Cotton imports by Bangladeshi mills may total 77 lakh bales or down 4 percent from last month’s forecast of 80 lakh bales in the 2023-24 cotton year beginning from August.
This was revealed in the September cotton report released by the US Department of Agriculture (USDA) last week.
In the August report, USDA had forecast that Bangladesh’s cotton use would rise 10 percent year-on-year to 80 lakh bales.
USDA added that this reduced consumption by Bangladesh, which is the second biggest garment exporter in the world, will lead to a decrease in global cotton trade.
Experts attribute the decline in cotton imports to mills not being able to utilise full capacity, due to the energy shortage as well as the forex crisis so mills may not be able to import cotton adequately.
They also attribute mills diversifying into the production of manmade fibre (MMF) yarns like polyester and viscose, due to an increase in demand for MMF fabrics from garment exporters, as one more reason.
USDA revises downwards Bangladeshi 2023-24 season cotton imports
