Textile Industry is the main foreign remittance earning sector for Bangladesh. This industry suffered a lot during the COVID -19 pandemic. Now the industry is trying to recover the gaps. According to many sources it is evident that most of the export-oriented garments factories are packed with business orders up to April 2022. Team Denim Focus talked with different factory owners regarding how to capitalize on this situation and what is the way forward to ensure maximum profit out of it. Barrister Shehrin Salam Oishee, Director, BGMEA & Envoy Group shared his views-
It’s true that business is turning around globally, as global demand for clothing is rising sharply, reflected by sharp rebound in clothing retail sales in USA and EU.We don’t have any centralized database to track future orders likewise, to validate the fact that factories are booked till April 2022, although the UD in September and October has seen around 20% growth.
However based on the export growth in September and the projected growth in October, which may see a similar growth like September, it may be said that the upcoming few months may see a stronger rebound in exports. The other factor behind the growth is the inflated cost of raw materials.