Export prices of Bangladeshi garment items fell by 8% to 16% year-on-year over the past eight months due to reduced consumer demand amid high inflation. Additionally, garment export volumes declined in major markets, with apparel imports from the US down 7% and from the EU down 13% during July-April of FY 2023-24, according to BGMEA data.
Garment exports grew by 4.97% year-on-year in the first 10 months of FY 2023-24, a decrease from the 9.09% growth in the same period the previous year. BGMEA President SM Mannan Kochi highlighted that bank interest rates rose by 15% and production costs by 50% over the last five years due to increased prices of gas, power, and wages. He also expressed concern that restricting investments to export processing zones (EPZs) and special economic zones (SEZs) might hinder investment inflows, urging the government to reconsider this policy.
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