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Industry News | Time: Apr 22 2020 3:05PM
Bangladesh's ready-made garment export income will face a severe blow
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Bangladesh's export income will face a severe blow in May as the epidemic continues to affect trade orders and shipping, the Daily Star reported on Apr 20.

Bangladesh's export income in March has declined by 18.29% year-on-year to 2.73 billion USD due to the decrease in orders and shipping of major export commodities such as ready-made garment, leather and its products, frozen food, etc., the Bangladesh Export Promotion Bureau said. In Mar, garment exports, which accounted for about 84% of Bangladesh's export volume, fell by 26.70% year on year, accounting for 1.97 billion USD.

Due to the COVID-19 outbreak, retailers in the United States and Europe closed down and cancelled orders worth of more than $3.11 billion, resulting in a sharp decline in ready-made garment exports. Countries seriously affected by the epidemic, such as Italy, Britain, the United States, France, Spain and Germany, are the main export destinations of the ready-made garment. The United States and Germany import about $6 billion worth of apparel products from Bangladesh every year, Italy and Britain import about $300 million from Bangladesh every year, Spain and France import about $250 million from Bangladesh.

Source: DOC
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