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Asia Sourcing South and West Asia Dec 2016


Exports increase 6.5% yoy in the first four months of 2016-17 fiscal year
Bangladesh’s exports in the first four months of the current fiscal year (July 2016 - June 2017) amounted to US$10.79 billion, up 6.5% compared to US$10.13 billion a year earlier, according to data released by the Export Promotion Bureau.

A breakdown of the export figure during July - October shows that exports of knitwear increased by 8.8% from a year ago to US$4.54 billion, while exports of woven garments grew by 5.4% yoy to US$4.29 billion. Exports of frozen food, jute goods (excluding carpet), chemical products and tea also experienced positive year-on-year growth in the four-month period. On the other hand, exports of agricultural products, raw jute and leather experienced year-on-year declines in the same period.

Exports in October rebounded by 14.4% yoy to US$2.71 billion after a 5.6% yoy decline recorded in September, which was mainly attributable to the long Eid holiday.

Government says bangladesh no longer requires assistance of accord and alliance after 2018
State Minister for Labour and Employment Mujibul Haque told the local press on 17 November that Bangladesh would no longer require the assistance of the Accord on Fire and Building Safety in Bangladesh (‘Accord’) and the Alliance for Bangladesh Workers Safety (‘Alliance’), two platforms of global buyers, after their current tenure expires in June 2018.

In a recent meeting in Dhaka, the government told a European Union delegation that Bangladesh had strengthened the Department of Inspection for Factories and Establishments (DIFE) to a great extent and the body would be fully capable of taking over the responsibility of safety inspection by 2018. Among those present at the meeting were Bernd Lange, Chairman of the European Parliament’s Committee on International Trade, EU Ambassador and Head of Delegation to Bangladesh Pierre Mayaudon, Secretary of the Bangladeshi Ministry of Labour and Employment Mikail Shipar, and DIFE Inspector General Syed Ahmed.

With the assistance of the ILO, the Ministry was working to form a remediation coordination cell, which comprises a good number of Bangladeshi experts and industry stakeholders, to oversee the safety situation in the RMG sector, the government told the EU delegation.

As a signatory of the Accord, H&M had earlier made a proposal in favour of extending the tenure of the Accord for additional three years. However, Mujibul said that any decision on extension of tenure of the Accord and the Alliance depended on the consensus between the government and the buyers’ groups, stressing that the latter cannot extend the tenure unilaterally.

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Content provided by Fung Business Intelligence
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