Bangladesh Commerce Minister appeals to the US for better prices for garments
Bangladesh which is growing at swift pace in its garment exports is now putting forth its plight of low purchasing price offered by the international retailers. In yesterday’s meeting with the United States Trade Representative, the country’s Commerce Minister Tipu Munshi urged to guarantee fair prices for the garments, as the cost of production has become expensive. The garment units in Bangladesh have invested a lot of money to make them compliant as per the guidelines given by Accord & Alliance factories and now majority of the units are state-of-the-art and secure for the workforce.
The rise in production cost is bothering the garment industry; however the buyers are still sticking to the old purchase price. Meanwhile, the US representatives asked the Bangladesh government to withdraw the double fumigation on import of US cotton in Bangladesh.
Bangladesh posted around 12.6 percent growth with a quarter of 2018-19 fiscal year left on strong earnings from the garments exports. According to Export Promotion Bureau data, the export earnings in the first nine months (July to March) of the financial year were around $31 billion. The figure exceeded the projection of $28.83 billion by 7.2 percent and the exports of the same period last fiscal year by 12.57 percent.
Bangladesh exported garments worth around $26 billion in the first three quarters of the fiscal year, marking a 13.65 percent growth.
Bangladesh Garments News Region