Sadly yes, fabric is a lot more expensive, but I think we can't forget that there are many other aspects that need to be considered and a straight comparison isn't very useful. I live in Australia and pay about 20$ per metre, and so love when there is cheap shipping from America because it's a great deal!!!
But, our income is a lot higher than in the U.S. I don't know the specifics but I know when I compare a decent Australian income to what my American friends think is decent, ours is about 20% higher.
This can also be seen when you look at food prices. If you compare a decent meal in America to a meal in Australia, ours seems much more expensive. But you have to take into account our incomes and cost of living match this.
Just thought I'd put my opinion out as I've lived in Africa, Europe and Australia and whenever I exchange the currency I would always be amazed at the differences in prices when converted, but after living there would realise that the incomes and other factors definitely equal it out. Still think I'd leap at the chance to stock up if I vist the u.s :D