“RMG export from Bangladesh fell by 16.94% to $27.47 billion by 2020”, Export Promotion Bureau

rmgBangladesh’s exports were significantly impacted by the COVID -19 mainly due to a big decline in the delivery of readymade clothes. Exports from readymade garments (RMG) fell by 16.94% to $27.47 billion by 2020, down from $33.07 billion the previous year, according to the Export Promotion Bureau. Latest estimates show that export income for the nation dropped to 33.60 billion dollars in 2020, down from 39.33 billion dollars in the previous year when the epidemic of COVID-19 struck the global economy.

Due to the initial lockdown, the exports of billions of dollars’ worth of dollars have been canceled or deferred between March and May, the country’s clothing industry which accounts for over 80 per cent of its exports threatened. Export profits were starting to grow again after June, while exports in the period from July to December dropped just 0.36 per cent compared with the same period in 2019, the second wave begun taking the toll from October. BGMEA raised concern that the downward trend could persist until April when the situation seems to be deteriorating with exportations nearly 10% down in December the same month of the previous year.