Aug 4, 2016
‘Bangladesh to become largest cotton importer by 2020’
Aug 4, 2016
Bangladesh will overtake China as the world’s largest importer of cotton within four years, according to Australian Trade and Investment Commission (Austrade), an Australian government body.
Only 0.1 million bales of cotton is locally produced in Bangladesh and the country currently imports more than 6 million bales annually. This figure is projected to double within four years and see Bangladesh overtake China as the world’s largest cotton importer, said Tim Martin, Austrade’s New Delhi-based trade commissioner and Bangladesh country manager.
As the second largest cotton importer in the world, Bangladesh is a significant cotton export market for Australia, the world’s fourth largest exporter, which has “earned a reputation as a reliable supplier of high-quality cotton which has almost zero contamination,” said Martin.
While Australia’s cotton industry competes against a highly globalised market, short shipping times from Australian ports, in Brisbane, Sydney and Melbourne, to Asian markets provide added advantages.
To position Australia as a key cotton supplier to Bangladesh, Austrade Dhaka, in partnership with the Australian Cotton Shippers Association (ACSA), has conducted numerous initiatives with the local textile sector. This included the 10 member ACSA delegation, led by chairman Tony Geitz, which visited Dhaka in May this year. The delegation participated in seminars which highlighted Australia’s cotton capabilities, quality attributes and latest research.
The delegation also met with 90 Bangladeshi business people, textile mill representatives, local agents and importers, to explore further cooperation and partnerships between Australia and Bangladesh.
“While Bangladeshi spinners still think Australian cotton is expensive, tie-ups between textile companies in Bangladesh and big retail buyers in Australia are proving to be a lucrative and growing channel for Australian cotton growers,” said Martin.
Copyright © 2021 Fibre2Fashion. All rights reserved.