Refayet Ullah Mirdha

Russia and Ukraine-bound exports, especially garments, are now faced with an uncertain future as shipping lines are understandably not too eager to carry goods to war zones.

Bangladesh is set to become a major source of recycled yarn and fabrics made from plastic bottles as the country looks to capture more market share of global high value-added garment items such as activewear, outerwear, padding and quilting.

Bangladesh will again urge India to withdraw the anti-dumping duty (ADD) on locally produced jute and jute goods during a commerce secretary-level meeting between Dhaka and New Delhi today.

Earnings from merchandise shipments continued to soar in February, registering growth of 34.54 per cent year-on-year to reach $4.29 billion on the back of increased garment exports.

The textile market in Bangladesh is growing at a faster clip as annual sales have nearly doubled to $9 billion in a span of five years riding on the production of diversified fabrics and the growing consumption of middle-income people.

Bangladesh will lose one of the most promising apparel export destinations if various Russian lenders are excluded from the SWIFT messaging system in response to the country’s invasion of Ukraine, entrepreneurs warned.

With oil prices hitting above $100 in the wake of Russia’s invasion of Ukraine, local businesses yesterday feared that the war would have a ripple effect on their domestic and international operations as both countries are major suppliers of agricultural commodities.

Although Bangladesh’s overall export earnings from China increased 9.81 per cent year-on-year to $426.14 million in the last seven months, apparel shipments to the East Asian nation failed to meet expectations despite enjoying duty benefits.

Bangladesh’s garment industry might be brimming with export orders from international buyers thanks to the ongoing turnaround of the global apparel supply chain, but it is the larger units that are running in full swing while smaller ones have been pushed into corners.

A high-level government committee yesterday suggested 11 proposals for amending the procurement rules, including making it mandatory for foreign firms to form joint ventures with local bidders when it comes to fulfilling government procurement rules.

Bangladesh has turned into a major sourcing hub for uniforms for the military, navy, air force, fire brigade and police for countries around the world as local garment manufacturers have enhanced their capacity and diversified products.

Riding on the zero-duty trade benefit and competitive prices, the shipment of apparel items to India is growing fast, a development that would help Bangladesh narrow its trade gap with the neighbouring country.

Team Group, a leading garment exporter, has targeted to export goods worth $1 billion by 2026, when Bangladesh is scheduled to officially make the United Nations status graduation from a least developed to a developing country.

Cotton production in Bangladesh has been low as farmers prefer other cash crops to the white fibre, completely missing out on at least a $3 billion domestic market.

Earnings from merchandise exports from Bangladesh surged 41.13 per cent year-on-year to $4.85 billion in January, the second-highest single month receipts, on the back of rebounding garment shipments.

Any power tariff hike will have a serious impact on the garment industry as it will scuttle its recovery from the coronavirus pandemic and erode competitiveness, said Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Foster Corporation from today will start providing refunds to Qcoom customers whose advance payments got stuck with the payment gateway for non-delivery of products by the e-commerce platform.

Spending behind apparel and footwear in the US exceeded pre-pandemic levels in every month of 2021, says a new study by online personal styling service Stitch Fix. And this translates as good fortunes for Bangladeshi exporters.

Garment shipments to the European Union, including the UK, Bangladesh’s single largest export destination, rose 23.83 per cent year-on-year to $12 billion in the current fiscal year’s first half.

Bangladesh is expected to become the 24th largest economy in the world by 2030 despite a rise in poverty, unemployment and income losses because of the severe impacts of the Covid-19 pandemic, according to a government report.