Economic Reporter :
Bangladesh has become the largest cotton importer of India for the first time beating China in the current fiscal year 2016-2017, according to media report.
Bangladesh will beat China, the world’s largest textile and garment exporter, in import of cotton and cotton products such as yarn and fabric in the fiscal year, the Financial Express of India said in a report on Saturday.
According to official data, Bangladesh’s import of cotton and cotton products from India reached to $613.16 million in the first half of the current fiscal year while Chinese import dropped to just $416.14 million in the same time.
With demand from China remaining subdued, India’s exports of such items to that nation are unlikely to rebound anytime soon, the Financial Express said, quoting senior government and industry officials.
As late as 2011-12, China’s purchases of cotton and cotton products from India were almost four times of purchase by Bangladesh.
The slowdown has been driven by China’s offloading of massive official stocks to consuming industries and a discernible withdrawal from labour-intensive sectors such as textiles and garments due to soaring costs.
Higher Indian supply to Bangladesh suggests growing appetite of the neighbour which has been aggressively courting foreign companies including the Chinese, Indian and Pakistani, said noted textiles expert DK Nair.
Bangladesh has become the largest cotton importer of India for the first time beating China in the current fiscal year 2016-2017, according to media report.
Bangladesh will beat China, the world’s largest textile and garment exporter, in import of cotton and cotton products such as yarn and fabric in the fiscal year, the Financial Express of India said in a report on Saturday.
According to official data, Bangladesh’s import of cotton and cotton products from India reached to $613.16 million in the first half of the current fiscal year while Chinese import dropped to just $416.14 million in the same time.
With demand from China remaining subdued, India’s exports of such items to that nation are unlikely to rebound anytime soon, the Financial Express said, quoting senior government and industry officials.
As late as 2011-12, China’s purchases of cotton and cotton products from India were almost four times of purchase by Bangladesh.
The slowdown has been driven by China’s offloading of massive official stocks to consuming industries and a discernible withdrawal from labour-intensive sectors such as textiles and garments due to soaring costs.
Higher Indian supply to Bangladesh suggests growing appetite of the neighbour which has been aggressively courting foreign companies including the Chinese, Indian and Pakistani, said noted textiles expert DK Nair.
