Steeply rising yarn price in the last few months has become a matter of concern for the weavers in the country even as industry people have underlined if the yarn market remains volatile, many weaving factories will be forced to shut down.
Media reports maintained this adding struggling to cope with the same, many mills have already cut down production significantly even as speaking to the media, Secretary to the Chawla Textile Industry Owners’ Association of Narsingdi district (Narsingdi is home to the largest number of weaving mills in Bangladesh), Md. Nannu Ali Khan, reportedly, stated subsequent to yarn prices going up by more than 50 per cent in last three months, around 70 per cent of the capacity of the weaving mills in the country remains unused.
Meanwhile, many weaving mills have, reportedly, stopped production because of mounting losses in view of the rise in yarn prices even as Bangladesh Textile Mills Association (BTMA) underlined the annual size of the domestic garment market in Bangladesh is about Taka 70,000 crore, and local weaving mills cater to around 70 per cent of this huge demand.