AUSTRALIA Cotton prices expected to rise in short-term The gross value of cotton production is forecast to increase by 157 per cent to $4.3 billion by the end of the 2022 fiscal year. This rise is on the back of a sharp increase in production volumes and strong international prices. And cotton export values are predicted to increase by a staggering 404 pc to $3.4 billion in 2021-22 and a further $4.1 billion in 2022-23 with favorable production conditions to continue and large crops. This is according to the latest Outlook report from Australian Bureau of Agriculture and Resource Economics and Sciences (ABARES).
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The surge is expected to stem from a combination of strong demand for cotton coupled with global supply chain disruptions causing cotton mills to seek additional buffer stocks, driving international prices. According to the national forecaster, disruptions to international freight have proven to be a significant barrier to trade with the world's largest exporter, the US, struggling to get its recent 2021-22 cotton crops to major import markets. Although demand for cotton is expected to grow, an easing of supply chain bottlenecks will result in lower international cotton prices in 2022-23 averaging US 98 cents/pound.
BANGLADESH
The national forecaster also predicted total cotton production around the world to increase by 8.1pc tp 27 million tonnes of 600,000 bales.
Garment workers suffering from violations of workers’ rights
Favourable conditions across most of Australia's cotton growing regions mean production estimates sit at 5.2 million bales, almost 10 times larger than the drought impacted 2019-20 crop of 590,000 bales. International prices are expected to surge with the Cotlook 'A' index forecast to average US116 cents per pound in 2021-2022, up by 35pc compared to the previous year.
Garment workers in Bangladesh are suffering from violations of workers’ rights because of a lack of government action, according to a new report from the International Trade Union Confederation (ITUC).
PAKISTAN TEXTILE JOURNAL - March 2022
They suffer discrimination and harassment, non-payment of wages and benefits, being forced to work unpaid overtime, and being denied freedom of
association, according to ITUC, the world's largest trade union federation. The report, released ahead of the Bangladeshi government’s latest progress report to the International Labour Organization (ILO) recently, also focuses on the country's leather and shipbreaking sectors. BGMEA stresses Bangladesh-India cooperation in apparel, textile industries Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has said Bangladesh and India have enormous scope to complement each other for the development of apparel and textile industries of both neighboring countries. He stressed the need for more collaboration and cooperation between the two neighboring countries involving business communities and trade associations to explore avenues towards deriving two-way trade benefits. The BGMEA president made the observation at a meeting with Sri Narain Aggarwal, former Chairman of the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC), at BGMEA's PR office in Dhaka. BGMEA Vice Presidents Shahidullah Azim and Miran Ali were also present at the meeting. They discussed possible areas of collaboration between BGMEA and SRTEPC to identify mutual business
