Bangladesh’s apex garment makers’ body- the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has expressed apprehensions that the growth of apparel exports could take a hit in October and fall as much as by 20 per cent.
Addressing a press meet recently, BGMEA President Faruque Hassan reportedly expressed such fears even as he reportedly maintained garment exports in October might have registered nearly 20 per cent negative growth compared to that of the same month last year.
The leader of the trade body further reportedly maintained that due to the high trend of inflation, demand for apparel has decreased in the major markets, including European Union and the United States, while also adding that at the same time, apparel units’ capacities have remained unutilised in Bangladesh due to the shortage of gas and electricity.
It may be mentioned here that after an extended period of good show, apparel exports from Bangladesh registered a 7.5 per cent negative growth in September.