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The price of textile raw materials increased drastically

27/10/2021 02:04 PM
Now is the time for textile enterprises to step up production to complete orders. However, this is also a sprint cycle to increase the price of raw materials worldwide.
Cotton prices on the US ICE Exchange have successfully conquered 10-year peak, joining a long list of trending raw materials and showing no signs of stopping. Meanwhile, yarn prices also increased by 8-10%, which directly affects the price of raw materials for the textile and garment industry in Vietnam.

Despite abundant orders, exporters still need to balance production costs and closely follow the price movements of raw materials in the market.

Prosport company has more than 100 regular suppliers, mainly in the southern region and foreign partners such as China, India, Korea... About 2 weeks ago, they consecutively received notice of price increase from Chinese fabric suppliers. Currently, many new contracts are still being negotiated on prices.

According to the survey, Vietnamese textile and garment enterprises usually import 60-70% of production materials. Therefore, the current price of raw materials is almost dependent on fluctuations in the world market.

Notably, according to statistics of the General Department of Customs, in the first 8 months of this year, the import value of raw materials and accessories for the textile  and footwear industry increased by 29.4% over the same period in 2020.

Although the price of raw has increased and delivery is slow, textile and garment enterprises have not been able to increase the price of finished products in the short term.

"We personally understand that when the market recovers, it is very difficult to increase product prices. We also focus on saving raw materials, saving possible input costs. In terms of prices, they will definitely increase, but all May 10’s activities now must save all technical norms…”, said Mr. Than Duc Viet - General Director of May 10 Corporation.

Currently, this is also a sprint cycle to increase the price of raw materials worldwide. Because most businesses are dependent on imported raw materials, production costs also increase, causing many risks.
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