Bangladesh’s apparel exports grew 58 per cent year-on-year in the first 22 days of August 2022.

The apparel industry of Bangladesh despite numerous challenges, including reduced consumer demand and reported cancellation of some work orders by global buyers, managed to put up a decent performance in terms of apparel shipments this August.

Bangladesh garment sector grew 446 per cent year-on-year in a single day during the period even if on the other end it also witnessed a negative growth of 54 per cent in a day. The hope is that August will end with positive growth even September and October are expected to see a negative trend.

Plummeting sales in the West amid rising inflation driven by the Russia-Ukraine war is the big cloud on the horizon for the apparel industry of Bangladesh which is already taking a hit. Foreign buyers are cutting new orders and postponing old ones, according to exporters who fear a huge fall in the industry’s earnings for the next few months. Export orders have decreased in August and its effects will be seen in September and October. Many buyers are holding up orders. Walmart has cut orders by 30 per cent. In the US, inflation-weary shoppers have been skimping on clothing purchases, prompting retailers to slash prices to clear inventory off the racks.