The BGMEA states, Bangladesh monthly garment exports are likely to decline by 70 percent in April to $972.95 million compared to April 2019. In April last year the earning from the apparel export was $2.53billion. The data projected shows in May it will be the same, with monthly export set to fall by 70 percent to $972 million, compared to $3.24 billion in May 2019.

The cumulative export of garment items in the three months between March and May this year will see a 56.93 percent drop from the corresponding period in 2019 to $3.70 billion compared to the same period last year, when the three months netted $8.60billion.

The loss of export in three months is set to be $4.90 billion -- a 40 percent export loss year on year will also affect the settlement of back to back LCs by $1.96 billion, the BGMEA data also said.

Factories will have to carry unsettled liabilities for the export which have been forecast to be cancelled.