Refayet Ullah Mirdha

At least 66,622 people would fall below the poverty line due to the decline in exports following Bangladesh’s graduation to a developing nation from the group of least-developed countries, according to a government analysis.

Development of physical infrastructure, improvement of the business climate and labour productivity and technological adoption are the key to making Bangladesh competitive in global trade by offsetting the fallouts of the LDC graduation.

Bangladesh will face an uphill task in convincing major trading partners and regional blocs to sign free trade agreements (FTAs) because of higher tariffs as it looks to retain duty benefits after its graduation from the LDC group, according to a government report.

Earnings from merchandise exports fell 4.99 per cent year-on-year to $3.43 billion in January because of slower recovery of garment shipment from the pandemic-induced business slowdown, official data showed yesterday.

Bangladesh’s export earnings and the flow of concessional foreign financing and grants will decline once it becomes a developing country, according to a government study.

Two-thirds listed apparel companies either made a higher profit or managed to stay in the black in July to December despite sluggish sales, reflecting the recovery for the most export-earning sector in Bangladesh.

The Bangladesh Securities and Exchange Commission (BSEC) recently issued a directive offering companies not performing well an exit plan that would help protect small investors in case of delisting.

Import of man-made fibre (MMF) as well as investment in its business is increasing in Bangladesh because of higher demand for polyester and viscose-made garment items worldwide.

Pandemic-struck local garment suppliers are struggling to survive because of a poor cash flow caused by delays in payments by international retailers and brands despite the restoration of the orders.

Despite the duty-free market access for 97 per cent goods, Bangladesh could not seize the opportunity for most of last year because of a lack of diversified goods and the fallouts of the coronavirus pandemic.

Dhaka and New Delhi are preparing a joint study report to sign a comprehensive economic partnership agreement (CEPA) to boost bilateral trade and investment once Bangladesh becomes a developing nation.

With production suspended amid the fallouts of Covid-19, the management of Hong Kong-based woven garments maker Kwun Tong Apparels is trying to sell off the unit inside Adamjee Export Processing Zone.

Readymade garment exporters in Bangladesh have been dealt a fresh blow by a doubling of air shipment rates for cargoes flying out of Hazrat Shahjalal International Airport (HSIA).

People limiting movements to their homes for social distancing needs apparently proved a boon for local knitwear manufacturers, as their shipments have fared relatively well in 2020 on the back of increased demand globally.

A rise in international cotton prices has had a ripple effect on local yarn, affecting garment shipments, especially of knitwear, during the ongoing coronavirus pandemic.

Exporters are seeking extensions on both moratorium and repayment period for loans accrued from a government sponsored stimulus package aimed at helping them cope with the pandemic’s fallouts.

The European Union is moving from a development partner of Bangladesh to trade partner as Bangladesh is graduating to a developing country by 2024.

Bangladesh will have to meet the European Union’s new criteria on human rights to retain its duty-free market access to the bloc as the EU looks to increase accountability and fight impunity, said a top diplomat.

With rising economic growth over the last few decades, Bangladesh has become a start-up hub where businesses have reached a new height, according to Binod Chaudhary, founder of CG Corp Global.

The BGMEA has signed an agreement with Sidley Austin LLP to receive advisory services in efforts to get duty-free trade benefits to the European Union extended once Bangladesh leaves the group of least developed countries (LDCs).