The World Bank has predicted Bangladesh will lose more than 20% of its remittance earnings, equivalent to $4bn, this year alone.

The World Bank has predicted Bangladesh will lose more than 20% of its remittance earnings, equivalent to $4bn, this year alone.

Bangladesh has booked an 18.12% fall in readymade garment exports in the year to June 2020.

Readymade garment exports fell to US$34.1bn compared with the same period last year. The fiscal year runs from July to June in Bangladesh.

Specifically, knitwear fell 17.65% to $16.9bn and woven garments fell 18.58% year-on-year to $17.2bn. Cotton and cotton product exports fell 12.22% to $152.2m.

Among the largest absorbers of garment exports from Bangladesh were the UK, Italy, Russia, Germany, and the US. In terms of cotton fabric exports, the UK, Myanmar and India were among the largest importers.

The country's garment sector has been significantly challenged by the Covid-19 outbreak.

Earlier this week, the country's Prime Minister Sheikh Hasina told an audience at the Global Leaders' Day at the International Labour Organization's (ILO) Virtual Global Summit, the pandemic has resulted in the loss of billions of dollars worth of export orders and a wide number of job losses.

The World Bank has predicted Bangladesh will lose more than 20% of its remittance earnings, equivalent to $4bn, this year alone.

Last month, the European Union pledged EUR334m ($371m) to help the government of Bangladesh fight the pandemic, and in particular, provide cash assistance to its export workers.