Bangladesh offers apparel to UK way cheaper than competitors

Bangladesh offers some of the lowest prices for apparel products in the UK market compared to other major exporters such as China, India and Turkey, according to UK government data. Data from UK Trade Info indicates that, during the January-October period of 2023, the average price of apparel products exported from Bangladesh was 21.39% lower than those from China, 32% lower than those from Turkey, and 26.75% lower than those from India. During January-October 2023, the UK’s global import of clothing declined by 16.44% in dollar value and 12.20% in volume, compared to the same period of the preceding year, UK Trade Info data shows. Analysing UK import data, the share of Bangladesh in the UK’s clothing import is 23% in monetary value and 28% in volume.

Source: https://www.tbsnews.net/economy/rmg/bangladesh-offers-apparel-uk-way-cheaper-competitors-772574

VAT from large firms rises 21% in 5 months

The National Board of Revenue (NBR) has reported a 21% year-on-year rise in VAT collection from large companies in the first five months of the fiscal 2023-24, thanks to price hike in gas and tariff increase in tobacco, which resulted in higher sales prices and, consequently, more VAT collected. Officials concerned said the NBR’s Large Taxpayers Unit (LTU-VAT) collected around Tk26,000 crore in the first five months of FY24, an increase of more than Tk5,000 crore; two sectors –  gas and tobacco – contributed TK3,000 crore. VAT collection from the gas sector during the period increased by 105% on the back of gas price hike by up to 187% in February 2023.

Source: https://www.tbsnews.net/nbr/vat-large-firms-rises-21-5-months-770210

Garment tech show, GAP Expo begin tomorrow

Garment Technology Bangladesh (GTB) 2024, an international trade show focused on garment machinery and allied products, will be held in Dhaka on January 11-14, alongside GAP Expo showcasing garment accessories and packaging. The 21st edition of GTB 2024 and the 12th edition of GAP Expo 2024, organised jointly by ASK Trade & Exhibitions Pvt Ltd and Bangladesh Garment Accessories Packaging Manufacturers & Exporters Association, will take place at the International Convention City, Bangladesh (ICCB). The event will provide a platform for some 300 companies to showcase their latest technology machines and software used in each and every process of garmenting. Some 300 exhibitors from over 20 countries will join the four-day event, making it one of the largest trade shows of its kind in Southeast Asia.

Source: https://today.thefinancialexpress.com.bd/trade-market/garment-tech-show-gap-expo-begin-tomorrow-1704820709