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Export orders dip on Iraq war

Govt urged to immediately take bailout measures

STAFF CORRESPONDENT
The ongoing war in Iraq is taking a heavy toll on the overall export performance with orders declining sharply, leaders of export-oriented industries said yesterday.
The government should immediately take some bailout measures including release of funds for cash incentive, waiving of interest on bank loans for a certain period and continuation of subsidy for carrying perishable items.
At a meeting with the apex trade body, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), business leaders also urged for analysing the impact of the ongoing war on Bangladesh's export-oriented industries and identifying possible solutions.
The FBCCI organised the meeting with its President Yussuf Abdullah Harun in the chair.
Joint Secretary General of Bangladesh Frozen Food Exporters Association Humayun Kabir pointed out that 45 per cent of
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Bangladesh's shrimp exports go to European Union (EU) markets and 40 per cent to US markets. Besides dipping prices in the global market, buyers are canceling orders because of the war.
"This is the season to procure shrimp fry. If the situation persists, it would be very difficult to prepare for the next season as there is no market at home for these products," he added.
A leader of Bangladesh Fruits and Vegetable Exporters Association said export of perishable items almost stopped because 70 per cent of these items go to the Middle East. Moreover, Bangladesh Biman has also withdrawn the subsided rate for carrying perishable items to these destinations.
Member of Bangladesh Textile Mills Association Harunor Rashid said export orders have gone down so sharply that many will be unable to pay bank loan installments and may become defaulters in coming months. He also stressed the need for releasing funds for cash incentive immediately.
An official of Bangladesh Knitwear Manufacturers and Exporters Association said orders are being held
up and alleged that buying houses in Dhaka are taking advantage of the adverse situation.
President of Engineering Shilpa Malik Samity Abdur Razzaq said prices of GP and BP sheets went up in the local market in the past two weeks. Such price hike has pushed the production cost of electrical and plastic items up.
A Bangladesh Association of International Recruiting Agency (BAIRA) official said manpower export last month was around 18,500 as opposed to 15,700 in March last year. Though manpower export did not decline, a significant number of expatriates came back home, which might have a negative impact on the economy.
Bangladesh Jute Association and Bangladesh Jute Manufacturers Association said freight charge has gone up because of the war surcharge. Buyers have asked to postpone shipment and are not opening fresh letters of credit, they added.
"Farmers would be effected in the long run," said senior Vice president of Bangladesh Agro-Processors Association Fakhrul Islam Munshi.