Home / Knowledge / News / Apparel/Garments / Garment exporters on edge due to economic turmoil

Garment exporters on edge due to economic turmoil

13
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


Interviews View All

Priyanka, Studio Priyanka Rajiv

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Headhonchos, Indian textile value chain

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

DK Sharma, Velocity Apparelz

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Ashish M Amin,

Ashish M Amin

Premier Looms is a leading provider of cutting-edge machinery and...

Luca Formentini,

Luca Formentini

From the very beginning, Loris Bellini's aim was to produce dyeing...

Harssh Chheda,

Harssh Chheda

Mumbai-based Corporate Collars provides bespoke tailoring services for...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Aneeth Arora, Péro

Aneeth Arora
Péro

The Woolmark Company has partnered with handmade fashion label Péro and...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

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

Leave your Comments


October 2019

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

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search