India To Step Up Cooperation With Egypt In Textiles Sector

India today vowed to step up its collaboration with Egypt in the textiles sector and said talks were on to increase textile machinery supplies to the Arab country.

 

India's Ambassador to Egypt Sanjay Bhattacharyya, while addressing a press conference ahead of the Cairo Fashion and Tex Exhibition that opens tomorrow, said India and Egypt have have a long tradition of exchanges in the textiles sector.

 

"India astands ready to work with Egypt towards attainment of its new textile policy goals in production as well as in trade and investments," he said.

 

Thirty-seven Indian textile companies are participating in the exhibition that run till September 16 at the Cairo International Convention Centre.

 

The Indian firms are part of a delegation from the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC), an apex body of manufacturers/exporter of man-made fibre textiles, in coordination with Federation of Indian Export Organization (FIEO) and the Indian Embassy here.

 

The companies will showcase a very wide range of products, including yarns and fabrics.

 

Bhattacharyya said that India is very well known in the market of man-made fibers and it has a very wide presence globally as India's textile industry is the second in the world.

 

The Indian fabrics have a range of products with both expensive products as well as products with reasonable prices, he said.

 

The other specially of the Indian textile industry is that it manufactures a lot of textile machinery, the envoy said.

 

The Indian side is currently in discussions with the Egyptian side to expand the presence of textile machinery supplies from India to Egypt, he said.

 

"Indian textile machinery are not only very good in terms of quality but also because India and Egypt has similar large populations and large labour force. So this kind of machinery will be very good for the Egyptian market," he added.

 

The exhibition will also host an 'India Pavilion'.

 

"We will be showcasing different varieties of fabrics, made-up items which are ready to wear, yarn and fibre. So, it is an excellent opportunity for the Egyptian buyers and traders to visit this exhibition to see all the participant Indian companies under one roof as it will be also an opportunity for discussing business," Srijib Roy, director of SRTEPC, said.

 

Roy said that Indian companies come to Egypt not to compete with the local industry but to cooperate with their Egyptian counterparts.

 

The participation of Indian companies in the Cairo Fashion and Tex is aimed at forging a win-win partnership between the Indian and Egyptian companies, officials said.

 

The objective is to strengthen the trade between the two countries, particularly in the fast-growing area of Man-Made Fibre (MMF) textiles, they said.

 

India exported around USD 240 million worth of textiles and clothing products to Egypt during 2016.

 

Man-made fibre textiles were one of the important products in the export basket, which is valued at USD 97 million, along with cotton (USD 131 million), apparel (USD 2.32 million), Jute (USD 4.4 million) and carpet (USD 0.36 million).

 

The main items of Indian MMF Textiles that are exported to Egypt include polyester viscose fabrics, polyester blended fabrics, synthetic filament fabrics, shawls/scarves, laces, viscose spun yarn, polyester spun yarn, texturised yarn, and polyester staple fibre.

 

Egypt has traditionally been one of India's most important trading partners in that region.

 

During the year 2016-17, bilateral trade between India and Egypt was about USD 3.23 billion. India is Egypt's 10th largest export destination and also the 10th largest import source.

 

 

Soures : moneycontrol.com

Government Imposes Antidumping Duty On Chemical From 4 Countries

NEW DELHI: The government has imposed an antidumping duty of up to USD 60.35 per tonne for five years on a chemical used in fertiliser industry from four countries -- Russia, Indonesia, Georgia and Iran.

 

The move would help guard domestic players from below- cost imports of 'ammonium nitrate' from these countries.

 

Deepak Fertilizers and Petrochemicals Corporation Ltd and Smartchem Technologies Ltd had jointly filed an application before the Directorate General of Antidumping and Allied Duties (DGAD) for initiation of the antidumping investigations.

 

The finance ministry imposed the duty after the DGAD in its finding concluded that the product has been exported to India from these four countries below its normal value, resulting in dumping.

 

The government, after considering the findings of DGAD "hereby imposes" the antidumping duty, the department of revenue said in a notification.

 

DGAD, under the commerce ministry, has recommended imposition of the duty on the imports.

 

The duty ranges between USD 11.42 to USD 60.35 per tonne.

 

"The anti-dumping duty imposed shall be effective for a period of five years (unless revoked, superseded or amended earlier)," it said.

 

Countries initiate anti-dumping probes to determine if the domestic industry has been hurt by a surge in below-cost imports.

 

As a counter-measure, they impose duties under the multilateral World Trade Organization (WTO) regime.

 

Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic industry. They are not a measure to restrict imports or cause an unjustified increase in cost of products.

 

India has initiated maximum anti-dumping cases against below-cost imports from China.

 

 

Soures : economictimes.indiatimes.com

India's Edible Oil Imports To Fall In Coming Crop Year - Analyst

MUMBAI: India's edible oil imports are set to fall in 2017/18 as a bumper crop of oilseeds are carried forward and will boost domestic edible oil production in the year ahead, a leading industry analyst and trade expert said on Wednesday.

 

A drop in imports next year would be the first in seven years, although in July the view was that India's higher oilseed output and crushing would lead to a fall in the current year.

 

Instead, farmers were reluctant to sell this year's bumper oilseed output at low prices and stocks will be carried forward to be crushed next year, said managing director of trading firm G.G. Patel & Nikhil Research Company, Govindbhai Patel.

 

Lower purchases by the world's biggest importer of vegetable oils could put pressure next year on soyoil and palm oil prices, which have surged over the last few months.

 

India is expected to import 15.13 million tonnes of edible oils in the year starting on Nov. 1, down 70,000 tonnes from the current year, Patel told an industry conference on Wednesday.

 

India's edible oil purchases - mainly palm oil from Malaysia and Indonesia and soybean oil from Argentina and Brazil - have increased each year since 2010/11, according to the Mumbai-based Solvent Extractors Association of India (SEA).

 

The country's edible oil imports in the year to Oct. 31 are now expected to rise 4.3 percent from a year ago to 15.2 million tonnes, Patel said, after earlier being expected to fall.

 

That means India is likely to start the new marketing year with carry forward stocks of 1.16 million tonnes of soybeans compared to just 460,000 tonnes a year ago, Patel said.

 

The country's soybean production in 2017/18 is expected to fall 15.2 percent from a year ago to 8.9 million tonnes due to a reduction in planting and lower rainfall in key growing regions, he also said.

 

Still, with the carry forward stocks, domestic output of edible oils is expected to rise 8.7 percent to 7.66 million tonnes in the next season.

 

Palm oil accounts for more than half of India's total edible oil imports. Its purchases are likely to edge lower to 9.13 million tonnes in 2017/18, compared with 9.28 million tonnes in the current year, Patel said.

 

Imports of sunflower oil - perceived to be a healthier option by many Indians - could surge 8 percent to 2.3 million tonnes next year, while soyoil imports could remain largely steady around 3.5 million tonnes, he said.

 

 

Soures : economictimes.indiatimes.com