Why can’t Bangladesh have its own global apparel brand?
Bangladesh has emerged as an economic success story, primarily through its booming ready-made garments (RMG) sector.
Bangladesh shipped $11.37 billion worth of merchandise in the first quarter
However, overall shipments grew 2.01 percent to $51.54 billion in July-May, according to data from the Export Promotion Bureau (EPB).
Shipments hit $4.07 billion in May, 23.75% lower than the monthly target of $5.33 billion
It declined 0.99% year-on-year to $3.91 billion in April
Oct's shipment fell to $3.76 billion this year from last year's $4.35 billion
It hit $4.31 billion in September
Bangladesh’s apparel exporters displayed the sharpest growth in the US in 2022, leaving behind their competitors in the countries such as China and Vietnam, owing mainly to the lingering tariff war between Washington and Beijing and capacity building.
Kawsar Ahmed Sumon took 1,500 kilograms of vegetables and betel leaves to the Hazrat Shahjalal International Airport on March 25 to export those to Saudi Arabia.
Prime Minister Sheikh Hasina yesterday urged the business entrepreneurs to come up with innovative ideas, knowledge and qualitative strategy to diversify their products in line with global demand.
Exports rise by 3.35 percent to $31.2 billion in the just concluded fiscal year, a senior Bangladesh Bank official told The Daily Star.
Exporters including apparel manufacturers will have to pay 0.6 percent tax at source on their income from exports from the upcoming fiscal year, as the government reduced the rate from the proposed 1 percent.
Bangladesh stands to gain much from China by way of higher exports and investment, as the Asian economic giant looks to deepen ties with its South Asian neighbours.
The dollar slumps the most since October 2011 after the Federal Reserve reduced projections for interest- rate increases and expressed concern the dollar's surge is weighing on exports and inflation
