The Ready-made Garments Industry (RMG) of Bangladesh is facing the brunt due to the coronavirus pandemic all over the world. The foreign buyers have already cancelled $1.5 billion dollar work orders from Bangladesh.
But, the sources from home and abroad have given assurance of reordering of the cancelled orders and promised for new orders from next week.The foreign missions of Bangladesh and the factory owners confirmed the matter to media.
The country’s export earnings fell by 4.79 per cent to $26.24 billion in the first eight months of the current fiscal year mainly due to the trade war between the US and China against $27.56 billion earned in the corresponding period of the last fiscal year.
The Asian Development Bank has projected that the Bangladesh economy might lose 1.10 per cent of its GDP, or $ 3.02 billion, in addition to 8.95 job losses due to the coronavirus pandemic.