Home / Knowledge / News / Apparel/Garments / Global economic crisis has garment exporters worried
Global economic crisis has garment exporters worried
15
Oct '08
The economic turmoil across the globe, brought in by the sub-prime loans in the US, is putting a clog in the wheels and threatening to disrupt the growth rates of the biggest earner of foreign exchange for the country; apparel industry.

This sentiment was echoed by economists and industry leaders alike. The apparel sector alone brought in US $10.7 billion worth of foreign exchange in the last fiscal (July-June) and accounted for an astounding two-thirds of all annual export earnings.

In the last few years the sector other than providing employment to more than 2.5 million people has created alternative sources of employment for a lot of women, more in particular rural women.

Speaking at a seminar Nobel laureate and father of the micro credit institution in Bangladesh Mohammed Yunus said” Bangladesh would definitely be hit by the global financial crisis. He termed the meltdown in the United States a "tsunami in the Wall Street casinos" that will have trickle-down effects across the world, including small countries like Bangladesh.”

He asserted by saying that “we cannot escape impact of the turmoil”. Mr Haque, President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) echoed the sentiments of Mr Yunus by saying “orders from EU and US have dropped by 7 percent in September and buyers are likely to stay away in coming months.”

Mr Parvez, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) also said "Any setback in the single biggest export market of Bangladesh will push the sector downhill.

He added by saying “more than 700 chain stores of major US apparel brands that outsource to Bangladesh have either wound up or are planning to do so with the financial crisis spreading fast across continents."

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search