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 rapid increase has made it difficult for manufacturers to absorb the rising costs, leading to financial strain across the industry.
Christian Schindler, Secretary General of the International Textile Manufacturers Federation (ITMF), explained that the textile industry is facing significant challenges due to soaring cotton prices. Over the last six months, the price of cotton has nearly doubled, while retailers continue to keep finished product prices low, squeezing manufacturers' margins further.
The spike in cotton prices has been driven by strong demand from emerging economies like China and India, which have exceeded expectations, combined with lower-than-anticipated cotton production in several key countries. These factors have created a supply-demand imbalance, pushing prices higher.
India's decision to ban cotton exports in April, along with restrictions on contract cotton, played a major role in the price surge. However, in May, the country lifted its export ban but introduced strict licensing requirements and an export tax of Rs 2,500 per tonne ($56.45/t) to regulate the market.
Schindler also noted that some markets are beginning to adjust their fiber mix, shifting from a 60/40 blend of cotton and synthetic fibers to a 50/50 ratio. Synthetic fibers are generally more cost-effective than cotton, even though oil prices remain high. 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 alternatives.
When profit margins shrink, companies often look to move into higher-end markets, she added. However, some analysts believe this shift toward synthetic fibers may be temporary. They expect cotton prices to eventually stabilize as major producers like Brazil ramp up output, and demand in key markets such as China slows down.
Since April, cotton prices have surged from around $0.60 per pound to $1.20 per pound by October. Some contracts for delivery in the spring of 2011 reached historic highs, surpassing $1.50 per pound—marking the highest level in 140 years.
As the umbrella organization for the global textile industry, ITMF reported that over the past two decades, the nominal prices of clothing and home textiles have dropped by an average of 50%, reflecting long-term trends of affordability and competition in the sector.
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