Bangladesh’s economic backbone the apparel sector only exported around USD 360 million during April. A stark comparison, as at the same time last year, Bangladesh exported around USD 2.42 billion. More than 84% decline.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) revealed this recently analyzing the data of the National Board of Revenue (NBR).
BGMEA said a huge amount of orders been canceled or on hold due to the global Coronavirus outbreak. Garment factories in Bangladesh have been closed for more than a month in compliance with the govt. lockdown to contain the spread of COVID-19.
The apparel export in Bangladesh has been witnessing a decline since March. And in April it witnessed the biggest fall in its history.
As the global COVID-19 pandemic rages on, many countries are in strict lockdown and fashion brands/retailers closed their shops. As a result, buyers and brands started to cancel their orders from Bangladeshi garment factories from the beginning of March.
As per the latest data of BGMEA, 1150 garment factories lost 98 million pieces of garments order. Equivalent to US$3.18 billion.
Sadly, some Western clothing brands that agreed not to cancel orders due to the coronavirus epidemic are demanding price cuts of up to 50%. Some of the manufacturers are forced to accept such discounts too. Industry experts condemned this and voiced protest of this unethical benefits of buyers and brands.