The Tiruppur Exporters' Association has urged garment exporters in Tiruppur to slow down cotton yarn purchases.
Raja M. Shanmugham, president of the association, said in a press release that after deliberating the issue of the recent spurt in yarn prices, it was decided to suggest to all its members to avoid panic buying of cotton yarn.
Most units will either close or scale down production for a couple of weeks because of the festival season. Cotton arrivals for the current season will also pick up after that. Hence, the units should slow down yarn purchase now.
The government should ban export of cotton or cotton yarn and abolish import duty on cotton.
The association also urged its members to talk to their overseas buyers and seek a price increase from them as high input costs are felt globally.
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