Latest news with #garment
France 24
08-07-2025
- Business
- France 24
Major garment producer Bangladesh seeks deal after 35% US tariff
Textile and garment production accounts for about 80 percent of exports in Bangladesh and the industry has been rebuilding after it was hit hard in a student-led revolution that toppled the government last year. "There is a hope for getting a reduced rate of tariffs as USTR (Office of the United States Trade Representative) sent another draft document for review," Commerce Secretary Mahbubur Rahman told AFP. Rahman said the South Asia nation's national security adviser and commerce adviser were "working on the issue" in the United States. Bangladesh exported $8.36 billion worth of goods to the United States in 2024, while imports from there amounted to $2.21 billion, according to the Bangladesh Bank and the National Board of Revenue. US clothing companies that source products from Bangladesh range from Fruit of the Loom to Levi Strauss to VF Corp -- whose brands include Vans, Timberland and The North Face. Trump hit Bangladesh with 37 percent tariffs in an April 2 announcement, but in a letter issued Tuesday, the US leader said it would now be 35 percent. That is more than double the 16 percent already placed on cotton products. Dhaka has proposed to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump has used as justification for imposing painful levies. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), called it "a big challenge for the garment sector". "We had expected the tariff imposed on us to be between 10 to 20 percent," he said, adding he expected Dhaka's interim leader Muhammad Yunus to "raise the issue with the United States". Former BGMEA director Mohiuddin Rubel warned the impact as tariffs stand would be dire. "The new tariffs raise worries about job losses in Bangladesh as the US is its main export market," he said. © 2025 AFP
Zawya
30-06-2025
- Business
- Zawya
Egypt secures fresh Chinese textile investments
Egypt has secured nearly $70 million in fresh investments by Chinese companies in garment and textile industries which are one of Cairo's targets in IMF-recommended reforms intended to stimulate the economy and slash fiscal deficits. After talks with Chinese businessmen in Shanghai on Thursday, Egypt's investment and foreign trade minister Hassan El-Khatib said two companies have agreed to invest in new plants in Egypt's free zones. Egypt's press reported that Zhejiang Holding company told the Minister it intends to invest $20 million in Egypt's garment and textile projects and that it aims to boost the investments to $50 million within five years. Another Chinese firm--Jiangsu Haite Fashion Company—said it would pump around $20 million into the construction of a new garment factory in Egypt. 'This factory will target European and US markets through free trade agreements, which Egypt has with various countries,' the Arabic language daily Alahram said. A large delegation from China's textile industry visited Egypt in May at the invitation of the Investment and Foreign Trade Ministry as part of the Cairo government's strategy to attract investment to its fabric and garment businesses. Egypt's textiles sector is a core component of its economy and a major hard currency earner, according to officials, who told representatives of nearly 35 Chinese industrial companies that a 'national programme' to develop the industry was underway, with the aim of increasing exports and reducing reliance on foreign markets. Hani Salam, chairman of the Apparel Export Council of Egypt said in May that the country's textile and garment exports have steadily risen to reach $1.2 billion in 2023, adding that the council expects exports to peak at $1.4 billion in 2025. Chinese companies are already major investors in Egypt's trade and industrial zones, mainly the Suez Canal Economic Zone (SCZONE), whose chairman Walid Gamal El-Din said in 2024 that a promotion tour in China resulted in securing new investments worth over $1 billion. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
12-06-2025
- Business
- Zawya
Jordan: Leather, garment exports reach 90 countries as sector sees ‘record' growth
AMMAN — National exports of the leather and garment industry reached around 90 countries, the Jordan Chamber of Industry (JCI) announced on Tuesday. The sector accounted for 21 per cent of total industrial exports, hitting a record high of $2.4 billion, marking a 24 per cent increase compared with 2023 and the "strongest" export performance since 2010, the Jordan News Agency, Petra, reported. JCI representative for the leather and garment industries Ihab Qadri said that "the growth we're seeing is a clear sign of the sector's renewed momentum in international markets". He added that "despite regional and global economic challenges, the sector is proving resilient and competitive." Qadri attributed much of the export growth to a gradual recovery in demand from the US, which currently receives 80 per cent of the sector's exports, as well as to increased shipments to key European markets, such as the Netherlands and Belgium. Over the past 10 years, the total investment in the sector has surged by 150 per cent, rising from $420 million to over $1 billion. The number of active enterprises has also grown 'significantly', from 600 by the end of the last decade to over 1,000 today, supported by the establishment of production facilities across governorates. Under Jordan's Economic Modernisation Vision, the sector is expected to play a "central" role in job creation and industrial growth. The plan aims to increase the sector's value-added output by 10 per cent each year, reaching $1.8 billion by 2033, and to boost total production to $8.8 billion and attract $3.1 billion in new investments. The sector is also set to generate 149,000 of the one million jobs that the plan intends to create for Jordanians. The industry currently employs over 96,000 people, a workforce that has grown by 8 per cent, with 31 per cent of them are Jordanians. He noted that the project has reached an "advanced" phase, through completing feasibility studies, setting plans in place to finalise the location, offer incentives and launch promotional campaigns in order to attract further investments and skilled labour. The JCI member referred to progress made in a project to establish a 'comprehensive industrial cluster,' with support from the International Finance Corporation. Qadri said that the aim of the cluster is to fill gaps in the supply chain and reduce delivery times, thereby enhancing the sector's global competitiveness and export potential. He also acknowledged that there are challenges, mainly in the high cost of raw materials, which account for around 60 per cent of total production expenses. There is still a lot of "untapped" potential, Qadri noted, citing estimates from the International Trade Centre that Jordan's leather and garment exports could grow by an additional $752 million if market opportunities were "fully" exploited.
NHK
27-05-2025
- Business
- NHK
May 27 NEWSROOM TOKYO Bangkok Live
Lineup: 1. Vietnam, France agree to strengthen ties 2. Exports from SE Asia to US surge as Trump tariff's pause deadline looms 3. Vietnam garment factory races to beat deadline
Zawya
12-05-2025
- Business
- Zawya
Egypt eyes garment export growth to attract foreign investment
Egypt's garment and textile sector is experiencing significant growth, buoyed by global economic shifts and a surge in foreign direct investment (FDI), according to Mohamed Abdel Salam, Chairperson of the Ready-Made Garments and Textiles Chamber at the Federation of Egyptian Industries. Abdel Salam noted that Egypt's favorable investment climate is attracting increased attention from international manufacturers, thanks to its strong economic fundamentals and competitive production environment. 'Egypt offers one of the most cost-efficient operational landscapes in the region,' he said. Recent studies highlight key advantages: electricity costs average $0.07/kWh in Egypt, compared to $0.12 in many other markets. Water prices range between $0.30 and $0.50 per cubic meter, while in competing countries they often exceed $1.50. Construction costs in Egypt range from $500 to $800 per square meter, nearly half of what they can be elsewhere. The country's VAT stands at 14%, compared to up to 18% in other nations, and wages remain competitive relative to regional benchmarks. 'These cost efficiencies have led numerous global players in the apparel industry to initiate or expand operations in Egypt,' Abdel Salam said, citing rising investor interest in establishing new projects across the sector. Among the most recent developments is the expansion of Turkish industrial conglomerate Shahinler Group, which is actively coordinating with Egyptian authorities to explore new investment opportunities. Shahinler Group Chairperson Kamal Shahin recently held meetings with Minister of Public Enterprises Mohamed El-Shimy and officials from the Industrial Development Authority, facilitated by the Chamber. The discussions focused on mechanisms for collaboration and plans to relocate parts of Shahinler's manufacturing operations to Egypt—specifically in cotton, spinning, weaving, and ready-made garment production. With exports to 170 countries, Shahinler has already invested $50m in Egypt. The group's expansion is expected to generate up to 3,000 new jobs and will require land allocations ranging from 50,000 to 100,000 square meters. Annual production from the new facilities is projected to reach 3 million pieces of formal wear. 'This is a clear signal that Egypt is not only a viable alternative but a preferred destination for global textile production,' Abdel Salam emphasized, adding that the sector's export-oriented growth strategy will continue to play a critical role in attracting foreign capital and creating employment. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Daily News Egypt
