Refayet Ullah Mirdha

Only two major exports, namely apparel and leather and leather goods, performed well in the first half of the current fiscal year as global demand for non-garment items has fallen in the face of high inflation stemming from the Russia-Ukraine war.

Exports fetched a record $5.37 billion in December as consumer spending centring on Christmas in the Western world returned in full swing after two pandemic holiday seasons marked by health fears and supply shortages.

The earning from merchandise export in December grew by 9.33 per cent year-on-year to $5.37 billion, a single month historic high of Bangladesh.

The commerce ministry will again write to the finance ministry to provide a 10 per cent cash incentive to garment exporters making goods out of man-made fibres to offset the pandemic’s fallouts and challenges of Bangladesh’s country status graduation.

Anwar Landmark, one of the leading real estate developers, wants to expand its business, saying demand was rising rapidly for affordable flats and buildings among consumers like corporate executives, professionals like doctors and engineers and high-ranking government officials. 

Local apparel suppliers are expecting moderate recovery in exports in the upcoming year as sales in the Western world are gradually gaining pace with a new normal arising from the Russia-Ukraine war and falling prices of petroleum products.

Bangladesh has again proposed that the Indian government refrain from retaining an anti-dumping duty imposed on the country’s jute and jute goods once it ceases to have effect on December 31. 

Formal negotiations for signing a comprehensive economic partnership agreement (Cepa) with India are expected to begin this week during a visit of Tipu Munshi, the commerce minister of Bangladesh, to the neighbouring country. 

Some garment manufacturers are providing basic commodities to their workers at discounts opening shops on factory premises, bringing some relief amidst the skyrocketing of prices in the local markets. 

Bangladesh's export sector showed its prowess in 2022 despite the devastating Russia-Ukraine war, unprecedented freight costs, energy crisis, record inflation and a risk of a recession that loomed throughout the outgoing year.

The recovery of loans from small defaulters is higher than those owing large loans, according to the findings of a probe by a parliamentary standing committee.

Bangladesh and Japan have primarily agreed on signing a free trade agreement (FTA) to increase trade and investment, said Commerce Minister Tipu Munshi yesterday. 

Despite having a strong emerging regulatory framework and a relatively mature market, public-private partnership (PPP) projects in Bangladesh have attracted far lower investments than requirements owing to implementation challenges, lack of long-term financing, and dated laws.

Bangladesh wants greater market access to the US in any format as a measure of preparations to face challenges after its United Nations status graduation from a least developed to a developing country in 2026.

The growth of apparel shipments from Bangladesh to the European Union (EU) not only surpassed that of China, but also all other major suppliers in the world between January and August this year, according to the latest data from Eurostat. 

Bangladesh’s earnings from merchandise shipment crossed the $5-billion mark for the first time in November, a major boost for the country reeling from the foreign exchange crisis, official figures showed yesterday.

While retaining its second position globally, Bangladesh had its share in global apparel trade grow by 2.23 per cent to 6.40 per cent in 2021, according to World Trade Organization (WTO) data published on Wednesday.

The restoration of buoyancy in US markets has led to a strong rebound in work orders from international apparel retailers and brands, providing much-needed relief to garment makers in Bangladesh following a lean season.

International technology and machinery providers are flocking to Bangladesh as local apparel exporters are adopting new technologies to reduce water consumption, advance automation and produce sustainable products to win the hearts of consumers.

Thanks to the increasing use of local raw materials, Bangladesh’s retention value from the shipment of apparel items is rising, highlighting the development of a strong backward linkage industry and less reliance on imported yarn and fabrics.