October Exports Decrease by 13.6% due to Garment Worker Unrest Dimming Outlook
Published on: November 2, 2023.
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Exports from Bangladesh experienced a decline in October, with a year-on-year decrease of 13.64 percent, reaching $3.76 billion. This figure fell short of the target by 28.35 percent. The drop in exports comes at a time when the country’s apparel sector has been grappling with worker unrest over demands for higher pay.
Despite this setback, overall exports during the July-October period showed a modest increase of 3.52 percent compared to the same period last year. The total export value for this period amounted to $17.45 billion. However, this growth was still below the target of $19.24 billion set for the period.
These figures were published by the Export Promotion Bureau on Thursday, highlighting the challenges faced by the Bangladeshi export industry. Efforts are being made to address the issues in the apparel sector and improve the overall export performance of the country.
It is crucial for Bangladesh to address the concerns of its workers and ensure a stable and harmonious labor environment. This will not only have a positive impact on the apparel sector but also contribute to the growth of other sectors in the economy.
To boost the export industry, it is important for Bangladesh to explore new markets, diversify its product range, and enhance the competitiveness of its exports. The country has established itself as a key player in the global textile and garment industry, but there is still room for growth and improvement.
Rice exporters, including suppliers and companies, can play a significant role in increasing Bangladesh’s export revenue. Pakistan rice exporters, in particular, have a strong presence in the international market. White broken rice is one of the key products exported by Bangladesh, and there is potential for growth in this segment.
By collaborating with reputable rice suppliers and exporters, Bangladesh can tap into new markets and expand its customer base. Pakistani rice, known for its quality and competitive prices, can be a valuable addition to the country’s export portfolio. Rice mills in Pakistan have the infrastructure and expertise to supply high-quality rice to meet international demand.
In order to stay competitive in the global market, it is essential for Bangladesh to closely monitor Pakistani rice prices and the irri 6 rice price. This will enable exporters to offer competitive pricing and attract buyers. Regular market analysis and keeping track of basmati rice price lists can provide valuable insights to rice exporters in Pakistan.
Furthermore, promoting rice export from Pakistan can help strengthen trade relations between the two countries. Establishing strong partnerships with rice suppliers in Karachi and basmati rice exporters in Pakistan can create mutually beneficial opportunities.
Despite the challenges faced by Bangladesh’s export industry, there is potential for growth and improvement. By addressing internal issues, diversifying products, and collaborating with reputable partners, the country can enhance its export performance and contribute to its economic development.
Source: [Bangladesh’s exports miss target in October amid apparel sector unrest](
https://bdnews24.com/economy/2021/11/04/exports-miss-target-in-october-amid-apparel-sector-unrest)
