Load RMG containers onto ships by 9 April to avoid US tariffs: BGMEA
The new US tariff policy will come into effect on 9 April and it will not apply to goods loaded onto ships before that date
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has directed exporters to ensure that containers filled with readymade garment products destined for the United States are loaded onto ships by 9 April.
This directive follows discussions between the BGMEA and the commerce ministry.
"The new tariff policy announced by the US government will come into effect on 9 April. This policy will not apply to goods loaded onto ships before 9 April," BGMEA Administrator Anwar Hossain told The Business Standard today.
Keep updated, follow The Business Standard's Google news channel
"Therefore, to ensure that exporters do not face additional tariffs, this initiative has been taken to facilitate the shipment of goods before the tariff policy becomes effective. A special cell has been set up for this purpose."
The US government has imposed reciprocal import duties on countries across the world, including a 37% tariff on Bangladesh, citing concerns over its international trade deficit. This tariff will be implemented globally from 9 April.
To avoid the additional tariffs, efforts have been made to ensure that goods already loaded into containers for export are shipped before the deadline.
The BGMEA has sent letters to the Chattogram Port Authority, Bangladesh Inland Container Depot Association, Bangladesh Freight Forwarders Association, Bangladesh Container Shipping Association, and Bangladesh Shipping Agents Association, requesting their cooperation in this matter.
Meanwhile, many US buyers have requested Bangladeshi exporters to suspend their purchase orders. In response, steps have been taken to expedite exports to ensure that ready-to-ship goods are not subjected to additional tariffs and to prevent buyers from cancelling orders.
According to the National Board of Revenue (NBR), 2,326 Bangladeshi companies exported goods to the United States in the last fiscal year. Of these, 957 companies accounted for more than a quarter of the total exports, with the majority comprising readymade garments.
