Bangladesh becomes largest importer of Indian Cotton

Bangladesh has emerged as the biggest importer of Indian Cotton this season. It imported around 21 *lakh bales of Cotton from India overtaking China, which was largest importer of Indian Cotton until now.

For many seasons, China has remained the largest importer of Cotton from India and has imported around 17-18 lakh bales during any given season. However, for the past couple of seasons, China has not been importing much Cotton because of large reserves of the crop within the country itself.

In the last two seasons, China has imported some 19 lakh bales of cotton. Bangladesh, on the other hand, has imported around 36 lakh bales during this period.

According to industry people, there have been no restrictions on the import of Cotton in Bangladesh. Cotton is exported from India via Kolkata port and the road route from Benapole.

Bangladesh produces less than 8 lakh bales in a season and is not considered a significant Cotton producer. Over 90 % of the country’s textile mills’ needs are met through imports.

The country has over 85 textile mills and a large presence in powerloom and processing. The country’s textile business has 35% foreign direct investment, industry sources said.

*A lakh is a unit in the Indian numbering system equal to one hundred thousand (100,000)

Source: www.commodityonline.com