In a remarkable stride towards economic prominence, Bangladesh’s cotton consumption is on the verge of a historic leap, driven by an unprecedented surge in apparel exports. The country’s trajectory is setting the stage for a significant showdown with China, as it inches closer to securing the coveted title of the world’s largest cotton apparel exporter.
According to the latest USDA Cotton World Markets and Trade report, Bangladesh’s cotton consumption for the upcoming fiscal year 2023-24 is projected to skyrocket by a staggering 800,000 bales, reaching an impressive 8 million bales. This surge is fueled by the burgeoning demand for its textile and garment products on the global stage, a trend that has been steadily building momentum.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) unveiled a staggering revelation that the value of apparel exports has soared to new heights, accounting for over 80 per cent of the nation’s total exports during the fiscal year 2023 (FY23), amassing a staggering $47 billion. This remarkable figure, which more than doubled that of a decade ago, attests to the exponential growth of Bangladesh’s cotton products in the international market.
At the heart of this meteoric rise are knit apparel exports, which have witnessed a nearly three-fold increase over the past ten years. As local textile mills meet 85 per cent of the demand for knit fabrics and approximately 40 per cent for woven fabrics – primarily imported from China – the nation’s prowess in creating knitted cotton shirts and sweaters emerges as the driving force behind this astounding achievement.
Industry analysts predict that this upward trajectory is set to continue, with projections indicating a surge of 5.8 per cent in global cotton consumption. Bangladesh’s potent fabric and apparel sectors are poised to harness this potential, capitalizing on robust demand prospects to drive cotton consumption to even greater heights.
Beyond economic gains, the surge in apparel exports has also bolstered Bangladesh’s domestic currency by acquiring US dollars through foreign sales. This strategic move has not only fortified the nation’s economic stability but has also positioned Bangladesh as a formidable contender on the international trade front.
As the world watches in anticipation, the stage is now set for Bangladesh to potentially surpass China as the world’s largest cotton apparel exporter. With its steadfast commitment to quality, innovation, and growth, Bangladesh’s textile and garment industry is indeed scripting a compelling narrative of success that resonates far beyond its borders.