Importers fear further cotton market spiral
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Monday
January 30, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
MONDAY, JANUARY 30, 2023
Importers fear further cotton market spiral

RMG

TBS Report
25 October, 2021, 10:10 pm
Last modified: 27 October, 2021, 07:24 pm

Related News

  • Importers in a bind as sample goods pile on Ctg custom's lone chemist
  • Reconditioned vehicle importers demand easy registration procedures
  • Uncertain importers opt for wait-and-see
  • Importers to incur losses if consumers spend less
  • US drought pushes cotton prices to ten-year high

Importers fear further cotton market spiral

Cotton association suggests apparel-makers to negotiate clothing rates with foreign buyers keeping the hikes in mind

TBS Report
25 October, 2021, 10:10 pm
Last modified: 27 October, 2021, 07:24 pm
Represenattaional image. Picture: Collected
Represenattaional image. Picture: Collected

Importers do not see any sign that the volatile international cotton market would calm down anytime soon as cotton consumption surges.     

In the face of pricier yarn and fabrics – main raw materials for the country's readymade garments – the importers and textile mill owners at a press conference Monday suggested apparel-makers to negotiate their clothing rates with the foreign buyers.

At a press conference in Dhaka by Bangladesh Cotton Association (BCA), there had been an argument between the textile mill owners and terry towel exporters over lifting the import duty on yarn to rein in the local yarn market.

Cotton Association of Bangladesh President Mohammad Ayub gave a presentation on cotton price hikes in the last two months and hinted at spiked cotton consumption in future.  

"We are skeptical whether cotton prices will come down in the future," he said.

He said cotton turns pricier not only for Bangladesh, but also the countries that produce cotton are having problems in getting the apparel raw material. Apart from the supply crunch, mismanagement of logistics such as costlier shipping, container scarcity and congestion at the port are also responsible for the price spike.

"The market is too volatile. It is very uncertain what happens next," Mohammad Ayub, told The Business Standard, after the press conference.

He said cotton prices in the latest hike spiked by 20-25 cent per pound.

"Cotton that cost 90-95 cent per pound two months ago, is now at $1.17 upon the port arrival," he stated.   

A fragile confidence among the textile mill owners, apparel manufacturers and terry towel exporters came to the spotlight at the press conference.    

Shahadat Hossain Sohel, chairman of Bangladesh Terry Towel Manufacturers and Exporters Association, called for the lifting of the existing 37% import duty on yarn to rein in the prices.

Opposing this, Monsoor Ahmed, a representative of Bangladesh Textile Mills Association, said if the duty is lifted, local industries will face problems.

Fazlul Hoque, vice-president of Bangladesh Textile Mills Association, told The Business Standard after the press briefing that if the apparel exporters fail to negotiate with the buyers to increase the prices, they will be in trouble as cotton prices are rising in the international market.

Among others, Md Shahidullah Azim, vice president of Bangladesh Garment Manufacturer and Exporters Association (BGMEA) and Mohammad Hatem, executive president of Bangladesh Knitwear Manufacturer and Exporters Association (BKMEA) were also present at the press briefing.

Economy / Top News

Cotton market / Importers

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: Collected
    Economic slump drags down growth in VAT collection from big cos
  • It's corruption that bites business harder: CPD
    It's corruption that bites business harder: CPD
  • Import slowdown to affect economic growth: ADB country head
    Import slowdown to affect economic growth: ADB country head

MOST VIEWED

  • Photo: Courtesy
    World Bank MD visits Team Group factory
  • Photo: Sustainable Apparel Coalition
    Sustainable Apparel Coalition partners with Bangladesh Apparel Exchange for fourth edition of Sustainable Apparel Forum
  • BGMEA calls on PVH to buy more high-end apparels from Bangladesh
    BGMEA calls on PVH to buy more high-end apparels from Bangladesh
  • Photo: Courtesy
    10 Bangladeshi companies participating at Texworld USA 2023
  • TBS Sketch
    Entrepreneurs should focus on upskilling manpower 
  • Sketch: TBS
    The German Due Diligence Act: Are we ready?

Related News

  • Importers in a bind as sample goods pile on Ctg custom's lone chemist
  • Reconditioned vehicle importers demand easy registration procedures
  • Uncertain importers opt for wait-and-see
  • Importers to incur losses if consumers spend less
  • US drought pushes cotton prices to ten-year high

Features

Nandita Sharmin's journey to give organic skincare a new identity

Nandita Sharmin's journey to give organic skincare a new identity

13h | Mode
Illustration: TBS

'The silver lining is that the worst is sort of behind us': Hamid Rashid, UN economist

16h | Panorama
Photo: Bloomberg

BuzzFeed and AI are a match made in fad city

15h | Panorama
Snipe in flight. Photo: Enam Ul Haque

Baikka Beel: 'A world where snipe work late'

1d | Panorama

More Videos from TBS

Sarika Sabrin is waiting for a good film

Sarika Sabrin is waiting for a good film

6h | TBS Entertainment
Take your football game to the next level at Next Level academy

Take your football game to the next level at Next Level academy

7h | TBS SPORTS
“Investments risky without consistent policy, reliable data”- SK Bashir Uddin

“Investments risky without consistent policy, reliable data”- SK Bashir Uddin

9h | TBS Round Table
What does Shahrukh has in his 770 million dollar property?

What does Shahrukh has in his 770 million dollar property?

1d | TBS Entertainment

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

3
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

4
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

5
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net