Bangladesh has joined China and Turkey to lead the global cotton trade recovery, as per the USDA or United States Department of Agriculture.
According to reports, the USDA in its June report has maintained that ‘record global trade is boosted, led by robust demand in Bangladesh, Turkey and China’, even as cotton exports for the three largest exporters namely United States, India and Brazil are up, while the USDA further underlined that higher-than-expected demand in Bangladesh, China and Turkey are driving higher imports in these countries and have more than offset the lower consumption outlook for India.
Meanwhile, reports from Bangladesh indicate the recent spurt in cotton import in the country is due to skyrocketing demand amongst local spinners, millers, traders and importers, which is consequent to higher demand from the garment exporters as apparel export is on the path to recovery — as per data from Bangladesh’s Export Promotion Bureau (EPB), in the first 11 months of fiscal 2020-21, Bangladesh registered 11.1 per cent year-on-year growth to earn US $ 28.57 billion from garment exports — and full use of capacities of mills by weavers and spinners.
