Bangladeshi traders on Sunday assessed heavy losses after a devastating fire tore through the cargo complex of the country’s main international airport, as the government opened an investigation into possible arson.

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) gave an initial assessment of “devastating” direct and indirect costs of as much as US$1 billion.

Firefighters had brought the blaze under control and flight operations resumed late Saturday, airport executive director S.M. Ragib Samad told reporters, after thick black smoke swept across the runway, forcing authorities to briefly suspend flights.

But Hazrat Shahjalal International Airport’s cargo complex – which stores fabrics, garment accessories, pharmaceuticals, chemicals and other imports – was left in ruins.

The National Board of Revenue (NBR) also said it was assessing the damage.

Bangladesh is the world’s second-biggest garment manufacturer, and textile and garment production accounts for about 80 per cent of exports.