Apparel exporters have expressed worry about the rise in yarn prices, particularly in the domestic market.
Retail sales have increased dramatically in Europe and the United States as stores open following mass vaccinations, and Bangladesh is receiving a large number of work orders as a result, RMG leaders said on Sunday.
However, unexpected rises in domestic yarn costs have made it difficult for local garment makers to accept larger orders, they said during a meeting held at the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) office in Dhaka.
Bangladesh’s textile industry is struggling to cope with rising yarn prices and a lack of support from the government, according to apparel makers. They said local mills are increasing yarn prices every day and providing proforma invoices with a short time limit, which makes it difficult for them to open LCs. It takes around 15 days to confirm orders for yarn from the local market, so many apparel manufactures are unable to take more orders despite having the capacity, RMG leaders said.
