Bangladeshi officials said the country has taken steps to encourage domestic cotton production to protect spinners, textiles and garment manufacturers because they have been hit hard by the fluctuations in the global cotton market.
Due to the soaring price of cotton in the international market, many spinning mills have severely tightened their liquidity in the near future. At the same time, many buyers are unwilling to compensate for the losses caused by soaring cotton prices. As a result, the export costs of textiles and woven garments have greatly increased.
Since January 2011, cotton prices have risen by more than 40% due to soaring Chinese demand, poor cotton crops in Pakistan, and restrictions on cotton exports from India, resulting in a sharp supply shortage.
A senior official of the Ministry of Agriculture said: "We have taken steps to promote domestic cotton production in order to protect local industries from future fluctuations in the global cotton market."
The official said that 19,000 farmers will receive the latest cotton production technology training for next year’s cotton production.
The country will establish 90 demonstration areas, each one hectare, to expand the most advanced production technology, and the government will provide 80% subsidies for farmers' seeds and other means of production, including pesticides and fertilizers.
According to the government's initiative measures, the Ministry of Agriculture plans to sign contracts with farmers to produce 220 metric tons of high-quality cotton seeds on 200 hectares of land.
The government will provide a 50% seed subsidy for farmers who grow experimental plots. In addition, the National Cotton Development Commission has 40,600,000 taka funds, which are usually used to finance small-scale farmers who plant crops that depend on the weather to help them purchase various means of production.
Bangladeshi spinning companies import raw cotton from the Commonwealth of Independent States countries, Turkey and the United States. Many knitting companies also import cotton from India because there is a huge gap between demand and domestic production.
Bangladesh only produces 70,000 bales of cotton, while the country's annual demand is 5 million bales, and the demand gap has prompted spinners to import large quantities of raw cotton from abroad.
Due to the soaring price of cotton in the international market, many spinning mills have severely tightened their liquidity in the near future. At the same time, many buyers are unwilling to compensate for the losses caused by soaring cotton prices. As a result, the export costs of textiles and woven garments have greatly increased.
Since January 2011, cotton prices have risen by more than 40% due to soaring Chinese demand, poor cotton crops in Pakistan, and restrictions on cotton exports from India, resulting in a sharp supply shortage.
A senior official of the Ministry of Agriculture said: "We have taken steps to promote domestic cotton production in order to protect local industries from future fluctuations in the global cotton market."
The official said that 19,000 farmers will receive the latest cotton production technology training for next year’s cotton production.
The country will establish 90 demonstration areas, each one hectare, to expand the most advanced production technology, and the government will provide 80% subsidies for farmers' seeds and other means of production, including pesticides and fertilizers.
According to the government's initiative measures, the Ministry of Agriculture plans to sign contracts with farmers to produce 220 metric tons of high-quality cotton seeds on 200 hectares of land.
The government will provide a 50% seed subsidy for farmers who grow experimental plots. In addition, the National Cotton Development Commission has 40,600,000 taka funds, which are usually used to finance small-scale farmers who plant crops that depend on the weather to help them purchase various means of production.
Bangladeshi spinning companies import raw cotton from the Commonwealth of Independent States countries, Turkey and the United States. Many knitting companies also import cotton from India because there is a huge gap between demand and domestic production.
Bangladesh only produces 70,000 bales of cotton, while the country's annual demand is 5 million bales, and the demand gap has prompted spinners to import large quantities of raw cotton from abroad.
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