Home / Knowledge / News / Apparel/Garments / Bangladesh RMG sector suffers $20mn loss in Dec'13: Survey
Bangladesh RMG sector suffers $20mn loss in Dec'13: Survey
07
Jan '14
The readymade garment (RMG) sector in Bangladesh has suffered a loss of US$ 20 million in the month of December 2013, due to shipment delay, cancellation of orders, extra-burden of air freight, price discounts, and losses due to vandalism, according to a survey, reports Dhaka Tribune.
 
The survey of more than 38 export-oriented garment factories was conducted by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) found that US$ 5.35 million worth of orders were cancelled while the companies had to dole out an additional US$ 1.56 million for air shipment of their goods.
 
The garment units surveyed had to pay an additional amount of US$ 1.87 million for failing to ship their products on time, the survey found.
 
In addition, vandalism cost US$ 2.8 million to exporters while the delay in shipments cost another US$ 9.21 million during the period.
 
The garment sector contributes about 80 percent of Bangladesh’s foreign exchange earnings, and it is a vital sector for the economy of the South Asian nation. The Bangladesh clothing sector exports goods worth US$ 22 billion annually, and employs about four million people.
 
The recent elections in Bangladesh has resulted in the ruling Awami League led by Sheikh Hasina winning 232 of the 300 Parliamentary seats, in an election that was boycotted by an 18-party opposition alliance led by Khaleda Zia’s Bangladesh Nationalist Party.
 

Fibre2fashion News Desk - India


Must ReadView All

Indian govt relaxes cabotage rule for cotton transport

Textiles | On 25th May 2018

Indian govt relaxes cabotage rule for cotton transport

The Government of India has relaxed cabotage rules for transportation ...

Courtesy: Teejay Lanka

Textiles | On 25th May 2018

Teejay Lanka doubles production capacity at Indian mill

Teejay Lanka, one of Sri Lanka’s largest textile manufacturers, has...

Courtesy: Messe Frankfurt/Yarn Expo Autumn edition

Textiles | On 25th May 2018

Yarn Expo Autumn 2018 scheduled earlier

Over 500 exhibitors are expected at the Yarn Expo Autumn 2018, being...

Interviews View All

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search