BKMEA for price monitoring cell to curb yarn prices

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FE Report
Knitwear manufacturers and exporters Saturday proposed formulation of a monitoring cell to control and fix yarn prices within three days.
Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President Fazlul Hoque made the proposal as the price increased 60 cents per kg in last 10 days.
"In February, cotton price was US$ 80.05 per pound in the international market while it was $86.10 per pound on April 24. In April 21, the yarn price was $4.20 per kg in local market against $2.85 per kg in February," he said.
"The difference between cotton price hikes in the international market and in the local market was wide," he added.
"It is a big blow to the local and export-oriented knit, woven and garment manufacturers, as they are already affected by global recession and gas and power crises," the BKMEA president said at a press conference at BKMEA office in the city Saturday.
He alleged that some local yarn manufacturers were exploiting the price hike in the international market and also the Indian government's decision to suspend cotton export.
Mr Hoque said, "We lost orders worth US$ 200-300 million from foreign buyers during the last one month and I could not accept $4 million orders."
In a reply to a query, he told reporters that in the neighbouring countries yarn was selling at $3.60 per kg.
Mr Hoque asked the government to lift the ban on yarn import through the Benapole landport and finalise stimulus package for the affected soon.
He said the apparel industry is under a severe threat due to global recession and the on-going energy crisis in the country.