Mar '08
The consequences are so threatening that not only will there be a massive loss in jobs but also a failure in tapping valuable export markets.
Unless Government seriously considers a discounted lint price and a relaxation on duty for imported raw material, the situation is unlikely to change.
Lint prices have surged from Z$6 million a kilogram to Z$15 million. Experts believe that considering the industry requirement of 48,000 tons per year, the increase in prices is bound to elevate the cost of production by more than Z$100 billion.
A recommendation has been made to the Government for providing a subsidy to the textile industry through marketing companies like Cottco which will enable spinners to buy lint at affordable prices and remain competitive in the international market.
In an exclusive interview with Fibre2fashion, Mr T Gutu, Chairman of Textiles Manufacturers Association of Zimbabwe stated, “The reason behind rising cost of cotton in Zimbabwe is two-fold. Our exchange rate is fixed by the state, and we have a hyper-inflationary economy. Increasing price is therefore an inevitable trend. In addition, the international price of lint has appreciated with the devaluation of the US dollar, and hence in real terms commodity prices will follow suit.”
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