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Govt fixes cotton waste price at $1.60 a kg

Repayet Ullah Mirdha
The government has fixed the minimum export price of cotton waste, a by-product from spinning mills, at US$1.60 per kg-
The new move, taken as per recommendations by the Bangladesh Textile Mills Association (BTMA), is aimed at making the item available for local manufacturers and discouraging its export, according to official sources.
“All formalities have already been finalised and the Statutory Regulatory Order (SRO) in this connection will be circulated within two days as the law ministry also verified it through vetting," said a senior of the commerce ministry.
Industry people said cotton waste prices have gone up by 15 percent over the last few days as the item turned scarce on hoarding by a section of manufacturers and traders.
According to M Anisuzzaman, chairman of the Bangladesh Terry Towel and Linen Manufacturers and Exporters Association, Nimophil, a cotton waste, was selling at Tk95 per kg yesterday, while it sold at Tk80-Tk85 a kg just 5 days back.
He hailed the government's new move to fix the minimum export price of this main ingredient of terry towel, home textile and denim fabrics. He thinks it will benefit the country.
"Definitely, the price fixation will discourage the unscrupulous traders from exporting this valuable item,” Anisuzzaman maintained.
These unscrupulous traders export the item at US$ 0.10 per
kg whereas local manufacturers are to buy it at $ 1.25 a kg, the industry insiders alleged.
The Bangladesh Terry Towel and Linen Manufacturers and Exporters Association along with the BTMA has already had a number of parleys with the commerce adviser and other senior officials to resolve the issue.
As per a resolution of a recent meeting with the industry owners, the commerce ministry sought the opinion from the Bangladesh Tariff Commission (BTC) on the fixation of the minimum export price of cotton waste.
Commerce ministry data shows the deficit of waste cotton, used as a raw material in the open-end mills, is 75 percent of its total demand.
It also shows cotton waste worth $10.99 million was exported during the July-March period of the current 2007-08 fiscal year (FY) against $7.42 million exports in FY 2006-07.
Bangladesh Textile Mills Association President Abdul Hai Sarker said the local manufacturers can produce fabrics worth USS 250 million from the cotton waste a year but unscrupulous traders export this spinning by-product worth less $10 million.
Since the highly value added item is used for the production of exportable products such as denim, terry towel and home textile the government should also check any under use of cotton waste, he said.
"Our local industries will benefit from the government's latest decision to fix the price of cotton waste," Sarker said. reefat@thedailystar.net