BGMEA is working to explore new markets in the world in a bid to increase the export volume, said Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said on Tuesday.
He said the production cost in the country’s readymade garment sector is increasing unexpectedly due to the increase in energy costs and nagging inflation Faruk Hasan was addressing a press conference over the prevailing situation in the export market, organised by BGMEA at its office in Uttara.
Claiming that the country’s RMG sector is passing through a crisis amid the global financial crisis, he said the sector will again face a setback if the new pay scale of the RMG makers is implemented now.
He said the apparel export to the European markets also declined by 14.50 percent during the same period.
In the first 7 months of the current year, the overall apparel imports to the United States and the European Union came down at an alarming rate, he said.
During the period, the US global apparel import value decreased by 22.28 percent, while its import from Bangladesh declined by around 20 percent.
On the other hand, in terms of quantity, the global import of the United States decreased by 28 percent, while it decreased by 29 percent from Bangladesh, according to Faruque.
Meanwhile, Europe’s global imports fell by 7.5 percent and its imports from Bangladesh fell by around 12 percent.
In terms of quantity, Europe’s overall global imports fell by 13 percent and its imports from Bangladesh declined by 14.50 percent, he said.
Around 80 percent of Bangladesh's total apparel exports reach two main markets North America and Europe and the country’s RMG sector will face a crisis if the uncertainty looms in the two big markets, Faruque expresses concern.
