Three Garment Factories of DIRD Group Closed

Matin Spinning Mills posted a 7.15% year-on-year profit increase to Tk 102 million in Q3 (January–March), with EPS rising to Tk 1.05 from Tk 0.98. The company recorded its highest-ever Q3 sales revenue at Tk 2.04 billion, reflecting a 16% year-on-year increase.

Between January 2023 and March 2024, 128 new readymade garment (RMG) factories joined BGMEA, potentially creating 74,000 jobs if fully operational. In the same 15-month period, 113 member factories shut down, displacing 96,104 workers—76,504 of them after August 2023 alone.

Bangladesh’s apparel manufacturers warn that without a permanent removal of the 37% tariff on exports to the US, the sector will face an additional $250 million in duties each month, threatening the survival of about 1,000 factories. Industry leaders are urging the interim government to negotiate with the US for a complete and lasting tariff withdrawal.

Bangladesh's garment exports to the United States increased by 17.23 percent during the July-March period of FY2024-25, despite concerns over potential tariffs. The US accounted for 18.97 percent of Bangladesh's total garment exports, with shipments valued at $5.74 billion. Overall, Bangladesh's ready-made garment (RMG) exports grew by 10.84 percent, reaching $30.25 billion.

Inditex, the world’s largest fast fashion group and owner of brands like Zara and Bershka, intends to strengthen its longstanding partnership with Bangladesh, reaffirming the country's role as a critical sourcing hub.

According to a recent USDA report, the United States is losing cotton market share in Bangladesh due to logistics issues and long shipment times. In Marketing Year (MY) 2023-24, Bangladesh imported 7.8 million bales of cotton, with the U.S. contributing 9%, down from 10% in MY23.