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Bangladesh feels pinch of global recession: Minister

Knitwear exporters demand bailout

Star Business Report
The trade body for the knitwear sector in a meet ing with Finance Minister AMA Muhith yesterday demanded that the government come up with some bailout package to face a cut in exports and prices of the garment item as a result of the ongoing global financial crisis.
The minister admitted to the fact that jute, textile, knit, woven and all other sectors have started feeling the brunt of the global recession
The four-point demand the BKMEA leaders placed include raising cash incentives for the textile sector to 10 per cent from 5 per cent and 5 percent sped J assistance for total exports up to 2009.
The amount of knit exports has dropped by 2.5 per cent in December compared to the month a year earlier,” Fazlul Hoque, president of the Bangladesh Knitwear Manufacturers and Exporters Association, told journalists after the meeting with the minister.
He also pointed out that the sector has suffered a 25 percent loss because of the export decline.
"We have found an alarming situation in an internal advanced assessment of a 3-month period. Besides the drop in exports and prices, the orders already bagged are being delayed. We are facing a similar situation in both European and the American markets," Hoque added.
However, the minister termed the impact a short-term one' and said, "We will have to tackle it that way." He also made an assurance that the demands placed by different sectors would come under government perusal.
The minister also informed the journalists that the body that had been assigned to recommend measures to tackle the adverse impacts of global recession would meet for the first time by the month-end or the first week of next month.
During BKMEA's meeting with Muhith, the trade body opposed devaluation of taka against dollar
The association chief said any depreciation will not help exports and the import-dependent economy face a severe setback.
Fazlul Hoque said, "We import much more against our exports."
Citing an example he said, "If we export goods worth S100, only $15-16 come to our own (exporters) account because a lion's share of the money fetched from exports goes for the imports of major rawmaterials.”
When asked about currency market, Muhith said,"The exchange rate of taka and dollar is being run under a floating system. The government that prefers non-intervention would like to allow the market to go in its own course."
In response to another query on the Indo-Bangla trade pact, (he minister said, "It will a further renewal of the agreement renewed in 2006. There will be no transit under this deal. A proper understanding of the issue is necessary.