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Friday, February 23, 2024

Bangladesh apparel exports slipped 6.05% in November 2023

Exports of garments from Bangladesh dropped 6.05 percent from a year ago period to $4.78 billion in November 2023. However, they were the highest in November since the start of the new fiscal in July 2023.

The decline in apparel exports has come at a time when exporters typically have a good number of orders in hand, considering the upcoming festival season in Western markets.

The biggest reason for the fall was the protests by garment industry workers seeking higher minimum wages, which hampered production in the industry.

According to data from the Export Promotion Bureau, overseas shipments of clothing fell 1.82 percent year over year to $22.3 billion in the first five months of fiscal 2024, which began in July.

However, home textile exports plummeted massively to $299.4 million between July and November 2023, down a significant 42.27 percent over the same months of earlier fiscal.

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