Fashion
UNCTAD warns of heavy tariff burden to Africa if AGOA expires
If AGOA lapses, tariffs on African exports to the US will surge, particularly in textiles and apparel. Lesotho’s tariffs would soar from zero to 32 per cent, Kenya’s from 10 to 28 per cent, and Madagascar’s from 12 to 23 per cent. Even countries without special apparel preferences, such as South Africa and Guinea-Bissau, would face higher duties, averaging 14–15 per cent, UNCTAD said in a press release.
In 2023, US imports under AGOA totalled nearly $10 billion. While modest compared to overall US imports, these flows represent a substantial share of exports for countries such as Lesotho and Madagascar. The scheme has enabled African exporters to gain competitiveness, especially in apparel, and has encouraged US firms to source fuels, metals, and textiles at lower costs. Additionally, AGOA has spurred foreign direct investment and strengthened supply chain resilience across Africa.
UNCTAD has warned that many African markets’ access to the US could worsen if the African Growth and Opportunity Act (AGOA) expires on September 30, 2025.
Without it, tariffs would surge, particularly in textiles and apparel, threatening export competitiveness, disrupting trade ties, and undermining investment and supply chain resilience across many sub-Saharan African economies.
In 2023, US imports under AGOA totalled nearly $10 billion. While modest compared to overall US imports, these flows represent a substantial share of exports for countries such as Lesotho and Madagascar. The scheme has enabled African exporters to gain competitiveness, especially in apparel, and has encouraged US firms to source fuels, metals, and textiles at lower costs. Additionally, AGOA has spurred foreign direct investment and strengthened supply chain resilience across Africa.
UNCTAD has warned that many African markets’ access to the US could worsen if the African Growth and Opportunity Act (AGOA) expires on September 30, 2025.
Without it, tariffs would surge, particularly in textiles and apparel, threatening export competitiveness, disrupting trade ties, and undermining investment and supply chain resilience across many sub-Saharan African economies.
Since April 2025, US tariffs have already risen under new country-specific and sectoral measures. If AGOA expires, African exporters will face compounded pressure as they lose preferential access and revert to most-favoured-nation rates. This shift could severely disrupt long-standing trade ties, reduce competitiveness, and threaten industries heavily reliant on the US market.
The expiration of AGOA would come at a delicate time, with global competition for export markets intensifying. While the African Continental Free Trade Area offers a potential buffer, building alternative markets and supply chains will require significant time and adjustment. Without renewal, Africa’s export competitiveness in the US market could rapidly erode, placing fragile economies at greater risk, added the release.
Fibre2Fashion News Desk (SG)
Nominal GDP, or GDP at current prices, is estimated to grow at 8.6 per cent to reach ₹345.47 trillion in FY26 against ₹318.07 trillion in 2024-25.
India’s real GDP is estimated to grow at 7.6 per cent to ₹322.58 trillion (~$3.54 billion) in FY26 compared to the first revised GDP estimate of ₹299.89 trillion for FY25 (7.1 per cent growth).
It released the new series of annual and quarterly national accounts estimates with FY23 base.
Real GVA is projected to grow at 7.7 per cent to reach ₹294.40 trillion in FY26 against ₹273.36 trillion in FY25.
Real gross value added (GVA) is projected to grow at 7.7 per cent to reach ₹294.40 trillion in FY26 against ₹273.36 trillion in FY25 (a 7.3-per cent growth rate).
Nominal GVA is estimated to grow at 8.7 per cent to hit ₹313.61 trillion during FY26, against ₹288.54 lakh crore in 2024-25.
Robust economic performance in FY26 is primarily on account of robust real growth observed in the second quarter (8.4 per cent) and third quarter (7.8 per cent).
The manufacturing sector has been the major driver of resilient performance of the economy the consecutive three fiscals after rebasing, a release from the ministry said.
Both private final consumption expenditure and grossed fixed capital formation exhibited more than 7-per cent growth rate in FY26.
Fibre2Fashion News Desk (DS)
The transition marks the formal handover of executive leadership to President and CEO Keun-Chang (Kevin) Yoon, reinforcing management continuity while preserving the founder’s long-term strategic vision.
Misto Holdings founder Gene Yoon has transitioned to honorary chairman in a planned leadership succession, formally handing executive control to president and CEO Kevin Yoon.
The founder, who expanded the group through the FILA global trademark acquisition and the takeover of Acushnet, will continue guiding long-term strategy as the rebranded Misto focuses on governance and sustainable growth.
Gene Yoon founded the business that would become Misto Holdings in the early 1990s, introducing the FILA brand to the Korean market and later leading a series of transformative transactions. In 2007, the company acquired the global FILA trademark rights through a leveraged buyout, followed by the 2011 acquisition of Acushnet Company, owner of the Titleist and FootJoy brands. The transaction was among the largest cross-border deals in Korea’s consumer sector at the time and significantly expanded the group’s global footprint.
Under his leadership, the company evolved into a multi-brand global portfolio spanning sportswear, golf equipment and apparel, generating approximately USD 3.08 billion in annual revenue.
As Honorary Chairman, Gene Yoon will remain closely engaged with the company, providing guidance on long-term strategy and global portfolio development while supporting management from a broader strategic perspective.
The leadership transition marks a new chapter under President and CEO Kevin Yoon, who has spent nearly two decades in senior roles across the group’s global operations, building deep operational and strategic expertise.
The company’s 2025 rebranding to “Misto” underscores its evolution into a global brand house focused on disciplined capital allocation, enhanced shareholder returns and sustainable long-term growth.
“Building on the founder’s legacy, our priority is to expand our global portfolio, strengthen governance and deliver sustainable value creation,” said Kevin Yoon, President and CEO of Misto Holdings.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
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