Exports of ready-made garments to the US market have declined. The country’s Commerce Office of Textiles and Apparel has published a report stating that exports have decreased by 24.75 percent in the first 10 months of this year.
During this period from January to October, the export of manufactured garments of Bangladesh was 6.35 billion dollars. Exports during the same period of the previous year were 8.45 billion dollars.
However, despite the decline in exports, Bangladesh has retained the third position in apparel exports in the American market. Bangladesh is exporting about 9.54 percent of the US market in ready-made garments.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Farooq Hasan told the media that there were three reasons for the lower earnings compared to the same period last year: lower global garment demand, lower unit prices and disruption of production due to labor unrest in November.
Farooq Hasan also said that there are some signs of potential in the garment sector again in the coming months. Some brands are already lining up investments ahead of Christmas and Boxing Day.
The apparel industry leader said most countries stopped raising interest rates after about 18 months as inflation eased, laying the foundation for a positive trend in growth.
Global fuel prices and transport costs are also falling. This is another indication of business slowdown.