After the debacle of recession, rising cotton prices are now putting the apparel industry at stake. Retailers and consumers are feeling the pinch on increasing cotton prices.
Prices of cotton have increased 55% during the past year, and consequently; other costs relating to cotton are also on the rise. Prices of apparels too, cannot escape the clutch. Recession scarred retailers, who were badly hurt, and are now recovering gradually, are facing the turmoil again. Industry analysts feel that they might pass on some of their pressure to the apparel shoppers. Consumers, as a result will have to pay a higher price for their apparels during this festive season.
Motive of the price hike:
Cotton prices have marched to a 15 year high since 1995. Natural disasters in the major cotton producing countries, and an increasing demand for cotton have boosted the prices. Market is in a bullish trend, with the Petroleum exploding prices. China is the first biggest producer, and importer of cotton. Heavy rains in China are causing global shortage. India, the second major producer, has put a ban on cotton exports which exacerbated the global supply issues. Export quotas in Brazil created similar results. Pakistan the fourth largest cotton manufacturer is wiped out due to floods. Another top producer, Russia is affected with drought and fires. There is also an increasing trend in the global consumption. All these factors resulted in sky rocketing cotton prices.
While increasing prices are good news for farmers, the retailers, and consumers will face the pressure. “We are facing a very serious problem in terms of increased cotton prices,” says Abercrombie “> Author Box Fibre2fashion has 1 articles online
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