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Bangladesh faces 12% drop in cotton imports in 2023-24 amidst economic challenges

 

A drop in orders from garment buyers and challenges in securing letters of credit due to dwindling foreign exchange reserves may result in Bangladesh importing less quantity of cotton in the current marketing year of 2023-24.

As per USDA report, Bangladesh's imports of raw cotton are projected to decrease by 12 per cent to 7.5 million bales in 2023-24. Gas supply shortages have led several spinning mills in the country to operate at reduced capacities, and cotton importers are encountering difficulties in opening letters of credit, states the report.

The upcoming national elections scheduled for January are further hindering production in Ready-Made Garment (RMG) factories, whose efficiency has already been impacted by political movements, including blockades and strikes, as mentioned in the report.

The forecast indicates a potential 11.4 per cent decline in the consumption of raw cotton to 78 million bales, with yarn production expected to decrease to 1.6 million tonnes. This includes 1.4 million tonnes of cotton yarn and 400,000 tonnes of mixed yarn.

 

 
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