CPD RMG Study Stitching a better future for Bangladesh
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Bangladesh’s ready-made garment export to US drops in the first quarter
Bangladesh’s ready-made garment (RMG) export to the United States (US) drops during the first quarter (Q1) of the current calendar year, the Financial Express reported.
The report said that statistics available with the US Office of Textile and Apparel (OTEXA) revealed that US import of clothing from Bangladesh dropped to $1.37 billion in January-March period of 2017 which was $1.45 billion in the same period of 2016.
Govt mulls setting $41.5b export target for FY2017-18
The government plans to set its export target of $41.50 billion with a 7.27% growth, riding on apparel sector for the next Fiscal Year 2017-18, Dhaka Tribune reported.
The report said that of the amount, $38 billion is expected to be earned from manufacturing sectors including RMG while $3.50 billion from service sector.
The report informed that Export Promotion Bureau on Wednesday in a meeting with stakeholders discussed the target and sought their recommendations on the issue.
“We have set the target primarily at $41.50 billion and it would be sent to the Commerce Ministry within a day or two,” the report quoted EPB acting Vice-Chairman Avijit Chowdhury as saying.
The implementation of VAT Act 2012 with a flat rate of 15% would be a burden for people as it would increase their living cost, Dhaka Tribune reported.
Ignoring citizens and experts, a wide range of criticism and opposition from businesses, the government is set to fix 15% VAT for almost all products, the report said.
The report said that the Dhaka Tribune talked to several trade analysts, experts and business individuals when they said a 15% VAT would surely hike the prices of essential commodities and the consumers would be the most sufferers.
