Bangladesh close to being world’s top cotton apparel exporter
Bangladesh is close to surpassing China as the world's largest cotton apparel exporter and stronger demand prospects are expected to drive cotton consumption higher, said the US Department of Agriculture (USDA).
The US agency, citing the annual fashion industry benchmarking study by the United States Fashion Industry Association (USFIA), said American fashion companies are attempting to reduce their sourcing from China, now the largest apparel exporter.
As such, American brands are reallocating their sourcing orders to other markets, including Bangladesh, to minimise logistical and political risks.
Bangladesh, India, and Vietnam were the three suppliers that retailers plan to increase sourcing from over the next two years to divert orders away from China, said the USDA in its latest report on global cotton trade.
"The USFIA study also indicates that Bangladesh is the most competitive apparel supplier from a cost structure point of view, scoring higher than any other country," the USDA said in its report, styled "Cotton: World Markets and Trade", released on August 11.
The forecast by the US agency comes after Bangladesh's apparel makers fetched nearly $47 billion in woven and knitwear shipments in the fiscal 2022-23, which was higher than the target for that year.
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