Textile Market News

Pakistan could significantly reduce its annual Rs 67 billion silk import bill and generate employment opportunities for rural women by producing silk locally, feel experts. Currently, Pakistan relies heavily on silk imports, primarily from China, for its textile industry, which forms a substantial portion of its exports.

The textile industry in India is happy as the government eliminates import duty on extra-long staple (ELS) cotton. This move, however, comes with mixed reactions on its impact.

Starting February 20, 2024, the Indian government has eliminated import duties on cotton under HS Code 52010025, per CBIC Notification No.10/2024-Customs. Additionally, Notification No.11/2024-Customs, also issued on February 19, 2024, exempts Agriculture Infrastructure and Development Cess (AIDC) on goods within this tariff category.

In a mid-February twist, Brazilian cotton prices defied the international trend, rising 2.18 per cent to settle at BRL 4 per pound. This surge contrasts with steady global climbs, creating a wider gap between domestic and overseas prices. Here's a quick breakdown:

The Tamil Nadu textile industry, facing stiff competition from other states, has welcomed several key announcements in the recent state budget that aim to boost its competitiveness and retain its position as the country's leader.

The US cotton industry is bracing for a bumpy ride in 2024. While global demand is expected to inch up, it's still lagging behind expectations, putting pressure on the entire supply chain. Farmers are facing tough choices: plant less cotton due to high costs, or risk losing money if prices don't rise.

India's cotton exports are poised to soar to their highest level in two years in February, driven by a rise in global prices that has rendered Indian cotton particularly appealing to Asian buyers. Previously, these buyers primarily sourced cotton from Brazil and the United States.

In a strategic move set to fortify its position as a frontrunner in the textile domain, Globe Textiles India (GTIL) has unveiled plans to acquire Globe Denwash, a significant player in the sector. This acquisition, facilitated through the purchase of shares, marks a pivotal development in GTIL's trajectory,

The textile industry faces a pivotal moment, grappling with resource scarcity and the demand for circularity. Archroma, a global leader in sustainable solutions, rises to the challenge with their innovative Super Systems+ initiative.

Perlon, a global leader in synthetic filaments, celebrated a major milestone with the grand opening of their new plant in Goa. This expansion marks a significant step in their global strategy, solidifying their commitment to growth and innovation.

Lagnam Spintex, a leading Indian cotton yarn manufacturer, announced impressive results for the quarter ended December 31, 2023. Revenue increased by 71 per cent to Rs 123.63 crore compared to Rs 72.16 crore in the same period last year.

Cotton candy prices fell slightly yesterday, settling at 58,560 points, after a period of growth driven by concerns about cotton supply and strong demand. This decline is attributed to profit booking, where investors sell off their holdings after recent gains.

Despite facing a 10 per cent drop in cotton production compared to 2022, Brazil has successfully retained its title as the world's second-largest cotton exporter in 2023. This achievement underscores the continued strength and resilience of the Brazilian cotton industry, even amidst challenging circumstances.

Textiles firm BSL Limited defied global economic headwinds to report a 56 per cent rise in net profit for the third quarter ended December 2023. Net profit reached Rs 4 crore ($4,81,826), up from Rs 2.5 crore in the same period last year.