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Textile mills owners have written to the Customs Bond Commissionerate seeking its support alleging that yarn, fabric and dress materials imported under false declaration are selling in local markets through bond abuse, plummeting the demand for local products. “The textile sector is in turmoil due to the abnormal increase in the price of fuel oil […]

From the beginning of the last financial year, the government adopted the policy of austerity. In the dollar crisis, all kinds of initiatives are taken to control imports. In addition to tightening LC openings, scrutiny is increased. In FY2022-23, imports fell by more than $14 billion. This information has emerged in the recent report of

The taka depreciated by 13.3 per cent against the US dollar last year, according to the Bangladesh Bank’s Financial Stability Report 2022 released recently. The inter-bank exchange rate was Tk 85.80 per US dollar on January 2 last year, whereas it was Tk 105.40 on December 1. The central bank had pumped $13.50 billion from

Bangladesh recently introduced the first-ever National Tariff Policy 2023 aimed at setting up a consistent tariff framework that encourages more domestic and foreign investments and enhancing the competitiveness of manufactured goods in the global market. The policy was approved by the cabinet on July 17. The World Trade Organization (WTO) wing of the commerce ministry

The world’s second-biggest fashion retailer H&M has decided to gradually stop sourcing from Myanmar, it told news agency Reuters on Thursday, as reports of labour abuses in garment factories in the country increase. H&M became the latest brand to cut ties with suppliers in the country after Zara owner Inditex, Primark, Marks & Spencer and

Bangladesh is struggling to move beyond low-end readymade garment (RMG) products while exporting to the United States (US) and European markets. The situation has turned so acute that the country now ranks third on the list of low-cost RMG product exporting countries, following China and Pakistan. Now, Bangladesh is the world’s second-largest exporter of RMG

RMG exports to the United States, the largest export destination for Bangladesh, increased by 6.31% in July of FY24 to $729.03 million, from $685.77 million in July FY23, according to recent statistics of the Export Promotion Bureau (EPB). “During the first month of FY24, our clothing export to the EU market grew by 17.40% to

Bangladesh is the second largest supplier of ready-made garments to the world, however, Bangladeshi exporters have to compete with suppliers from countries like Vietnam, India, Cambodia, Indonesia and Turkey to maintain its position. At present they export more than the competitors but the prices are comparatively much lower. According to the data of the World

With the surplus production capacities of garment accessories and packaging products, Bangladesh is making efforts to explore export potentials of the items worldwide. The government has asked the country’s 18 missions abroad to explore potentials to increase earnings from the subsector that mainly supplies to local readymade garments factories as deemed exporters, and has recently

The growth came in the backdrop of a US fashion industry survey revealing that they want to procure more from Bangladesh and buy less from China. Earlier this week, a World Trade Organisation report said Bangladesh, with $45b exports in 2022, more than tripled its share in the global clothing market, reaching 7.9% last year