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HomeNews & ViewsIndustry FocusBGMEA says, “Bangladeshi apparel sector is expected to lose $5 billion”

BGMEA says, “Bangladeshi apparel sector is expected to lose $5 billion”

The Bangladeshi apparel sector is expected to lose $5 billion in revenue in 2019-20 because of the COVID-19 pandemic, BGMEA president Rubina Huq says. She has reported buyers cancel orders worth as much as $3.15 billion since the pandemic unfolded. This has led to factories running with imported unused raw materials piling up in warehouses at just 55 per cent of their capacity.

BGMEA forecasts that global clothing demand will decline by 65% in the future , resulting in a 30% decrease in work orders. Because of this, factory owners from this month may also have to lay off workers.

But, according to Huq, who heads the Mohammadi Group, the move by the US to cut its order from China by 52% can make Bangladesh a good source of clothing goods.

BGMEA therefore urged manufacturers to concentrate on virtual marketplaces, in order to make the Bangladesh RMG industry and its supply chain sustainable.

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