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Bangla Tariff Commission fears grave impact on China trade

26
Feb '20
Pic: Shutterstock
Pic: Shutterstock
The impact of the coronavirus outbreak on Bangladesh-China trade is already visible and may seriously affect it in the long run, according to the Bangladesh Trade and Tariff Commission, which recently forwarded a preliminary report on the epidemic to the commerce ministry. Bangladesh's major export sectors have already been affected, its report said.

The commission said nearly 60 per cent fabrics of the wovens sub-sector are being imported from China and the negative impact of the epidemic on this sector is already apparent.

It said some 15 to 20 per cent raw materials and 80 to 85 per cent dyeing chemicals and accessories of knitwear sector comes from China. The supply chain of these items is already facing disruption.

The commission said some 60 to 65 per cent of country's total finished leather and leather goods is being exported to China and this sector may incur a loss worth Tk 30 billion due to the coronavirus outbreak.

Around 40 per cent of raw material of garment accessories and packaging manufacturing industry worth $1.6 billion is being imported from China every year. Due to supply chain disruptions, players in this sector fear a loss worth Tk 15 billion, the commission said in its report.

The commission is now calculating the possible loss from the shipment suspension due to the coronavirus epidemic, according to a Bangladesh newspaper.

Bangladeshi jute spinners export goods worth $5.32 billion annually to China that now remain suspended, the commission said.

The annual import of raw materials for the printing industry from China stands at $1.8 billion. The sector’s loss may reach up to $3.6 billion. China is a top sourcing partner for Bangladesh with annual import of $13.85 billion while export to the country is around $831 million.

Fibre2Fashion News Desk (DS)


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