World turmoil puts strain on diversified products
A severe threat looms large over the export diversification efforts with some diversified products, such as handicrafts and diamond goods already feeling the pinch of the ongoing global financial crisis.
“We participated in a fair in Hong Kong a few days ago. Many reputed buyers visited the fair and enquired about our products but did not make any spot order,” said Rashedul Karim Munna, managing director of Creation Private Limited, an export oriented handicrafts house.
Munna said they received a lot of spot orders from such fairs before.
Buyers are observing development of the global economic changes, he added.
Most of the diversified products of Bangladesh witnessed growth in the last fiscal year but exporters apprehended that some of the products would be in trouble due to the economic turmoil.
The country's software- and information technology-related services are likely to get no big orders from the US and Europe, the key markets for Bangladeshi products.
“Bangladeshi firms export products on small scale, which will not be hampered by the current crisis,” hoped Habibullah N Karim, president of Bangladesh Association of Software Information Services.
Karim feared orders might be cut on a large scale if the ongoing global financial crisis deepens further.
Polished diamond, a new item for Bangladesh export basket, is facing crisis due to the economic turbulence.
“Buyers will buy less luxury goods during the period. We have seen thin interest of buyers in the high quality diamond we produce,” said Onu Jaigirdar, managing director of Brilliant Heera Ltd.
Golf shafts, being produced at Chittagong EPZ, had been supplied to a Japanese company for the last few years with double-digit growth. It is now feared that there will be a deep cut in orders in future.
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