Last weekend, United States Department of Agriculture (USDA) said Bangladesh’s cotton import may drop to 8 million bales in marketing year (2022-2023) which began in August. This drop may be caused by international raw cotton prices, reduced apparel production due to lack of power in local mills, reduced orders from different countries due to global down trends in consumptions and also due to overall slower economy.
The latest projection hinted about 10% below from previous year. Bangladesh imported around 8.52 million bales in last year though this country has the capacity of using 15 million bales of cotton per year.
Bangladesh being the second largest cotton importers of the World, is highly dependent on imported cotton. Though in 2021, while the world was in Covid period, Bangladesh received a lot of orders which were shifted from other competitors like Vietnam and Indonesia but it has been running with lack of orders after July this year and it is basically from the Was of Russia and Ukraine, as Europe’s orders becoming less than usual. Statistics said that Bangladesh sees approximately 20 – 30 percent less orders from July this year.
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