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Garment exporters on edge due to economic turmoil

Oct '08
Exporting companies and government officials fear that the financial turmoil across the globe could hamper the export prospects of the country as most of the countries to which Bangladesh exports have been hit hard by the crisis.

According to exporters, buyers in the US and EU are not providing fresh orders while others are asking for price cuts. The clothing industry which contributes more than 76 percent to all exports from Bangladesh is expected to bear the biggest brunt of the slowdown.

Fazlul Haq, President of Bangladesh's Knitwear Manufacturers and Exporters Association (BKMEA) said “60 percent of all exports are meant for the countries of the European Union, so a financial turmoil in those countries will mean severe repercussions for the country.”

According to garment exporters, the industry has shown very good growth in the last few months, but the erratic power and gas supply, increased raw material costs and finally the devaluation of the dollar has them worried.

Experts advise the government to keep a close watch on global developments and plan for any eventuality in advance as global recession may be felt across all levels. They also warn of a reduction in foreign direct investment in the coming months due to the financial crisis.

Fibre2fashion News Desk - India

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