Top Textile & Fashion News of the Week | 18th to 24th October 2019

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1. Bangladesh govt slashes source tax on exports to 0.25%

The National Board of Revenue of Bangladesh has reduced source tax on export proceeds, for all sectors including readymade garment, to 0.25% from 1%. The move follows demand by exporters for the tax slash to make the country’s exports competitive in the international market.–252756-newsdetails.htm

2. Vietnam’s textile industry hit by US-China trade war
Vietnam’s textile industry is facing many difficulties due to the prolonged China-US trade war, witnessing a fall in both export and production, say industry experts. Buyers are seeing fewer and smaller orders because of the conflict and Export of raw materials to China plummeted as China cut back on imports.

3. PRC economic growth sinks to a new low of 6% in the 3rd quarter
China’s economy grew at the slowest rate in 27 years in the third quarter, as its trade conflict with the US United States continues, slowing domestic demand. GDP data showed the Chinese economy expanded by 6% in July-September, compared to 6.2% in the second quarter.

4. Global raw silk trade remains unstable
The global trade of raw silk continues to remain unstable after showing a decline from 2013 to 2015. In terms of value, the global trade of raw silk was $730.83 million in 2016, which rose from 2.85% to $751.69 million in 2018, according to data from TexPro. The total trade dropped by 1.49% in 2018 compared to the previous year.

5. Global nylon staple fibre trade booming since 2017
After witnessing a decline from 2014 to 2016, the global trade of nylon staple fibre has been booming with a high CAGR since 2017. In terms of value, the global nylon staple fibre trade was $84.25 million in 2017, which rose to $120.91 million in 2018 with a growth rate of 43.51%, according to data from TexPro.

6. Iranian researchers develop a smart uniform for soldiers
Iranian researchers have developed a technology to make smart uniforms for soldiers using an array of sensors to monitor vital signs and detect radioactive and landmines. The vital signs and the geographical location is displayed on an LCD. The gear could also prove useful for professional mountain climbers.

7. Fashion for Good launches new Good Shop theme ‘Reborn’
Fashion for Good launched its new Good Shop theme ‘Reborn’ which dives into brands trying to create apparel and footwear that is circular and reduces the need to use new resources. The brands part of Reborn are C&A, Frankie Collective, Mafia, Pure Waste, Silfir, and Wao, and will be available in Good Shop as part of Fashion for Good experience in Amsterdam.–252686-newsdetails.htm

8. Virgin Galactic, Under Armour design spacewear system
Virgin Galactic, an aerospace company pioneering human spaceflight for private individuals and researchers, and Under Armour have jointly designed a spacewear system for Virgin Galactic astronauts, comprising a base layer, spacesuit, footwear, training suit, and an astronaut jacket. It is the first collection ever created specifically for private astronauts.

9. Mauritius, China sign a free trade agreement
China and Mauritius yesterday signed a free trade agreement (FTA) in Beijing covering trade in goods and services and investment and economic cooperation—the first such agreement between both sides. Negotiations for the FTA were officially launched in December 2017.

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