Leather and Footwear Exports Drop by 17.55% in Jan-April

Chinese factory Join Win (Bangladesh) Company Limited has announced plans to set up a shoe accessories manufacturing industry in the BEPZA Economic Zone (EZ) with a significant investment of $10.73 million. The agreement was signed with the Bangladesh Export Processing Zones Authority (BEPZA) at the BEPZA Complex, marking a significant milestone for both parties.

Bangladesh's leather and leather goods exports have witnessed a notable decline of 17.55% during the period of January to April 2023. This drop in export figures can be attributed to multiple factors impacting the global market, including reduced demand for leather-made luxury items and concerns regarding environmental compliance. According to data from the Export Promotion Bureau (EPB), the country's leather and leather goods exports have decreased by $78.61 million, reaching $369.2 million in comparison to $447.81 million recorded during the same period in 2022.

Bata Shoe Company (Bangladesh) Ltd, the prominent footwear manufacturer in the country, has witnessed an impressive 99% increase in its net profit during the first quarter of the current year compared to the same period last year. According to an unaudited financial report, the company's net profit rose to Tk 13.63 crore in the January-March period, demonstrating a substantial growth from Tk 6.85 crore in the previous year. Bata Shoe Company (Bangladesh) also reported a revenue of Tk 245 crore in the first three months of this year, up from Tk 214 crore in the corresponding period of 2022.

Smile Arts Co., Ltd. of South Korea plans to establish a jewelry manufacturing business in Uttara Export Processing Zone (EPZ), according to BSS. According to a news statement, the Bangladesh Export Processing Zones Authority (BEPZA) signed a deal with the business on Tuesday at the BEPZA Complex in the city. To make 40 million units per year of costume jewelry, sterling silver jewelry, and gemstone jewelry, the company will invest US$ 2.0 million, creating 300 job opportunities for Bangladeshi people.

The Tannery Workers’ Union (TWU) and the Solidarity Center- Bangladesh office organized a 12-point charter on May Day to ensure the welfare of tannery workers and their families in the industrial estate.The demands included formulating a minimum wage board, barring employment with wages less than the minimum wages declared by the government, implementing all provisions of labor laws in tanneries,

Apex Footwear reported a 59.6% year-on-year decline in its earnings per share (EPS) for the January-March quarter due to higher costs of production, marketing, selling and distribution, and finance cost. The company only managed to reduce its administrative costs for the third quarter of the fiscal year, but it was not enough to offset the surged other costs. Revenue increased to Tk361 crore in the January-March quarter, but the higher costs dragged its net profit after taxes down to Tk1.26 crore from Tk3.1 crore.