Bangladesh's export earnings have suffered a massive downturn recording an 85 percent year-on-year drop in April as the coronavirus pandemic continues to roil the global economy.
Published : 05 May 2020, 06:01 PM
The country exported readymade garments (knit, woven) worth only $369 million in April, compared to $2.42 billion at the same time last year, according to garment exporters' lobbying group BGMEA.
The Export Promotion Bureau will publish the official figures in a few days, according to officials.
BGMEA Secretary Md Abdur Razzak told bdnews24.com that he was frequently analysing and reviewing export data during the crisis and the statistics were obtained from the National Board of Revenue.
Buyers have cancelled many orders because of the coronavirus pandemic, he said. The garment factories were also closed during the initial stages of the lockdown and exports fell sharply as a result.
Garment exports have been in decline since March. However, the country still managed to export $2.25 billion worth of goods that month, down 20 percent from the year before.
Buyers, institutions and brands began cancelling and suspending orders from the second week of March as shops closed down globally due to the pandemic.