Tosp knitting factory head hopes for drop in cotton price

 June 20, 2011 - 14:50 AMT

PanARMENIAN.Net - In 2011, cotton price grew by 70-75%, however, Tosp textile company increased its production cost by 20% only.

As Tosp ojsc Director General Suren Bekirski told a news conference organized in the framework of Armenian Economy Minister Tigran Davtyan’s visit, a tendency for price drop has been observed recently, however, the world market has “held its breath” in expectation of August-September harvest.

Mr. Bekirski expressed hope for the new harvest prices to be much lower.

As Mr. Bekirski noted, the raw materials used in production are mainly imported from Turkey and Middle Asia; however, there were some transportation- and cost related difficulties in importing from China, he said.

In March 2011, cotton prices struck a record level, reaching their highest in the last 30 years.