Bangladesh to curb cotton imports and use stocks on price: USDA

Bangladesh imported 8.75 million bales of cotton last year

TBS Report

December 19, 2021, 2:15 p.m.

Last modification: December 19, 2021, 2:17 PM

Representation image. Photo: REUTERS


Representation image. Photo: REUTERS

Cotton imports for the 2021-22 fiscal year were about 8.2 million bales, compared with 8.3 million bales previously estimated for the year, the US Department of Foreign Agriculture Service said on Sunday. of Agriculture (USDA).

“Due to the high international price of cotton, local spinning mills will consume more out of stock,” the report said.

Bangladesh imported 8.75 million bales of cotton last year.

China is the world’s largest importer of cotton, followed by Bangladesh, and both countries are major customers for major US shippers.

According to data from the Cotton Council International (CCI) delegation revealed in November, in FY21 the country imported around 1.15 million bales, which represented around 14% of its total imports.

Bangladesh’s ready-to-wear (RMG) industry relies heavily on cotton.

After the fallout from the Covid-19 pandemic in 2020, Bangladesh’s ready-to-wear clothing exports grew 28% annually to reach $ 28.5 billion in 10 months of 2021.

In September, imports of yarns increased while imports of fabrics decreased from the previous year.

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