Bangladesh secured the top position in garment shipments to the European Union during the January-March period, overtaking China in terms of quantity, as retailers in the trade bloc have started diversifying their sources to reduce overdependence.
Bangladesh retained second position in apparel shipments to the European Union (EU) in the first two months of the current year with a 22.75 per cent share of the trade bloc’s overall garment imports, according to data from EUROSTAT.
Such incidents are becoming a serious problem for apparel exporters
Even a year ago before the start of the Russia-Ukraine war, Rajiv Chowdhury, managing director of Young4ever Textiles, used to ship T-shirts and polo shirts worth $1 million to Russia as the market was opening up for local exporters.
In theory, this sounds like a good idea, but it is not so straightforward.
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.
Bangladesh’s garment manufacturers are pinning their hopes on the burgeoning Asian markets and the growing use of non-cotton apparel items to elevate their export earnings to $100 billion by 2030.
Recessions don’t happen overnight, and people don’t stop spending from one day to the next.
In recent months, global energy prices have soared, and ready-made garment (RMG) makers in Bangladesh have been feeling its impacts these past few weeks.
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 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.
Bangladesh Bank has given AnonTex, which took more than Tk 5,500 crore from Janata Bank through serious irregularities, a controversial permission to take more loans from other state-owned banks as well, reschedule its loans and valuate its assets afresh to make it look like a healthy company.