In a recent statement, a leading industry expert highlighted the dramatic surge in global cotton prices over the past few months, which has placed immense pressure on the textile manufacturing sector. The industry is struggling to absorb these high costs, leading to financial strain and reduced profitability for many manufacturers.
Christian Schindler, Secretary General of the International Textile Manufacturers Federation (ITMF), explained that rising cotton prices are squeezing the entire textile supply chain. Over the last six months, cotton prices have doubled, while retailers continue to keep product pricing low, leaving manufacturers caught between rising input costs and stagnant revenue.
He noted that growing demand from major emerging economies like China and India, combined with lower-than-expected cotton production in key regions, has fueled this price spike. Additionally, India's decision to ban cotton exports in April, along with restrictions on contracted cotton, contributed significantly to the market volatility.
In May, India lifted its export ban but introduced strict licensing requirements and an export tax of Rs 2,500 per ton ($56.45/t) to manage the situation. Despite these measures, the market remains sensitive to policy changes and supply fluctuations.
Schindler also mentioned that some markets are adapting by adjusting their fiber blends—shifting from a 60/40 cotton-to-manmade fiber mix to a more balanced 50/50 ratio. Synthetic fibers, though still influenced by oil prices, are generally more cost-effective than cotton. However, experts like Milosac Cherel-Rodson from the United Nations Conference on Trade and Development point out that cotton prices are more volatile and responsive to market conditions compared to synthetic alternatives.
When profit margins shrink, companies often look to move upmarket, seeking higher value-added products to offset losses. But not all experts agree that this shift toward synthetic fibers is permanent. Some believe it's a temporary response to current market pressures.
Looking ahead, there are expectations that cotton prices will eventually stabilize as major producers like Brazil increase output, and demand from key markets such as China slows down. Since April, cotton prices have surged from around $0.60 per pound to $1.20 per pound in October. Notably, some contracts for spring 2011 delivery reached an all-time high of over $1.50 per pound, marking the highest level in 140 years.
As the world’s largest textile industry umbrella organization, ITMF reports that over the past two decades, the nominal prices of clothing and home textiles have fallen by an average of 50%. This trend reflects broader shifts in consumer demand, production efficiency, and global trade dynamics.
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