Apparel exporters and textile millers have decided to form a committee comprising representatives from both the textile and clothing sector to fix the upper ceiling price for yarn for the local market shortly.
In a meeting held on Tuesday night, they also agreed that the price of yarn in the domestic market will not increase further for the time being.
The 10 to 15 members committee will be formed with leaders and representatives from Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh Terry Towel and Linen Manufacturers and Exporters Association (BTTLMEA) and Bangladesh Textile Mills Association.
The decisions were taken at a meeting held at a city hotel with the presence of leaders from BGMEA, BKMEA, BTTLMEA and BTMA.
BGMEA president Faruque Hassan, BKMEA president Salim Osman and its first vice president Mohammad Hatem, director Fazlee Shamim Ehsan, BTTLMEA chairman Shahadat Hossain Sohel were present at the meeting while BTMA president Mohammad Ali Khokon and former president Tapan Chowdhury joined virtually.
When asked, BTTLMEA chairman Mr Sohel informed that the meeting agreed that the price of yarn would not go up for the time being.
“A committee will be formed within couple of days with representatives from the concerned textile and clothing sector trade bodies and they collectively will fix the price in line with the rate of New York and other costs including utilities,” he told the FE after the meeting.
The emergency meeting was convened as 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, they added.
