Owing to lower than expected imports, Bangladesh’s cotton consumption may remain unchanged in the year from August 2022 to July 2023. This was, reportedly, underlined by the US Department of Agriculture (USDA) recently even as it observed cotton import by Bangladesh was likely to be 8.4 million bales during the period, down from its previous forecast of 8.5 million bales.
The USDA also, reportedly, forecast lower imports for India, Pakistan, Turkey and Vietnam, while adding Bangladesh’s import declined in the same period between 2021 and 2022 along with that of China and Pakistan.
It may be mentioned here Bangladesh imported 7.9 million bales of cotton, down 9 per cent from 8.7 million tonnes the preceding period.
Meanwhile, speaking to the media, Managing Director of New Asia Group A Matin Chowdhury, reportedly, claimed that volume of orders were reducing even if many were using synthetic and blended cotton owing to higher cotton prices.