According to Rubina Haq, President of the BGMEA, Bangladesh’s garment exports may plummet almost 40 per cent in the next few months as the retail market in the country is yet to rebound. The impact of the COVID-19 on consumers’ behavior is still unknown and factories in the country are still struggling with cash flow and credits to make a turnaround.
Export Promotion Bureau (EPB) revealed that Bangladesh’s export earnings from knitwear garments declined by 5.17 per cent to $1.89 billion during July-May of FY 2019-20.
Similarly, the exports of woven products by the country declined by 14.31 per cent while its overall exports declined by 14.08 per cent compared to the last financial year. Huq further revealed inflow of new orders has also declined by 45 per cent compared to last year.