In the first four months of fiscal ending October 31, 2023, Bangladesh clothing exports reached US $14.78 billion, up by 5.59 percent over $13.95 billion in the same period of fiscal 2022-023.
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However, for the month of October 2023 alone, apparel overseas shipments slipped to $3.17 billion, slipping by 13.93 percent from $3.68 billion in the comparable month of earlier fiscal.
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Experts attribute the fall in October exports to protests by workers on the minimum wage issue in the last week, resulting in clothing exports falling in the month.
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These experts have been forecasting such a downtrend in exports for quite a long time as the pulse of the global market is showing depressed demand caused by historic high inflation and the Russia-Ukraine war.
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“To curb inflation advanced economies increased bank interest rates, which is limiting the purchasing power of consumers and demand for goods,” they added.
