According to figures revealed by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) during a recent virtual discussion, the industry has so far witnessed order cancellations/suspension to the tune of US $ 3.18 billion, of which buyers from the two major export destinations of USA and Europe accounted for US $ 574 million and US $ 1.93 billion worth of order cancellation/withholding, respectively, as per media reports.
Meanwhile, buyers from non-traditional markets were responsible for work order cancellations/holdup to the tune of US $ 620 million, while buyers from Canada have held back/cancelled work orders amounting to US $ 52 million.
Further, the industry may also fail to realise or face deferred payment worth US $ 3.0 billion because of the pandemic.
The apex garment makers’ body reportedly presented these figures while participating at a virtual discussion organised by the Bangladesh Malaysia Chamber of Commerce and Industry or BMCCI recently.