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Bangladesh’s textile mills demand low rates for yarn

Aug 27, 2021
Bangladesh’s textile mills demand low rates for yarn

Bangladesh

Once again, the home textile millers in Bangladesh have demanded the import of yarn at reasonable rates for the ones who have no bond license so that the export orders can be maintained.

According to the letter written by The Bangladesh Terry Towel and Linen Manufacturers and Exporters Association (BTTLMEA) to the National Board of Revenue (NBR), the board has asked for permission to import yarn at concessional tariffs. The organization has requested for the authorization of the import of 6 to 20 count yarns, the import of yarn at a reduced rate, and the import of yarn via land ports, seaports, and railways. Another request was made regarding the permission of partial shipment of yarn against the same letter of credit.

The exporters who don’t have a bond license have to pay a 37% duty to import yarn. Around 90% of home textile exporters don’t have these bond licenses and most of them have small capital. Hence, they are unable to import because of high tariffs.

According to the letter, the local textile mill owners have passed a statement that the price of yarn in the country is normal as compared to other countries. A note was made that the textile mill owners in Bangladesh are in better condition than others in terms of gas prices, electricity, and labour wages.

Source – The Business Standard

Image Source: India mart

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