Global news roundup
- India has to import nearly 4,000 tonnes of silk fabrics from China to meet growing demand. India is producing only 21,500 tonnes of raw and fabric silks, compared to the 30,000 needed. As a result, it is importing 5,000 tonnes of raw silk and 4,000 tonnes of silk from China. The country also exports silk products such as saree worth INR30bn to the US, EU and the West Asia every year. THE HINDU BUSINESS LINE
- Low-skilled workers, import sanctions and unfavourable taxes are blocking the development of Myanmar's garment industry, according to the Myanmar Garment Manufacturers Association. Workers make low quality garments from imported raw materials with total earnings reaching 10-15% of an item's total export value. The association spoke for the first time since worker unrest five months ago. THE MYANMAR TIMES
- The Pakistani government needs to increase textile exports to Saudi Arabia and Bosnia, according to sources. Pakistan's textile exports in these countries have not yet seen an improvement despite the countries offering low duties for the products. Saudi Arabia offers a 5% tariff while Bosnia offers 15% for Pakistani textiles. Saudi Arabia's total textile imports stand at $3.6bn per annum while Pakistan's share in it is $51.7m per annum. BUSINESS RECORDER
- Marks & Spencer intends to increase the amount of cotton it sources from India to 64,000 metric tonnes from 5,000 metric tonnes over the next three years, which is equivalent to the company's total global usage. As a result, the retailer will add a further 16,000 cotton farmers to the 9,000 it currently has. M&S said it will also introduce a sustainable business model in its 24 stores in the country. THE HINDU BUSINESS LINE
- US-based Brooks Sports will introduce its first running concept store in the Philippines at the end of October by teaming up with Sports Resource, the distribution division of the Quorum Group of Companies. The store is expected to help Brooks Sports meet its revenue target of 38% global growth at the end of the year with 25% of this coming from Asia Pacific. MANILA BULLETIN
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