The apex garment makers’ body in Bangladesh, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has stated depreciation of currency is favourable for exports even as it shared the data and analysis of the recent exchange rate movement of some currencies in major apparel exporting countries with the Commerce Ministry.
Media reports maintained this adding BGMEA shared the details with the Commerce Ministry recently via a letter written in this direction.
In the said letter the BGMEA President, reportedly, stated depreciation is favourable for exports, adding, “…it adds to our breathing space in this trying time…”
Faruque Hassan, however, also pointed out that it is important to determine the extent of currency devaluation that actually helps the industry.
Meanwhile, speaking to the media, former BGMEA President Anwar-ul-Alam Chowdhury Parvez, reportedly, maintained that although prices of apparel items did not go up, there is little profit due to increase in raw material imports and freight cost while adding that many were exporting products at loss.
“…if the price of dollars is fixed at least Taka 90, our competitiveness will increase,” reportedly, claimed the ex-BGMEA President.