Bangladesh Close To Becoming Biggest Cotton Apparel Exporter
Bangladesh is close to surpassing China as the world’s largest cotton apparel exporter amid stronger demand prospects, which are expected to drive cotton consumption higher.
This was informed in the latest United States Department of Agriculture (USDA) report, which also forecast Bangladesh cotton consumption to grow by 800,000 bales to 8.0 million bales in 2023-24.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) reported that garment exports have doubled in value over the last 10 years to roughly $47.0 billion in fiscal 2023 (July to June).
“This value surpassed the previous year’s record and indicates global importers’ increasing preference for Bangladesh cotton products,” USDA observed.
Exports of knit apparel have been crucial to recent growth with a value that nearly tripled over the past decade.
According to Bangladesh Textile Mills Association (BTMA), domestic textile mills now meet 85 percent of the demand for knit fabrics and about 40 percent for woven fabric.
“Knitted cotton shirts and sweaters have been major products helping drive recent record high values,” BTMA said.
A recent study by the United States Fashion Industry Association’s (USFIA) informed that US clothing garment brands are attempting to reduce their sourcing from China.
The brands are reducing sourcing following the Uyghur Forced Labor Prevention Act, which was implemented in June 2022 by the US government.