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Bangla garment accessories sector may lose Tk 1500 cr

20
Feb '20
Pic: Shutterstock
Pic: Shutterstock
Bangladesh’s garments accessories and packaging sector may incur a loss of Tk 1,200-1,500 crore if the deadlock in import from China continues for three to four more months, according to the Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association, which is concerned over the impact of the coronavirus outbreak on its members.

Association president Mohammad Abdul Kader Khan said about 40 per cent of raw materials for the sector are procured from China. Importers have suffered losses of over Tk 200 crore due to extension of Chinese New Year holidays.

Bangladesh exported garments accessories worth $7.5 billion in fiscal 2019-20, he pointed out.

He said some goods have reached ports, but there are no documents. On the other hand, there are documents, but no goods. Besides, the Chinese banks also remain closed, Bangla media reports quoted him as saying.

Signals of the Chinese holiday period extending further have created further concerns among businessmen, he said. Most of the association members’ suppliers are scheduled to open business after February 21.

At present, 1,744 registered institutions operate in the garments accessories and packaging sector in Bangladesh. The sector provides employment to over 7.5 lakh people. About 35 types of raw materials, including yarn, fabric, duplex board, white liner, thermoplastic mould, carton, sewing threads, etc, are imported from China.

The companies in the garments accessories also supply raw materials for leather and pharmaceuticals industries alongside the apparel sector, said the association.

Moreover, the association member companies cannot import materials as per their will every now and then, which adds to the problem. Even if they find alternative sources, that will add to the cost and time of procurement.

Fibre2Fashion News Desk (DS)


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