Violence mustn’t break our economic backbone
THE Bangladesh apparel industry, the backbone of the nation’s economy, is caught in the crossfire of a perfect storm.
The recent spell of violence, coupled with a nationwide curfew, has dealt a crippling blow to an industry already grappling with the aftershocks of the pandemic, the Russia-Ukraine war, and the Red Sea crisis.
The clock is ticking as international buyers, with the looming Christmas season, pile on the pressure for timely deliveries.
Exporters are frantically scrambling to recoup lost time and production. Overtime is becoming the norm, a desperate attempt to meet deadlines and avoid costly air shipments.
Yet, the challenges run deeper than just lost production days. A shortage of raw materials due to transportation disruptions further hampers the recovery process. The industry’s resilience is being tested like never before.
The government must step in to mitigate the damage. Expediting port, customs, and transport services is crucial to getting the industry back.
Additionally, considering a waiver of extra port charges during the shutdown period could provide much-needed relief to struggling exporters. The international community must also play its part, particularly buyers and retailers.
While understanding the pressures of the market, it is essential to recognise the extraordinary circumstances faced by the Bangladeshi apparel industry.
Flexibility and support during these challenging times can foster long-term partnerships.
The coming months will be critical for the survival and growth of Bangladesh’s apparel sector.
The industry’s ability to weather this storm will not only impact its own fortunes but also the livelihoods of millions of Bangladeshis.
The thoughts in this hard time must rational considering the situation. No doubt, the government, industry, and international buyers need to work together to mitigate the damage and ensure the long-term sustainability of Bangladesh’s apparel sector.
We urged the international buyers to demonstrate flexibility and support by avoiding order cancellations and offering reasonable extensions. The industry itself must optimize production, explore alternative shipping routes, and invest in supply chain resilience. Political realisation to cope with the situation is certainly a must.