position in the global textile market. The US
remains its largest export destination, accounting for 37.98% of total exports.
With 60 new members joining VITAS this year, the association is gearing up to
celebrate its 25th anniversary, highlighting the sector’s robust growth and
future prospects.
4. Andhra Pradesh to
Establish 1 Handloom and 4 Textile Parks
In a significant boost to
the textile sector, Andhra Pradesh’s Handlooms and Textiles Minister S. Savitha
has announced plans for four textile parks in Emmiganur, Rayadurgam, Mylavaram,
and Pamidi, alongside a dedicated handloom park in Chirala. A new textile
policy aimed at empowering the weaver community is also in the works.
Savitha emphasized the
potential of the Emmiganur textile park to create 5,000 jobs, overcoming past
land allocation challenges. With backing from organizations like the Aditya
Birla Group and central government funding, the state is also setting up
weaving societies to support artisans. Additionally, handloom workers will
receive a 90% subsidy on tools, ensuring substantial industry growth and
opportunities for local artisans.
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