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China eclipses Russia as Central Asia’s top trade partner in 2023

China eclipses Russia as Central Asia’s top trade partner in 2023

News, Retail News
China eclipses Russia as Central Asia’s top trade partner in 2023 China has eclipsed Russia as the main trade partner of all five Central Asian states, according to official statistics. Kazakhstan is the most recent Central Asian country to see Beijing pass Moscow in terms of annual trade turnover. For the first nine months of 2023, China accounted for a 21.3 percent share (valued at $21.7 billion) of Kazakhstan’s total foreign trade, according to statistics compiled by Kazakhstan’s National Statistics Bureau. Russia’s trade turnover share amounted to 18.6 percent ($18.9 billion). Raw materials and natural resources accounted for the bulk of Kazakh exports to China, while Beijing’s trade comprised primarily of finished goods, including household wares, clothing and autos. The Energy Pr...
Kenya-EU Trade Deal A Balancing Act for Regional Relationships

Kenya-EU Trade Deal A Balancing Act for Regional Relationships

News, Global
Kenya-EU Trade Deal: A Balancing Act for Regional Relationships The Economic Partnership Agreement (EPA) between Kenya and the European Union (EU), signed in June 2023, has sent ripples of excitement and concern throughout East Africa. While the deal promises duty-free access for over 80% of Kenyan exports to the EU, it also raises questions about how Kenya can manage its relationships with its East African Community (EAC) partners in the face of this new agreement. For Kenya, the EPA presents several potential benefits: Increased market access: Kenyan exporters will gain preferential access to the massive EU market, potentially boosting exports and creating jobs. Foreign investment: The deal could attract more foreign investment to Kenya, leading to further economic growth and...
SIFC to start new phase of industrialisation Gohar Ejaz

SIFC to start new phase of industrialisation Gohar Ejaz

News
SIFC to start new phase of industrialisation: Gohar Ejaz KARACHI: Caretaker Federal Minister for Commerce, Industries and Production Dr. Gohar Ejaz Thursday, reiterating the government’s commitment to economic revival, said that measures envisaged by the Special Investment Facilitation Council would start a new phase of industrialisation in the country. Caretaker Federal Minister for Commerce, Industries and Production Dr. Gohar Ejaz meets with delegation of the Pakistan Business Council at Governor House Karachi on Dec 28, 2023. — PID Caretaker Federal Minister for Commerce, Industries and Production Dr. Gohar Ejaz meets with delegation of the Pakistan Business Council at Governor House Karachi on Dec 28, 2023. — PID The minister expressed the views in a meeting with a delegation of...
Textile Zombie vs. Fossil Fashion An Ongoing Cleanup Battle in 2024

Textile Zombie vs. Fossil Fashion An Ongoing Cleanup Battle in 2024

Fast Fashion News, News
Textile Zombie vs. Fossil Fashion: An Ongoing Cleanup Battle in 2024 The "textile zombie" – the mountain of unwanted clothes plaguing our planet – continues to lurch against the rising tide of initiatives fighting for a cleaner fashion industry in 2024. But unlike a horror movie, this battle holds hope, fueled by growing consumer awareness, legislative action, and innovative solutions. The Zombie Horde Grows: Hyper-fast fashion churns out mountains of cheap clothing, many destined for landfills or shipped to developing countries, causing environmental and social havoc. In 2023, a staggering 5.7 billion pounds of unwanted clothes ended up in the U.S. alone. This zombie horde threatens ecosystems, pollutes waterways with microplastics, and perpetuates a cycle of unsustainable production. ...
Pakistan’s Remarkable Trade Performance Boost in export, decline in import taking place: Dr Gohar

Pakistan’s Remarkable Trade Performance Boost in export, decline in import taking place: Dr Gohar

News, Apparel and Fashion News
Pakistan's Remarkable Trade Performance Boost in export, decline in import taking place: Dr Gohar The Federal Ministry of Commerce in Pakistan has announced a noteworthy improvement in trade performance and the year-on-year Balance of Payments (BoP), with a positive trend of $5.6 billion. Caretaker Minister of Commerce Dr. Gohar Ejaz highlighted the resilience of Pakistan's trade sector and expressed a commitment to supporting exporters and finding new destinations for exports. The data revealed a remarkable year-on-year increase in exports by $709 million, reaching $14 billion from July 1st to December 20, 2023, contributing to an overall improvement in the balance of trade. During the first 20 days of December 2023, exports experienced a notable 33.1% year-on-year growth, amountin...
India’s Men’s Shirt Exports Reach $1.43 Billion Despite Minor YoY Dip

India’s Men’s Shirt Exports Reach $1.43 Billion Despite Minor YoY Dip

News, Retail News
India's Men's Shirt Exports Reach $1.43 Billion Despite Minor YoY Dip India's men's shirt exports from January to October 2023 totaled $1.43 billion, with a slight 2.32% YoY decrease attributed to global economic stagnation. Knitted shirts saw an 8.37% decline, reaching $556.22 million, while woven shirts increased by 1.97%, totaling $872.71 million. The United States remained the primary destination, with $526.62 million in exports, despite a 7.88% decline. The UAE ranked second, importing $158.55 million, down 3.64% YoY. The UK, the third-largest destination, received $87.22 million, with a marginal 0.30% decrease. Men's shirt exports constituted about 11.73% of India's overall apparel exports, which reached $12.19 billion during the period.
Ten Pakistani companies are participating in the 31st Dakar (FIDAK) in Senegal

Ten Pakistani companies are participating in the 31st Dakar (FIDAK) in Senegal

News, Events
Ten Pakistani companies are participating in the 31st Dakar (FIDAK) in Senegal Ten Pakistani companies are currently participating in the 31st Dakar International Trade Fair (FIDAK) in Senegal, showcasing a diverse range of products until December 31. The primary objective of these exhibitors is to explore the Senegalese market, establishing strong business partnerships and introducing high-quality Pakistani products to Senegal and the broader West African region. The products on display cover a wide spectrum, including sports goods, surgical instruments, textiles catering to men, women, and babies, cosmetics, leather goods, furniture, jewelry, and handicrafts. The initiative is organized by the Pakistan Embassy in Senegal, which has coordinated several activities to maximize opportuni...
Exports to Middle East Surge by 29% in July-November

Exports to Middle East Surge by 29% in July-November

News
Exports to Middle East Surge by 29% in July-November Pakistan's exports to the Middle East witnessed a robust rebound, recording a growth of 28.98%, reaching $1.257 billion in the initial five months of the current fiscal year compared to $974.50 million in the corresponding period last year. The surge was notably driven by heightened demand from key countries in the region, including the United Arab Emirates, Saudi Arabia, and Kuwait. However, exports to Qatar experienced a decline during this period. Pakistan exports to UAE rose sharply by 33pc to $817.978m in 5MFY24 from $614.864m over the corresponding months of last year. The exports to UAE bounced back during the current fiscal year. However, it suffered a decline of 20.23pc to $1.474bn in FY23 from $1.848bn over the corres...
U.S. Retail Sales Rise By 3.1% During Holiday Season

U.S. Retail Sales Rise By 3.1% During Holiday Season

News, Retail News
U.S. Retail Sales Rise By 3.1% During Holiday Season U.S. retail sales experienced a 3.1% growth from November 1 through December 24, primarily fueled by enticing online offers and last-minute Christmas deals, as per the Mastercard SpendingPulse preliminary report. Despite the positive uptick, this figure falls short of the 7.6% growth recorded in the previous year. The report, which encompasses in-store and online retail sales across all payment types, highlights a shift in consumer behavior with online retail sales registering a 6.3% increase compared to last year's 10.6%. In-store sales, on the other hand, rose by 2.2% year-on-year. The apparel sector emerged as the most popular, witnessing a 2.4% growth, while jewelry and electronics sales experienced a 2% and 0.4% decline, resp...
Unraveling the Crisis of Kantamanto Market, Ghana

Unraveling the Crisis of Kantamanto Market, Ghana

Global, News
Unraveling the Crisis of Kantamanto Market, Ghana Kantamanto Market in Accra, Ghana, once a symbol of bustling trade and economic opportunity, now stands exposed as a stark tapestry of environmental and social woes. This sprawling marketplace, known as the largest secondhand clothing market in West Africa, is drowning under a tsunami of discarded garments from the Global North. Clothes deemed "unwearable" by wealthier nations often end up here, their journey shrouded in secrecy and their consequences far-reaching. The influx of secondhand clothes, often falsely disguised as "donations," masks a harsh reality. These garments, rejected by consumers who crave constant fashion updates, are shipped in massive bundles, flooding a market already saturated. The used clothing trade may offer some...