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Clothing body chief warns of hike in product prices
Sep '10
Reinhard Backhausen, Head of the Austrian Industrial Association for Textiles, Clothes, Shoes and Leather (TBSL) recently stated that, the consumers should prepare themselves for paying high prices for clothing.

He said that, riding on back of soaring prices of cotton, attributable to sudden crop deficiency, price of clothing available in the stores, is soon expected to go up.

The official highlighted that, owing to heavy demand from China, cotton prices in the country soared by almost 70 to 80 percent in a period of just one year.

He further said that, it is a disturbing state, and some sort of rise in the prices is likely to occur. Also he added by saying that, depending on the distributors price of the products, they may surge by five percent.

However, he noted that the country's textile and footwear sector had been able to overcome the worst period of the economic crisis.

The total sales of the country's 562 companies from the sector touched €4.4 billion in 2009, he said, and added that, the companies jointly employed 24,450 employees' as on June 30, 2010 and who also exported around 75 to 90 percent of their produce.

Moreover, he also stated that, total turnover of all these companies for the initial six months of the year was recorded at about € two million, which is eight percent above the previous year's turnover.

In the previous year, total overall exports from the country stood at €94.2 billion, while imports amounted to €97.8 billion. The country became a member of EU in 1995, after which exports and imports from the country have been growing at a steady rate.

Fibre2fashion News Desk - India

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