The Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) has expressed concern that the devastating fire at the cargo section of Hazrat Shahjalal International Airport may have caused losses of around $1 billion.

BKMEA Executive President Fazlee Shamim Ehsan told the media that the blaze would have a major negative impact on the country’s export operations. “Our initial estimate suggests that the total loss could reach up to one billion dollars,” he said.

He added that, beyond the direct financial losses, the fire would cause significant disruption to import and export activities — including order cancellations due to delayed raw materials, costly air shipments, discounts, and failure to confirm orders because samples could not be delivered on time.

Goods belonging to nearly 500 apparel exporters have been destroyed in the fire, involving exports worth millions of dollars,” said the BKMEA leader.

He further noted that exporters may have to offer compensation or discounts to buyers, and it would be very difficult for small entrepreneurs whose products were burned to recover from the losses.

The fire broke out at the airport’s cargo section around 2:15pm on Saturday.

A total of 37 units of the Fire Service, along with members of the Army, Navy, Air Force, Border Guard Bangladesh (BGB), Civil Aviation Authority, and Ansar joined the firefighting efforts.

After around seven hours of continuous efforts, the blaze was brought under control at around 9:15pm, according to the Fire Service.