Despite the ongoing Russia-Ukraine war and declining export earnings, Bangladeshi exporters, particularly in the ready-made garment (RMG) industry, are considering Russia as a potential market once again. The resolution of the crisis over inter-banking transactions has played a significant role in this shift. The Bangladesh Bank’s decision to allow foreign trade in Yuan and the use of Chinese and other Russian allies’ shipping lines have facilitated direct shipments of clothes to Russia. However, exporters are advised to remain cautious about buyers’ financial strength and transparency to avoid potential crises. The recent decline in export earnings from Russia is expected to improve if new problems do not arise. Efforts are being made to attract Russian buyers and brands through road shows in Russia. The restoration of a direct inter-banking channel between the two countries is being negotiated. With the banking crisis resolving and renewed interest from Russian buyers, Bangladesh’s exports to Russia are poised for potential growth.
Bangladeshi Exporters Eye Russia Market Amidst Inter-Banking Resolution
Industry: RMG, RMG & Textile
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