Due to the crisis in the food industry, the clothing industry also seems to be collapsing

Consumers have no money left for more clothes

Clothes and shoes are piled up in warehouses in Bangladesh, after the money of American and European consumers, as well as customers living in other parts of the world, is absorbed by the payment of utilities and the purchase of expensive food, writes the Financial Times in its article presenting the crisis in the South Asian country far from Hungary. . Bangladesh is the world’s second largest exporter of clothing after China, but manufacturers there report that their sales have been slowing since July due to the well-known problems of the world – the Russian-Ukrainian war, sanctions, inflation, high credit interest rates.

Everything has become more expensive, so people’s money to spend on clothes has shrunk, says Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Therefore, some brands and some importers have reduced their orders. Some retailers have asked their Bangladeshi suppliers to stop production or delay deliveries by up to three months. This has a huge impact on light industry companies in the South Asian country. Today we can talk about a serious crisis – napi.hu quotes the article.