Refayet Ullah Mirdha

Bangladesh will keep enjoying duty-free market access for three more years after its graduation to a developing nation in 2026 as the extension was endorsed by 166 members of the World Trade Organisation (WTO) at its Ministerial Conference that concluded in Abu Dhabi on Friday night.

Bangladesh will continue to get duty benefit for three more years after the graduation to a developing nation from the least developed country (LDC) in 2026 thanks to the decision taken at the 13th Ministerial Conference of the World Trade Organisation (WTO).

While Bangladesh’s garment sector struggles  to transition from basic products to high-end items, too many companies are going in for the same international contracts, intensifying competition among themselves.

Walk down the road in Savar, Gazipur or Narayanganj in the morning hours and you will see a long line of workers heading to work.

Exports of locally made lungis, a widely used everyday garb for southeast Asian men, have been rising rapidly because of the increasing Bangladeshi diaspora worldwide while the local market has also been on an upward curve due to Bangladesh’s growing population, industry insiders said.

Garment export from Bangladesh may witness a strong rebound from May as suppliers are receiving a lot of inquiries from international buyers as the global economy recovers from the severe fallout of the Covid-19 pandemic and the Russia-Ukraine war.

Three of Bangladesh’s major trade bodies have joined a global initiative calling on governments to collaborate in ensuring safe passage of commercial vessels over the Red Sea and deter a repeat of last December’s attacks.

Garment exports to the US, the biggest market for Bangladeshi products, declined by around 25 percent year-on-year to $7.28 billion last year for a slowdown in imports by American fashion retailers and brands due to high inflationary pressure.

Bangladesh shipped apparel goods worth $650 million to Russia in the financial year of 2020-21 and was tipped soon to be crossing the $1-billion mark in the promising market.

The highly promising home textile sector of Bangladesh is losing its lustre in the export market as the lingering gas crisis, the volatile exchange rate and the higher production cost are forcing many factories to go out of business.

Faced with a chronic gas crisis and volatile exchange rates, a number of ailing textile millers are putting their factories up for sale as they are no longer able to contend with losses stemming from dwindling production.

The merchandise exports rebounded strongly in January as manufacturers shipped goods worth $5.72 billion, the highest in a single month, which, coupled with a rise in remittances and a fall in imports, could ease pressure on the economy.

International textile and garment machinery sellers are optimistic about a rebound in their business in Bangladesh this year as the global clothing supply chain is recovering from the sluggish trend.

Exporters have expressed disappointment about the government’s sudden cut in cash incentives on the shipment of garments and other export-oriented products

India has agreed to export 50,000 tonnes of sugar and 20,000 tonnes of onion to Bangladesh before Ramadan, said Ahsanul Islam (Titu), the state minister for commerce.

International clothing retailers and brands are still choosing seaways, instead of air, to carry goods from Bangladesh to Europe although the rerouting of ships away from the Red Sea has increased the freight charge by more than 30 percent and added 15 days to the sailing time.

The Forum panel taking part in the election of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) yesterday demanded cancellation of the preliminary voter list and publishing a new one as the tax files of 429 voters could not be found.

With industries suffering from the gas crisis, it might cause the consumers higher price concerns

NDB has various development projects in consideration depending on the execution capacity of Bangladesh, says vice president Vladimir Kazbekov

Overall apparel shipment rose 3.67% to $47.39 billion in 2023