Bangladesh lowers the threshold for “local value-added” incentives for garment exporters
On May 9, the Bangladesh Bank lowered the value-added threshold for garment exporters from 30% to 20% in 2021/22. According to a notification from the central bank, garment exporters with a local value added of 20% can receive government cash incentives or financial assistance, which is applicable to goods shipped this year.
The Bangladesh Bank released 42 products or industries that are eligible to receive national cash incentives or financial assistance on September 20, 2021, but the aforementioned products must meet at least 30% local bonus prerequisite. The Bangladesh Garment Manufacturers and Exporters Association and the Bangladesh Knitting Manufacturers and Exporters Association unanimously opposed the decision and demanded that the value-added threshold be lowered.
The country’s total merchandise exports from July 2021 to April 2022 were US$43.34 billion, of which garment exports were US$35.36 billion (knitwear was US$19.24 billion, a growth of 37.49% ; Plain weaving US$16.11 billion, growth 34.23%), part of the growth is due to the transfer order effect from China, India, Pakistan, Vietnam, Sri Lanka, Myanmar, and Ethiopia.
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