Despite the two biggest economies of Europe; Germany and France recording economic growth in the second quarter, garment exporters in Bangladesh do not sound optimistic about the same.
Experts from the sector aver that in spite of the good tidings, shipments from the sector, which is the biggest foreign exchange earner for Bangladesh, will not benefit from these positive signs.
The Federal Reserve in the US has also announced that its economy was stabilizing. Experts point to the alarming dip in shipments in the month of July, the first month of the current fiscal year.
They add by saying that the actual impact of a reversal of the recessionary trends and as and when they abet, will start showing from 2010 onwards and the apparel sector should not start celebrating.
But for every dark cloud, there is a silver lining. Buyers from new markets like Japan are descending on the country in large numbers, which has helped narrow down export contraction, from this very important sector.
Exports of woven garments dipped by 4.66 percent, while knitted apparel shipments grew by 1.77 percent in July, while the over all decline from the sector touched 6.80 percent, when compared with July 2008.
Source: www.fibre2fashion.com
