Faruque Hassan, the President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), conveyed his concerns during a meeting held at the Finance Secretary Md Khairuzzaman Mozumder’s office in Dhaka recently.

Leading a delegation from the association, Hassan emphasized the critical issues facing the readymade garment industry in Bangladesh, as stated in a BGMEA press release.

Hassan highlighted the significant impact of the Russia-Ukraine conflict on the global economy, particularly its challenges for Bangladesh’s readymade garment industry.

The conflict in Eastern Europe has had a ripple effect, leading to heightened inflation in the USA and European Union countries. Consequently, the demand for apparel in key export markets such as Europe and America have dwindled as consumers prioritize essential items like food and fuel over clothing.

As a result of this decreased demand, garment exports to Europe and the USA, which represent a substantial portion (over 84 per cent) of Bangladesh’s total export earnings, have experienced a decline.

This decline has put pressure on Bangladesh’s foreign reserves.