Home / Knowledge / News / Apparel/Garments / Fall in Euro affects major export-earning sectors
Fall in Euro affects major export-earning sectors
31
May '10
The key export-earning sectors of Bangladesh, such as garment and sea food industries, are likely to suffer, owing to adverse effects of the weakening Euro, on their profits. This is a double whammy for those foreign exchange earners, who were dreading to face new challenges resulting from the Greek debt crisis.

Last week, Euro fell to a four-year low of $1.2142 and has dropped to more than 13 percent since the month of January. Pertaining to this, Abdus Salam Murshedy, President of Bangladesh Garments Manufacturers and Exporters' Association (BGMEA) while expressing grief over fluctuations in Euro, said that, the industry will lose its margins, if Euro is converted to dollar or taka.

This plunge in the value of Euro could take its toll on the income of apparel exporters, though garment prices have not increased in the global markets, said Murshedy. Bangladesh shipped over 60 percent of garment products to European Union last year, which is the key export market of the country.

Exports of the country witnessed 6.3 percent elevation to 5.8 billion Euros in the year 2009, as exports of China, India and Vietnam experienced a plunge in 2009. Exports of these three countries slipped to 13.4 percent, 13.9 percent and 9.5 percent, respectively, last year.

Such variations in Euro have caused an exchange valuation loss of over US $240 million in the ongoing month, as per estimates made by the Bangladesh Bank (BB).

Fibre2Fashion News Desk - India

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Apparel/Garments | On 25th Mar 2017

Net sales at Christopher & Banks fall 10% in Q4

Net sales totalled $85.0 million for the fourth quarter ended January ...

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Silke Brand-Kirsch
Schlegel und Partner

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

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Ritu Kumar
Label Ritu Kumar

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

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

news category


Related Categories:
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search