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RMG units struck by unexpected rise in cotton price
07
Sep '10
According to the spinners, the ready-made garment manufacturers might have to restructure their export prices in case, cotton prices go up abruptly in the global market.

An expert stated that, cotton prices recorded a 15-year high rise due to soaring demand in the market. This was ignited by an assumption of low availability of cotton as a result of the loss caused by the floods in Pakistan recently.

According to him, if the current tendency persists, then cotton prices might touch $1.50 per pound mark, up from 95-99 cents, from last month. Most of the importing nations have started storing cotton owing to the speculation of soaring demand and crop loss that have raised the prices further.

He further added that the clothing exporters might have to fight a new challenge, as prices for garments were quoted earlier on the basis of cotton and fabric prices prevailing at that time, but the country will now have to import the cotton fabrics at a much higher price.

Customers from EU and US are not ready to shell out more money on garments owing to the economic slowdown. He said that yarn prices will also go up in the country in case the surge in cotton prices continues to prevail in the global market. Bangladesh imports around 50 lakh bales of cotton every year.

Another expert stated that 10 percent of the cotton imports are from Pakistan and the floods in Pakistan have damaged its cotton crop, and will also influence the Bangladeshi cotton imports marginally.

Fibre2fashion News Desk - India

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