Exports of garments from Bangladesh to Russia have leaped in the first four months of fiscal 2024 ending October 31, 2023
“Apparel shipments to Russia between July and October 2023 rose massively by 39.42 percent year on year to US $125.80 million,” data from the Bangladesh Export Promotion Bureau informed.
“While most garment exporters are shipping directly to Russia, orders have also been received from European brands for these clothing to be shipped to Russia,” media reports stated.
According to experts, earlier there was no proper banking channel to receive payments between Bangladesh and Russia. But now Bangladeshi exporters are receiving payments in China’s currency.
These experts also added that Russia is seeking alternative destinations due to the sanctions imposed on the country due to the Russia-Ukraine war.