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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.

Related Keywords: BGMEA, BTMA, countrys largest foreign currency earner, demand gas connections, failed to relocate their units, readymade garment factory, spinning mills remained unused, to the new destinations

Both the BGMEA and the BTMA leaders demand gas connections for the country's largest foreign currency earner on a priority basis as the readymade garment factory owners, especially those who want to shift their non-compliant units from the capital city and adjacent to it, are facing difficulties due to non-availability of gas for the last couple of 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 exporter, BJMA, BTMA, cash incentives, continue special income tax rate, cut down or waive off, dying, for primary textile sectors, higher licence fees, National Board of Revenue, printing and finishing mills, spinning, tax at source on export earnings, weaving

Bangladesh exporters yearn for tax at source on export earnings and tax on cash incentives to be waived or cut down in the budget for fiscal year 2015-16 to make it uniform for all exporters, as it is not a profit of the exporters.

The exporters, textile mills, jute and plastic sectors proposed to the National Board of Revenue (NBR) to cut tax at source on export to 0.30 per cent from existing 0.60 per cent.

Currently, apparel exporters are enjoying 0.30 percent tax rates on export bill while others are paying 0.60 per cent

Related Keywords: Bangladesh textile industry, BCA, BTMA, buyer and suppliers, cheap and competitive rate, cotton prices, dependent on import fibres, enhance relations, export oriented readymade garment factory, Global cotton summit Bangladesh, make rules industry friendly, produce little quantity of cotton, require huge amount, spinning mills

Bangladesh textile industry is dependent on import of fibres from foreign countries, thus the government need to take steps for making the rules industry-friendly, said Jahangir Alamin, former president of Bangladesh Textiles Mills Association (BTMA) addressing a session titled “Bangladesh Spinning Industry in Next Decade” at the Global Cotton Summit Bangladesh-2015 that began in the capital to enhance relations between buyers and suppliers of the product.

Related Keywords: Bangladesh Garment Manufacturers and Exporters Association, Bangladesh government, BKMEA, BTMA, Export Promotion Bureau, held meeting with, home textile., inclusion of RMG in traditional category, jute, jute goods (Hessian, Knitwear, redefine export oriented goods, RMG products including oven, Sacking and CBC), traditional and non traditional

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.

Related Keywords: Bangladeshi readymade garment sector, BGMEA, BKMEA, BTMA, cancellation of orders, delay in shipment, export target, extra burden of air freight, incur loss, non stop political unrest

The Bangladeshi readymade garment sector has incurred huge vandalism caused by the non-stop political unrest beginning from January 6. In the last 35 days the RMG sector has incurred a loss of Tk21,711 crore due to cancellation of orders, extra-burden of air freights and delays in shipments.

According to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) estimate, the apparel sector faced the order cancellations worth Tk10,000 crore while it had to spend additional money of over Tk918 crore for air shipments.

Related Keywords: Bangladeshi garment manufacturer, BTMA, electricity supply, local manufactred fabirc, local textile mills, poor transportation system, pushed up prices, raw material, RMG units, unutilised production capacity

Bangladeshi garment manufacturers have started looking towards other destination such as China and India for source their raw materials as the local textile mills due to low pressure of gas and electricity supply disruption and poor transportation system have pushed up prices of their manufactured fabrics.

Related Keywords: Bangladesh RMG, BTMA, cotton yarn, export industry, knit fabric, local textile, Primary Textile Sector, raw material, specialized garment, woven fabric

Bangladesh readymade garment (RMG) manufacturers which dependent heavily on imported cotton yarn and woven fabric having gradually started using more such local raw materials for the export industry.
 
According to Textile Mills Association (BTMA), the country imported 236 million kilograms (kgs) of cotton yarn and 289 million kgs of woven fabrics in the last fiscal. The import figures were 240-million-kg yarn and 295-million-kg fabrics in the previous year.
 

Related Keywords: Bangladesh textile makers, BTMA, central bank, Export development funds, exporter, manufacturer

The Bangladeshi textile and garment makers were entitled to receive Export Development Funds (EDF) loans upto $12 million at 2.5 percent interest rate. But now, the central bank has increased the limit for manufacturers and exporters to borrow from the EDF to $15 million. Textile and garment makers will benefit from the central bank's move, said BTMA President Jahangir Alamin.