Home / Knowledge / News / Apparel/Garments / Garment trade in for grave times
Garment trade in for grave times
28
Oct '08
International financial crisis has left Bangladeshi textile and clothing industry in turmoil. Traders are loosing huge orders, leading to massive drop in income as well as facing losses.

Garment sector adds US $11 billion a year into Bangladesh's economy, accounting for about 80 percent of exports and employing more than 40 percent of its industrial workforce.

Insiders stated that the dealers were hoping to pick up sales during the latter months of this year, especially considering the approach of Christmas in the West and some other festivals in Asian countries. Orders from the US and EU make up 90 percent of all shipments.

Some traders said that this was the busiest time of the year but now orders have plunged by around 40 percent than that in 2007.

Industry biggies are refuting the Finance Minister Mirza Azizul Islam's claim that the trade slump is not major.

Sources stress that orders in September fell by 10 percent, and the industry is expected to experience a sharp decline like the one faced immediately after 9/11 in 2001.

Experts remind that nine out of 10 garments made here go to the US and EU, who are going through an unbelievable economic slowdown. High food prices in have already affected the wages.

There is an acute crisis of gas and power and labour situation is not good in the industry. Bangladesh is not prepared enough to face the current challenges, which are only going to get tougher by the day.


Must ReadView All

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

Arvind, KVIC sign agreement for khadi certification

India’s leading lifestyle and fashion conglomerate Arvind Limited has ...

Textiles | On 24th Jul 2017

Gartex all set to feature garment, textile solutions

Complete value chain of garment and textile manufacturing solutions...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Lynda Kelly
Suominen Corporation

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

July 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

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

Yes No

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

Yes No

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


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



X