Bangladesh’s cotton consumption may remain unchanged in the year from August 2022 to July 2023 owing to lower-than-expected imports, said the US Department of Agriculture (USDA) recently.
The US agency said cotton imports by Bangladesh was likely to be 8.4 million bales during the period, down from its previous forecast of 8.5 million bales.
As such, the second-biggest garment exporting country will use 8.5 million bales, it observed in its latest report on world markets and trade of cotton released earlier this month.
The agency lowered its forecast on global cotton production by 3.1 million bales to 117 million bales in the marketing year 2022-23 owing to an output decline in the US. It also predicted a drop in global use, inventory stocks at the year’s end as well as global trade.
It also forecast lower imports for India, Pakistan, Turkey, and Vietnam.
It said Bangladesh’s import declined in the same period between 2021 and 2022 along with that of China and Pakistan.
Bangladesh imported 7.9 million bales of cotton, down 9 per cent from 8.7 million tonnes the preceding period.
A Matin Chowdhury, managing director of New Asia Group, said many buyers are adjusting their inventories.
“So, the volume of orders is reducing. Besides, many are using synthetic and blended cotton because of the higher prices of cotton.”
Source : The Daily Star