Vietnam Overtakes BD as Second Largest Apparel Exporter to Canada

The Bangladeshi government has suspended its recent decision to sharply increase export fees on raw jute and jute products after significant backlash from industry players. The fee for raw jute exports was set to rise from Tk 2 to Tk 7 per bale, and for jute products from Tk 0.10 to Tk 0.50 per Tk 100—marking a substantial jump after 30 years.

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.