Bangladesh's apparel exports to the European Union during the first six months of the current fiscal year 2022-23 increased by 16 per cent compared to the same period of fiscal year 2021-22.

Apparel exports to Spain and France grew by 17 per cent and 33 per cent during the first six months of the current fiscal year. Exports to Germany grew by three per cent. Exports to the United States grew by one per cent. At the same time, exports to the United Kingdom and Canada grew by 11 per cent and 28 per cent respectively. On the other hand, Bangladesh’s exports to Poland declined by 18 per cent.

Apart from traditional markets, Bangladesh’s apparel exports to non-traditional markets grew by 32 percent in the same six month period. Among non-traditional markets, the country’s exports to Japan grew by 42 per cent. Bangladesh’s exports to India increased by 50 per cent.

In 2022 Bangladesh’s readymade garment exports grew by 27 per cent compared to 2021.

But Bangladesh garment manufacturers and exporters feel these statistics indicate a further possible decline in growth rate in the coming months amid the global fear of an economic recession aggravated by the Russia-Ukraine war.

LVMH chairman and CEO Bernard Arnault has reshuffled top management at his luxury goods empire, tightening his family’s grip with the appointment of his daughter Delphine to lead Christian Dior and naming a new boss for Louis Vuitton.

Pietro Beccari, who has been the head of Dior since 2018, is moving to replace long-time Louis Vuitton CEO Michael Burke. Antoine Arnault, Bernard Arnault's eldest son, was recently appointed to head the family holding company, replacing veteran executive Sidney Toledano.

Delphine and Antoine, 45, are children from their father's first marriage. Alexandre Arnault, 30, is an executive at Tiffany, while Frederic Arnault, 28, is CEO of another group brand, TAG Heuer. The youngest child, Jean Arnault, 24, heads marketing and product development for Louis Vuitton's watches division.

As part of the management changes, the company is also folding Tiffany into the watches and jewellery division, under management of Stephane Bianchi. Shares in LVMH, Europe's most valuable company, rose as much as two per cent to hit new highs.

Delphine Arnault, 47, has worked at Louis Vuitton for the past decade alongside Burke and previously spent a dozen years at Dior.Burke, who is Bernard Arnault's longest-serving lieutenant and has also been chairman of the jewelry arm Tiffany, will continue to work.

Cambodia’s exports of garments, footwear and travel (GFT) goods grew by around 15 percent in 2022 compared to the previous year.

The GFT sector is the largest export earner for the country, accounting for 56 percent of the total exports last year. Among GFT goods, exports of footwear grew by 24 percent in 2022 compared to the previous year, while non-knitted apparel articles went up by 21 percent, travel goods by 17 percent and knitted apparel articles by nine percent.

But Cambodian exporters don’t expect orders to revive until mid-2023 as retailers in Europe and the US have just too much stock from unsold goods of the previous seasons. Moreover, the Ukraine war and inflation have pushed global garment demand down.

The continued progress of the GFT sector was crucial for Cambodia during the Covid pandemic. The sector accounted for 11 percent of the economy and contributed around 50 percent of Cambodia’s real GDP growth in 2021. This indicated that the GFT sector had been functioning relatively well throughout the Covid pandemic while other sectors such as tourism suffered greater setbacks.

GFT exports have averaged over 70 percent of Cambodia’s total merchandise exports over the past decade and more.

A Taiwanese apparel manufacturer is setting up a factory in Bangladesh.

Makalot will invest around $17 million to set up a factory over 10,119 sqmts of space, where around 1,500 employment opportunities will be created. The company that produces sportswear, ready to wear garments, sleepwear, leisure clothing and outdoor garments will set up two more factories in Bangladesh if this current endeavour is successful.

The company has factories in China, Cambodia, Indonesia, Philippines and Vietnam. Bangladesh is the sixth country where it is setting up a factory.

A number of Taiwanese companies are considering relocating their businesses from Vietnam. Their eyes are now on Bangladesh. Several companies in Taiwan are exploring the potential of investment in readymade garments and leather goods sectors and are planning to make big investments. Bangladesh has been able to create a healthy investment-friendly environment.

Currently, online services to investors are ensured by setting up a one stop service centre. Bangladesh is a populated country, so the workforce is available, which is a challenge for many other countries. Also readymade garment accessories are more affordable in Bangladesh compared to other countries. Other helpful factors are increased port facilities, developed communication systems and the availability of a young workforce.

The African Growth and Opportunity Act (Agoa) needs major revisions. This came into force in 2000. It offers almost 6,500 African products duty-free access to US markets.

Many of these exporters are small and medium enterprises that can grow by leveraging Agoa to their benefit. The act expires in 2025, having been extended four times before. Initially, it was meant to last until 2007 but was amended to clarify on preferential treatment of African goods and other standards required of goods. African countries may need more trade privileges with the US.

As of December 31, 2022, only 36 sub-Saharan Africa countries are eligible for the Agoa. Plans by the United States to renew Agoa should include proposals on how to include agricultural products which is the mainstay of the African economy.In terms of product coverage, the three African countries that have benefited the most from the Agoa are Ethiopia, Kenya and Lesotho because they export apparel. The product coverage excludes agricultural products. For a continent like Africa, excluding agriculture is excluding the main product. So African countries want Agoa to be renewed to cover more products. Agoa also excludes processed products as Africa is allowed to export iron and ore but not steel products. So it has to be expanded in terms of product coverage.

Momad will take place in Spain, February 3 to 5, 2023. This is a footwear fair.

This year Momad will feature more than 20 footwear companies. Among them will be a number of leading names in the sector, such as Alma en Pena, Mascaró, Pons Quintana and Calzados Victoria. This initiative aims to respond to the needs of companies and visitors, presenting a more comprehensive offer that is more in line with modern-day shops.

Since Momad Metrópolis and Momad Shoes merged in 2018, the trade fairs dedicated to fashion and footwear have been held jointly at Ifema. In their first edition under this new format, the space reserved for footwear companies presented 80 brands.

In order to drive its global reach, the fair will once again feature its foreign buyers' program, organised in conjunction with the events held in parallel. Likewise, the event will present brands from countries such as Italy, France, Portugal and Turkey. The biggest surprise has been the increasing participation of Greek brands. Over the last few editions, brands from Greece, which had previously focused more on Italian trade fairs, have opted to participate in Spain mainly due to strong tourism.The event hopes to return to pre-pandemic attendance figures.

Divalicious will take place in Kenya, May 20 to 21, 2023. This business-to-customer fashion fair will bring traditional Indian fashion to Kenya and promote women’swear brands to enable them to reach new customers in the country.

Divalicious focuses on brands in the bridge-to-luxury segment of the market. The shopping fair will feature product categories including Indian traditional wear, ethnic wear, occasion wear, and fusion wear as well as jewellery, fashion accessories, décor, and gift items, among others.

The shopping fair aims to cater to the large Indian and South Asian community in Nairobi as well as shoppers looking for something different. The event will give participating brands a platform from which to connect with new customer demographics and even local retailers. Bridal looks for the upcoming wedding season will also feature.

Divalicious launched its Mumbai edition on January 10, 2023. The fashion fair’s next destination is Dubai, where it will take place from January 14 to 15, 2023. February 3 will see the shopping fair take place at Ahmedabad, where Pernia's Pop Up Shop will visit Ahmedabad for the first time with its curated brands.

Divalicious has also held fairs in Durban, Singapore,London, Johannesburg, Hong Kong, Jakarta, Sri Lanka, Hyderabad, Bangalore and Raipur.

About seven million people in textile and textile-related industries in Pakistan have been laid off. So say representatives of value-added textile associations.

They say this has been due to dwindling exports and the economic crisis. Textile factories are being deprived of the necessary raw material and accessories.

The industry is on the verge of closure as many units have already closed down. Several others are planning to either shut down or shift their production abroad. Letters of credit worth as low as $5,000 are being refused, which has hit in-progress export orders of $500,000 per consignment. This has caused severe disruption and production delays and has led to the cancellation of export orders. Demurrage on various consignments has increased the cost too much, the associations say. The industrial sector cannot operate under extreme financial stress as the alarm bells for sovereign default have been continuously ringing.

The country is in the middle of a dollar crisis and the economy is facing an emergency-like situation. The current shortage of dollars, say the associations, can be overcome only by promoting exports.

In the meantime the value of textile and garment exports from Pakistan decreased by five per cent from July 2022 to November 2022.

Retail prices for garments in the United States increased by four per cent year over year in November 2022. Month over month retail prices were 0.3 per cent higher. Compared to the average before Covid, clothing prices were 1.7 per cent higher.

In November, consumer spending was flat month over month and two per cent higher year over year. Spending on clothing was 0.8 per cent lower month over month and up 0.1 per cent year over year.

The US economy was estimated to have added 2,23,000 jobs in November, near the levels posted over the past four months. Revisions to figures from the last two months were negative. The current twelve-month average is 3,75,000 jobs.The unemployment rate decreased slightly, from 3.6 per cent to 3.5 per cent, and remains low by historical standards. Wages were up 4.6 per cent yearoveryear in December 2022. This is the lowest rate of annual gain since August 2021 and is below current rates of inflation.

Consumer spending during the holidays was generally reported as stronger than feared and may help alleviate issues involving retailer inventories. However, there are other challenges for retailer order demand, including higher sourcing costs and fears that the lagged effects of interest rate increases will weigh on consumer demand in 2023.

The Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has considerably enhanced the global competitiveness of textile and clothing products by avoiding export of embedded taxes and levies. So says the Southern India Mills Association (SIMA).

The rates declared with effect from January 1, 2021, were on the lower side for certain key textile products such as manmade fibers, yarns, fabrics, cotton knitted fabrics etc. Now, the rates have been enhanced for several productsincluding denim and polyester staple fiber spun yarn.

RoDTEP is a WTO-compliant export benefit for refund of embedded duties and state levies for all goods exported from the country, with effect from January 1, 2021. Under the RoDTEP scheme, all other textile products were covered with suitable rates and value cap based on the incidence of duties and levies furnished by the industry.

RoDTEP rates for lycra blended knitted fabric has been increased from one per cent to 2.5 per cent and for 100 per cent cotton knitted fabric the rate has increased from one per cent to three per cent.SIMA says the revised RoDTEP rates have helped knitted fabric exporters, who are facing a crisis owing to various external factors including the global economic slowdown.