Foreign news on April 22, the Bangladesh Textile Mills Association (BTMA) recently called for a temporary suspension of cotton yarn imports in the garment industry to preserve foreign exchange reserves and increase added value. <\/p>\n
MohasdfssdfsmmasdfssdfsdAliKhokon, president of the Textile Mills Association, conveyed this suggestion in a letter to the Governor of Bangladesh Bank. Exporters opposed to the proposal argued that the move would make them less competitive in global markets. <\/p>\n
The above-mentioned textile mills association stated that 510 local textile mills can meet 70% of the cotton yarn demand of the export-oriented garment industry. <\/p>\n
Khokon said that although factories have large stocks of raw materials due to falling demand, the export-oriented readymade garment industry imports large quantities of carded yarn and yarn through bonded warehouse facilities. Combed yarn, which costs a lot of dollars. <\/p>\n
He said that if domestic cotton yarn is used, the added value will be as high as 60%, while the added value of using imported cotton yarn is only 30%. <\/p>\n
Khokon urged the central bank governor to take measures to stop issuing back-to-back letters of credit for cotton yarn imports, saying Bangladesh was fully capable of producing cotton yarn. <\/p>\n
ShasdfssdfshidullasdfssdfshAzim, vice chairman of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said the decision will lead to a domestic oligopoly as buyers will not be able to raise prices for garment items. price, which will cut into competition. <\/p>\n
The knitwear industry, which sources most of its yarns and fabrics from domestic suppliers, also opposes any restrictions on such imports. <\/p>\n
In addition, MohasdfssdfsmmasdfssdfsdHasdfssdfstem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said that domestic spinning mills cannot meet all the demand for yarn and fabrics from the export sector. . <\/p>\n
Data from the Bangladesh Bank shows that the added value of the garment industry dropped to 54.38% in the 2021\/11 fiscal year, compared with 64.32% in the 2018\/19 fiscal year, mainly due to high imports of raw materials. . <\/p<\/p>\n","protected":false},"excerpt":{"rendered":"
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