Apparel export is likely to witness a negative growth in September after a positive streak of 14 months since August last year.
According to the day-to-day export data, apparel export declined to $1.72 billion in the first 18 days of September, fetching a negative growth of 12.36%, from the same period of the last fiscal year 2021-22.
In the first 18 days of September of FY22, apparel manufacturers had earned $1.97 billion.
Earlier in July, the first month of FY22, apparel export registered a negative growth of 11.02% to $2.89 billion from $3.24 billion in the same period of FY21, showed EPB data.
Manufacturers said that the export witnessed negative growth due to the war-related crises, global economic turmoil, and record inflation affecting retail businesses.
A number of global brands were suffering from a decline in sales and unsold stocks, compelling many to halt current orders and production at the manufacturers’ end.
They also blamed high transportation costs and increased bank interest rates in their export destinations, energy crises, and other issues.