BKMEA president Fazlul Haque Monday said they have already started feeling the pinch of global economic crisis, as 30 percent of export orders in the garment sector have been cancelled by many countries this year, reports UNB.
“We’ve started feeling the pinch and we’ll be able to come up with a clear picture about it by mid-January 2009,” he told journalists at a press conference.
The press conference was arranged ahead of the ‘Knit+tex Bangladesh 2008 International Expo’ beginning here Friday (Nov 28).
Bangladesh Knitwear Manufacturers & Exporters Association (BKMEA) and Conference & Exhibition Management Services (CEMS) will jointly organize the three-day exhibition at Bangladesh China Friendship Conference Centre.
“Most of the cancelled export orders came from India and china,” Falul Haque said adding that the buyers from the USA and the UK were also making unusual delay in taking their shipments.
“Now we’re in trouble, as the buyers are neither cancelling their orders nor confirming us that they would take the items,” he said.
The BKMEA president, however, alleged that the buyers were trying to create an artificial pressure on them in the name of global recession to have concessions.
A total of 75 exhibitors from over 10 countries will participate in the exhibition that will remain open from 10.30 am to 7.30 pm everyday.