Siyam Hoque

Published:
2020-03-31 11:45:39 BdST

Buyers cancel orders worth $2.87 billion: BGMEA


Buyers have so far cancelled orders of readymade garment (RMG) products worth US$ 2.87 billion till Monday afternoon in the wake of coronavirus outbreak, according to BGMEA sources.

About 1,041 factories reported that export orders of 906.68 million pieces of RMG products worth US$ 2.87 billion have either been cancelled or held up till 5:00pm on Monday, according to the sources at the Bangladesh Garment Manufacturers and Exporters Association.

This cancellation will affect approximately 2.08 million Bangladeshi workers.

Earlier on March 23, BGMEA President Dr Rubana Huq said buyers so far cancelled orders worth US$ 1.48 billion.

On a video message she said “We’re facing a dire situation. All the buyers from different places, countries and continents are suspending the orders.”

Citing entries of 1,089 garment factories to their website, the BGMEA chief said 873,236,622 orders have so far been cancelled.

She also said there are 1.2 million workers in those factories.

Unauthorized use or reproduction of The Finance Today content for commercial purposes is strictly prohibited.


Popular Article from Business