With the return of political stability after the January 5 elections, work orders from international buyers have registered a significant increase in Bangladesh. The country is the world’s second largest garment exporter after China. It shipped overseas more than $2.24 billion worth of clothing in January – 7.09 percent more than a year earlier, marking the 18th year-onyear increase in the last 19 months. The country may also import record amounts of both textiles and cotton in 2014. Since Bangladesh grows little cotton of its own, the local textile and apparel sector is almost entirely dependent on the import of fiber.
Cotton consumption in Bangladesh may rise 8.75 percent to 870,000 tons in fiscal 2014-15, with higher demand for garments, according to a report by the Economist Intelligence Unit. Currently, Bangladesh enjoys the zeroduty benefit from the EU under the Generalized System of Preferences (GSP) scheme.