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. The Leather Goods and Footwear Manufacturers and Exporters Association of Bangladesh (LGFMEAB) also reported a 16% decrease in export earnings from leather, leather products, and non-leather footwear, totaling $509 million in January to April 2023, compared to $604 million during the corresponding period in 2022.
Overall, the leather and leather goods sector in Bangladesh has experienced a negative trend in export performance from January to April 2023, with declines ranging from 13% to 17% compared to the same months in the previous year. The sector is facing challenges in terms of meeting environmental compliance standards and adapting to shifting consumer preferences amidst global economic uncertainties.
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