Refayet Ullah Mirdha

The introduction of the Indian currency in settling transactions of bilateral commerce will cut Bangladesh’s reliance on the US dollar and deepen two-way trade, said a top chamber yesterday.  

Apparel exporters are anticipating that the next six months will be challenging for the garment industry in Bangladesh as they receive fewer work orders from international buyers amid inflationary pains and depressed customer sentiments.

Apart from garment items, some non-traditional products played a vital role in gaining export earnings for Bangladesh even amid the global economic slowdown in the previous fiscal year.

Exports fetched a record $55.56 billion in fiscal 2022-23 amid challenging conditions at home and abroad, in what can be viewed as one of the few bright sparks in the economy at present.

Bangladesh is yet to reap the full benefit from the much-talked central effluent treatment plant (CETP) at the Savar Tannery Industrial Estate (STIE) despite spending more than Tk 500 crore and waiting for nearly a decade.

Bangladesh’s shipment to Russia fell nearly 30 per cent year-on-year to $432 million in July-May of the outgoing financial year owing to the difficulty in supplying goods to a country at war with Ukraine. 

Rawhide traders and farmers at the grassroots level are expected to receive better prices from the sale of animal skins during the upcoming Eid-ul-Azha as the business outlook for leather and leather goods for 2023 is still bright despite the lingering uncertainty at home and abroad. 

Local garment suppliers will have to focus on making apparels wholly from recycled materials by 2030 as the H&M is going to abide by a European Union (EU) due diligence law on protecting the environment and human rights. 

Cotton consumption in Bangladesh will grow in the marketing year of 2023-24 on the back of a rebound in work orders from international clothing retailers and brands, according to the United States Department of Agriculture (USDA).

Over the last couple of weeks, power cuts have become a pretty regular event.

The government’s promise to create jobs for a massive number of people in the current fiscal year has not translated into reality as most of the initiatives aimed at generating employment have not been implemented.

Although garment shipments from Bangladesh to major destinations saw negative growth over the past few months due to inflationary pressure stemming from the Russia-Ukraine war, rising exports to non-traditional markets has emerged as a silver lining.

The upcoming budget should target containing inflationary pressure to provide much-needed relief to consumers and be business-friendly to help the business community overcome the crisis stemming from the Russia-Ukraine war, said a number of businessmen and economists yesterday.

Stocks of unsold yarn of local millers have grown to over one million tonnes over the past five months or so for a drop in demand for garments from the domestic and international consumers.

Bangladesh secured the top position in garment shipments to the European Union during the January-March period, overtaking China in terms of quantity, as retailers in the trade bloc have started diversifying their sources to reduce overdependence.

Visiting officials of the United States Trade Representative (USTR) yesterday sought the views of union leaders from different economic sectors on the labour situation in Bangladesh across six major areas.

US industrial giant General Electric has been doing business in Bangladesh since 1970 and plans to go for bigger investments to tap immense business potential as demand for electricity is on the rise in the country. Jeffrey Goldmeer, global hydrogen value chain leader for GE Power, talked about his company’s journey in Bangladesh, current business, and future plans during an interview with The Daily Star in Dhaka recently.

Imports of manmade fibre (MMF), such as polyester staple fibre (PSF) and viscose staple fibre (VSF), are surging in Bangladesh due to higher demand from local garment makers and exporters.

Water consumption for manufacturing denim fabrics has reduced significantly in Bangladesh as local producers now use highly efficient technology, according to market players.

Both Bangladesh and Japan have begun negotiating the terms and conditions of a joint feasibility study in order to prepare the ground for signing a free trade agreement by 2025, officials said.