Bangladesh becoming a key sweater sourcing hub
Bangladesh is turning into a major sourcing hub for sweaters for international clothing retailers and brands as work orders are shifting from China and global fashion trends are changing. Chinese manufacturers are no longer interested in making sweaters because of the complexities in the manufacturing process, higher cost of production, and shortage of skilled workers, according to industry insiders.As a result, exports of the item are rising from Bangladesh, the world’s second-largest garment supplier after China. Earnings from sweater exports reached $4.05 billion in the fiscal year of 2020-21, up 12.62 per cent year-on-year. In FY20, the receipts stood at $3.59 billion, a decrease of 15.47 per cent from the previous year’s $4.25 billion, as the severe fallout of the coronavirus pandemic took a toll.Of the $600 million garments exported to Russia last year, the majority were sweaters. Russians use sweaters all year round and they offer better prices than other countries.
ACI plans waste management tech by producing bio-fertiliser
ACI Fertilizer Limited is planning to introduce a waste management technology in Bangladesh which will convert organic wastes into bio-fertilisers – a key substance to improve soil fertility. According to ACI sources, the company is working to bring this technology, called EcoDigester, to Bangladesh in collaboration with the Netherlands. In addition to large-scale waste management, the machine will produce organic fertilisers, which are important for sustainable agriculture. Using a specific type of bacteria, the EcoDigester can process any decomposable waste in just 24 hours. It is possible to produce 5-10 tonnes of organic fertiliser a day with this industrial grade machine.It will cost Tk6 crore to set up a machine with a processing capacity of 10 tonnes of waste per day. Around 3-3.5 tonnes of bio-fertiliser can be produced from 10 tonnes of waste. Moreover, a smaller version of the machine will cost around Tk30-35 lakh which will be able to process 50 kg of waste a day.
Trading on SME board soars
Trading on the exchanges’ SME board is getting momentum gradually following the rise in the number of listed companies and increased participations from qualified investors (QIs). Trading commenced on the SME board of Dhaka Stock Exchange (DSE) on September 30, 2021 and on the day the board saw a turnover of Tk 2520 only. Later, the DSE’s SME board featured a daily average turnover of Tk 3.42 million in October, Tk 1.62 million in November and Tk 1.89 million in December, 2021. The SME board of the premier bourse posted a daily average turnover of Tk 0.72 million in January, Tk 0.61 million in February and Tk 13.93 million in March, 2022.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225||$ 26,985.80||↑97.23||↑0.36 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 98.26||↑2.23||↑2.32%|
|Crude Oil (Brent)||$ 102.78||↑2.20||↑2.19%|
|Gold Spot||$ 1,947.54||↑15.68||↑0.81 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 86.2000|
|GBP 1||BDT 112.6806|
|EUR 1||BDT 93.9321|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<