I use both the wood and the fibre from Bamboo and as a fabric is' lovely to work with. Very soft and supple.  You'll find it made into underwear, socks and vests due to it being hypoallergenic, odour resistant and moisture wicking. 

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Its an awesome plant for the environment as requires very little maintenance and no pesticides, essentially it's hard grass that sucks up CO2.

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However, you need to be sure that the bamboo products you buy are not chemically enhanced as this renders the material as uncomfortable or recyclable, so ends up in landfill.  Also, Bamboo is best suited to temperate regions, thus getting imported has an impact on the environment. (But it's much better than GM cotton which is imported anyway!)