Bangladeshi Home Textile Exports Starting To Lose Lustre
Bangladeshi home textile exports have started losing luster since fiscal 2022-23 when they declined 32.47 percent over fiscal 2021-22, which had grown even in the Covid-19 pandemic years
The country’s home textile overseas shipments crossed the psychological US $1-billion mark in fiscal 2020-21, thereby recording a staggering growth of 49.17 percent over the earlier fiscal.
Exports continued their growth momentum in 2021-2022 when they again rose by a massive 43.28 percent year on year to total $1.62 billion.
However, home textile exports started dropping in 2022-23 and touched $1.09 billion, down 32.47 percent due to various challenges faced by the sector.
In the first seven months of fiscal 2023-24, they dived further and crashed to $454.74 million, slipping by 34.37 percent, when compared to the same period of earlier fiscal.
Beginning from fiscal 2022-23, home textile exporters were hit by a significant shortage of gas which curtailed production and also due to a slowdown in demand in its main export markets.
The Russian-Ukraine war as well as the recently started Israel-Palestine trouble also has had a devastating impact on the sector