Bangladesh'S Imports From China Have Declined, And The Textile Industry Has Been Seriously Affected.

Dhaka, February 26th - Bangladesh's Financial Express reported recently that the quantity and value of goods imported from China decreased by 20.87% and 8.29% respectively from January 1st to February 21st this year, due to the impact of China's new crown pneumonia epidemic. Bangladesh's pillar industry textile industry has been seriously affected by the decline in imports of raw materials.

Reported that many Bangladesh textile enterprises used raw materials are from China. At present, Bangladesh can not import imported textile raw materials from China to other substitutes, but local raw materials and other related materials processing enterprises have taken the opportunity to raise their prices.

The financial bulletin also reported that about 46% raw materials imported from Bangladesh garment industry were imported from China. The outbreak of the new crown pneumonia will lead to the delayed arrival of raw materials and even the cash flow crisis. At present, the Bangladesh garment manufacturers association is seeking letters of credit, contingency fund and other policy support to deal with the impact.

Bangladesh has more than 4600 garment enterprises, the second largest garment exporter in the world after China, mainly exporting to Europe and North America. In the past 10 years, clothing exports have increased by nearly three times. In 2018, its apparel exports amounted to about 32 billion 500 million US dollars, with a global market share of about 6.5%.

Meng's decline in imports from China will also affect Bangladesh's fiscal revenue. According to Mencius National Taxation Bureau (the Natio) Nal Board of Revenue estimates that if the impact of the new crown pneumonia epidemic continues, Meng import tariff revenue will be reduced by 7%-8% over the estimated target.

According to the Daily Star of Bangladesh on February 23rd, the Bangladesh business association called on the government to introduce corresponding policies to help enterprises solve the difficulties they face because of the decline in imports from China. Data show that in the last fiscal year (July 1, 2018 to June 30, 2019), Bangladesh imported from China accounted for 26% of the total import volume of Bangladesh. In January 2020, Bangladesh imported only 67.2 tons of goods from China, down 21% from the same period last year. According to reports, Meng business circles have learned that many provinces in China will begin exporting to Bangladesh in February 24th. The Mencius hopes that the government can take advantage of the measures to release goods from China to Bangladesh as soon as possible.