Bangladesh may miss RMG export target for energy crisis: BGMEA

Published : 30 Oct 2022 08:51 PM

Bangladesh may not achieve the apparel export target set for this fiscal year because of the ongoing energy crisis, decline of work orders and high inflation in European countries, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has said.

If the current trend of apparel export continues, attaining the export target worth $46.80 billion by the end of this fiscal year may not be possible, said the BGMEA president during a press conference organised by BGMEA on Sunday.

Hassan informed that the earnings from garment export in September fell by 7 percent and may fall by 20 percent in October.

Also, in November the earnings may continue to fall if the energy supply to factories doesn’t improve and the Russia-Ukraine war continues to batter world economics, he added.

Therefore, at the end of the current fiscal year, achieving the target export may not be possible, he said.

Last fiscal year, Bangladesh exported garment items worth $42.61 billion, according to data from the Export Promotion Bureau.