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US legislation to boost RMG exports from Bangladesh
12 Oct '10
1 min read
The approval of a bill by the US House of Representatives to protect the US companies and workers against the currency practices of China is expected to give a boost to the export of ready-made garments from Bangladesh.
The legislation will permit the US government to impose countervailing duties on those countries, which manipulate the exchange rates by going against the rules of free trade. The increase in the value of Chinese currency is expected to make the products, which are to be exported from China to the global market, more expensive.
China is slowly increasing the value of its currency. Over the past three years, the value of yuan was increased by 15 percent. If the currency is further appreciated by another 15 percent, it will enhance the exports from Bangladesh greatly.
The RMG sector contributes around 80 percent of the total export earnings of Bangladesh. But the boost in exports might negatively affect the import of the country.
The legislation will permit the US government to impose countervailing duties on those countries, which manipulate the exchange rates by going against the rules of free trade. The increase in the value of Chinese currency is expected to make the products, which are to be exported from China to the global market, more expensive.
China is slowly increasing the value of its currency. Over the past three years, the value of yuan was increased by 15 percent. If the currency is further appreciated by another 15 percent, it will enhance the exports from Bangladesh greatly.
The RMG sector contributes around 80 percent of the total export earnings of Bangladesh. But the boost in exports might negatively affect the import of the country.
Fibre2fashion News Desk-India
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