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COVID-19 affects Bangladesh's RMG exports for 3rd month

Jun '20
Pic: Shutterstock
Pic: Shutterstock
Bangladesh’s readymade garment (RMG) exports declined by 62.09 per cent to $1.07 billion in the first 29 days of May compared to $2.81 billion in the corresponding period last year as both the demand for and prices of apparel products fell in the global market due to the COVID-19 pandemic, according to provisional data released by the National Board of Revenue.

The data has been compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Exporters said RMG export in March-May of 2020 may fall to $5 billion, with possible unsettled liability of $2 billion for the country’s clothing sector, according to Bangla media reports.

The country’s RMG export in April this year declined by 85.25 per cent to $374.67 million from $2.54 billion in the same month of 2019 due to shrinking demand for goods and suspension of production in the country due to the pandemic.

RMG exports in March this year, when the coronavirus was first detected in the country, declined by 30.19 per cent to $1.97 billion from $2.82 billion in the same month of the last year.

Although the production has started in the country since April 26, factories have been running with limited number of workers due to health concerns and fall in demand in the all export markets, exporters said.

Fibre2Fashion News Desk (DS)

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June 2021

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