Thanks to soaring prices in the local market, yarn import by Bangladesh has registered a sharp increase lately.
Media reports maintained this adding as per sources at the Bangladesh Textile Mills Association (BTMA), the country (Bangladesh) imported around 1.07 million tonnes of yarn in 2021, which is 65 per cent higher compared to that in the previous year even if imports of fabrics increased by 41 per cent and cotton by 27 per cent during the same period.
Reports further added as apparel export increased, prices of the raw material, yarn, began to rise sharply in the middle of last year.
Meanwhile, speaking to the media, MB Knit Fashion Limited, a knitwear manufacturer and exporter based in Narayanganj, which, reportedly, used to meet almost its entire demand for yarn collected from local spinning mills, reportedly, claimed procuring 30 per cent of the same from overseas last year as exorbitant prices of yarn in the domestic market forced it to opt for heavy imports from cheaper global sources.