Buyers cancelled $ 1.48 billion orders: BGMEA chief

[Black_cats]

Buyers cancelled $ 1.48 billion orders: BGMEA chief

https://unb.com.bd/m/category/Business/buyers-cancelled-148-billion-orders-bgmea-chief/47735

Dhaka March 23, 12:04 AM 80 Views UNB NEWS - UNB NEWS

President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Dr Rubana Huq.

President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Dr Rubana Huq has said buyers have so far cancelled orders worth US$ 1.48 billion following the outbreak of coronavirus.

“We’re facing a dire situation. All the buyers from different places, countries and continents are temporary suspending the orders,” she said in a video message on Sunday.

Citing entries of 1,089 garment factories to their website, the BGMEA chief said 873,236,622 orders have so far been cancelled.

She also said there are 12 lakh workers in those factories.

 

[Bilal9]

Buyers cancelled $ 1.48 billion orders: BGMEA chief

https://unb.com.bd/m/category/Business/buyers-cancelled-148-billion-orders-bgmea-chief/47735

Dhaka March 23, 12:04 AM 80 Views UNB NEWS - UNB NEWS

President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Dr Rubana Huq.

President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Dr Rubana Huq has said buyers have so far cancelled orders worth US$ 1.48 billion following the outbreak of coronavirus.

“We’re facing a dire situation. All the buyers from different places, countries and continents are temporary suspending the orders,” she said in a video message on Sunday.

Citing entries of 1,089 garment factories to their website, the BGMEA chief said 873,236,622 orders have so far been cancelled.

She also said there are 12 lakh workers in those factories.

Orders will be temporarily cancelled and will roll back in as well, when consumer confidence resumes in first world countries. Even China is resuming their economy and is ready to roll when Europe and US resumes their normal activities. My guess is about four to six months back to normal. Italy and EU is already at the top of the Bell curve of infections, and US is trailing about a week behind.

And this could be sooner, based on how EU/US authorities handle lock-downs...

Point is - don't believe the tabloid freaks, doom-doctors and nay-sayers, the world is NOT coming to an end...

 

[StormBreaker]

Orders will be temporarily cancelled and will roll back in as well, when consumer confidence resumes in first world countries. Even China is resuming their economy and is ready to roll when Europe and US resumes their normal activities. My guess is about four to six months back to normal. Italy and EU is already at the top of the Bell curve of infections, and US is trailing about a week behind.

And this could be sooner, based on how EU/US authorities handle lock-downs...

Point is - don't believe the tabloid freaks, doom-doctors and nay-sayers, the world is NOT coming to an end...

Exactly,
Finally a sane mind out of all the stupids...
When the vaccine is ready, that would be the starting of positive curve especially for businesses

 

[dbc]

Orders will be temporarily cancelled and will roll back in as well, when consumer confidence resumes in first world countries. Even China is resuming their economy and is ready to roll when Europe and US resumes their normal activities. My guess is about four to six months back to normal. Italy and EU is already at the top of the Bell curve of infections, and US is trailing about a week behind.

And this could be sooner, based on how EU/US authorities handle lock-downs...

Point is - don't believe the tabloid freaks, doom-doctors and nay-sayers, the world is NOT coming to an end...

Make PPE’s instead, import the PPE fabric from DuPont ..

 

[Bilal9]

Make PPE’s instead, import the PPE fabric from DuPont ..

The non-woven synthetic fabric for catching water droplets containing the virus is made also by Teijin and many other companies in Asia - including some in Bangladesh. It is a common apparel industry item. But yes - DuPont is the original manufacturer.

Seems 3M and DuPont are having a tough enough time supplying PPE's to US Hospitals, who also don't have enough beds or ventilators.

For one, I certainly hope we've peaked the bell curve for infections, if not for these ignorant trash folks on spring break in Florida...this is the kind of habit which will delay the normalcy coming to our shores....

 

[khansaheeb]

Buyers cancelled $ 1.48 billion orders: BGMEA chief

https://unb.com.bd/m/category/Business/buyers-cancelled-148-billion-orders-bgmea-chief/47735

Dhaka March 23, 12:04 AM 80 Views UNB NEWS - UNB NEWS

President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Dr Rubana Huq.

President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Dr Rubana Huq has said buyers have so far cancelled orders worth US$ 1.48 billion following the outbreak of coronavirus.

“We’re facing a dire situation. All the buyers from different places, countries and continents are temporary suspending the orders,” she said in a video message on Sunday.

Citing entries of 1,089 garment factories to their website, the BGMEA chief said 873,236,622 orders have so far been cancelled.

She also said there are 12 lakh workers in those factories.

They better start building large warehouses to store the products in. The demand will eventually pickup.

 

[Michael Corleone]

They better start building large warehouses to store the products in. The demand will eventually pickup.

Unfortunately first world countries don’t buy out of season clothes. Most end up being destroyed while it could be used to clothe people in Africa

 

[UKBengali]

Unfortunately first world countries don’t buy out of season clothes. Most end up being destroyed while it could be used to clothe people in Africa

Nah people will just buy more this time next year to make up at least some of the lost sales.

BD luckily has a bit of fiscal headroom unlike the other countries in S Asia to get through this crisis.

 

[Black_cats]

https://www.facebook.com/

 

[Destranator]

Unfortunately first world countries don’t buy out of season clothes. Most end up being destroyed while it could be used to clothe people in Africa

They don't get destroyed. Most end up in the local market.

 

[Michael Corleone]

They don't get destroyed. Most end up in the local market.

local market rejects aren't even 1 percent of what is being produced... you can look it up, brands like old navy, nike, adidas etc... all of them destroys their stock that doesn't get sold

Nah people will just buy more this time next year to make up at least some of the lost sales.

BD luckily has a bit of fiscal headroom unlike the other countries in S Asia to get through this crisis.

that for sure, but if any stocks already manufactured are cancelled... those clothes will need to be circulated in local market.

 

[UKBengali]

that for sure, but if any stocks already manufactured are cancelled... those clothes will need to be circulated in local market.

There will be economic losses but BD is strong enough to weather the crisis over the next what may be 3-6 months.
All countries are affected and so relatively BD will be no worse off than others.

 

[Michael Corleone]

https://www.facebook.com/

its sad to see a person like her literally beg to these cooperations....
now do i realize how much more important it is for bangladesh to diversify

There will be economic losses but BD is strong enough to weather the crisis over the next what may be 3-6 months.
All countries are affected and so relatively BD will be no worse off than others.

too early to tell given how crisis is being managed by average bd joe and the politicians... paycheck to paycheck (CNG, rickshaw) workers are basically broke already... shit will hit the fan if the garments owners aren't able to give bonuses or pay properly over the coming months... there is a reason she is worried, she's worried about the welfare of the workers... i can see why Marhum Anisul Huq married her. good people

 

[Bilal9]

Unfortunately first world countries don’t buy out of season clothes. Most end up being destroyed while it could be used to clothe people in Africa

You can always ship low quality clothes to India. They will buy anything if discounted heavily...

its sad to see a person like her literally beg to these cooperations....now do i realize how much more important it is for bangladesh to diversify........she's worried about the welfare of the workers... i can see why Marhum Anisul Huq married her. good people

Well situation is dire but there are ways out. You can always sell good stock-lot to China and the low quality sub-par stuff to India. There are buyers at every price level.

But this is a global catastrophe.

No easy way out of it but some options always present.

 

[Pakistan Space Agency]

They better start building large warehouses to store the products in. The demand will eventually pickup.

That's assuming people in the West still have jobs and enough money to re-start buying goods from developing countries and that's if the West by that time allows heavy imports from developing countries.

The way things are looking at the moment, many sectors in the West could end up being nationalised and Western countries might decide to increase internal trade to recover instead of going back to importing cheap goods from developing countries.