Apparel Exports to EU Plummet by 26.74%

Bangladesh's apparel exports to the US saw a 10.27% decline, totaling $4.09 billion during January-July 2024, down from $4.56 billion the previous year. Export volume also fell by 4.55%. Meanwhile, competitors like China and Vietnam outperformed Bangladesh, despite their own declines.

Local exporters are urging the government to lower cargo fares and increase cargo space for fresh vegetables and fruits to enhance export earnings. The Bangladesh Fruits, Vegetables & Allied Products Exporters Association (BFVAPEA) has appealed to various state agencies and Biman Bangladesh Airlines, citing challenges such as tripled cargo fares and limited space.

The Adviser for the Ministry of Textiles and Jute has encouraged Pakistani investors to invest in Bangladesh’s textile and jute sectors, including the revival of closed state-owned mills. During a meeting with the Pakistani High Commissioner, the Adviser emphasized investment opportunities in these industries. The Pakistani diplomat expressed interest and invited Bangladesh to participate in Pakistan's Textile Expo in October. The

Loss-making Alltex Industries has reported a 59% increase in asset value to Tk 2.19 billion following a recent re-evaluation. This adjustment will be reflected in the balance sheet for the period ending June 30, 2024. The company's total asset value, currently at Tk 3.87 billion, will rise by 21% as a result. Despite this increase, Alltex has faced losses in seven out of the last eight years and has not paid dividends for the past eight years, except in FY22. Following the announcement, the company’s stock price rose by 5.60% to Tk 15.10 per share on the Dhaka Stock Exchange.

The Chattogram Port Authority has extended the deadline for loading containers of ready-made garment (RMG) exports by 24 hours, effective from September this year until February 2025. Exporters and carriers can now deliver garments to the port yard up to 24 hours before the scheduled departure of ships, compared to the previous requirement of 48 hours. This extension addresses the reduced lead time for garment exports from 120 to 60 days, as imposed by foreign buyers.

The Export Promotion Bureau (EPB) plans to publish revised export data after months of delay due to significant discrepancies between its data and that of the central bank for the last fiscal year. The revised figures come after discussions with multiple organizations, including the National Board of Revenue, Bangladesh Export Processing Zones Authority, Bangladesh Bank, and the Bangladesh Bureau of Statistics.