USDA Revises Bangladesh's MY 2024-25 Cotton Consumption Forecast to 7.8 Million Bales
2024-10-15 15:08:31
Bangladesh's MY 2024–25 Cotton Consumption Forecast Is Updated by USDA to 7.8 Million Bales
The US Department of Agriculture (USDA) has adjusted its cotton consumption forecast for Bangladesh in the 2024-25 marketing year (MY) to 7.8 million bales, marking a slight increase from earlier projections. Of this total, 7.7 million bales are expected to be imported, a 2 percent rise from the previous year.
In its April 2024 report, the USDA initially estimated Bangladesh’s cotton consumption at 8 million bales for MY 2024-25. This figure was later revised down to 7.7 million bales in August and September before being raised again in the latest update.
The import and consumption of cotton yarn in Bangladesh saw growth last year, while cotton prices declined 15 percent year-on-year (YoY) during July-September, dropping to $1.79 per kg from $2.11 a year earlier, according to World Bank commodity price data.
Local reports noted a sluggish domestic cotton market in July and August, with demand beginning to rebound by late September. In MY 2022, Bangladesh’s cotton consumption reached 8.8 million bales, driven by the demand from its export-oriented knitwear sector, the country’s leading export industry. However, consumption declined in subsequent years, with total use falling to 7.75 million bales in MY 2024.
Bangladesh sources a significant portion of its cotton from West Africa, followed by imports from India, Brazil, the United States, and Australia, according to the USDA.
