Vietnam Overtakes BD as Second Largest Apparel Exporter to Canada

DBL Group, a prominent garment exporter, typically ships apparel worth about $50 million monthly. However, due to recent violence surrounding a quota reform movement and a nationwide curfew, their shipments will plummet by at least 30% this month. The group's production facilities, which include spinning, dyeing, and garment factories, were forcibly closed during the unrest, resulting in significant financial setbacks. 

The three-day shutdown and subsequent violence over the quota reform movement have severely disrupted Bangladesh's economy, already struggling with high inflation, falling exports, and dwindling forex reserves. Factories, including the key garment sector, shut down, fearing further violence and arson.

Tamijuddin Textile Mills is currently investigated by the Bangladesh Securities and Exchange Commission (BSEC) for reportedly taking more than Tk 330 million in stock dividends that were not publicly distributed. Shareholders who were not entitled to bonus shares are believed to have received them from the corporation.

In the very recent ten years, Bangladesh and Vietnam are expected to become major players in the global cotton industry. These nations' competitive labor and production costs are projected contributing to a rapid increase in cotton use and trade, according to a recent OECD-FAO analysis.

The Export Promotion Bureau (EPB) of Bangladesh has halted the publication of export statistics for three months to investigate substantial discrepancies in reported data. The decision was made in a meeting chaired by Finance Minister Abul Hassan Mahmood Ali, attended by key officials, including State Ministers for Commerce and Finance, and the Bangladesh Bank Governor.

Following his visit to China, the Prime Minister instructed the Commerce Ministry to address discrepancies in export data. He urged the Bangladesh Bank (BB), National Board of Revenue (NBR), and Export Promotion Bureau (EPB) to convene and resolve the issue promptly.