Apparel Exports to US and Germany Decline

Trade through Bangladesh's 10 Shariah-compliant banks is dwindling, with loans surpassing deposits, creating liquidity challenges. Exports facilitated by these banks dropped by almost 39% in Q2, contrasting the nation's overall export growth of 7%.

In the first five months of fiscal year 2024 (July-November), the country's export earnings reached $22,232.28 million, marking a 1.30% increase compared to the same period in the previous fiscal year. However, November alone saw a 6.05% decline in export earnings, totaling $4,784.81 million.

A major export fraud involving Loopdot Fashion Limited in Mymensingh, Bangladesh, has been exposed, with 225 consignments of garments falsely exported, totaling $6.8 million or 75 million taka. The fraud was revealed during the seizure of two consignments

Bangladesh's garment and textile industry, which heavily relies on European Union (EU) exports, faces potential challenges if the EU approves the Corporate Sustainability Due Diligence Directive (CSDDD).

Bangladesh has solidified its global leadership in environmentally-friendly apparel factories, as 204 factories in the country now hold LEED certification from the United States Green Building Council (USGBC). In December, "Integra Dresses Limited" in Gazipur achieved gold-level certification, bringing the total to 27 green building certifications in 2022, with 13 in the platinum category – the highest level.

Ring Shine Textiles, facing uncertainty over its ownership transfer to Wise Star Textile and five Singaporean entities, reported a record loss of Tk 1.25 billion in FY23. The cumulative losses over the past three fiscal years amount to Tk 2.91 billion.