A leading expert has stated that the extraordinary rise in cotton prices over recent months has placed significant pressure on the global textile manufacturing industry, which is struggling to absorb the high costs. As a result, the entire sector is now facing challenges and is being negatively impacted.
Christian Schindler, the Secretary-General of the International Textile Manufacturers Federation (ITMF), highlighted that the textile industry is under immense pressure due to the sharp increase in cotton prices. Over the past six months, cotton prices have doubled, yet retailers continue to hold down product prices, leaving manufacturers with little room to raise their own pricing.
The surge in cotton prices has been driven by several factors. Major emerging economies like China and India have seen higher-than-expected demand for cotton, while some key producing countries have experienced lower-than-expected output. This imbalance has led to a dramatic spike in global cotton prices.
Schindler also noted that India's decision to ban cotton exports in April, along with restrictions on contract cotton, contributed significantly to the price surge. Although India lifted the export ban in May, it introduced strict licensing requirements and imposed an export tax of Rs 2,500 per ton ($56.45 per ton) on cotton exports.
In response to the rising costs, some markets are adjusting their fiber mixtures, such as shifting from a 60/40 blend of cotton and manmade fibers to a 50/50 ratio. Synthetic fibers are generally more affordable than cotton, even with ongoing high oil prices. However, Milosac Cherel-Rodson, a commodity expert at the United Nations Conference on Trade and Development, pointed out that cotton prices are more sensitive to market fluctuations compared to synthetic fibers.
When profit margins shrink, companies often look to move into higher-end markets, she added. Nonetheless, some experts believe that the increased use of synthetic fibers is only a temporary trend.
Looking ahead, it is expected that cotton prices will eventually stabilize as production in major cotton-producing countries like Brazil increases. Meanwhile, demand in key markets such as China may slow down.
Since April, cotton prices have surged from approximately $0.60 per pound to $1.20 per pound by October. Some contracts for delivery in the spring of 2011 reached record highs, surpassing $1.50 per pound—its highest level in 140 years.
As the umbrella organization representing the global textile industry, ITMF has reported that, over the past two decades, the nominal prices of clothing and home textiles have fallen by an average of 50%. Despite this long-term decline, the current price volatility highlights the growing challenges faced by the industry.
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