Vietnam's economic landscape in May 2024 continues to exhibit resilience and promising growth trajectories despite mixed signals in consumer demand and inflation stability, according to the latest insights from the World Bank's 'Vietnam Macro Monitoring' report.
China, a global powerhouse in textile manufacturing, experienced a notable downturn in its exports of knitted or crocheted fabrics during the year 2023. According to recent data, the country's exports in this category declined by 6.1% to reach 2.4 million tons. In terms of value, the contraction was even more pronounced, with exports totaling $12.9 billion for the year.
Recent research from the Australia Institute has unveiled alarming statistics regarding Australia's consumption habits and the resultant environmental impact of fast fashion. The study identifies Australia as the world's highest consumer of textiles per capita, surpassing even the United States, and highlights the detrimental effects of this consumption pattern on landfill waste.
In a recent development within the corridors of power in India, Giriraj Singh, the Member of Parliament from the Begusarai Lok Sabha constituency in Bihar, has been appointed as the new Minister of Textiles in the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi. This announcement comes as part of a press communique released by the President’s Secretariat, marking a significant change in the leadership of one of India’s crucial ministries.
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