Refayet Ullah Mirdha

The ongoing Russia-Ukraine war has started to have a heavy impact on garment shipments to Russia as export earnings are declining significantly from this promising market for Bangladeshi apparel goods. 

The ongoing meeting of the World Trade Organisation (WTO) has been extended by one day as countries could not reach a consensus on various issues under discussion within the stipulated time.

Bangladesh has once again called upon nations not to put any restrictions on their food grain exports and sought the continuation of its TRIPS waiver until December 31, 2032, to save the lives of people and newborns.

Two major economic powers of the world, the US and the European Union, are divided on continuation of trade facilities meant for the least-developed countries (LDCs) once they make the United Nations status graduation to become developing countries.

The proposed budget placed in parliament yesterday is geared towards attracting private sector investment to create employment and to expand business, but some proposals need to be reconsidered, said economists and businesspeople.

The budget proposed in parliament yesterday is geared toward attracting private sector investment to create employment and expand businesses, but some proposals need to be reconsidered, said economists and businesspeople.

The government has proposed to cut the tax rate for one-person companies (OPCs) from 25 per cent to 22.5 per cent in order to attract investment in the private sector.

The government proposed keeping the import duty for capital machinery unchanged at 1 per cent for the small and medium industries to give a boost to the sector.

The government has proposed retaining the existing 15 percent tax rate for the textile sector until June 30, 2025 to facilitate the growth of the country's textile and garment sector.

The additional 1 per cent cash incentive on the export receipts of readymade garments would continue in the next fiscal year as the government looks to boost the shipment of clothing items.

The government proposed increasing the source tax on export proceeds to 1 per cent from the existing 0.5 per cent in the next fiscal year.

The Bangladesh Trade and Tariff Commission (BTTC) yesterday suggested the commerce ministry review the price of edible oil in local markets as the product’s price is declining globally.

India has withdrawn its anti-dumping duty on the import of hydrogen peroxide, a chemical used in dyeing and washing plants in the textile industry, from Bangladesh.

The government has set an inflation target of 5.5 per cent for the next fiscal year although the prices of basic commodities are sitting at elevated levels for higher commodities prices globally amid lingering supply chain disruptions and the Russia-Ukraine war.

Export earnings, the largest source of foreign currencies for Bangladesh, slowed in May reflecting the fall in demand in western economies reeling from the crisis caused by higher inflation, the Russian–Ukraine war and supply chain bottlenecks.

Major international clothing retailers and brands are increasing their reliance on the fabrics made in Bangladesh to produce apparel items, owing mainly to shorten lead time and cut the shipping costs that have gone through the roof.

TDS: Do you agree that it is a failure of the commerce ministry to rein in the unstable soybean oil market? 

Bangladesh will remain as the preferred sourcing destination for readymade garment (RMG) items well into the future as the country has substantially improved production facilities and on compliance with regulations over the last few years, said international clothing retailers and brands yesterday.

Earnings from merchandised exports from Bangladesh soared 51.18 per cent year-on-year in April to $4.73 billion helped by higher shipment of garments, home textiles and footwear, official figures showed yesterday.

The Trading Corporation of Bangladesh (TCB) will resume selling soybean oil at Tk 110 a litre to one crore TCB cardholder families from next month, Senior Commerce Secretary Tapan Kanti Ghosh said yesterday.