Bangladesh to import more US cotton as consumption gains: USDA
The nation’s total overseas purchases may rise 2.3% y/y to 8.9 million bales
Representational Image. Photo: REUTERS
Bangladesh may import 1 million bales from American suppliers in 2022-23, up 43% y/y amid rising domestic use, the US Department of Agriculture's Foreign Agricultural Service said in a report.
The nation's total overseas purchases may rise 2.3% y/y to 8.9 million bales.
According to the report, Indian cotton took 29% share in calendar year (CY) 2021, followed by Brazil, Benin, and US.
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Bangladesh produces very little cotton and must bring from abroad almost all the raw material used in its vibrant textile industry
Consumption to rise 3.3% y/y to 9.3 million bales of 480 lbs each.
In CY 2021, Bangladesh's ready-made garment exports reached a record high of $35.8 billion, becoming second-largest exporter after China.
