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RMG export prices in Bangladesh fall 8-16% in 8 months: BGMEA

05 Jun '24

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RMG export prices in Bangladesh fall by 8-16% in 8 months: BGMEA

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Export prices of Bangladesh garments dropped by 8-16 per cent YoY in the last eight months due to a decline in consumer demand in major markets resulting from high inflation and the impact of the Russia-Ukraine war.
Garment exports rose by 4.97 per cent YoY in the 10 months to April—down from the 9.09 per cent YoY growth posted in the same period a year ago.

Export prices of garment items from Bangladesh dropped by 8-16 per cent year on year (YoY) in the last eight months due to a decline in consumer demand in major markets resulting from high inflation and the impact of the Russia-Ukraine war.

Export of garments to major markets too dropped in volume, according to data from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Apparel import in the United States and the European Union declined by 7 per cent and 13 per cent respectively in the July-April period of fiscal 2023-24, BGMEA data showed.

Bangladesh’s garment exports increased by 4.97 per cent year on year (YoY) in the 10 months to April this year—down from the 9.09 per cent YoY growth posted in the same period a year ago, domestic media outlets reported.

However, the bank interest rate rose by 15 per cent and the cost of production by 50 per cent in the last five years, BGMEA president SM Mannan Kochi said.

The government decision not to allow investments outside export processing zones (EPZs) and special economic zones (SEZs) will affect investment inflow into the country, and hence it should be reconsidered, he added.

Fibre2Fashion News Desk (DS)

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