Global buyers have so far cancelled or put on hold orders of readymade garment products worth $607.89 million from Bangladesh as many fashion brands have shut their stores in Europe and North America due to the coronavirus outbreak.
Bangladeshi exporters said that the value of cancellation or orders held up would increase further as they were getting notices to cancel orders or delay shipments every hour.
According to the Bangladesh Garment Manufacturers and Exporters Association data, 264 RMG factories informed the trade body till Saturday about order cancellation or shipment delay notices they had received from the buyers for export orders worth $607.89 million.
Amid a surge in cancellations or requests to put export orders on hold, BGMEA president Rubana Huq sent a letter to the global buyers urging them not to cancel or hold orders till July so that workers could get their wages and allowances during two Eid festivals.
Italy, Spain and France and some other European countries declared nationwide lockdowns as the countries took sweeping measures to reduce the spread of the coronavirus. Following the lockdowns, major brands in Europe, including Primark and Inditex, shut their stores in the countries and asked Bangladeshi suppliers to hold shipment of ready garments for another two to four weeks.
Later, major retailers in North America like Nike, Under Armour, Lululemon Athletica, Lands End, Columbia Sportswear and Gap announced closure or reduction in store hours of all outlets in the United States and Canada amid the rise in the number of coronavirus cases in the countries.
The pandemic broke out in China in December last year and has now spread to over 150 countries. A total of 24 people have tested positive for the virus while two others have died in Bangladesh till Saturday.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Apparel