RMG export slows, other major sectors see dip
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Loading... - Fakru Khan
- 03 Nov 2022
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The growth of garment shipment from Bangladesh halved in July-October compared to a year ago while the earnings from a number of major sectors declined -- all because of higher inflation in Europe owing to the Russia-Ukraine war.
This came despite overall merchandise shipment rising by 7.01 per cent year-on-year to $16.85 billion in the first four months of the current fiscal year.
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The export is decelerating as Europeans are finding it difficult to make a living amid rising consumer prices.
For example, nearly three-quarters of European consumers are cutting back spending on everyday items, including food, to make ends meet amid a worsening cost-of-living crisis, according to IRI, a data analytics and market research company, reported Bloomberg.
Since Europe accounts for more than 60 per cent of Bangladesh's merchandise exports, its cost-of-living crisis has hit the shipment from the South Asian nation. Read More...
