Bangladesh’s export market is gradually becoming normal in European and American countries. They have started accepting most of the orders that were initially suspended and canceled due to the effect of Corona. Not only that, they are also coming forward to pay the arrears to the buyers. Although in this case they are giving some conditions. However, those concerned are continuing discussions with them.
Sources said that 80 per cent of the export orders canceled or suspended during March-April have already been returned. BGMEA is also negotiating or mediating with the buyers. However, even if the purchase order is returned, the buyers are fulfilling the conditions for payment. In many cases they take as long as six months or a year. Again some are forcing to give discounts. BGMEA says we are also in talks with them. Since the time is quite challenging.
Safiul Islam Mohiuddin, former president of FBCCI, told that he sees huge potential in the garment industry, the main export sector of Bangladesh, as soon as the world turns around to overcome the epidemic coronavirus crisis. Panic has hurt us more than corona. We will be able to make up for this loss. Corona’s panic is not over yet. However, international buyers of Bangladeshi garments have started opening their shops. Buyers like Walmart are opening up. But clothing retailers like H&M and Jesse Penny did not open.Sources said that the coronavirus spreads throughout Europe and America throughout March and April. Every day there is an increase in the number of deaths with the infection. The situation is particularly critical in Germany, Italy, Spain, Brazil and the United States. Although Italy, Spain and Germany have recovered somewhat, the situation in the United States is still dire. At that time, more than 300 European-American buyers suspended export orders worth 3.15 billion.
About 250 Bangladeshi exporters export about 3 billion a year to the brand. Now the buyers are taking orders from these countries next summer. Due to the corona, Bangladesh’s exports in the just-ended 2019-20 fiscal year decreased by 80 million or about Tk. 56,000 crore. Bangladesh has never had such a large export since independence. Meanwhile, the export target for next year has been set at 48 billion US dollars. The demand for Bangladesh’s export products is expected to increase further in the post-Corona period when new activities are started all over the world. As a result, it is possible to achieve this goal.
AKM Selim Osman, president of BKMEA, another garment industry owners’ organization, told that ready-made garment factories are slowly recovering from the ongoing corona crisis. Buyers are responding again. We are also reassured. The government of Prime Minister Sheikh Hasina is providing adequate assistance in overcoming the epidemic of corona virus. Although the Corona problem is not unique to Bangladesh; It is a global problem.