Foreign buyers have so far canceled the export or purchase orders of readymade garments worth $2.91 billion.
Rubana Huq, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) confirmed the matter on Wednesday morning.The BGMEA president said that every moment buyers from different countries of the world are suspending purchase orders. For us, it’s not suspension but cancelation.
According to all the latest data, till 10 am April 1 (Wednesday), orders of 1,068 garment factories of the country have been cancelled.
In this regard, the president of BGMEA said currently the garment sector is in deep crisis. Export order was being cancelled one after another. If such cancellations continued this way, the sector would be in dire danger. So, at this critical moment, the owners of the garment factories urged the buyers not to suspend orders.
Quoting the garment factory website information, the BGMEA leader said a total of 92 crores 63 lakh and 30 thousand garment products’ orders were cancelled which worth US$2.91 billion (in Taka, it stands 24,735 crores, exchange rate considered Tk 85 for US$1 ).
BGMEA president said more than 21 million workers worked in those factories where export orders were cancelled.
The majority of the country's export sector depends on readymade garments. Therefore, the negative impact of the sector hit the whole export trade.