Spinners in Bangladesh are not getting ordered cotton as a section of the local agents of global suppliers, despite sales contract with the spinners, are allegedly selling cotton to parties other than original importers.
Media reports mentioned this, adding as many as eight local agents were recently found to have transferred cotton sales contracts to other parties for ‘commercial gains’, keeping the importers in the dark even if such sales anomalies have exacerbated the cotton crisis, as per industry people.
Meanwhile, the Bangladesh Textile Mills Association (BTMA) has, reportedly, sent a letter to the International Cotton Association (ICA), expressing its concern over the situation and urging it to take necessary initiatives, in response to which, ICA Managing Director Bill Kingdon, reportedly, underlined ICA was yet to find evidence of merchants using shipping delays to gain commercial advantage, while adding, ‘the situation is frustrating to all parties.’