couple of months we have lost at least $500 million worth of markets
due to yarn price hike,” said Mohammad Fazlul Huq, president of
Bangladesh Knitwear Manufacturers and Exporters Association”.”The price of yarn is almost double now compared with February,” he told reporters at a news conference ..He said that in February the prices of imported cotton was 80.05 cents for per pound and yarn price was $2.85 per kilogram ..But
the price of cotton has since increased only 7.6 percent to 86.1 cents
per pound while the price of yarn rose about 50 percent to $4.2 for per
kg ..”Due to price hike of yarn we can not receive several export
orders across the world while our competitors like Vietnam has been
able to raise its market at least by 18 percent,” Huq said ..He urged the government to ease the import of yarn from India via land links to cool the local market ..”The windfall profit of the local yarn makers is the main cause of yarn price hike,” he said ..Bangladesh buys up to 30 percent of its yarn from India via sea routes, that can take several weeks ..Textiles,
mainly readymade garments, are Bangladesh’s main export, which earned
$15.56 billion, or 80 percent, of its annual export income in the
fiscal year to June 2009 ..Earnings from readymade garments,
including knitwear and woven, in July-February slid 5.5 percent to $7.7
billion from the same period of the previous year .