Synergies Sourcing Bangladesh

Join us in celebrating our journey! #Synergies_Sourcing_Bangladesh

Bangladesh's denim exports are expected to grow by up to 5% by the end of the year. The 17th Denim Expo has begun at the International Convention City Bashundhara in Dhaka, featuring over 44 exhibitors from seven countries, including India, Pakistan, China, Turkey, Spain, and Italy. Bangladesh currently has more than 40 denim mills and an annual export target of $5 billion. The US and EU remain the largest markets for Bangladeshi denim. #Synergies_Sourcing_Bangladesh

Bangladesh now has 230 Leadership in Energy and Environmental Design (LEED) certifications from the United States Green Building Council (USGBC) factories, out of 230, including 92 Platinum, 124 Gold, 10 Silver, and 4 with no specific ratings. Bangladesh also hosts 9 out of the top 10 green factories in the world and 62 of the world's top 100 highest-rated LEED-certified factories. #Synergies_Sourcing_Bangladesh

Government to support ready-made garment (RMG) and non-RMG factories affected by labour unrest. On October 27, the Ministry of Labour and Employment formed a 10-member inter-ministerial committee to profile factories at risk of closure due to financial difficulties, debts, and unpaid wages resulting from labor unrest. Business leaders have welcomed the move. #Synergies_Sourcing_Bangladesh

Bangladesh may not regain the US Generalized System of Preferences (GSP) soon due to labour rights issues if the GSP is reinstated. GSP is the largest and oldest U.S. trade preference program. Established by the Trade Act of 1974, GSP promotes economic development by eliminating duties on thousands of products when imported from one of 119 designated beneficiary countries and territories. GSP was suspended for Bangladesh in June 2013 and canceled for all beneficiary countries in December 2020. #Synergies_Sourcing_Bangladesh

According to Eurostat, Bangladesh's apparel exports to the EU hit 3.1% growth in August 2024, amounting to €1.6 billion compared to the same month of the last year. Among them, knitwear was €1 billion with a 1.4% growth, and Woven reached €602 million with a 6.2% growth. #Synergies_Sourcing_Bangladesh

Bangladesh's RMG sector has largely returned to normal, with most factories operating smoothly. However, a minor crisis was reported at three factories in Savar-Ashulia, Narayanganj, and Gazipur. #Synergies_Sourcing_Bangladesh

According to the Office of Textiles and Apparel (OTEXA), Bangladesh's RMG exports to the USA dropped by 9.16% to $4.70 billion during the January-August period, due to a decline in demand for apparel in the American market. #Synergies_Sourcing_Bangladesh

Bangladesh exported $3.5 billion in September, marking a 6.78 percent increase compared to the same month last year. The NBR and EPB have also revised the export figures for the July-September 2023 period. The initial report showed $13.98 billion, but the corrected figure is $10.82 billion. #Synergies_Sourcing_Bangladesh

Happy Durga Puja! #Synergies_Sourcing_Bangladesh