Bangladesh and Vietnam Poised to Lead Global Cotton Consumption Growth Over Next Decade
Bangladesh and Vietnam are set to lead the global growth in cotton consumption and trade over the next decade, thanks to their competitive labor and production costs, according to the OECD-FAO Agricultural Outlook 2024-2033.
Key Highlights
- Growth in Cotton Consumption: Global cotton consumption is expected to increase by 1.7% annually, driven by population growth and rising incomes in middle- and low-income countries.
- Bangladesh and Vietnam: Both countries will see their cotton imports grow by over 3% annually, significantly influencing global trade. Bangladesh's mill consumption is projected to rise to 2.42 million tonnes by 2033.
- Global Trade Dynamics: World cotton trade is forecast to expand by 2.1% annually, reaching 12.4 million tonnes by 2033, largely due to increased mill use in Bangladesh and Vietnam.
- Major Producers: India, the United States, and Brazil will contribute significantly to the global cotton production increase, which is projected to reach 29 million tonnes by 2033.
- Impact of FTAs: Free Trade Agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the EU-Vietnam Free Trade Agreement, have facilitated market access for Vietnamese textile exports.
- Shift in Textile Industry: While synthetic fibers have gained market share, natural fiber consumption, including cotton, peaked at 26.5 million tonnes in 2007 but has since declined.
- Bangladesh's Cotton Industry: Bangladesh primarily manufactures cotton-based garments, with 75% of its readymade garments for export made from cotton.
The report underscores the critical role of Bangladesh and Vietnam in the global cotton market and highlights the importance of fresh seeds and sustainable practices to address frequent pest attacks and enhance yields.
Read More :> Cotton Under Pink Bollworm Attack in Mansa, Fazilka, and Abohar; Farmers Worried
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