A severe crisis has struck the garment industry of Bangladesh which operates as its export backbone leading to the permanent shutdown of 76 factories and job loss for more than 50,000 women workers. The current downturn exposes weak points in a business sector which remains crucial for the economy.
The garment prices ordered by European Union buyers and United States buyers declined by 5% and 8% respectively causing noteworthy financial stress for manufacturers. Factory owners needed to reduce costs or terminate their operations because export orders fell by 3% throughout the previous year.
According to industry authority Haque several factors have aggravated the problem including rising interest rates on bank loans together with rising material costs and gas supply issues and intermittent power failures. Planning difficulties resulted from two factors: The US dollar strengthened against the Bangladeshi taka causing imports to become more expensive and the rise of GATT tariffs reducing global market competitiveness. 
The struggles of the sector deepened during July-August because governmental internet restrictions halted business communications and intensified operations difficulties. Professional analysis indicates that unresolved industrial concerns threaten additional plant shutdowns and workforce reductions that would intensify challenges for workers alongside the economic framework.
Those operating within Bangladesh’s apparel sector ask stakeholders to take quick measures so the industry becomes stable while urging factory owners to seek financial assistance and seeking enhanced governmental help to protect jobs that depend on this sector.
