The Goods and Services Tax (GST) Council meeting chaired by Indian Finance Minister Nirmala Sitharaman decided on December 31, 2021 to postpone the increase in the textile tax rate from 5% due to opposition from various states and industries To 12%. Prior to this, many states in India opposed the increase in the tax rate of textile products and demanded a postponement of the tax rate increase. The matter was raised by the states of Gujarat, West Bengal, Delhi, Rajasthan and Tamil Nadu. These states stated that they do not support raising the goods and services tax rate on textiles from the current 5% to 12% from January 1, 2022.

It is understood that with the recent decline of spandex, new conditions have emerged in the market. Last week, the spandex market continued to find the bottom. 40D quotations were concentrated at 60000-67000 yuan/ton. Compared with the beginning of November, spandex fell by more than 15%. Recently, the textile market is in general, the speed of weaving enterprises' delivery is average, and the number of orders received by trading companies has not increased, resulting in a slight weakness in the overall market. At the same time, the outbreak of the epidemic caught people off guard. At present, the domestic market for autumn and winter fabrics in Xiaoshao and Shaoxing areas is weak, and foreign trade orders are even worse. Most downstream companies have no orders to make. The lack of orders has caused the downstream manufacturers to accumulate inventory. The low-level start-ups in the circular knitting field are about 4-5%, and the warp knitting field is about 5-6%. On the other hand, the spandex market has sufficient supply and new production capacity continues to be released. The first phase of Hyosung (Ningxia) spandex was put into production on December 22, which is also a major resistance to market conditions. These two reasons have directly led to the downward adjustment of the quotations of spandex manufacturers. With the recent increase in spandex sales pressure, spandex salespersons in each WeChat group have become active. Once a single discussion, the actual transaction details are also endless. And it is not just the spandex salesmen who are active. Near the end of the year, the polyester salesmen have also begun to shout desperately! Last week, the polyester filament factory had another major hemorrhage. Some large factories directly made a profit of 200-700 yuan/ton, which was almost a 10% discount. Compared with the current cash flow, it should be considered a sale at a loss. However, after th

On December 21, Nike announced the results of the second quarter of fiscal year 2022. Q2 revenue was 11.36 billion U.S. dollars, a year-on-year increase of 1%, slightly exceeding market expectations of 11.25 billion U.S. dollars; at the same time, the 2022 fiscal year ending on November 30, 2021 In the first half of the year, total revenue was US$23.605 billion, a year-on-year increase of 8%. Overall, Nike's performance in the global market is relatively impressive. However, in terms of regions, the Greater China region, Asia-Pacific and Latin America declined significantly in the second quarter of the financial reporting period, especially the Greater China region. According to the financial report, in the second quarter of fiscal year 2022, revenue in Greater China was US$1.844 billion, a year-on-year decrease of 20%; compared with US$1.982 billion in the first quarter of fiscal year 2022, a slight decline of 6.96%; and the first half of fiscal year 2022 It can be seen that the overall semi-annual revenue in Greater China has also fallen by 6% year-on-year. In other regions, Asia-Pacific and Latin America revenue was US$1.347 billion, a year-on-year decrease of 8%; North America revenue was US$4.477 billion, a year-on-year increase of 12%; Europe, the Middle East and Africa region revenue was US$3.142 billion, a year-on-year increase of 6% . According to the financial report and the explanation of the conference call in the second quarter of fiscal year 2022, the decline in Greater China is mainly due to the impact of the epidemic, the reduction of available inventory due to the closure of factories, and the interruption of the supply chain. In particular, the closure of the Vietnam factory directly caused Nike to cancel the production of about 130 million equipment. However, supply chain issues have been highlighted in the first quarter of Nike's 2022 fiscal year. At that time, it was also stated that the