The existing scenario in the Bangladesh readymade garment industry sector seems to be a bit baffling.
On one hand if the apex garment exporters’ body, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) recently claimed that buyers have intimated the traders’ body of downsizing their existing export orders by 15-30 per cent due to the global Coronavirus outbreak and its fallout on the retail sector and businesses, emerged another survey report that claimed Bangladesh is set to gain from it!
As per a survey carried out by QIMA – Hong Kong-based leading provider of supply chain compliance solutions and which partners with brands, retailers and importers to secure, manage and optimise their global supply network – globally renowned companies are planning to shift orders from China to its other Asian counterparts, including Bangladesh.
In the survey carried out amongst 200 globally renowned companies between February and early March, nearly half of the respondents reportedly underlined shifting suppliers from China to Bangladesh, India and Vietnam, is very much under consideration.
However, the President of the BGMEA did not sound too sure on that.
“World consumption is decreasing. I don’t see it impacting us positively yet. Some 30 per cent work orders are being slashed by a few customers,” reportedly maintained BGMEA President Dr. Rubana Huq interacting with the media.
Now if Bangladesh would gain from the so-called business shift from China is a matter of speculation.