United News of Bangladesh

Once hailed as the golden fiber and the backbone of Bangladesh’s post-independence economy, jute now contributes less than 2% to the country’s total export earnings, a sharp fall from nearly 90% in the 1970s. Despite its vast potential, Bangladesh’s jute sector continues to struggle under poor planning, outdated technology and a lack of effective policy support. According to Export Promotion Bureau (EPB) data, export earnings from jute and jute goods have been steadily declining in recent years. The sector earned USD 911.51 million in FY2022–23, dropping to USD 855.23 million in FY2023–24, and further down to USD 820.16 million in FY2024–25, sparking concerns over the future of what was once the country’s flagship export industry. Years of Neglect and Policy Contradictions Experts blame the sector’s downturn on years of neglect and inconsistent government decisions. “The biggest problem with jute is the absence of any sustained, effective initiative,” said agronomist and University of Western Australia PhD researcher Dr Moinul Hasan Khan. “Over the decades, we’ve seen one jute mill after another shutdown. Farmers never received fair prices for raw jute, and failure to protect both mills and growers has steadily eroded our export income.” Read more: Rizwana for expanding jute-based industry for environmental protection In 2018, the Awami League government revamped the National Jute Policy to revive the sector and enhance its global competitiveness. Yet, only two years later, the same government shut 26 state-owned jute mills down, rendering around 25,000 workers jobless overnight. “How can a country dreaming of export growth through jute shut down all its state-owned mills? It’s one of the most self-contradictory policy decisions imaginable,” said Dr Khan. Data from the Bangladesh Jute Mills Corporation (BJMC) show that between 1972 and 1981, the number of state-owned jute mills increased to 82. The sector, however, soon began to crumble under financial losses, mismanagement and outdated machinery. “Working in a jute mill once meant stability and pride,” recalled Nurul Akand, former Supply Manager of the iconic Adamjee Jute Mills. “Mill workers used to earn more than employees in other factories, with better bonuses and allowances. But one by one, those benefits disappeared.” He said although the government later leased out closed mills to private operators, production never returned to its former levels. Habib Hossain, a former officer at Monowar Jute Mills, said most public mills relied on outdated, Pakistan-era machinery. “No training was provided to workers to produce modern jute products. Eventually, citing losses, the government decided to close the factories instead of modernizing them.” Read more: Govt working on Tk 100-crore fund to revive jute bags: Adviser Bashir Currently, Bangladesh has over 200 private jute mills, which account for nearly all jute exports. However, private mill owners say they too are facing mounting challenges. “The biggest challenge now is sourcing enough raw jute during the season,” said Tapas Pramanik, Chairman of the Bangladesh Jute Spinners Association (BJSA). “Because of hoarders, mills often can’t get adequate raw jute, which stalls production.” Record Harvest, Farmers Under Pressure In southern Bangladesh, particularly Faridpur district, the country’s largest jute-producing region, the area under jute cultivation reached 86,500 hectares this year, producing raw jute worth about Tk 2,000 crore, according to the Department of Agricultural Extension (DAE). Yet farmers say they have reaped little benefit. Many had to sell their crops early at low prices, while hoarders later resold the same jute to mills at nearly double the rate. “We borrow money for seeds, fertilizers, and labor. When loans fall due, we’re forced to sell quickly, often at minimal profit,” said Hamiduzzaman, a farmer from Salta upazila in Faridpur. Read more: Govt orders probe into irregularities in Tk 518cr Jute mill project The situation is similar in the northern districts. Farmers in Gaibandha, known for high-quality jute, said they sold raw jute at Tk 2,500–2,800 per maund during harvest season, while current market prices have soared to Tk 4,500–5,000 per maund. “Now jute prices are high, but we have none left. Hoarders control the market and profit from our losses,” said Runu Mia, a farmer from Gaibandha. Mill owners and traders alike point to hoarding and unregulated raw jute exports as the sector’s biggest threats. “Hoarders are exporting raw jute abroad, depriving local mills of the raw material they need,” said Shamsul Haque Howlader, a jute trader from Nalchity upazila in Jhalakathi. “The foreign exchange earned from raw jute exports is only a fraction of what we could earn by exporting value-added jute goods.” Business leaders warn that if hoarding and unregulated raw jute exports are not curbed soon, Bangladesh’s jute industry could face an even deeper crisis. Both farmers and mill owners are urging the government to prioritize technological modernisation, research, and incentives for the sector. They argue that lack of proper retting (soaking) facilities and limited access to processing technology continue to hurt both productivity and quality. Read more: Nepal keen to import raw jute from Bangladesh: Nepalese Ambassador Farmers say they still rely on primitive methods, burning wood and straw to ret jute due to water shortages, while mill owners struggle with inefficient production systems. To revive the sector’s lost glory, industry insiders have called for increased subsidies, tax relief and technological upgradation programs for both farmers and mills. Talking about revitalising the jute industry, Jute and Textile Adviser Sk Bashir Uddin said the government wants to move forward by learning from past mistakes in the sector. “Many unrealistic and colourful dreams were promoted about the jute industry without considering ground realities, which prevented solutions from addressing the root problems. In the past, inefficiency, incompetence, vested interests and mismanagement pushed the jute industry towards destruction,” he said. Noting that plastic has gradually replaced jute in many areas, the adviser stressed the need for expanding the market for jute products. “To popularise jute bags, a revolving fund has been created under the climate fund involving more than 1,600 entrepreneurs.” Regarding the closed jute mills, the Adviser said the government is in the process of gradually reviving the factories through privatisation. Read more: Fire damages valuables of jute sack warehouses in Gazipur He also mentioned that the government is considering a long-term plan for the jute industry. As Bangladesh pushes towards export diversification, analysts say reviving the jute sector, once the pride of the nation, could provide a sustainable and eco-friendly path to industrial growth, but only if the government takes consistent, forward-looking action.

China’s exports in December grew at a faster pace than expected, as factories rushed to fill orders to beat higher tariffs that U.S. President-elect Donald Trump has threatened to impose once he takes office. Exports rose 10.7% from a year earlier. Economists had forecast they would grow about 7%. Imports rose 1% year-on-year. Analysts had expected imports to shrink about 1.5%. Trump has pledged to raise tariffs on Chinese goods and close some loopholes that exporters now use to sell their products more cheaply in the U.S. If enacted, his plans would likely raise prices in America and squeeze sales and profit margins for Chinese exporters. With exports outpacing imports, China's trade surplus grew to $104.84 billion. China's exports are likely to remain strong in the near-term, said Zichun Huang of Capital Economics, as businesses try to “front-run” potentially higher tariffs. Read: Asian shares decline amid concerns over rate cuts and tariffs “Outbound shipments are likely to stay resilient in the near-term, supported by further gains in global market share thanks to a weak real effective exchange rate," she wrote in a note. But exports will likely weaken later in the year if Trump follows through on his threat to impose tariffs, Huang said.

Bangladeshi businesspeople in Thailand believe that the interim government, led by Dr Muhammad Yunus, can explore new avenues for trade and cooperation, unlocking the potential for manpower exports to the Southeast Asian nation through intensified diplomatic efforts. Despite being one of the world's largest exporters of textiles and garments, they said Bangladesh currently exports only about $60 million worth of ready-made apparels annually to Thailand, a country with a clothing demand exceeding $40 billion each year. Countries such as China, India, Vietnam, Cambodia and Indonesia export significant quantities of garments to Thailand, supported by Free Trade Agreements (FTAs). In contrast, Bangladesh has yet to secure a similar deal that would enhance its RMG product exports to Thailand. Talking to UNB, Bangladeshi businesspeople also noted that Thailand attracts over 30 million visitors each year and has a substantial labour market for foreign low-skilled workers in sectors such as tourism, agriculture and fish processing.  However, Bangladesh has so far been unable to access this market in its next-door neighbour due to lack of agreements and genuine efforts. They also said the diplomatic relationship between Bangladesh and Thailand has existed for 52 years, with a flight time of nearly two hours between the two countries. Yet, only around 4,000 Bangladeshis currently reside in Thailand, most of whom are engaged in business, as access to the growing labour market remains limited. Bangladesh has consistently experienced a large trade deficit with Thailand, which exported over $1.18 billion worth of products to Bangladesh in 2023. Conversely, Bangladesh's exports to Thailand amounted to only $90 million As Chief Adviser Dr Muhammad Yunus is set to visit Thailand for the Bimstec (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Summit in November, the businesspeople said he can focus on signing the FTA and some other agreements to create scope for exporting manpower in the wealthy country of the Southeast Asia. “Although Thailand is geographically close to Bangladesh, we have been unable to tap into its thriving business, commerce, and labour market due to a lack of proper diplomatic efforts,” said Kamrul Hasan Rimu, a Bangladeshi engaged in the import and export business in Thailand. Dr Yunus praises Russian cooperation in power, energy sectors Rimu, who has been living in Thailand for nearly 40 years since completing his studies at Dhaka University in 1985, said Bangladeshis mostly come to Thailand for personal visits and medical tourism while a very small portion is doing business in the country. He said five documents—including a Letter of Intent to commence negotiations on a Free Trade Agreement (FTA), as well as Memoranda of Understanding on Energy Cooperation and Tourism Cooperation--between Bangladesh and Thailand were signed during former Prime Minister Sheikh Hasina’s visit on April 26 this year to enhance cooperation between the two nations. Rimu urged the interim government to prioritise signing the FTAs by intensifying diplomatic efforts, especially given that China and India secured FTAs with ASEAN countries long ago, opening significant opportunities for exporting goods to Thailand with lower tariffs. “When we import apparels from China and India, we face a 5 percent tax and a 7 percent VAT. But tariffs on Bangladeshi products are 32 percent (25 percent tax and 7 percent VAT), making it challenging to promote many Bangladeshi products in Thailand,” he explained. Rimu argued that the exports of Bangladeshi products, particularly apparels, could soar if the taxes are reduced from 25 percent to 5 percent through the FTAs. “There is a considerable demand for T-shirts in Thailand, mostly now imported from China, Vietnam, and Cambodia. Currently, we cannot import T-shirts directly from Bangladesh due to excessive taxes. So, some traders are importing Bangladeshi-made T-shirts via India, using its label,” he said. He said the prices of T-shirts in Bangladesh are lower than in any other country. “Therefore, Bangladesh has significant potential to capture the T-shirt market in Thailand if the taxes are reduced to 5%.” Rimu stressed that Bangladesh has an opportunity to tap into Thailand's labour market if an agreement can be reached. “There is scope for Bangladeshis to work in hotels, restaurants, bars, agriculture and fish processing, areas currently dominated by Burmese workers. The minimum wage for these low-skilled jobs exceeds Tk 50,000, which is significantly higher than in Malaysia and many other countries.” Abdul Quayum, another Bangladeshi businessman residing in Thailand for over three decades, echoed Rimu, noting that the Thai fish processing industry has a demand for foreign low-skilled workers. “With over 30 million visitors annually, foreign workers are involved in various services related to the tourism sector. Thus, Bangladesh should strive to enter the Thai labour market,” he said. He highlighted Thailand’s goal to increase foreign visitors to 40 million by 2025, which will likely create more job opportunities for foreign workers. “Bangladesh can capitalise on this by signing agreements with Thailand. Quayum stressed that the visa process for Bangladeshis must be simplified through mutual understanding and agreements, suggesting that the visa-on-arrival facility available in the 1980s could be reinstated. Mahbub Talukder, known as Don in Pattaya City, shared his experiences as a successful businessman running gift and tailor-made shops. He pointed out the vast opportunities for Bangladeshis in hotels, restaurants, gift shops and garment stores. “There are also numerous job opportunities in the tourism sector, but the government needs to secure agreements with Thailand to facilitate this,” he said. Mahbub underscored the importance of branding Bangladesh in Thailand. “Many Thais lack proper knowledge about Bangladesh and its products, often mistaking Bangladeshis for Indians. Effective branding is crucial to enhance bilateral cooperation, trade, and business.” He suggested that the government could leverage Thailand's experience to develop Bangladesh into another holiday destination for foreigners by improving tourist spots and ensuring necessary facilities. Read more: RMG workers’ protests disrupt traffic in Dhaka’s Mirpur

Bangladesh faces significant hurdles in benefitting from duty-free market access to China, the world’s second-largest economy, due to various systemic and strategic issues. Business leaders emphasize the necessity of signing a Free Trade Agreement (FTA) with China to boost Bangladeshi exports. A recent study by the Research and Policy Integration for Development (RAPID) revealed that Bangladesh could potentially earn an additional $27 billion by exporting quality and diversified goods to China, provided its market share increases to 1 percent. However, the report also identifies several critical barriers preventing this growth. Bangladesh to seek $7 billion fund from China to boost trade in business summit during PM's visit One primary obstacle is Bangladesh’s heavy reliance on the ready-made garment (RMG) sector. Although China imports $10 billion worth of garment items, Bangladesh’s inability to meet high-quality standards limit its export success. “China is the top garment exporter to the USA, EU, and UK, while Bangladesh’s exports rely 84 percent on garments,” noted Dr. MA Razzaque, Chairman of RAPID. Dr. Razzaque highlighted that China prefers high-quality garments from Italy and other European countries, importing around $10 billion of such products. To penetrate the Chinese market, Bangladesh must diversify its exports and improve product quality. He emphasized the need for aggressive policies, including attracting China-oriented investments and signing trade agreements. Bangladesh holds the right to decide on Teesta project; China to accept any decision: Ambassador Yao Other significant barriers are: - Lack of integration with Chinese retailers. - Insufficient participation in marketing, sales, and after-sale services. - Cultural and language barriers. - Stringent Chinese labeling and packaging regulations. Dr. Razzaque also pointed out the price competitiveness issue, noting that Chinese products often have lower prices than similar quality Bangladeshi products. The burgeoning e-commerce sector in China represents another challenge, as Bangladeshi entrepreneurs need better skills to tap into this market effectively. Dr. Razzaque suggests that encouraging Chinese investors to set up manufacturing hubs in Bangladesh could be a strategic move. These factories could produce goods for export back to China and other countries, thus boosting Bangladesh’s export volumes. PM Hasina’s upcoming visit to boost China-Bangladesh cooperation on bilateral, regional and global issues, says Ambassador Al-Mamun Mridha, General Secretary of the Bangladesh China Chamber of Commerce and Industry (BCCCI), echoed these sentiments. He mentioned that some Chinese investors are considering shifting their manufacturing industries to Bangladesh, recognizing it as a significant market for Chinese products. To attract more Chinese investment, Bangladesh is organizing a trade and investment summit in Beijing during Prime Minister Sheikh Hasina’s state visit from July 8 to 10. Mridha hopes that establishing Chinese factories in Bangladesh will eventually increase the volume of Bangladeshi exports to China. Currently, Bangladesh imports around $24 billion annually from China, while its exports to China remain below $1 billion. To address this trade imbalance, Bangladesh plans to offer lucrative incentives to Chinese investors in sectors such as ceramics, leather, pharmaceuticals, electric cars, high-end garments, and household appliances. Enhancing Bangladesh’s access to the Chinese market requires strategic diversification, quality improvements, and strong bilateral trade agreements. The upcoming summit and potential Chinese investments could pave the way for increased exports, ultimately benefiting Bangladesh’s economy.

Asian Development Bank (ADB) has projected Bangladesh’s gross domestic product (GDP) growth to be 6.5 percent in the fiscal year 2024, compared to an estimated growth of 6 percent in fiscal 2023. The projection was made in the latest ADB report, ‘Asian Development Outlook (ADO) September 2023,’ released today. The ADB in a press release said that the growth forecast reflects an improvement in domestic demand and better export growth due to economic recovery in the Eurozone. ADB, Deutsche Bank ink risk sharing agreement to boost supply chain financing in Asia The ADB also mentioned that inflation in Bangladesh is projected to ease from 9 percent in FY2023 to 6.6 percent in FY2024. The current account deficit is expected to slightly narrow from 0.7 percent of GDP in FY2023 to 0.5 percent of GDP in FY2024 as remittance growth improves. The main risk to this growth projection is a further deterioration in export growth if global demand is weaker than expected, the press release said. Global trade finance gap expands to 2.5 trillion USD in 2022: ADB ADB Country Director Edimon Ginting said that the government is managing relatively well against the external economic uncertainties, while advancing infrastructure development and critical reforms to improve the investment climate. “These key structural reforms include to strengthen public financial management, enhance domestic resource mobilisation, improve logistics, and deepen financial sector, which are critical for private sector development, export diversification and productive job creation in the medium term,” he said. ADB to provide Bangladesh $300 million loan to boost skills of labour force He mentioned that continued high oil prices also provide a good incentive to accelerate reforms to expand domestic renewable energy supply and achieve the country’s climate change goals. The ADO September 2023 states that moderate inflation and an increase in remittances will contribute to reviving private consumption, while the completion of a number of major government infrastructure projects will boost investment. Private investment, however, may be dampened by the initial higher interest rates following the enhancement in the country’s monetary policy framework. Inflation is expected to ease in FY2024 with some fall in global non-fuel commodity prices, expected higher agricultural production, and the initial tightening of monetary policy under the new framework.

RMG exports from Bangladesh to the European Union (EU) saw 9.93 percent growth during the fiscal year 2022-23 — from $21.40 billion in FY 2021-22 to $23.52 billion in FY 2022-23, according to the Export Promotion Bureau (EPB). Read: Bangladesh to retain duty-free access for 98% of exports, including RMG as UK introduces new scheme However, exports to some major markets in the EU region, such as Germany and Poland, have declined significantly, said BGMEA Director Mohiuddin Rubel quoting the facts. In FY 2022-23, apparel exports to Spain, France, Italy, Denmark and Netherland were worth US$ 3.37 billion, US$ 2.94 billion, US$ 2.27 billion, US$ 1.28 billion, and US$ 1.85 billion respectively. Read: Elevated Expressway’s Airport-Farmgate section to open in September: Quader Export to USA, the top apparel export destination of Bangladesh, declined by 5.51 percent to US$ 8.51 billion, from US$ 9.01 billion in FY 2021-22, in the mentioned period. At the same time, RMG exports to the UK and Canada increased by 11.78 percent and 16.55 percent respectively. During the mentioned year, Bangladesh’s exports to non-traditional markets has achieved significant growth of 31.38 percent. Read: RMG exports in FY23 almost $47bn, 85% of total exports Among the major non-traditional markets, exports to Japan, Australia and India crossed the one billion dollar milestone. The share of non-traditional markets in total RMG export also increased by 17.82 percent in FY 2022-23 from 14.96 percent in FY 2021-22.

Ukraine on Saturday welcomed the European Union’s hard-fought deal to keep farm exports flowing into and through the bloc to world markets, saying that the Middle East and Africa would specifically stand to benefit from it. Late Friday, the 27-nation EU ended a damaging internal standoff over a destabilizing glut of Ukraine farm imports by granting five eastern member countries the right to temporarily ban the most problematic produce while allowing all farm products to transit onward. Resolving the issue allows the EU to maintain a unified stance in the face of Russia’s invasion of its neighbor. “We welcome that we resolved this issue,” Ukrainian Finance Minister Sergii Marchenko said at a meeting of EU finance ministers in Stockholm. Under the deal, Poland, Hungary, Slovakia, Bulgaria and Romania can keep four farm products that make up the overwhelming mass of exports from Ukraine out of their local markets but must guarantee unfettered access to the rest of the bloc. Since Russia's invasion of Ukraine hampered Black Sea shipments of Ukrainian agricultural products, using the 27-nation bloc as a transportation route has been essential to getting the nation's prized cereal production on to the world. "We found a wise decision that would help Ukraine to export necessary commodities, food commodities towards African countries, which is so necessary for them,” Marchenko said, adding Middle East nations would equally profit. Under the deal, the bloc would basically accept the national bans on four of the five main products — wheat, maize, rapeseed, and sunflower seeds — that account for most imports. The EU would also assess whether other products, including sunflower oil, should also be included. As an added sweetener, the EU provided 100 million euros ($113 million) more in special aid on top of on an initial support package of 56.3 million euros to help farmers in the affected countries. On Friday, EU nations also tentatively agreed to lift tariffs on Ukraine's grains for another year. The EU lifted duties on Ukrainian grain to facilitate its transport to Africa and the Middle East by other routes after a Russian blockade kept cargo from leaving Ukraine's ports. Overall, there was acceptance that the lifting of import tariffs had seriously skewed the local markets in nations closest to Ukraine. In Poland, wheat imports went from 2,375 tons in 2021 to 500,008 tons last year. Maize went from 5,863 tons to more than 1.8 million over the same period. Similar huge increases were also evident in Hungary, Slovakia and Romania.

Prime Minister and Awami League chief Sheikh Hasina today (January 14, 2023) firmly reiterated that her party always fulfills pledges made to the nation ahead of national elections. “Before every election, Awami League places its election pledges, and Awami League always fulfills its election pledges,” she said. The Prime Minister said this while delivering her introductory speech at the joint meeting of the AL Working Committee, National Committee and Advisory Council at her official residence Ganabhaban. She said that the government is working for the country and its people as per its election pledges.  Also Read: Foreign observers are welcome during next general election: PM Hasina tells British MPs “We work for the welfare of the nation and people are benefiting from the results,” she said. Coming down heavily on a section who “always criticizes the government unnecessarily”, she said that the development of the country does not make them happy.  Regarding corruption, she referred to her recent speech at the Parliament — asking to give her specific information on where the corruption is happening. “Give me information, and I will take action. This won’t just be lip service,” she said. Also Read: AL is party of people, no force can dislodge it from power: PM Hasina Sheikh Hasina said that the discussion on corruption is coming from those who are corrupt and turned Bangladesh into “a champion in corruption” during their regime. “Or doing microcredit business to overburden people with high interests against their loans — forcing them to leave their houses or commit suicide,” she said. She mentioned that through the ‘My House My Farm’, people won’t need to take loans from the microcredit lenders with high interest rates. Briefly describing the development activities of the government, she said, “Through developing every sector of the country, we have been able to reduce the poverty rate and generate employment.” Read More: Matia Chowdhury next Deputy Leader of the House “Anyone can remain unemployed if that person wants to remain so, but there is no scope to remain unemployed as we have created so many opportunities,” she said. In this connection, she mentioned the freelancing opportunities across the country through which youths can earn money from their rural homes.  In the future, she said, the country’s exports will include food items and processed food, digital devices, and small mechanical items. “We will be able to increase exports through the investments that are coming into our one hundred economic zones across the country,” she added. Read More: AL invites BNP leaders to its 22nd national council Saturday She also said that due to the pragmatic and timely steps of the government in the last 14 years, people are now enjoying a better life.

Bangladesh earned over $5 billion from merchandise exports in November, a record income in a month thanks to a surge in the apparel exports, according to officials figures. The November export earnings of $5.09 reported by Export Promotion Bureau on Thursday surpassed the previous monthly highest income of $4,098 billion in last June. The $5.09 billion earned in November was 26 percent higher than the corresponding period of the previous fiscal year, said EPB. The surge in the export earnings comes at a time when the Western countries, the main buyers of Bangladesh apparels, are fighting a depressed demand mainly due to energy crisis caused by Russia-Ukraine war. Read more: Bangladesh Bank allows export income, remittance through MFS This achievement raised hope of easing the growing foreign exchange crisis Bangladesh has been suffering since July this year. On a positive trend, the export earnings in the first five months of FY23 grew by 11 percent compared to last year's corresponding period, the latest EPB data showed. This is the first time Bangladesh’s export earnings crossed $5.0 billion in a single month as the manufactures, especially of apparels, received more orders from Western buyers and shipment of on-hold export consignments. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan told UNB that apparel orders, which had been declining in past few months, marked an upward trend because of product diversification and adding new export destinations like South Korea, non-European Union (EU) member countries and some African countries. He expressed hope that the order will go up further during winter and the Christmas celebrations as the Bangladesh supply capacity is good and the prices of clothes is very reasonable so far. Read more: Can’t control global economy, but want to boost exports: BGMEA president The BGMEA president pointed out that despite a surge in raw material prices the resumption of shipment of on-hold consignments and focusing more on diversification the Bangladesh export market is creating a better option for all types of buyers. European trade researcher Dr. Mohammad Abdur Razzaque said Bangladesh is exporting very essential clothing items at a reasonable rate, whose demand has increased slightly in the European market. The demand for clothing at affordable price has increased in Europe where inflation-hit buyers are struggling with high energy prices.  Bangladesh manufactures regular wear and home textile items and this dominate its exports to EU markets, said Razzaque.   Besides, exports of fruits, vegetable, frozen fish, jute and leather products, and handicrafts to EU countries also increased, he said. Read more: RMG exports rise in Oct despite overall decline He said Bangladesh’s export destination in EU-plus countries, the UK, Canada, and the USA will grow continuously, as the sign of ending the Russia-Ukraine war is being visible. Dr M Abu Eusuf, professor of development studies, at DU echoed Razzaque’s optimism saying the EU market is very potential for Bangladesh. He said that the demand for Bangladeshi apparel has been increasing by 10 percent every year in the Western countries. “We are seeing that result in November, where the export earnings crossed $5 billion for the first time, and this trend will continue,” he added. END/UNB/AI/F

The Export Promotion Bureau (EPB) data show that, despite an overall drop in export earnings, Bangladesh's apparel sector recorded a 3.27 percent increase in revenue in October compared to the same month of the previous year. In October of the current fiscal year, total export revenues fell 7.85 percent to $4.35 billion from $4.72 billion in the corresponding month of the fiscal year (FY) 2021–22. However, earnings from apparel exports increased to $3.67 billion from the $3.65 billion reported in October of FY22. Read more: Falling exports-remittances: Double blow to Bangladesh economy According to EPB, Bangladesh's apparel exports during July-October of FY23 rose 10.55 percent year-on-year to $13.95 billion. During the same period last year, readymde garments (RMG) exports brought in $12.62 billion for the country. "Although readymade garment shipments were expected to drop in October, this encouraging development is welcome," Mohiuddin Rubel, director of the Bangladesh Garment Manufacturers and Exporters Association, said. "However, as global retail markets are struggling and buyers are taking cautious steps in placing new orders and managing inventory, as an entrepreneur in the apparel sector I am not optimistic about the trend of work orders and the sector's growth in the coming months." Read more: RMG factories bearing power outages of 4 to 10 hours a day: BGMEA President