Decline in garment exports after 13 months Garment Exports
Photo: Wikimedia Commons/Fahad Faisal Representational image

Decline in garment exports after 13 months

Bangladesh Live News | @banglalivenews | 03 Oct 2022, 04:00 pm

Own Correspondent, Dhaka, Oct 3: After 13 months of recovering from the effects of Corona, there has been a decline in Bangladesh's garment exports to the world market again. Exports of ready-made garments decreased by 7.52 percent this month. This information is known from the sources of the Export Development Bureau (EPB).

According to EPB data, in September of this year, the country's products against export to the world market earned 3.9 billion dollars. The previous year i.e. in the month of September 2021, the export income was 416 crore 54 lakh 5 dollars. Accordingly, the income has decreased by 6.25 percent compared to the same period of the previous year.

The decline in export earnings is mainly due to the decline in exports of ready-made garments. A review of EPB's sector-wise data showed that readymade garments worth USD 316 crore 16 lakh 7 thousand were exported in September. The previous year i.e. in the month of September 2021, the income was 341 crore 88 lakh 4 thousand dollars. That is, compared to September of last year, it has decreased by 7.52 percent. Exports of garments, both woolen, and knitwear, declined.

In July 2021, the income from garment exports was 288 crore 72 lakh 2 thousand dollars, which is 11.2 percent less than in July 2020. Accordingly, from August 2021 to September 2022, i.e. after 13 months, the export income decreased.

BGMEA vice-president Shahidullah Azim said about the decline in garment export earnings, alternatives are being sought in the Europe-America market. Apparel products will be exported to those countries soon.

Mohiuddin Rubel, director, and spokesperson of BGMEA said that BGMEA had already expressed concern about the slowdown in growth from September. Fears were clearly reflected in September's export figures.

He said that in the post-Covid era, the global retail market is being disrupted by various crises. In particular, container shortages and supply chain crises, rising raw material prices, and the advent of a global recession have led to a collapse in retail sales. Apart from this, the demand of consumers for clothes is decreasing. The garment industry is in turmoil due to these crises.