The Bangladesh government has increased its cash incentives for apparel exports by an additional 5% to help local spinning mills and weaving mills affected by the unstable global cotton market.
The Bangladesh government has increased the cash subsidy from 5% to 10% because the local spinning mills and weaving mills have lost their competitiveness in recent months, according to a statement released by the Bank of Bangladesh last week.
The Bangladeshi government will expand its export incentives for clothing made from local yarns or fabrics.
After the sale of yarns and fabrics declined with the decrease in cotton prices, and the EU's rules for the origin of spinning in January of this year, the competitiveness of spinning and weaving mills in Bangladesh was affected. At present, the price of the 30 yarns they generally sell reaches 3.5 US dollars/kg, and the price was close to 7 US dollars a few months ago.
As the EU loosens the rules of origin, the demand for local fabrics has declined significantly because local garment manufacturers prefer to choose imported fabrics and enjoy 12.5% ​​of the tariff benefits provided under the EU's generalized system of preferences.
The Bangladeshi government will provide subsidies for importers who import cotton at high prices between August 2010 and March 2011.
The Bangladesh government has increased the cash subsidy from 5% to 10% because the local spinning mills and weaving mills have lost their competitiveness in recent months, according to a statement released by the Bank of Bangladesh last week.
The Bangladeshi government will expand its export incentives for clothing made from local yarns or fabrics.
After the sale of yarns and fabrics declined with the decrease in cotton prices, and the EU's rules for the origin of spinning in January of this year, the competitiveness of spinning and weaving mills in Bangladesh was affected. At present, the price of the 30 yarns they generally sell reaches 3.5 US dollars/kg, and the price was close to 7 US dollars a few months ago.
As the EU loosens the rules of origin, the demand for local fabrics has declined significantly because local garment manufacturers prefer to choose imported fabrics and enjoy 12.5% ​​of the tariff benefits provided under the EU's generalized system of preferences.
The Bangladeshi government will provide subsidies for importers who import cotton at high prices between August 2010 and March 2011.
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