Desk Report: A recent report published by the US Department of Agriculture’s Foreign Agricultural Service, Bangladesh is projected to import more than one million bales of cotton in the 2022-23 marketing year (MY) from the US,
According to the report, the cotton import will be up by 43% year-on-year amid the rising domestic demands. For MY 2022-2023, the report forecasts the total domestic raw cotton consumption at 9.31 million bales, up 5.6% over the MY 2021-2022, from the current consumption of 8.5 million bales.
Bangladesh has been receiving more work orders since the beginning of 2021 as many brands are shifting their orders from competitor countries such as Vietnam and Indonesia, In the calendar year 2021, Bangladesh’s ready-made garment exports reached a record high of $35.81 billion, and the country became the second-largest exporter after China.
BTMA says, Bangladesh imports 11% (nearly worth $1 billion) of cotton of its total demand from the US and this is likely to go up to 14% by this year. According to tBTMA, in the calendar year 2021, the number of spinning mills reached 510 with an annual spindle capacity of 15 million bales. However, Bangladesh is currently only consuming approximately 8.5 million bales of raw cotton annually.
