British retail giant Primark’s CEO Paul Marchant has praised the development Bangladesh’s garment sector has achieved in production of apparels in green factories.
Bangladesh is poised to become the source of most of the European Union’s (EU) apparel as China, the largest apparel supplier worldwide, is witnessing a decrease in its share of trade with the bloc.
Bangladesh economy was all set at the beginning of 2022 to get its growth momentum back after recovering from the prolonged Covid-19 pandemic. But, the start of the Ukraine war in February slowed the country’s joy run significantly, making it an eventful year to remember. Let’s see how 2022 was for Bangladesh.
International buyers are consistently paying lower than the global average price to apparel suppliers in Bangladesh but higher to some of the country’s competitors, according to the International Trade Centre (ITC).
Garment suppliers in Bangladesh are facing difficulties in delivering goods to international clothing retailers and brands on time due to extreme load-shedding, BGMEA President Faruque Hassan said today.
Despite a lot of emphasis by policy-makers on cutting dependence on a single product for exports over the years, the share of readymade garments has increased gradually, putting external sales, jobs, and the economy as a whole at risk.
Garment exports to Bangladesh’s single largest destination, the USA, rose by 51.57 per cent year-on-year to $9.01 billion in the just concluded fiscal year.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) targets exporting $100 billion worth garment items from the country by 2030 as the local apparel suppliers are diversifying the products and markets.
The garment makers' platform today urged Switzerland to extend duty-free access to Bangladeshi apparels for 10 years under the Everything but Arms scheme to ensure smooth transition of Bangladesh to a developing country