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Attention: Garment Orders Surge In Bangladesh, But Industry Recovery Is Unbalanced
Recently, the global supply chain has continued to improve. With the advantages of low commodity prices, uninterrupted supply and more large production plants, a large number of garment orders have been transferred from China, Myanmar, Ethiopia, Vietnam, India and Pakistan to Bangladesh.
According to the survey conducted by the Bangladesh garment manufacturers and Exporters Association (bgmea), large garment factories are in full operation, while small garment factories are in trouble. Nearly 1000 small member factories and 1500 non member factories are unable to survive due to shortage of orders, and some small factories have been forced to close down.
The reasons for the closure are as follows: poor production compliance, weak capital reserves, low popularity of modern equipment, no high value-added products, and relatively weak proficiency in production and negotiation skills of workers. At a time of crisis, the head of Bangladesh policy dialogue center suggested that small factories could adopt merger measures to meet the demand of orders and reduce the risk of elimination. In addition, the clothing manufacturers and Exporters Association (bgmea) provided technical support and reduced service costs to reduce the pressure on members.
At the same time, the consumption of textile raw materials and the rise of commodity value-added tax are also important factors affecting the industry. Recently, the Textile Mills Association (BTMA) and the knitwear manufacturers and Exporters Association (BKMEA) jointly submitted relevant policy proposals to the national revenue Commission (NBR) for inclusion in the 2022-23 fiscal year.
Details are as follows:
1. It is suggested to cancel 15% VAT on polyester chip textiles.
2. It is suggested to cancel the import tax on man-made fibers. At present, there are only four kinds of zero tariff, and the other 21 kinds still contain tariff.
3. It is suggested that the value-added tax on the sale of man-made fibers should be reduced by half.
4. It is suggested to cancel the import tariff of 1% on large machinery.
5. It is suggested that the corporate income tax of green garment factories should be set at 10%, and that of non green factories should be 12%, with a validity period of 5 years.
6. We will abolish the value-added tax on all related commodities in the clothing export-oriented industries.
7. It is suggested that the government should cancel the tariff on imported products needed by enterprises to build central sewage treatment plants.
On the whole, textile and clothing orders have increased in the situation of relatively improved international situation, but there are still the game between export-oriented industries and national policies and the uneven development of enterprises.
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