Bangladesh Yarn Merchants Association 2.98

Tanbazar, Narayanganj
Narayanganj, 14009
Bangladesh

About Bangladesh Yarn Merchants Association

Bangladesh Yarn Merchants Association Bangladesh Yarn Merchants Association is one of the popular place listed under Community Organization in Narayanganj , Business Service in Narayanganj ,

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During the last leg of British rule, fabrics and yarn produced in Narayanganj was so reputed and its fame reached such a level that people started calling Narayanganj the 'Manchester of Asia'. Raja Suryokumar Bose established the first cotton mill (Lakshmi Narayan cotton mill) in the area in 1927. Babu Romesh Chandra Rai then followed Bose and set up another cotton mill (Chittaranjan cotton mill) in 1942. Three cotton mills had started their operation before 1947. Regrettably, such pride is only in the history of glorious past.
Though not in an illuminating manner, the descendants of the successful ancestors are still trying to keep their traditional business alive. Although they are struggling in absence of both policy and monetary incentives; Taanbazar yarn market is still contributing as a major player in sustaining the local fabric and handlooms and to some extent to export oriented textile. Only locally produced yarn is sold in this market. Spinners import raw cotton and process it to yarn. Merchants of Tanbazar do trading with this yarn as agents of spinning mills.
Tanbazar is not only a yarn market; it is also the only wholesale selling point of dye and chemicals for handloom and local fabric.
Merchants in Taanbazar yarn market are agents of spinning mills. They usually make annual or multiple year contracts with spinning mills. In accordance to such contract, each agent is entitled to sellout the total quantity of yarn produced, by any spinning mill, within contract period. As per the contract, production output of spinning mills directly goes to warehouses of the merchants located in different parts of Bangladesh, from where they supply yarn to their customers. In these cases their customers are either the retailers or the representatives of textile plants.
Retailers of yarn are usually the supply source of handloom sector of the country particularly in Baburhat in Narsingdi; Sohagpur, Enayetpur and Shahajadpur in Sirajganj; and Tangail and Kumarkhali in Kushtia.
Some unfriendly custom and monetary policies are adversely affecting the local textile sector. Businessmen of Tanbazar consider the provision of importing less than 30 count and above 80 count raw cotton 'not business friendly'. Another serious concern for the cotton sector is the increasing exchange rate of dollar that contributes to soar up the production cost of spinning mills.
Increased exchange rate of dollar coupled with price hike of raw cotton in international market has pushed the spinners to uncertainty. Raw cotton selling at the rate of 52-55 cent per 118-inch only five months back is presently selling at 60 cent. In such a situation, the traders cannot reduce the price of yarn and the millers producing clothes for local market need to scale up their price for cost adjustment. This imbalance occurs when export-oriented textile industries produce apparels more than their order. Being export-oriented textile they can avail 15 percent incentives from the government against their sale and subsequently they can also keep their product rate lower than those only produced for local market.
Bangladesh Yarn Merchant Association is a platform of yarn merchants where they can raise their common voice.
Apart from these, if merchants face any other market-oriented problem and seek policy support, the association raises those issues to the concerned ministry. In this connection, according to Mr. Mannan, the association plays a significant role in preventing import of yarn through land port. He believes that with ban on import of yarn through land port, spinning mills have witnessed a growth in Bangladesh.
Bangladesh Yarn Merchant Association is enlisted with the country's business apex body Federation of Bangladesh Chamber of Commerce and Industries (FBCCI).

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