GARMENTS exporters expressed grave concern as international retailers and brands have been asking the local manufacturers and exporters to cut or cancel work orders amid the coronavirus outbreak. The number of work order cancellations and hold on of orders increased in Bangladesh after the US suspended air travel to and from EU countries. US President Donald Trump has announced sweeping travel restrictions on 26 European countries in a bid to combat the spread of the coronavirus. The ban applies to travellers from countries which are members of the Schengen border-free travel area. The UK, Ireland and other non-Schengen countries are unaffected.
March and April are the time to receive the work orders from the western buyers for the summer season. However, many local manufacturers and exporters have been receiving emails from their long-time buyers either for work order cancellations or holding on the ongoing orders due to the coronavirus outbreak. The trend will have serious consequences as we see an imminent liquidity crisis which will lead to financial disruption at the manufacturing units. The epidemic has already halted the global trade and economy by banning air travel and cargo vessels. Though the epicentre of the virus — Wuhan of China has been recovering rapidly, the virus is still spreading in Europe and all of Italy is under quarantine. With the magnitude of the virus, the RMG sector hit hard and will bankrupt the sector. The RMG sector should learn from the outbreak and search new destinations as well as opt for product diversity.
Mostly, the global epidemic will trigger the global recession and there is no visible respite to tide over the crisis. Experts and researchers should cooperate to find out new economic opportunities. Our government is surrounded incompetent sycophants. No situation for using experts advice. Ignorance is bliss and corruption is the way to continue in power.
The garments sector people have to come out sensible suggestion if not for anything else but for their own selfish interest.
What worries us the most is the looting away money and the government itself is the biggest debtor when money is needed to deal with the coronavirus crisis.
March and April are the time to receive the work orders from the western buyers for the summer season. However, many local manufacturers and exporters have been receiving emails from their long-time buyers either for work order cancellations or holding on the ongoing orders due to the coronavirus outbreak. The trend will have serious consequences as we see an imminent liquidity crisis which will lead to financial disruption at the manufacturing units. The epidemic has already halted the global trade and economy by banning air travel and cargo vessels. Though the epicentre of the virus — Wuhan of China has been recovering rapidly, the virus is still spreading in Europe and all of Italy is under quarantine. With the magnitude of the virus, the RMG sector hit hard and will bankrupt the sector. The RMG sector should learn from the outbreak and search new destinations as well as opt for product diversity.
Mostly, the global epidemic will trigger the global recession and there is no visible respite to tide over the crisis. Experts and researchers should cooperate to find out new economic opportunities. Our government is surrounded incompetent sycophants. No situation for using experts advice. Ignorance is bliss and corruption is the way to continue in power.
The garments sector people have to come out sensible suggestion if not for anything else but for their own selfish interest.
What worries us the most is the looting away money and the government itself is the biggest debtor when money is needed to deal with the coronavirus crisis.
