GARMENT TRADE TRAMPLED
Maritime Gateway|May 2020
As retailers face a shutdown in US and Europe, the cascading affect has caused mass cancellation of orders in Bangladesh

More than $2.6 billion worth of garment orders have been cancelled and more are being withdrawn as the dark shadow of COVID-19 creeps across the globe, shattering trade links and supply chains. Almost half of these garments are in the production process or have been completed at the world’s second largest garment exporter. Apparel factories in Bangladesh are idle since March which means they are forced to lay off and face an existential crisis.

To deal with this situation, the government has announced Tk 5,000 crore ($590 million) bailout package to pay salary and wages to the workers employed in the garment industry and has offered loan at two per cent interest. The government has also announced an additional Tk 67,750 crore financial stimulus package.

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