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Dhaka, Bangladesh - Facing the dual challenges of a current economic downturn and the devaluation of the national currency, Bangladeshi textile millers are urgently seeking support from the central bank. The Bangladesh Textile Mills Association (BTMA) has sent a formal request to the Bangladesh Bank, urging policy interventions such as concessions on loan installments, extensions on repayment periods, and an increase in the Letter of Credit (LC) limit.

In a bid to bolster the circular economy within its textile sector, Bangladesh faces a pressing need for financial backing, technological advancements, and supportive policies. Industry experts emphasize that adopting a circular economy is paramount for the nation's textile products to maintain a competitive edge in the global market, especially in Western countries.

 

China's textile and clothing exports witnessed a notable decline of 8.1% in 2023, amounting to the equivalent of $293.6 billion, according to figures released by the Chinese textile sub-council CCPIT-Tex. When adjusted for exchange rate effects, the decline stands at 2.9%.

The recent issuance of Minister of Trade Regulation Number 36 of 2023 by the Indonesian government, which addresses import policies, has stirred concerns, particularly among batik craftsmen, notably those in small and medium industries (IKM). While the policy aims to regulate the import of textiles and batik textile products for the needs of ministry agencies or public interest, its potential impact on local artisans has raised apprehensions.

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