Bangladesh has joined India and Brazil in reviving the global cotton trade. Cotton exports are increasing for the three major exporters: India, Brazil, and the United States. The US projection calls for greater exports, while inventories are expected to be at their lowest level in four years. Cotton imports in Bangladesh have recently increased due to increased demand from local importers.
Bangladesh spearheading recovery along 2 other nations: USDA
According to the Bangladesh Garment Manufacturers and Exporters Association, it would take a long time to recuperate the industry’s losses from last year. Last year, worldwide clothes retailers and brands postponed or cancelled $3.18 billion in work orders. By the fourth quarter of this year, trade had surpassed the level of the same time in 2019.
According to the country’s trade and industry organisation, Bangladesh may import 8.5 million bales of cotton this year, spending $3 billion. Many mills halted output last year when the government imposed countrywide limitations to combat the coronavirus outbreak. Because Bangladesh is not a big cotton producer, 99 percent of the raw material need is satisfied.