‘Quote competitive rates’ advise global clothing retailers

The international buying community has requested and advised the Bangladeshi textile and garment industry to reduce prices of apparels and keep them at competitive rates comparable at least with those prevailing in competitor countries. More than 50 buyers representing major international brands like Sears Holdings Global Sourcing Ltd, Marks & Spencer Plc, H&M International, Wal-Mart, JC Penney, Tesco International and Nike Inc attended a meeting of manufacturers and the buyers. What has got worried the exporter’s community is the fall of 10 percent registered in the month of January when compared with the same month of 2008, from regions like US and the EU which account for 90 percent of shipments from the sector. The Bangladesh Central Bank in turn has also helped the sector by bringing down the cost of accessing credit by bringing down rate of interest on loans to 13 percent from a high of 14-18 percent, to help the sector in its hour of crisis. The garment sector generates export value totaling to US $11 billion and provides direct and indirect employment to more than 2.5 million people, mostly women.

Source: Fibre2fashion