Apparel exporters and textile millers have agreed to create a committee composed of members from both the textile and apparel industries to set the upper limit price for yarn in the domestic market in the near future.
They also decided at a meeting on Tuesday night that the price of yarn in the domestic market will not rise higher for the time being.
The group will include leaders and delegates from Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), and Bangladesh Terry Towel and Linen Manufacturers and Exporters Association (BTTLMEA).
The price of yarn in the local market has witnessed a rising trend in the last couple of months, industry insiders said. Despite having capacity to deliver, local apparel exporters are facing difficulty in grabbing the opportunity of increased work orders because of the rise in yarn prices. A committee will be formed with representatives from the concerned textile and clothing sector trade bodies and they collectively will fix the price within days.
