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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Bangladesh hit by sharp fall in exports AFP - Tuesday, November 10 Send IM Story Print Bangladesh hit by sharp fall in exports Slideshow: Full Photo Coverage: Business & Economy DHAKA (AFP) - – Bangladesh exports plunged by around 12 percent in the first quarter of the fiscal year as a delayed impact of the global recession routed the country's garment sector, the government said Monday. Officials described the drop as a "major upset" for the country's key economic lever, and industry leaders said the fall was the worst quarterly decline in a decade. Figures released by the government's Export Promotion Bureau (EPB) showed the country exported merchandise worth 3.87 billion dollars between July and September, down 11.66 percent from the same period last year. September exports declined by around 28 percent from a year earlier, the steepest year-on-year drop in six years. Garment shipments, which account for 80 percent of the country's annual exports, declined by around 10 percent year-on-year, as orders from Western retailers declined due to the global meltdown, EPB head Shahab Ullah said. "We did well in the year ending June despite the first bout of the recession, but it's a major upset in the first quarter and it happened due to one of the worst performances of the garment sector," Ullah said. He predicted the garment industry would show an upturn as Western countries recovered from the recession. Fazlul Haque, head of Bangladesh Knitwear Manufacturers and Exporters Association which represents 1,300 factories, called the drop "the worst in a decade," and called for the government to step in and help. Last month a big garment factory was closed down due to the recession, leading to violent protests by some 15,000 workers that left two people dead and 100 injured. Bangladesh garment exports grew 15.5 percent to 12.3 billion dollars in the 2008-9 fiscal year, which ended on June 30, helped by low prices that undercut rivals such as China, India and Vietnam. The garment trade accounts for 40 percent of industrial jobs in Bangladesh where close to 40 percent of its 144 million people live below the poverty line. Recommend Send IM Story Print Related Articles US STOCKS SNAPSHOT-Wall St lifted by revived risk appetite Reuters - 1 hour 43 minutes ago Oil jumps above $79 on hurricane, dollar Reuters - 1 hour 43 minutes ago Tiomin posts Q3 loss on Kenya project deal failure Reuters - 1 hour 47 minutes ago Gazprom costs, debt rise; Q2 beats forecasts Reuters - 1 hour 51 minutes ago Iran inflation drops to 7.6 pct yr/yr in Oct- c.bank Reuters - 1 hour 59 minutes ago News Search Top Stories US giant Kraft launches hostile bid for Cadbury Gazprom profits plunge 49.8% Women deprived of health care at key moments: WHO Britney 'upset' over Aussie lip-synching row: promoter Japan eyes solar station in space More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Japan eyes solar station in space Britney 'upset' over Aussie lip-synching row: promoter Gold price hits record after 'Sri Lanka purchase' Obesity causes 100,000 US cancers every year: study Opel chief quits after GM decides to keep European unit More Most Viewed » Somali centenarian weds 17-year-old Mobile phone giant Nokia sues Apple over patents Fibre may keep asthma, diabetes at bay, study finds More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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