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Related Keywords: apparel, Bangladesh, BGMEA, Business, export, garment, growth, manufacturing, Shipments

Prices of garment items exported from Bangladesh dipped by 1.61 percent over the last four years, a reflection of the pressure international clothing retailers and brands always put on the garment manufacturers for lowering prices.

If the period between fiscal 2015-16 and 2018-19 are taken into consideration, price per unit of garment items increased only last year by 1.42 percent, according to data from Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Related Keywords: Bangladesh garment manufacturers, BGMEA, China and the Latin American countries, Chittagong port and airports, demand for efficient functioning, exporters, growth of apparel exports, import garment items, India, knitwear sector, stable power tariff, target emerging exports destinations, worth billions of dollars every year

Bangladesh garment manufacturers and exporters to target emerging exports destinations like India, China and the Latin American countries as they import garment items worth billions of dollars every year. For the continued growth of apparel exports, they have demanded that the government ensure efficient functioning of the Chittagong port and airports and a stable power tariff.

Tapan Chowdhury, president of the Bangladesh Textile Mills Association said that they want price predictability of electricity and gas so that they can plan for long periods in their business.

Related Keywords: apparel industry, Bangladesh second largest importer of cotton, Bangladeshi RMG products, BGMEA, Brazilian cotton, currently do not have duty-free access to US and Brazil, two countries enjoy duty-free access for the cotton exported to Bangladesh, US cotton, US suspended GSP facilities for Bangladesh

Bangladeshi RMG products currently do not have duty-free access to US and Brazil, even though these two countries enjoy duty-free access for the cotton they export to Bangladesh for its apparel industry. Moreover, the US suspended Generalised System of Preferences (GSP) facilities for Bangladesh on June 27, 2013.

Related Keywords: attract more investment, Bangladesh garment and textile markers, BGMEA, BKMEA, BTMA, cost of production increasing every year, Fiscal measures, higher export growth, market diversification, next fiscal year, reduce corporate tax for the garment sector, Textile and RMG sector, urged governement to reduce tax at source

The country’s garment and textile makers have urged the government to reduce tax at source to 0.3 percent for the next fiscal year from the proposed 1.5 percent to attract more investment as the cost of production is increasing every year.

Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), at a press meet at the BGMEA office in Dhaka said that if it is not possible, they have urged the government that source tax should remain at the exiting 0.6% for the sake of the growth of export oriented industries and creating more jobs.

Related Keywords: Bangladesh garment industry, behind export target reach, BGMEA, concern over drop in productivities, cut in price of its product, demand halving tax at source, devaluation of US dollars, facing myriad challenges of gas and power crisis, high interest rate of bank loans, largest trade association, may close garment factories, no value added tax

Bangladesh Garment Manufacturers and Exporters Associations (BGMEA) one of the largest trade associations in the country, representing the readymade garment industry expressed concern over the drop in productivities due to various reason as a result in past three years 618 factories shut down.

President Siddiqur Rahman yesterday said that Bangladeshs garment industry was facing myriad challenges of gas and power crisis, high interest rate of bank loans, devaluation of US dollars and cut in price of its product.

Related Keywords: All limited companies to deduct VAT at source, as per old VAT law, BGAPMEA, BGMEA, BKMEA, BTMA, comes in force next July, National Broad of Revenue, New VAT law allows only public limited companies, withdraw VAT at source from consumers

Currently, all limited companies have to deduct VAT at source while receiving supplies and deposit the money with the exchequer as per the VAT law 1991. But the new VAT law allows only public limited companies to withdraw VAT at source from consumers.

Only public limited companies (PLCs) will have to deduct the Value Added Tax (VAT) at source from supply chain partners under the new VAT and Supplementary Duly Act, officials said.

Private limited companies will not deduct VAT at source from suppliers under the new VAT law that comes in force next July.

Related Keywords: after agricultural sector, BGMEA, biggest earner of foreign currency for Bangladesh, ILO standard, jute textiles, may face uncertainty in exports to US, opposing import of goods produced by forced labour, Ready Made garment sector, signing bill, US demand exceeded domestic production, US President Barack Obama

The Ready Made Garments (RMG) sector,the biggest earner of foreign currency for Bangladesh after the agricultural sector, may face an uncertainty in its exports to the US as a result of the signing of a bill opposing import of goods produced by forced labour by US President Barack Obama.

Although there was no official remark on whether Bangladeshi goods would be affected by the restrictions, the US government lists garment products from Bangladesh among goods that are produced by child or forced labour.

Related Keywords: apparel industry, Bangladesh RMG sector, BGMEA, BKMEA, control major activities, Directorate of Textiles, import of capital machinery, main export earner, Ministry of textile, permission for import, registration, sponsoring authority, to regulate RMG under new law, UD

Bangladeshi readymade garment (RMG) sector the main export earner of the country to streamline, the Directorate of Textiles is going to be vested with the authority to regulate the RMG sector under a new law --- The Textile Industries Establishment Act 2015-would take effect early next year. The new draft law proposed making the Directorate of Textiles under the Ministry of Textiles and Jute as an effective "sponsoring authority" for the apparel industry.

Related Keywords: Bangladesh readymade garment sector, BGMEA, BTMA, DoT, faces serious shortage of skilled workforce, KBMEA, lack of investment in new machinery, meet demand from global clothin industry, slow down upgradation, technologies, tranformation of garment industry, vocational and technical institutes

The Bangladesh's readymade garments (RMG) sector besides, lack of investment in new machinery and technologies, according to industry sources is facing serious shortage of skilled workforce which is likely to slow down the upgradation and transformation of the garment industry necessary to meet the demand from the global clothing industry.

Such a shortage has emerged as a major constraint to realisation of the sector's true growth potential, in terms of productivity and production of high end apparels.

Related Keywords: Bangladesh readymade garment, BGMEA, BTMA, China concentrating on high value garment, depend on REB, government help to achieve, knitwear sector, set goal to reach, USD fifty billion exports, value addition in the RMG

The burgeoning Bangladesh readymade garment and knitwear sector has set a goal to reach $50 billion export by 2021. While this appears quite a daunting task, but industry sources claim it is doable provided the government and its concerned ministries make determined efforts to help achieve it as textile manufacturing sector and readymade garment industry (also the knitwear segment) are in fact inseparable and rolled into one.