COIMBATORE: Garment prices may get dearer with cotton and yarn prices touching an all- time high thereby pushing the total production cost for manufacturers.
“Price of cotton garments has shot up by almost 50 per cent since January, this year. There may be a further upward revision, if the spiraling prices of raw materials are not kept under control. But, already the domestic consumption of cotton garments has dropped considerably due to the cost factor,” said MP Muthurathinam, president of Tiruppur Exporters and Manufacturers’ Association (TEAMA).
Apart from cotton garments, the cost of vests and briefs has also skyrocketed. The South Indian Hosiery Manufacturers Association (SIHMA) has already announced an increase in the price of vests and briefs by 15 per cent.
“Currently, vests are priced between Rs 50 to 100 and briefs from Rs 70 to 100. Their prices will be increased by 15 per cent due to increasing yarn price and other raw materials,” said AC Eswaran, president of SIHMA. With continuing increase in cotton and yarn prices, the domestic market is gradually switching preference to garments made out of the cheaper polyester material and recycled yarn.
“Gradually, the market for cotton is dwindling in the domestic market as people couldn’t afford to buy them at high cost. There are opportunities for viscose material to come in place as a substitute to ever growing cotton price,” said garment manufacturers.