Bangladesh Orders For Knitted Apparel Decreased Sharply In October
The Bangladesh knitting enterprise and Exporters Association (BKMEA) confirms that the United States and the European Union remain the major markets for Bangladesh knitwear industry. But statistics show that in the fiscal year 2008-09, the export of knitted apparel and woven garments accounted for 39.21% and 36.62% of the total exports of garments respectively.
The association said that the main reason for the decrease in exports was the downturn in the US and Europe and the decline of banks in the European and American markets.
The association said that Bangladesh often received immediate payments when placing orders, but now it has to wait for 30-40 days to get full payment.
Experts say retail sales in the US and the EU have shrunk sharply in recent months. If these consumers' purchasing power goes down, the export of Bangladesh garments to these markets is bound to be affected.
Insiders say that the US and EU companies are now placing orders based on demand. The global market is losing weight, leaving no room for food.
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