Garment exporters face storm as new orders drop
Buyers also defer placing orders owing to the second wave
Apparel makers are once again facing trying times.
On the one hand, the flow of new orders for shipment during the summer has fallen. On the other hand, many buyers are deferring placement of new orders as retail sales in the West are yet to pick up because of the second wave of coronavirus infections.
This forced a large number of garment manufacturers to cut back on their production and run below capacity at a time when their overheads have not dropped to that extent.
Banks will have to set aside an additional amount of around Tk 10,000 crore in provisioning to absorb shocks arising from the ongoing economic hardship caused by the coronavirus pandemic.