Building a warehouse facility in Bangladesh for US soybean products can boost its import and help reduce the bilateral trade gap, Bangladeshi traders said at the Sustainasummit and Aqua Tech Talks in Sri Lanka.
Bangladeshi traders say at global summit in Sri Lanka
The country’s flagship textiles and readymade garments (RMG) industries are reeling from a crippling gas crisis, threatening an estimated $70 billion in investments amid mounting global trade uncertainty over new US tariffs.
Bangladesh will send the work plan to the United States Trade Representative (USTR) within the next week to reduce the trade gap as part of the efforts to bring down Trump’s reciprocal tariff, currently on pause until July 9.
In a first move to address the shortfall, Sylhet's Osmani International Airport is set to launch dedicated cargo operations today
The United States Trade Representative (USTR), the US government’s chief trade negotiation body, wants to see Bangladesh’s work plan on narrowing the bilateral trade gap before the Trump administration makes a call on reciprocal tariffs.
Local suppliers have secured adequate work orders from US clothing retailers and brands to stay busy until Christmas at the end of this year, although the shipments are likely to be subject to Trump’s reciprocal tariffs.
Safety standards in Bangladesh’s garment sector saw a marked improvement after the disastrous Rana Plaza collapse in 2013, but there is still a need for other sectors to improve in this regard, Labour Reform Commission chairman Syed Sultan Uddin Ahmed said in an interview yesterday.
Bypassing the traditional air shipment routes through India or Bangladesh, garment exporters have found the Maldives to be a cheaper as well as faster route.
The demand outlook for locally made denim garments is gradually improving as Western economies rebound, local and foreign businessmen said yesterday.
Exporters say the traditional air shipment routes through Dhaka, Kolkata, Colombo or Singapore had either become too expensive or too slow
As millions of Americans head to the polls on November 5 to vote for either Democratic Vice President Kamala Harris or her Republican rival Donald Trump, apparel business communities in Bangladesh, more than 13,119 kilometres away from Washington, will be watching the results of the presidential election closely.
Bangladesh has been struggling to recover lost work orders in the home textile segment, a significant volume of which shifted to Pakistan nearly two years ago.
Her dream was to enrol in Chattogram University or another reputed institution, but she could not even sit for the admission test as her father fell ill in 1994.
Bangladesh is an inspiring story of economic growth and development. The country became the 35th largest economy globally from almost scratch since its independence in 1971.
Local conglomerates have been growing hand in hand with the economy since independence in 1971, but few have managed to navigate the changing tides over the years.
Bangladesh’s ambitious $100 billion garment export target by 2030 is currently facing a number of challenges both at home and abroad, but local manufacturers and business leaders are still optimistic about achieving the goal.
Garment exports by Bangladesh’s market rivals like India, Vietnam, China and Cambodia have increased to major Western markets due mainly to the latest spell of labour unrest and political changeover earlier in August in the country.
