A leading industry expert recently highlighted that the dramatic surge in global cotton prices over the past few months has placed significant pressure on the textile manufacturing sector, which is struggling to absorb these rising costs. As a result, the entire textile supply chain has been negatively impacted, with manufacturers facing squeezed margins and limited flexibility.
Christian Schindler, Secretary-General of the International Textile Manufacturers Federation (ITMF), emphasized that the sharp rise in cotton prices—doubling in just six months—has created a challenging environment for textile producers. Despite this, retailers are keeping product prices low, leaving manufacturers caught between rising input costs and stagnant selling prices.
The surge in cotton prices can be attributed to several factors. Major emerging economies like China and India have seen higher-than-expected demand, while some key cotton-producing countries have experienced lower-than-anticipated output. Additionally, India’s decision to impose an export ban on cotton in April further exacerbated the situation. The ban on contract cotton exports also contributed to the price spike.
In May, India lifted the export restriction but introduced strict licensing requirements and an export tax of Rs 2,500 per ton ($56.45/t) to control the flow of cotton. This move aimed to stabilize domestic prices while still allowing some level of international trade.
Schindler noted that some markets are adapting by shifting the blend of natural and synthetic fibers. For example, a 60/40 mix may now be changed to 50/50. Synthetic fibers, though more affordable, remain influenced by fluctuating 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 shifts compared to synthetic alternatives.
When profit margins shrink, companies often look to move upmarket, she added. However, some analysts believe that increased use of synthetic fibers may only be a temporary adjustment rather than a long-term shift.
Looking ahead, experts predict that cotton prices will eventually stabilize as major producers like Brazil ramp up output. Meanwhile, demand from key markets such as China may slow down, helping to balance the market. Since April, cotton prices have soared from around $0.60 per pound to $1.20 per pound in October. Some contracts for delivery in the spring of 2011 even hit a 140-year high, surpassing $1.50 per pound.
As the umbrella organization representing the global textile industry, ITMF reports that over the past two decades, the nominal prices of clothing and home textiles have fallen by an average of 50%, reflecting broader trends in cost efficiency and consumer demand.
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