Home / Knowledge / News / Textiles / Rising yarn prices hits Cambodian silk industry
Rising yarn prices hits Cambodian silk industry
13
Aug '10
As the price of silk yarn imports go up, it is posing a danger to continued existence of the Cambodian silk industry. This is because since end-June, almost half the silk weavers of country have left their jobs, industry officials divulged.

Prince Sisovath Pheanuroth, President of the Khmer Silk Village Association (KSVA), said that the yarn prices have almost doubled, over the corresponding period last year, and that there are no indications of it going down.

The KSVA revealed that, there has been a hike of 46 percent in the prices of silk yarn prices and they now stand at US $40,000 per ton as against $27,500 per ton in the same time last year. Further the prices are expected to rise to a level of $45,000 -50,000 per ton by year end.

The association President further stated that, as the silk yarn exporters continue to restrict supply, he believes that silk yarn prices would continue to rise in times to come.

The country each year churns out around four tons of silk yarn, which barely meets the local demand. Between 2005 and 2009 each year, Cambodia was required to import around 300-400 tons of silk yarn from Vietnam and China in order to produce finished silk products. Of the entire produce, 30 percent of the finished products were exported to overseas markets and the rest was sold in local markets.

As stated by Ke Muny, Deputy Secretary General of KSVA, the price rise proved to be a menace to jobs of about 20,000 workers engaged in the sector, and now with diminishing silk profits, many of those who were earlier engaged in silk weaving are now hunting for jobs in other sectors.

Since July, almost half the weavers across Cambodia have given up their jobs as the finished silk products that they produce are not reaping high prices and as such are no more profits, Ke Muny said.

On April 27, Prime Minister Hun Sen abolished the duty on imports of silk yarn as well as removed value-added tax. Though this brought down the production cost by around seven to 10 percent, mounting prices of the raw material are continuously eating up profits.

Fibre2fashion News Desk - India

Must ReadView All

L-R Manish Singhai, COO, Peter England; Vinai Kumar Saxena, chairman, KVIC; Ashish Dikshit, business head, ABFRL and Anshu Sinha, CEO, KVIC while signing agreement. Courtesy: ABFRL

Textiles | On 24th May 2017

Aditya Birla & KVIC enter into a strategic partnership

Aditya Birla Fashion and Retail Ltd (ABFRL) and Khadi and Village...

Apparel/Garments | On 24th May 2017

G-III Apparel enters into license agreement with PVH

G-III Apparel Group has entered into a multi-year license agreement...

Textiles | On 24th May 2017

Co-optex records Rs 315 cr sales in 2016-17

Tamil Nadu Handloom Weavers' Co-operative Society, Co-optex, has...

Interviews View All

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search