Export orders in garment industry decreased by 30%

In the month of April this year, the export income of the country has decreased by 16.52 percent compared to the same month last year.

Export income has increased by 5.38 percent compared to the same period of the previous financial year as of July-April - 10 months of the current financial year.

According to the data of the Export Promotion Bureau, the export earnings in the month of April ended at 395.6 million US dollars. In April of the previous year, this amount of export income was 473 crore 86 lakh  and 70 thousand dollars.

And the total income during July-April is 4 thousand 567 million 76 lakh and 20 thousand US dollars. In the previous financial year at that time, this income was 4 thousand 334 million 43 lakh and 40 thousand dollars.

Revenues are 21.67 percent negative compared to April 2023 strategic export target of $505 million.

According to the data of the Export Promotion Bureau, in April, only 14 categories of products, including the garment industry, saw an increase in export income compared to the previous year. And 45 products had negative export earnings.

However, the growth in export earnings of the country's ready-made garment sector exceeded the target. But the garment exporters are concerned that this income is not sustainable.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Vice President, Md. Shahidullah Azim said that export orders have decreased by at least 30 percent compared to earlier. He also mentioned that the situation is unlikely to improve before July-August.

Shahidullah Azim, the Managing Director of Classic Fashions Concept Ltd. told TheReport.Live, "The growth people are seeing now is only because of price increase. But over all export orders have decreased. That means volume has come down. In this situation, many garment industries cannot survive. Because it has become difficult to find buyers."

"The geo-political situation is responsible for this", he added.

Meanwhile, according to data from the Export Promotion Bureau, the top sectors and products with negative export earnings are primary commodities, agricultural products, shrimp, frozen fish, jute and jute products, engineering products, ceramic products, construction materials, glass and glassware, furniture, optical, bicycles. , home textiles, silk, wool and plastic products, pharmaceuticals, photographic and medical equipment.