BANGLADESH: Currency surge worries apparel exporters
A strengthening of the Bangladesh taka (BDT) against the US dollar is worrying the country's textile and apparel sectors, which say their exports have been badly affected.
"The target of reaching $28bn export earnings in the fiscal year 2012-13 will not be achieved if the BDT continues to appreciate against the US currency," Abdus Salam Murshedy, president of the Exporters Association of Bangladesh, told just-style.
Murshedy, also former president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said any further appreciation will seriously affect the industry's competitiveness in the near future.
"We've already urged the government as well as Bangladesh Bank (BB), the country's central bank, to take effective measures to check the BDT appreciation against the dollar to sustain export growth in the textile and clothing industry," he noted.
The taka has risen as a result of lower import payments, higher growth of inward remittance, and rising foreign direct investment (FDI) - appreciating by more than 6% or BDT5.155 over the last year.
- Where next for 3D design and prototyping?
- What Marks & Spencer's numbers mean for clothing
- Apparel buyers miss out on commodity cost savings
- Balance essential in garment supply chain
- Tanzania adds to Africa’s apparel sourcing mix
- Brandix named PVH ‘Global Supplier of the Year’
- Earthquake damage at Bangladesh garment factories
- Ascena Retail to buy Ann Taylor owner for $2bn
- China and India to exploit trade relationship
- AGOA delays drag on sourcing decisions