Government Extends Minimum Import Price on Synthetic Knitted Fabrics

The government has extended the minimum import price (MIP) of USD 3.5 per kg on synthetic knitted fabrics until December 31, 2023, to prevent the inflow of cheap fabrics. This extension also covers eight new types of knitted fabrics, effective from September 15 as per the Directorate General of Foreign Trade's latest notification.

The government has announced an extension of the minimum import price (MIP) of USD 3.5 per kg on synthetic knitted fabrics until December 31, 2023. The move aims to discourage the import of cheaper fabrics flooding the market, thereby protecting domestic manufacturers.

The Directorate General of Foreign Trade (DGFT) confirmed this extension in a notification released on Tuesday. Originally set to expire on September 15, the MIP will now cover an additional eight new types of knitted fabrics.

According to the DGFT's announcement, this measure is intended to support local fabric producers and stabilize market conditions until the end of the year.