Bangladesh’s garment exports grow
According to a report by Bangladesh’s “Business Standard” on August 25, Bangladesh’s ready-made garment exports from August 1 to 22, 2022 were US$2.531 billion, compared with US$2.13 billion last month. The US dollar increased by 18.8%, an increase of 57.7% from US$1.605 billion in the same period last year. Nonetheless, Bangladeshi garment manufacturers have received order cancellation notices from Europe and the United States. The chairman of the Bangladesh Garment Manufacturing and Exporters Association said that although Bangladesh’s garment exports can maintain growth in August, they will decline in September and October. Because almost all buyers started canceling orders starting this month.
The Executive Chairman of the Bangladesh Knitwear Manufacturing and Export Association gave the example of his own factory. The orders originally received were scheduled until December this year, but on August 40 % of orders and 30% of September orders have been cancelled.
Some companies also said that most factories may face about 30% order shortage and overcapacity in the next few months.
Bangladesh’s garment exports in the 2021/22 fiscal year were US$42.2 billion. Bangladesh has set a garment export target of US$46 billion for the 2022/23 fiscal year.
The United States is Bangladesh’s largest exporter of ready-made garments. Walmart, the main buyer of ready-made garments imported from Bangladesh in the United States, has officially announced that it will reduce purchases by 30%, citing a large inventory of overstocked products. Other American orderers, including H&M, Inditex, American Eagle and other brands, have also reduced order quantities.
The vice chairman of the Bangladesh Garment Manufacturing and Export Association said that the cancellation of garment import orders by the United States will increase pressure on Bangladesh’s garment processing factories.
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