Prices of apparel and textiles are expected to rise by up to 40%.
Countries all across the world are experiencing significant inflation, and there is no exceptional for our country. Daily food and supplies in our country are said to be rising in price. Clothing and textiles are among the commodities whose prices are expected to rise, according to recent reports.
Due to global raw material shortages, high shipping costs, and a weak ringgit currency rate, apparel and textiles are likely to increase by 30% to 40%.
Cotton is widely recognised as the most rapidly increasing raw material. The former price per pound was 70 cents (about 2 ringgit 96 sen), but it has suddenly jumped to 140 cents (around 5 ringgit 92 sen), a 100 percent increase.
International maritime freight rates have risen as a result of rising international oil prices, with an average increase of 10% to 20%. Because all of the clothing and textiles sold in our country are imported, the rise in international shipping costs has pushed up the prices of these things.
Malaysia will adopt a RM1,500 minimum wage system on May 1, and it is expected that this will lead to significant hikes in garment and textile pricing.
