Bangladesh’s earnings from apparel exports in October 2019 fell 17.19 per cent compared to the same month of the last fiscal year.
The country’s export earnings continued to slump as the major economies of the world are facing a recession amid the US-China trade war, reducing the buying aspirations of consumers. Europe is the pivotal export market for Bangladesh but since last year has lowered its imports. While Bangladesh relies on apparel exports consumers have cut back on clothing and entertainment. While the demand for diversified products is increasing worldwide, the country has failed to diversify its products. Another reason for the export slump is that Bangladesh’s currency has become stronger vis-a-vis the dollar in the last couple of months. And competing countries have depreciated their currencies to give their exporters an advantage. So Bangladesh’s apparel shipments have fallen. The growing online apparel market is affecting export growth.
Bangladesh’s export earnings from the readymade garment sector in the first four months of this fiscal fell 6.67 per cent. However, knitwear earnings rose by 5.73 per cent. Exports of jute and jute goods went up 8.88 per cent. India had slapped an anti-dumping duty on jute sack cloth from Bangladesh.