SURAT: Time for festive vacations

Diwali brings fun-time for everyone especially for textile markets in Surat. People are heading up for extended vacations for 10 days. Generally this number was 5 earlier when the textile markets used to stay closed during the festival time. Some of the traders have plans for shutting their shops on Oct 17 for Diwali but opening them on Oct 19, New Year of Gujarat for increasing positive energies towards their businesses. The day is often regarded as Muhurat business. Long break is attributed to default cases resulting since around 20days with subsequent decrease in the demand for sarees and other fabrics.

According to a textile trader “Stock over piling in finished goods would be reduced as an effect of vacations for around 2 weeks time”.
Many textile traders reported that the market has slowdown because of the festive season and there was around 40% reduction in the demand for goods. Other state’s buyers were much more interested in purchasing since the mid of September. Rise in food prices and rains were the major reasons for this cut down by the buyers especially in Punjab, U.P, Madhya Pradesh and Delhi.

Amnesty: Nigeria Delta not yet over, statement by Textile Union

Kaduna, Nigeria: According to National Union of Textile workers, Nigerians should not get overjoyed about their achievements that are being recorded in the Niger Delta, reason being, the crises that are not likely to get over sooner. Nigeria’s re-industrialization and development are closely associated with the crisis which is still away from their end. Thorough learning and quick improvement is the challenge specifically on the lessons coming from the amnesty that lasted two months approximately.

Chinese textile and garment industry

Faster growth and expansion in the textile and garment industry of China is being witnessed in recent years. It employs maximum people directly in the industry along with other associated support activities which helps the sector to be one of the key role players in the Chinese economy. Export sales getting higher 42-fold since 28years expected to be $185bn which is more than 10times the garment and textiles import of China.
China is now regarded as World’s largest textile and garment suppliers and is also the largest source of similar imports in EU, Japan and USA. The country ranks as largest natural synthetic fiber producer in the World along with extensive operations for manufacturing fabrics, yarn and garments.