Bangladesh's ready-to-wear exports fell 13.93% in October

Bangladesh's "Daily Sun" reported that according to the latest data released by Bangladesh's Export Promotion Bureau, Bangladesh's garment exports fell 13.93% in October, from $3.68 billion in the same period last year to $3.17 billion. In October 2023, Bangladesh's overall exports fell 13.64% from the same period last year. Farouk Hassan, chairman of the Bangladesh Garment Manufacturers and Exporters Association, said that on the one hand, the historic high inflation caused by the war in Russia and Ukraine has led to sluggish sales and demand, and in order to curb inflation, developed economies have raised bank interest rates, which has more limited the purchasing power and demand of consumers; Israel's war with Hamas has further exacerbated the crisis. On the other hand, ongoing labor unrest over the minimum wage issue has severely disrupted the sector in the past week.