The meeting convened by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and the Bangladesh Textile Mills Association (BTMA) decided the upper ceiling of the 30s cotton carded yarn at $4.20 a kilogram and 30s cotton combed yarn at $4.50 a kg.
Readymade garment exporters in the country had been requesting the government for the last few weeks to make yarn import open through all land ports, alleging that the price of the item had increased by 50-60 per cent in the domestic market compared to that in the international market, according to Bangla media reports.
Exporters alleged that the unusual price hike of yarn in the local market eroded their competitive edge on the global export market.
If the global cotton index exceeds 100 points, an upward revision of the yarn price will take place in the local market and if the index goes down below 85 points, the price will be reduced, BTMA president Mohammad Ali Khokon was quoted as saying.
Fibre2Fashion News Desk (DS)
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