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RMG trade bodies plead govt to rein in cotton prices
25
Sep '10
Industry bodies, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Knitwear Manufactures and Exporters Association (BKMEA), recently expressed their concern over the domestically as well as globally rising prices of cotton, claiming that this would lay adverse impact on the country's major export earning industry.

The two lobbyists, by means of a joint statement, have demanded government intervention to regulate the volatile cotton market.

Moreover, the spinners too have been urged by the lobbyists to keep away from charging hefty prices, as this would harm the clothing sector, which last fiscal year generated revenues worth US $15.56 billion.

The trade groups are insisting that, the spinners should logically fix cotton yarn prices at reasonable levels, for advantage of the sector. The sector is a source of employment for around three million workers, most of whom are women.

Knitwear producers are the largest consumers of cotton based yarn. Industry leaders asserted that, during the period, July to August, they signed contracts to manufacture garments at a time when raw cotton price was quoted at US $3.50 per pound, against which, presently the prices have climbed to $4.40 per pound, up from $3.70 per pound, just a week ago.

Fibre2fashion News Desk - India

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