Thanks to the rising inflation that has caused a drop in the demand for luxury items in the global market, ‘Made in Bangladesh’ leather and leather products fell 17.55 per cent in January-April of 2023.
This is as per reports even as speaking to the media, exporters of leather goods from Bangladesh have held the lack of environmental compliance as another reason for declining exports even as according to the data from the country’s Export Promotion Bureau (EPB), leather and leather goods exports in the four months of 2023 went down from US $ 78.61 million to US $ 369 million even as the same stood at US $ 447.81 million in the corresponding period of 2022.
Meanwhile, speaking to the media, Senior Vice-President of Leather Goods and Footwear Manufacturers and Exporters Association of Bangladesh, Mohammed Nazmul Hassan, reportedly maintained the situation deteriorated due to the global economic instability owing to the ongoing Russia-Ukraine war even if after the immediate fallout of COVID-19 was over, leather goods and footwear exports were reportedly picking up pace on the global market, in 2021-2022.
