That’s bad news for a garment industry that is the country’s largest source of formal employment, directly providing 4 million jobs and supporting countless more livelihoods, while generating $38.7 billion last year—over 80% of export earnings. (Ha Meem alone accounted for $1 billion of exports.)
But the strain extends across the Global South, where developing nations struggle with a prolonged energy crisis that disproportionately squeezes the planet’s most deprived. In the Philippines, heavy dependence on imported Gulf oil has forced emergency conservation measures, including four-day working weeks, restrictions on official travel, and flight cancellations. Diesel prices have risen 86% in Nigeria and more than 50% in Tanzania and Ethiopia, driving up the cost of farming, trucking, and electricity from generators—and, in turn, the price of staples such as rice and corn.