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Bangladesh may continue cotton imports

Consumption of cotton may go up in Bangladesh. The price of the fiber has declined and production has increased.

Imports of cotton in Bangladesh have risen over many years due to higher shipments of cotton-made garment items and an increasing number of spinning mills in the country.

Bangladesh is the largest importer of cotton in the world. Demand for the natural fiber is on the rise in Bangladesh as it is the only country that is still mainly dependent on raw cotton to make yarn and fabric. Local growers can meet less than three per cent of the annual demand, leading to imports worth over three billion dollars.

China stopped sourcing the raw material three years ago.

By the end of 2020, cotton consumption in Bangladesh may hit 7.9 million bales. Currently, Bangladesh imports 55 per cent of its demand for cotton from India, thanks to favorable prices, geographical proximity, shorter lead time and the quality of the fiber.

Other countries have shifted to manmade fibers like filament, polyester and viscose. As a result, the global consumption of cotton has been on the decline.

The lower price of cotton may affect garment prices as well. The sourcing costs of garments could decrease by six per cent to seven per cent.