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Fallout from global crisis looms over exports

Star Business Report
The global financial turmoil appears to have an impact on garments as orders from buyers are slowing.
Exporters have also said buyers are trying to cut down costs of imports to cope with a slump in consumer confidence.
"Generally, September is a golden month for knitwear exporters, but this year's orders appear to be declining for the first time in four years,” said Fazlul Hoque, president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).
However, remittance inflows, also allied with the global economies, are still immune to probable
fallout from the unfolding financial crisis that rattled depositors and investors worldwide.
Bangladeshi exports, mostly to the US and Europe, are set to become vulnerable to the debacle, although knitwear and garments registered 84 percent and 58 percent growth in July from the same period a year ago.
"Buyers are now bargaining for price reduction,” said Habibur Rahman, owner of Pandemic Fashion Ltd that exports knitwear to Scandinavian countries.
"The growth of orders received by the exporters in July has slowed down in the last two months," said Centre for Policy Dialogue Executive Director Mustafizur
Rahman, citing his talks with knitwearexporters.
Anwar-ul-Alam Chowdhury Parvez, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has said buyers seem slow to place orders in an apparent sign of businessmen losing confidence in the world markets.
"They (buyers) are now waiting out the turmoil," the BGMEA presi-dentsaid.
Mamun Rashid, chief of Citibank NA in Bangladesh, thinks the problems might run deeper because of the likely delay in export-receipts and the possible cancellation of orders.
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Zaid Bakht, research director of Bangladesh Institute of Development Studies, believes RMG exporters would receive increased orders for its edge over China where the production costs would jump another step in the wake of the crisis.
Professor MA Taslim, chief execu -tive of Bangladesh Foreign Trade Institute, also looks at the brighter sideofthesituation.
“It's also an opportunity. Garment makers can take advantage of the decline in exports from other countries by increasing competitiveness," said Taslim, citing the example of China, which raised exports after the9/l 1 attacks on the US.
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