Refayet Ullah Mirdha

Garment factories kept production suspended on July 20 and decided to keep the units closed  on July 21 as well considering the safety of the workers and the factories amid ongoing countrywide violence and curfew imposed by the government

Garment exporters yesterday demanded that the government keep the sector out of the purview of the ongoing curfew and fast restore internet services for the resumption of production as soon as possible.

Nearly 1,500 tonnes of cargo have been stockpiled at the Hazrat Shahjalal International Airport (HSIA) in Dhaka over the past three days due to a strike called by clearing and forwarding (C&F) agents.

There was an expectation that investment inflows from China to Bangladesh would increase substantially following the Covid-19 pandemic as investors in China were looking for an alternative manufacturing hub.

The government has initiated moves to correct the system to calculate national data in oder to avoid the repetition of the shock after the central bank reported a massive statistical mismatch linked to exports.

The Export Promotion Bureau (EPB) is taking more time than it usually does to release the export data for June apparently because of the shock following the central bank’s correction of overseas sales figures.

The adjustment of export figures that saw shipment values plummet by nearly a staggering $14 billion in the first 10 months of 2023-24 from a year ago has left several businessmen disappointed.

China could not become a potential export destination for Bangladesh despite offering generous preferential trade benefits for the past decade or so.

Bangladesh should expedite talks for trade deals with major partners like Canada, India, Japan and China to retain duty benefits after graduating from the Least Developed Country (LDC) status in 2026..This is because following graduation, the country’s garment exports will face duty of 11.

Bangladesh is expecting a formal declaration of the beginning of a negotiation of a free trade agreement (FTA) with China during Prime Minister Sheikh Hasina’s visit to China next week, State Minister for Commerce Ahasanul Islam Titu said.

Prime Minister Sheikh Hasina’s four-day China visit begins on July 8

Bangladesh and India are yet to begin the formal negotiation to sign the Comprehensive Economic Partnership Agreement (Cepa) although nearly two years have passed since both countries agreed to kick off the talks.

Bangladesh’s earnings from exports, excluding apparel, grew at a compound annual rate of 7.6 percent over the past three decades or so whereas garments witnessed 14.6 percent growth, which highlights a lack of product diversity, according to a new study yesterday.

Bangladesh’s graduation from the group of least-developed countries (LDCs) to a developing nation in 2026 has become a point of national pride, underlining the substantial economic strides that the country has made.

The ratio of female workers in the garments sector is falling rapidly due to automation, lower wages and opportunities than in other sectors and a reluctance among the younger generation to take up the profession.

Rising local value addition, poor compliance with international standards, and buyers shifting to other countries have thwarted exports of leather, which was once among Bangladesh’s three main export items.

Full-scale rawhide procurement across the country has yet to begin due to rainfall and subsequent delays in animal sacrifices.

Hide of Tk 1 lakh cow sold at Tk 400

The government has proposed removing and reducing import duties and supplementary duties on 282 products in fiscal year 2024-25 as it continues its efforts to prepare the nation for its graduation out of the Least Developed Country grouping.

However, overall shipments grew 2.01 percent to $51.54 billion in July-May, according to data from the Export Promotion Bureau (EPB).