Large-scale manufacturing in Bangladesh dropped by 9.75 per cent year on year (YoY) in June, according to the Bangladesh Bureau of Statistics (BBS).
This fall marks the first negative growth in months following a positive growth rate of 9.56 per cent in May this year. The decline is attributed largely to lower productivity due to import restrictions aimed at addressing falling foreign exchange reserves, reports fibre2fashion.com.
Many manufacturers have also been reluctant to expand their operations amid rising inflation.
The quantum index for large-scale manufacturing (LSM) was 209.69 points in June this year compared to 194.52 points in the corresponding month last year.
Fourteen out of 24 sectors reported negative growth in the month, according to domestic media reports.
Contracted sectors include textile, readymade garments (RMG), paper and printing, chemicals, leather and related goods, rubber and furniture.
Textile manufacturing in the country contracted by over 23 per cent YoY, that of RMG by 8.55 per cent YoY and that of leather sector by 5.83 per cent YoY in the month. BBS compiled data from a sample of 23 large manufacturing units.
