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Related Keywords: Bangladesh Garment Manufacturers and Exporters Association, Bangladeshi manufacturers, by seven percent, Canada, decline due to global slump in demand for apparel, first half of this fiscal year, one of the major export destinations, witness drop in garment shipment

Canada, one of the major export destinations for Bangladeshi manufacturers, witness drop in garment shipment in the first half of this fiscal year by 7 percent to $437.78 million. The decline is due to global slump in demand for apparel, said Faruque Hassan, vice-president of Bangladesh Garment Manufacturers and Expor-ters Association.

In recent years, Bangladesh's competitors like India, Vietnam, Cambodia and Sri Lanka have managed to increase their shipments to Canada, which might be another reason for the decline, Hassan said.

Related Keywords: account for more than eighty percent of national exports, Bangladesh Garment Manufacturers and Exporters Association, Bangladesh witnesses slowdown in apparel shipments, decline in consumption in the West, fall of the euro against the US dollar, the Brexit issues, the US elections, UK is the third largest export destination for Bangladesh

Bangladesh witnesses slowdown in apparel shipments that account for more than 80 percent of national exports due to a fall of the euro against the US dollar as well as the Brexit issues, the US elections and a decline in consumption in the West, said Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association.

Rahman said that the UK is the third largest export destination for Bangladesh. But exports to this destination began declining due to Brexit that took place in June last year.

Related Keywords: achieve healthy export earnings, Bangladesh garment industry, Bangladesh Garment Manufacturers and Exporters Association, better export growth, earnings also exceeded the target set for the year, high-end products, Knitwear, profit margin declined, registered ten percent growth from the previous year, woven products

Bangladesh garment industry generated $28.09bn exports in the fiscal year 2015-16 which just ended, registering a 10.21% growth from the previous year. The data officially released yesterday showed that the earnings also exceeded the target of $27.37bn set for the year. Of the total figure, the knitwear constituted $13.35bn and woven products $14.74bn, according to Export Promotion Bureau data.

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In order to help exporters upgrade factories and boost investments, government of Bangladesh is set to revive the option of reduced corporate tax rate for the garment sector.

From fiscal year 2005-06 till 2013-14, the sector paid corporate tax at a reduced rate of 10 percent.

However, this provision was expired on 1st July, 2014 and the government did not extend it again, meaning the sector paid tax at the 35 percent rate in fiscal 2014-15.

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A business team comprising representatives from Bangladesh Garment Manufacturers and Exporters Association and Bangladesh Cotton Association lead by Abdul Matlub Ahmad, president of the Federation of Bangladesh Chambers of Commerce and Industry visited the Indian state of Gujarat to select a garment warehousing site that will be constructed by Bangladeshi entrepreneurs to boost exports to India.

Related Keywords: Bangladesh, Bangladesh Garment Manufacturers and Exporters Association, Dhaka manufactures, enter Indian market, Federation of Bangladesh Chamber of Commerce and Industry, garment distribution, largest garment exporter, nodal logistics hub, sell apparel, set up store retail chain, Western buyers

Bangladesh, the world's largest garment exporter, wants to enter the Indian market, which was opened up some years back by removing all tariffs on Dhaka's manufactures. Moreover, with Western buyers increasingly demanding higher labour and safety standards, besides lower prices, Dhaka has long been eyeing the Indian market.

A group of Bangladeshi industrialists intend to set up a 1,000-store retail chain in India to sell apparel produced by the neighbour's $24-billion readymade garment industry. Their aim is to turn into a billion dollar retail chain within five years.

Related Keywords: Bangladesh budget, Bangladesh Garment Manufacturers and Exporters Association, Bangladesh Garments Accessories and Packing Manufacturers and Exporters Association, Bangladesh Knitwear Manufacturers and Exporters Association, Bangladesh Textile Mills Association, BGAPMEA, BGMEA, BKMEA, BTMA, garment exporters in bangladesh, tax on apparel, tax on garment

The Bangladesh Finance Minister AMA Muhith presented the national budget before parliament on 4 June for the fiscal year 2015-16. Its size - in terms of aggregate government expenditure - reflects about a 23 per cent rise over that of the revised budget estimates for 2014-15. It is also 56.8% higher than the actual figure for 2013-14.

The budget has allocated Taka 970 billion for funding the Annual Development Programme (ADP), marking an increase of Taka 22 billion over the revised ADP of Taka 750 billion for the outgoing fiscal.

Related Keywords: Bangladesh garment exports, Bangladesh Garment Manufacturers and Exporters Association, Export Promotion Bureau, garment makers, garment makers platform, home textile, jute, non traditional market, US showing positive signs

As major markets like the US are showing positive signs, apparel exports of Bangladesh have been on the rise, but they need to grow by 10 percent every month in order to achieve their target of $27 billion in the current fiscal year, said Shahidullah Azim, vice-president of Bangladesh Garment Manufacturers and Exporters Association, the garment makers' platform.

Garment exports to non-traditional markets have growth by 7 percent year-on-year in the July-March period.

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Bangladesh government to boost exports has decided to redefine export-oriented traditional and non-traditional products as the contribution of the traditional products to the export basket has plunge to 2.74% in the last fiscal year, while the contribution of non-traditional products raise to 97.26%.

Export Promotion Bureau (EPB) sources said that the recently the Prime Minister Office (PMO) in a letter directed the Export Promotion Bureau (EPB) to redefine export-oriented traditional and non-traditional products to accelerate export growth.