According to reports, the blaze that occurred on Saturday gutted storage areas holding huge quantities of raw materials, apparel and product samples belonging to exporters.

The fire tragedy occurred at a time when the country's garment industry was gearing up for its crucial export season.

“We have witnessed a devastating scene inside,” Faisal Samad, director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told Al Jazeera.

“The entire import section has been reduced to ashes,” he said, estimating losses could reach as high as $1bn.

Firefighters and officials assessed the damage caused by the inferno.

Among the destroyed goods are “urgent air shipments”, including garments, raw materials, and product samples, Inamul Haq Khan, senior vice-president of BGMEA told the news channel.

He alerted that the loss of samples could jeopardise future business in the country’s crucial garment industry, worth $47bn per year.

“These samples are essential for securing new buyers and expanding orders. Losing them means our members may miss out on future opportunities,” he said.

The cargo hub where the fire broke out on Saturday is one of the biggest logistics hubs in Bangladesh.

“Every day, around 200 to 250 factories send their products by air,” Khan told Al Jazeera. “Given that scale, the financial impact is significant.”

The exact cause of the fire is still not known.

An investigation into the fire is currently underway.