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RMG exports in BD declined by 62% approximately US$ 1.07 billion in May 2020

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According to provisional data collected by the Bangladesh Garment Manufacturers and Exporters Association from the National Revenue Board, RMG exports by the country declined from $2.81 billion in the same period of 2019 by 62.09% to $1.07 billion in the 29 days of May this year.

RMG exports could fall to $5 billion in March-May 2020, with a possible unsettled $2 billion liability for the country’s clothing market. According to the data, the country’s RMG export in April this year declined by 85.25% to $374.67 million from $2.54 billion in the same month of 2019 due to shrinking demand for goods and suspension of production in the country due to the coronavirus outbreak. RMG exports in March this year, when the coronavirus was first detected in the country, declined by 30.19% to $1.97 billion from $2.82 billion in the same month of the last year.

While production has begun in the country since April 26, due to health concerns and falling demand in all export markets, factories have been operating with a limited number of staff. During the pandemic, all export markets suffered a decline between 8% and 22% and unit value decreased by 0.90% from the US and 1.87% from the European Union.