Bangladesh and Vietnam Forecasted as Major Forces in Cotton Industry

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.

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.

Investors in Simtex Industries Limited are demanding the dissolution of the company's Board of Directors due to allegations of severe financial irregularities, including ties to notorious scammer PK Halder. Allegations include corruption and money laundering, with claims that Siddiqur Raman and his son Niaz Rahman Shakib used the company to launder money, withdrawing Tk 48.83 crore in the 2020-21 fiscal year but paying only Tk 27.99 crore in bills.

According to Reuters, the third-largest clothing exporter in the world last year is now facing a cotton shortage due to supply chain disruptions caused by recent political upheaval and flash floods. BKMEA President reported that the supply chain issue is severe, with the country losing 50% of its garment production. Additionally, a former BGMEA president highlighted the impact on her own moderate-sized factory, which normally produces 50,000 shirts per day at a price of $5 each, resulting in a production loss of $250,000.