Import cost at Chattogram port falls 9% in Q1 of FY24
Imports via Chattogram port remained virtually unchanged in the first quarter of the current fiscal year, with a year-on-year decline of just 0.12%. However, import costs fell by about 9% during the same period. According to Chattogram Customs House data, about 2,16,30,394 tonnes of goods were imported through the country’s premier seaport in the July-September period of FY24 compared to 2,16,57,444 tonnes imported during the same period of FY23. Import expenditure for the July-September period of FY24 stood at around Tk1,09,430 crore, down by 8.81% from Tk1,20,007 crore for the same period in FY23. Chattogram Customs House received about Tk16,475 crore of revenue from imports in the July-September period of FY24 compared to Tk15,385 crore collected during the same period of FY23.
Zara’s suppliers to buy 2,000 tonnes of fibre recycled from cotton waste
Zara owner Inditex, the world’s largest clothing retailer, said on Friday its suppliers would buy 2,000 tonnes of a raw material made out of cotton textile waste by Swedish company Renewcell. Renewcell is one of the world’s first commercial-scale textile-to-textile recycling factories that helps clothing retailers replace virgin fibres with recycled textiles. It produces a textile pulp made from chemically recycled cotton waste, branded as Circulose. Inditex, which like other fast-fashion retailers is under pressure to reduce waste and use recycled fabrics, earlier this week signed a deal to buy recycled polyester from a US-based startup. The Spanish company intends to source 25 per cent of its fibres from “next generation” materials by 2030. Levi Strauss has already signed a deal with Renewcell to buy Circulose to make one of its blue jean pants, adding it to organic cotton. Swedish retailer H&M also agreed in 2020 to use Circulose material across its brands over a five-year period.
US economy grows faster than expected
The US economy heated up more than expected in the third quarter, government data showed on Thursday, as a resilient job market helped boost consumer spending, holding off the prospect of a recession. Analysts have raised fears of a downturn as the US central bank started lifting interest rates rapidly last year to fight inflation, but the world’s biggest economy has so far defied these predictions. A key factor is the strong labor market, which has provided healthy wage growth, allowing consumers to keep spending even as they draw down on pandemic-era savings. Gross domestic product growth came in at an annual rate of 4.9 percent for the July to September period, the quickest pace since late 2021. A 4.0 percent leap in consumption propelled GDP growth — contributing 2.7 percentage points to the headline number.