The country’s apparel exporters and spinners have imposed a price cap for count 30-single yarn to prevent an unexpected price increase in the domestic market.
Following a month-long rise in yarn prices on the domestic market, leaders of Bangladesh Garment Manufacturers and Exporters Association, Bangladesh Knitwear Manufacturers and Exporters Association, and Bangladesh Textile Mills Association met on Saturday to set the maximum price of mostly consumed 30 count yarn.
The country’s readymade garment exporters had been requesting the government for the last few weeks to make the yarn import open through all land ports. The price of the item increased by 50-60 per cent in the local market compared with that in the international market. Exporters alleged that the unusual price hike of yarn eroded their competitive edge on the global export market. The Narsingdi Chamber of Commerce has written to the government asking for a price hike in the price of yarn. The letter said that the small- and medium-scale hand looms and power looms across the country were losing their competitiveness on the export market due to the price hike. The chamber demanded a tag with date of manufacturing and maximum retail price on the pack of yarn to prevent hoarding.
