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Masrur Reaz, chairman of Policy Exchange Bangladesh, also warned that the conflict may affect shipments to Western countries, including the two prime destinations – Europe and the US.

He explained that conflict near the Suez Canal, a vital shipping artery between Asia and the West, could force vessels to reroute via Africa’s Cape of Good Hope, adding nearly 5,000 kilometres to journeys.

This would significantly increase shipping costs and maritime insurance premiums, he added.

“This will affect the country’s competitiveness in the global supply chain,” Reaz said.

However, BGMEA chief Khan confirmed that so far, no exporters have reported stuck shipments due to the war.

Despite the overall decline, several sectors showed resilience. EPB data shows that pharmaceuticals, home textiles, leather and leather goods, and frozen fish all posted positive growth during July-February.