Speculations on order cancellations are over at last. As per media reports, global buyers have cancelled work orders amounting to a whopping US $ 133 million from Bangladesh recently!
The country’s apex garment exporters’ body the Bangladesh Garment Manufacturers and Exporters and Association (BGMEA) maintained that 69 apparel makers associated with it have faced order cancellation to the tune of US $ 93 million, while another 13 members of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) have orders worth US $ 40 million cancelled.
“As conveyed by our member factories through special email and hotline, a total of 69 factories have witnessed work order cancellation to the tune of US $ 93 million as of today (Wednesday),” underlined BGMEA Director Md. Rezwan Selim informing the pressmen while BKMEA First Vice President Mohammad Hatem on his part said, “The buyers earlier suspended the orders; now they are cancelling them. As of today evening (Wednesday), a total of 13 factory owners informed us that brands and buyers have cancelled orders worth US $ 40 million and it is increasing every hour.”
It may be mentioned here that with COVID-19 spreading in Europe and USA rapidly, brands and retailers are closing down stores in large scale.
Brands like Inditex, Nike, GAP and many others have already declared and effected store closures en masse.