![]() ![]() “If Walmart’s cut-price sales do not help, we are going to have a tough time,” Siddiqur Rahman, owner of Laila Styles, a factory that supplies to H&M, Walmart and Zara, told Reuters. This could change if major buyers like Walmart are unable to shift excess stock because consumers are shelling out less for discretionary items like clothing in the back half. This will hamper our export.”įed: 2023 Will See 'Significant Decline' in Inflation That’s why people are giving priority to food and mortgages. “Western countries are raising bank interest rates. “Orders have slowed down,” he told Reuters Wednesday. The South Asian nation on Sunday asked for a $4.5 billion loan from the International Monetary Fund, joining its neighbors Pakistan and Sri Lanka in seeking relief from dwindling foreign reserves and a ballooning trade deficit.Īlthough Walmart’s slashed earnings outlook this week augurs ill for the country, which relies on garments for more than 80 percent of its exports, the warning signs were already there, said Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association. The world’s second- and third-largest garment exporters after China, still smarting from the economic fallout of Covid-19, are bracing for a drop in orders as customers in their biggest markets grapple with breakneck inflation.īangladesh was already struggling with escalating food and energy prices as a result of the Russia-Ukraine war. ![]()
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