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Bangladeshi players initiate steps to increase exports

After suffering heavily due to political unrest, manufacturer-exporters from Bangladesh are now initiating steps to increase exports. The efforts include sending business missions abroad and increasing dialogue with sourcing companies to recover their business losses.

The apparel apex body-BGMEA also held a meeting with buyers' forum, where more than 40 representatives of top global apparel buyers, brands and retailers participated. While the players assured buyers of improvement in the situation and smooth supply of products, even buyers expressed their willingness to increase sourcing from Bangladesh.

According to estimates, the country's largest foreign currency-earning sector has already suffered a 20-25 per cent production loss during the last three months' due to political unrest. Almost 35 garment factories have suffered losses worth Tk 1.81 billion from January 14 to February 19 due to the blockade, according to the BGMEA. Locally-made apparel export (woven and knit) witnessed a 3.18 per cent growth during the July-March period of the current fiscal year. Knit products failed to achieve the target by 5.58 per cent and woven by 3.89 per cent during the period, under review.