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Bangladesh - Corporate - October 8, 2022

Nothing to worry about fall of shipments

Experts to exporters

Industry Desk: Experts urged the exporters in the country not to be worried about fall in shipment. They asked to deal with all the challenges to overcome the prevailed situation.
Following Covid-19-driven lockdowns, exporters of the country have been experiencing negative export growth and it became tangible during September. However, experts think there is nothing to be worried about in the short term.
According to the EPB, exports dropped 6.25 percent to $3.90 billion in September.
“Mainly, apparel exports, considered to be the backbone of the economy, have dropped due to global inflation and economic downturn. Sluggishness in exports started improving as Covid pandemic waned,” Khandakar Golam Moazzem, senior research fellow of Centre for Policy Dialogue (CPD), said recently.
He said Bangladesh depends on imported raw materials for apparel sourcing. Besides, currently China is very reluctant to manufacture some apparel products, allowing diversion of the orders to Bangladesh. So, the exporters should not be worried over any prolonged negative growth.
Jannatul Ferdush Ara, vice president of Indian Importers Chambers of Commerce and Industry (RMG), and, also a buyer, said, “The situation will be over within two or three months because the people will search for alternative sources. Already, world trade has started using alternative currency.”
BGMEA President Faruque Hassan said, “Though, some of the factories don’t have work orders, some are minimizing working hours, but this scarcity will go away possibly in the next year.”
“I hope, during this bad time, the exporters will not practise unethical price negotiations. Otherwise, they will lose the eligibility to bargain with the buyers as soon as the market improves,” the BGMEA president said.
Some said, though there are silver lining across the horizon, coming back to stability will take time.
“May be the situation will be over but the exporters will have to carry on the legacy of the losses for a longer period,” Muhammad Hatem, executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) said.
During the first quarter of the new fiscal year (July to September), Bangladesh’s apparel fetched $9 billion.

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