Bangladesh apparel export kept fluctuating in 2020: TexPro

Bangladesh apparel export has declined from April 2020. The export dropped 63.93 per cent to $1.18 billion in May compared to $3.27 billion in March, according to Fibre2Fashion's market analysis tool TexPro. Export-oriented apparel factories were allowed to reopen by Bangladesh government on April 5, although the spread of virus and death toll was on rise.

 

Bangladesh Apparel export started declining from April 2020. The export dropped 63.93 per cent to $1.18 billion in May compared to $3.27 billion in March, according to Fibre2Fashion's market analysis tool TexPro. Export-oriented apparel factories were allowed to reopen by Bangladesh government on April 5, although spread of virus and death toll was on rise.#

Trade union leaders were not ready to open their factories in order to avoid the spread of virus, however they demanded payment of wages and coronavirus protective equipment for workers. In April, government announced a $590 million incentive package for garment and other export-oriented sectors.

 

Bangladesh Apparel export started declining from April 2020. The export dropped 63.93 per cent to $1.18 billion in May compared to $3.27 billion in March, according to Fibre2Fashion's market analysis tool TexPro. Export-oriented apparel factories were allowed to reopen by Bangladesh government on April 5, although spread of virus and death toll was on rise.#

According to the Bangladesh Garments Manufacturer and Exporter Association (BGMEA), Bangladeshi factories lost $10 billion due to Covid-19 by April 2020. Factories remained closed through April 25, in line with the government’s extended lockdown, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) had jointly announced.

 

Bangladesh Apparel export started declining from April 2020. The export dropped 63.93 per cent to $1.18 billion in May compared to $3.27 billion in March, according to Fibre2Fashion's market analysis tool TexPro. Export-oriented apparel factories were allowed to reopen by Bangladesh government on April 5, although spread of virus and death toll was on rise.#

The logistics and freight forwarding business in Bangladesh was also hit, leading to decrease in transportation of goods by land, air and sea. Of the 3.5 lakh-odd trucks and covered vans engaged in transportation of goods between Dhaka, its adjacent districts and Chittagong port (nearly 70.00 per cent carry textile and garment items). RMG workers were amongst the worst hit by the pandemic as they were the low wage earners of the society. As per the Innovision Consulting and WebAble, approximately 15.00 per cent RMG workers did not have any cash in hand to support their household expenses. However, the recovery began from June 2020 and reached to $3.08 billion in August 2020 with a significant growth of 125.65 per cent. The government allotted another stimulus package worth $354.19 million for the export-oriented industries to help them provide wages and salaries to their workers for July.

 

Bangladesh Apparel export started declining from April 2020. The export dropped 63.93 per cent to $1.18 billion in May compared to $3.27 billion in March, according to Fibre2Fashion's market analysis tool TexPro. Export-oriented apparel factories were allowed to reopen by Bangladesh government on April 5, although spread of virus and death toll was on rise.#

Bangladesh apparel exports was least in December with a value of $0.29 billion. The exports slipped 23.84 per cent to $26.6 billion compared to $35.01 billion in 2019.

 

Bangladesh Apparel export started declining from April 2020. The export dropped 63.93 per cent to $1.18 billion in May compared to $3.27 billion in March, according to Fibre2Fashion's market analysis tool TexPro. Export-oriented apparel factories were allowed to reopen by Bangladesh government on April 5, although spread of virus and death toll was on rise.#

Further, order cuts and lower prices from buyers, the rising prices of raw materials also impacted the overseas shipments of the country. On average, the prices of raw materials such as fabrics, yarns, cotton and packaging materials, increased 5.00-10.00 per cent near the end of 2020.