Photo: Collected-
Metropolis Desk-
The difficulty of supplying goods to a nation at war with Ukraine was a major factor in Bangladesh’s shipment to Russia, which decreased by 30 percent year over year to $432 million in the period from July to May of the previous fiscal year.
In 2022–22, revenue from exports of goods to Russia decreased to $638.30 million from $665.31 million in the previous year.
This has destroyed suppliers’ ambitions of increasing earnings to more than $1 billion in a nation thought to be the most promising among emerging markets, on the strength of growing sales of clothing products including jackets, sweaters, activewear, sportswear, and jerseys.
Not only for clothes but for other industries as well, the ongoing violence has hindered export growth. Before the conflict, the clothing supplier Snowtex Group sent jackets straight to Russia.
The volume substantially decreased as a result of the corporation now sending items indirectly to Russian markets. Snowtex, however, predicts that its overall export will soon increase as sales in European markets continue to grow.
Due to the decline in demand, frozen seafood shipments, such as shrimp, are also subpar in the Russian market.
According to data collected by EPB data from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh exported garments worth $400.31 million in the period from July to May of FY23, a decrease of 28.82 percent from the same period in the previous year.
