Dhaka, Bangladesh (BBN)- Apparel sectors leaders have voiced their concern over the price spike of cotton in both local and international markets, saying it will hurt the largest export earning sector.
In a joint statement, Bangladesh Garment Manufactures and Exporters Association (BGMEA) and Bangladesh Knitwear Manufactures and Exporters Association (BKMEA) urged the government to intervene the cotton market, which turned wobbly.
The trade groups also made an appeal to spinners not to charge higher prices, considering the negative impact on the clothing sector that earned US$15.56 billion in 2009.
They claimed that they took cotton order for manufacturing clothing at $3.50 per pound cotton in July-August period. But the present price reached $4.40, up from $3.70 a week ago.
The joint statement demanded that spinners set "rational and affordable prices" of cotton for the interest of the industry, which wins bread for an estimated 3.0 million workers, mostly female. Cotton is mainly used by knitwear manufacturers.
BBN/SI/AD-23Sept10-10:58 am (BST)