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Coronavirus scare: Hosiery prices soar in Ludhiana as imports from China stop
The crisis is expected to worsen in the near future, say experts
Restriction on imports from China, amid the severe Covid-19 (novel coronavirus) outbreak in the country, has cost the hosiery industry in Ludhiana dear as the availability of limited stock has jacked up the prices of fabric and accessories. The crisis is expected to worsen in the near future, say experts.
Hazuri Road Hosiery Association president Harkirat Singh Rana said retailers were selling accessories such as buttons and needles at a higher price.
“A box of buttons that would earlier cost ₹100 is now being sold for ₹125. Similarly, the price of 100 needles from China has shot up from ₹1,500 to ₹2,200. Earlier, wholesalers would themselves travel to China to buy these items. As they are no longer able to do so, they are stockpiling the goods. This is causing an increase in prices due to limited availability of stock,” he said, adding that the price of machine accessories that were imported from China had also increased.
Bahadur Ke Road Textile Association president Tarun Jain Bawa said, “We are largely dependent on China for cheap accessories. If the situation does not improve soon, the crisis will worsen in a month.”
Members of Dyers’ Association also said there was a shortage of chemicals in the market.
Earlier, garment manufacturers had raised concerns over lack of imports from China that had caused the price of accessories to increase by nearly 25%.
