Textile and garments entrepreneurs were in great depression at the beginning of this year as, foreign buyers were not placing orders in Bangladesh due to political turmoil and continuous strike and this sector was in huge crisis at that moment. But recently, buyers are returning with more orders due to the political stability after Dhaka and Chittagong city corporation election and it’s a good sign for this sector.
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| Workers in garments production |
The profit of these extra orders will not be available in this fiscal year 2015-16 as, the placed order will be delivered in the next fiscal year. In accordance with the information of Export Promotion Bureau (EPB), in fiscal year 2014-15 the targeted garment export was around 27 billion dollars which was 81 percent of the national export. But total 22.93 billion dollar has been exported before April which is less than the targeted export.
3 percent export growth has been achieved, where 10 percent was the target and since garment sector did not achieve the target, this has left a negative impact on national export. Former BGMEA vice president NASIR UDDIN CHOWDHURY has said that, it is difficult to achieve 10 percent export growth this year because of the political instability and foreign buyers were finding alternatives like INDIA and VIETNAM instead of Bangladesh. But the good news is that they have started coming back to Bangladesh.
Since compliance issue has not been solved still, it will be a challenge for industries with collective buildings to survive. Again, our capability of garment export is developing so more orders are being placed and industries are being expanded.
Along with the garment owners the hotel authorities of Chittagong have ensured more presence of foreign buyers in the last couple of months. Director of newly opened five star hotel Radisson Blue in Chittagong, JASON SALGADO has said that more than 90 percent hotel bookings are related to garments.
Garment owners were more worried about the American buyers because, they were more sensitive in placing orders in Bangladesh due to political violence. One of the top buyers of Europe H&M is expanding their business in America more rapidly and they are opening a new show room or retail shop almost every month. They were confused to place order in Bangladesh because if they did not get the shipment timely, their market policy would be hampered. But recently they are placing orders more frequently as political environment is now calm.
Trade and commerce, economic growth of a country depends on the political stability of a country. It is the responsibility of every political party to keep a stable environment for the betterment of textile sector.
Reported by-
Tanvir Hossain
Reporter of Textile Tribune
Shahid Aziz Hall
Bangladesh University of Textiles
Email: tanviranikbutex@gmail.com
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