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BGMEA predicts cumulative export decrease 56.93%

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BGMEA reports that, compared to April 2019, Bangladesh’s monthly garment exports are expected to decline to $972.95 million by 70 per cent in April. Last April, the clothing export received $2.53 billion. Projected data suggests that it will be the same in May, with monthly exports expected to drop by 70 percent to $972 million, compared with $3.24 billion in May 2019.

In the three months between March and May this year, the cumulative export of garment products will see a 56.93 percent decrease from the same period in 2019 to $3.70 billion compared to the same period last year, when the three months have netted $8.60 billion. Factories would be required to bear unsettled export liabilities that were forecasted to be cancelled

The export loss is expected to be $4.90 billion in three months — a 40 percent year-on-year export loss would also affect the $1.96 billion settlement of back to back LCs, BGMEA data also said.

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