Textile Sphere News Roundup - 28 Nov 2024
1. Value-Added Patterns of
Textile Exports in China and India Highlighted by WTO
A recent WTO report reveals
that China and India share similar value-added patterns in their textile and
garment exports, with domestic content accounting for 89.1% and 83% of exports,
respectively, in 2022. The report underscores Asia’s dominance, contributing
70.6% of global textile and clothing exports, while highlighting regional
nuances. Vietnam, Cambodia, and Indonesia depend heavily on foreign inputs,
with Vietnam sourcing 64% of its value-added content externally. Europe’s
regional content in exports stands at 65%, the lowest globally, as it relies on
imported raw materials. The report also notes that Bangladesh and India have
experienced the largest increases in foreign value-added content in their
exports, rising annually by 20.7% and 23.2%, respectively.
2. Andhra Pradesh's New
Textile Policy Targets $1.18 Billion in Investments
The Andhra Pradesh
government is set to launch a new textile policy aiming to attract $1.18
billion in investments. Chief Minister N. Chandrababu Naidu emphasized job creation,
particularly for women, during a review meeting. The policy aims to generate
200,000 jobs by incentivizing weaving, processing, and integrated units.
Additionally, the strategy will offer enhanced benefits for women, minorities,
and disadvantaged communities. The Chief Minister stressed the importance of
surpassing the outcomes of the previous 2018–2023 policy while fostering local
employment opportunities and innovation in the textile sector.
3. Cotton Prices Rise Amid
Falling Production Forecasts for India in 2024/25
Cotton prices in India have
risen slightly due to concerns over a 7.4% decline in cotton production, which
is projected to drop to 30.2 million bales in 2024/25. Excessive rainfall and
reduced acreage, particularly in Gujarat, have contributed to the drop. Exports
are expected to fall from 2.85 million bales to 1.8 million, while imports
could rise to 2.5 million bales. The USDA revised global cotton production
estimates upward but noted reduced Chinese imports and lower U.S. production due
to hurricane damage. In Rajkot’s spot market, cotton prices increased by 0.12%
to ₹26,202.9, with support and resistance levels at ₹55,850 and ₹56,200,
respectively.
4. Cotton Farmers in
Telangana Suffer from Low Yields and Poor Returns
Telangana’s cotton farmers
are grappling with challenges stemming from end-of-season rains, which have
damaged crops and reduced yields from 8-10 quintals per acre to just 3-4
quintals per acre. High moisture levels in the harvested cotton have further
eroded returns, leaving farmers dissatisfied. The state’s cotton sector faces
increasing pressure to address these issues and support farmer livelihoods amid
changing climate patterns.
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