Bangladesh’s export earnings to face major hit

According to Bangladesh’s “Daily Star” report on April 20, as the global new crown epidemic continues to have a serious impact on trade orders and shipping, Bangladesh’s exports next month Revenues will take a major hit. The Bangladesh Export Promotion Agency stated that due to the reduction in orders and shipping of major export commodities such as ready-made garments, leather and its products, and frozen food, Bangladesh’s export revenue in March fell by 18.29% year-on-year to only US$2.73 billion. In March, garment exports, which accounted for about 84% of Bangladesh’s export trade volume, fell 26.70% year-on-year to only US$1.97 billion. Due to the impact of the epidemic, retailers in the United States and Europe have closed their doors and canceled orders of more than US$3.11 billion, resulting in a sharp decline in garment exports. Countries severely affected by the epidemic, such as Italy, the United Kingdom, the United States, France, Spain, and Germany, are the main export destinations for Bangladeshi garments. The United States and Germany import approximately US$6 billion in clothing products from Bangladesh every year, Italy and the United Kingdom import approximately US$300 million from Bangladesh each year, and Spain and France import approximately US$250 million from Bangladesh.