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Knitwear experiences low export growth

Shamim Ashraf
Global financial crisis has already started taking its toll on the country's knitwear business, having marked a low in September's export growth.
Alarmed at the global crisis, especially in the US and Europe--the two major destinations for Bangladesh's garment exports, the commerce adviser is going to sit with industry leaders by the end of this month to find strategies to avoid its impact, said sources.
"According to our internal report, we had a 10-15 percent growth rate in order flow in । September while the average monthly growth over a long time had been 20 percent," Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President Fazlul Hoque told The Daily Star yesterday.
After a big vacation in the West, in September the country's knitwear sector generally sees a little more than the average monthly growth in demand, but this year the order flow shrank, he said.
Terming the fall "still not that much panicking", he however cautioned that the whole industry would face a big blow if the cris is persists.
Anwar-Ul-Alam Chowdhury Parvez, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), also cautioned about the impact of the crisis.
"Although we are yet to notice any impact, we will face huge loss if the crisis prolongs," he said.
The financial crisis, especially in the US and Europe, has become a big worry for the country's garment exports which earn about 80 percent foreign exchange.
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"The crisis in the US and Europe will definitely have impact on us since those are our two main export destinations. If it prolongs for three more months, total export will face a big blow," said the BKMEA president.
Being in the lower-end market has still kept Bangladesh's export off any major impact. "But it will not continue for long in case the crisis continues," said the BGMEA boss.
He noted that price, which may fall due to the crisis, would be a big factor for holding the market.
"Although India has already seen about 19 percent depreciation and Pakistan 24 percent, they can still cope if they cut their rates. But Bangladesh will not be able to cope if we cut the rate," Anwar-Ul-Alam said, adding that the banks in India and Pakistan are cutting interest rates to help their industries.
Stressing the need for a joint strategy by the government, the manufacturers and the exporters, he said they have already talked with the commerce adviser.
"He (the adviser) said he would sit with us all to find ways to face the crisis," Anwar-Ul-Alam added.