Home textile exports fell by 16.02pc between July, Dec

Business Report :
The optimism the home textile industry had for more than two years is waning as it failed to meet expectations for a second consecutive month.
The industry saw a negative growth of 16.02% to $601.26 million in the July to December period of the current fiscal year (2022-23) from $715.95 million in the same period of the previous fiscal year (FY2021-22), according to data from the Export Promotion Bureau (EPB).
However, the sector’s export objective for the aforementioned quarter (H1) of FY23 was $928.24 million, which was 35.23% higher than the actual revenue.
The promising export sector fell out of second place and into third place behind the RMG and leather sectors as a result of the persistently poor growth.
Industry insiders said that the prolonged Ukraine-Russia war, inflationary pressures, and economic turmoil have curtailed the purchasing capacity of the people of destination countries.
Moreover, a number of home textile factories could not export goods as per demand after August due to the gas-power crisis, they added.
However, they anticipate a recovery starting in the following months, particularly in February and March.
While speaking, Rashed Mosharraf, executive director (marketing) of Zaber and Zubair (Home Textile) said that due to the ongoing economic turmoil, the purchasing capacity of the people of buyers’ country was curtailed.
“Who usually bought four units earlier, now they buy only two.