Even as the deadly Coronavirus is spreading menacingly across the globe with fears of severe economic ramifications, Bangladesh’s apex body of garment exporters – the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has recently disclosed that buyers have intimated the traders’ body of downsizing their existing export orders by 15-30 per cent, as per media reports.
“Some buyers are requesting to make air shipment of export products, while the others are seeking discount on prices. They are arguing that demand for readymade garment products is declining as many brand shops in the countries affected by Coronavirus are shut down as a measure to contain infection,” stated BGMEA President Dr. Rubana Huq interacting with the media, adding that there’s no doubt that the export sector will be severely affected due to the epidemic but the question remains as to what extent.
It may be mentioned here that there were apprehensions of apparel export reversals in view of the spread of the deadly virus in the Western countries, many of which are Bangladesh’s export strongholds.
At the time of filing of the report, Italy was almost in a virtual lockdown with emergency measures extended to the entire country and number of Coronavirus deaths jumping from 366 to 463.
The positive cases of Coronavirus in and around the Spanish capital Madrid have also jumped to 469 from 202 in just 24 hours.
Even Cyprus, which was the last EU country to be virus-free, reported its first case leading Governments across Europe to warn citizens of months of serious disruption. Meanwhile, in the USA, the number of confirmed cases has crossed 500.