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Friday, February 23, 2024

Bangladesh hometextile exports slip significantly in Q1FY’24

As per Export Promotion Bureau data, in the first fiscal quarter ending September 2023, Bangladesh home textile exports dropped by a significant 46.39 percent year on year to US $189.5.

Home textiles overseas shipments had reached $1.13 billion in fiscal 2021 and again rose to $1.62 billion in fiscal 2022.

But the impact of the Russian-Ukraine war and decreased consumer spending in developed economies led to home textile exports declining to $1.09 billion in fiscal 2023.

The slowdown in home textile exports seen in fiscal 2023 has continued into the first quarter of the current fiscal.

Earlier, value wise exports of leather and jute took second and third place respectively, with garments taking first place, but home textiles dislodged both and emerged second in fiscal 2022.

Media reports quoted experts attributing the decline to a massive hike in manufacturing costs and erratic supply of electricity and energy.

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