Between January and June of this year, Bangladesh imported a total of 632,000 tonnes of cotton, valued at Taka 170 billion, as compared to 891,000 tonnes in the same period of the previous year. It’s worth noting that cotton imports had surged to 1,800,000 tonnes, valued at Taka 470 billion, by the end of the preceding year. Conversely, the previous year had witnessed substantial cotton imports. However, there is now concern among entrepreneurs that a sudden increase in purchase orders for RMG products may lead to a shortage of yarn. Traders are grappling with difficulties in opening letters of credit (LC) for cotton imports, and the subsequent import process takes up to two months to complete.

Source: bd News24 August 29, 2023 13:31 UTC