Bangladesh is the worlds second largest exporter of clothing after China. In an interview with CNBC Bangladesh’s Commerce minster Tipu Munshi, it was reveled there have already been $2.6 Bn worth of orders cancelled with further cancellations expected.
While this is an issue for the Bangladesh economy, garments are a major source of export for the country, it is also an indication of the global slow down in the sector.
Yesterday saw Next, a major fashion chain in the UK, closing it’s total operations, the day before saw ASOS.com pausing supplies to try and manage the uncertainty in demand. These are just two examples of the impact of the COVID-19 pandemic on fashion retail.
Fashion is one of the top sectors selling internationally and this is another indication that cross border will be hit quite hard during these coming weeks and months.