The impact of global economic recession in our RMG industry

April 10, 2009 at 2:55 am (Global economic recession, Present condition of RMG industry) (, )

The present status of  our RMG industry shown in bar chart


Photo: http://www.bdonline.com/

The ongoing global economic crisis has been the cause of major concern of export dependent economies. It has been observed major industrial countries is experiencing sharp fall  in export demand .Even high exporting countries like China and India recorded sharp decline in export in last few months. Other high performing countries like Indonesia, Malaysia.Phillipine and Thailand are also suffering badly due to the ongoing crisis. On the contrary export from our country so far has remained quite strong. Knitting and woven garment exports have increased by 41% and 36% respectively. In July-December period over the corresponding period last year. This is attributable primarily to low-end textiles product, which has been least affected by the crisis. And they will continue to import this low end product during the crisis period. From Bangladesh.

The expert of  FOREIGN TRADE INSTITUTE differs in opinion and they rightly points out that garment sector  is in deep trouble and the demands for these products will drastically will fall down when income will start improving. The BGMEA must look into it thoroughly and start thinking from now on without wasting time regarding how to tackle the situation and keep our products export on track which accounts for 76& of our foreign exchange.

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