International 18-01-2022 Hits: 1559

BANGLADESH COTTON IMPORTS TO CROSS 9 MILLION BALES THIS YEAR

International 18-01-2022 Hits: 1559

18 January 2022, Mumbai:

Despite the pandemic’s severe impact on the global textile supply chain, Bangladesh's cotton imports are set to cross the 9 million bales mark this year. A report by the Daily Star indicates, in 2021, Bangladesh imported 8.5 million cotton bales worth over $3 billion.

Most imports was fueled by Bangladesh’s rising garment exports.

From July to December 2021, Bangladesh’s garment exports rose 28.02 per cent year-on-year to $19.90 billion.

Of this, knitwear exports rose by 30.91 per cent to $11.16 billion while the exports of woven garments increased by 24.50 per cent to $8.73 billion.

Faruque Hassan, President, BGMEA, said, the upward trend of garment exports will continue upto June this year as the association has booked a large volume of orders.

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Mohammad Ali Khokon, President, Bangladesh Textile Mills Association (BTMA), added, it has already made payments of the letters of credit for importing cotton and expects a rush in import by March and April this year.

Khokon further added, currently local spinners can meet 90 per cent of the knitwear sector's demand for raw materials but only 40 per cent of the woven sector’s needs. As a result, some 6 billion out of the required 10 billion meters of fabrics are imported to meet the demand of the local woven garment sector at a cost of $2.30 per meter.

Therefore, local millers have either been expanding or investing afresh in the primary textile sector, particularly in manmade fibres and spinning mills.

He urged the government to facilitate MMF imports as the country does not produce these. He also urged the government to raise the ceiling for loan from an Export Development Fund to $40 million per borrower from the $30 million at present.

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