Global fashion brands are reaping triple-digit profits on Bangladeshi garments, buying at $3 and selling for three to four times more. Yet, they continue to pressure factories to cut prices further.
The move comes as Bangladesh's garment exporters face a major challenge in handling urgent international shipments after India abruptly closed a widely-used air cargo transhipment route
Anwar Hossain, an administrator of the BGMEA, chaired the discussion
In recent months, Bangladesh’s garment shipments to major markets such as the European Union (EU) and the US have rebounded strongly, but the price per unit has declined.
The prices of major garment items exported to the US declined year-on-year in the January-October period this year as American consumers are yet to recover from heightened inflationary pressures..During the 10 months, the price of men’s cotton woven trousers declined by 7.7 percent, accor
International clothing retailers and brands yesterday expressed concern about the timely shipment of goods following the latest spell of violence stemming from the quota reform movement, imposition of curfew and five-day internet blackout, which crippled economic activities.
They gave assurance of not seeking any discount or air shipment or cancelling work orders
Production and shipments are dependent on strict lead times set by international clothing retailers and brands, yet the factories have had to be kept shut for the past three days
Garment export to the United States, Bangladesh’s single largest market, is showing signs of a rebound on the back of a revival of the world’s largest economy, consumers opening up their wallets, and falling inflation.
Bangladesh economy was all set at the beginning of 2022 to get its growth momentum back after recovering from the prolonged Covid-19 pandemic. But, the start of the Ukraine war in February slowed the country’s joy run significantly, making it an eventful year to remember. Let’s see how 2022 was for Bangladesh.
International buyers are consistently paying lower than the global average price to apparel suppliers in Bangladesh but higher to some of the country’s competitors, according to the International Trade Centre (ITC).
Garment suppliers in Bangladesh are facing difficulties in delivering goods to international clothing retailers and brands on time due to extreme load-shedding, BGMEA President Faruque Hassan said today.
Despite a lot of emphasis by policy-makers on cutting dependence on a single product for exports over the years, the share of readymade garments has increased gradually, putting external sales, jobs, and the economy as a whole at risk.
Garment exports to Bangladesh’s single largest destination, the USA, rose by 51.57 per cent year-on-year to $9.01 billion in the just concluded fiscal year.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) targets exporting $100 billion worth garment items from the country by 2030 as the local apparel suppliers are diversifying the products and markets.
The garment makers' platform today urged Switzerland to extend duty-free access to Bangladeshi apparels for 10 years under the Everything but Arms scheme to ensure smooth transition of Bangladesh to a developing country
The Bangladesh Bank has issued a circular increasing one percent special cash incentive on export receipts of apparel items from the country, which was pending since July last year.
Bangladesh boasts as being the world's number two garment exporter. Every third European has a T-shirt made in Bangladesh on his back. Every fifth American wears jeans manufactured in Bangladesh.
