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RMG prices likely to witness 50% hike
03
Dec '10
The rise in prices by exporting countries coupled with the new customs regulations recently implemented in the kingdom are likely to increase the prices of ready-to-wear garments by around 50 percent at the very outset of the new Hijri year beginning on December 7.

The RMG prices would initially increase by some 20 percent, owing to the rise in prices of textile and also because of the delay in inspecting imported garments by Ministry of Trade. This inspection may extend for a month causing the importers to bear extra storage charges together with the inspection charges which vary in accordance with the quantum of goods.

Prices of the garments which initially were available for SR35 were raised to some SR43 last month and the same are now made available for SR49. Exporting firms began to raise their costs around six months back, when they came out with a 10 percent hike. Since last two months the prices have been rising and are likely to lead to a 50 percent hike in the costs.

Leading importers have got in touch with exporters in other countries as prices are now touching such a level which poor consumers cannot bear. Though, they did mention that, till now there has been no reaction to their appeals for price cut.

Fibre2fashion News Desk-India

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