As per a review of Bangladesh’s central bank, the Bangladesh Bank (BB), in fiscal year of 2019-2020, there has been a year-on-year drop of 7.83 percentage points in terms of value addition in the RMG sector of Bangladesh, amidst the supply chain disruption subsequent to the global outbreak of the COVID-19 pandemic.
Further the review by the central bank underlined that in FY 20, value addition in terms of raw material imports dropped to 56.49 per cent from 64.32 per cent in FY19.
The BB report maintained that Bangladesh has been troubled with less apparel production and exports order from the buyers amidst the COVID-19 pandemic that has engulfed the whole world, adding that there seems to be a shuffle in global export chain in the post-pandemic period and countries like Bangladesh need to follow different strategies with increased productivity and competitive pricing to salvage lost customers and grab market share.
The central bank report also underlined that in the post-coronavirus period, garment makers need to focus on converting product range from low-end to mid- and high-end market while diversifying their product offerings, to remain competitive.
