Sandy May Have An Adverse Impact On Bangladesh's Clothing Trade With The United States.

Hurricane Sandy hit New York, the economic center of the United States, possibly to Bangladesh. Exit The local banks and business organizations expressed concern that some of the important purchasing companies and fashion retailers were harming by Hurricane Sandy in New York.

Settlement payments with the US may be interrupted because most banks in New York are still closed, or their disaster recovery centres are facing power shortages after hurricane damage.

However, the banking sector in the United States is not in a general mess, because most commercial banks have strong DCRs (distributed version control system), which are located outside New York. DCRs

But after the hurricane, DCRs in some US banks is currently facing a shortage of electricity. As a result, the banks and Bangladeshi traders are going through a lot of pain in the smooth recovery of their business.

Exporters in Bangladesh, in particular clothing Exporters have expressed their delay in the payment and settlement of new export orders and related commercial units in New York.

"Most of our exports are concentrated in New York," said Farooq Hassan, vice president of Bangladesh garment manufacturers and Exporters Association (BGMEA). Obviously, this will have an adverse effect on our export department. We are worried about this because natural disasters have destroyed one of our potential clothing markets in the United States.

Hassan said, first of all, Bangladesh's clothing exporters are worried about whether they can get new orders from traders in New York, because many of the fashion ends are badly damaged by Hurricane Sandy. Second, some prestigious companies may face huge losses as they are also affected by Hurricane Sandy. Their recovery takes time. Some Bangladesh exporters may lose important purchasers from New York. Third, Bangladesh's clothing exporters may face abnormal stock in their factories for a specified period of time, because New York Retailers may cancel or postpone export orders.