We can surely explore newer markets and broaden our export horizons as we move into the future
Bangladesh’s exporting sector continues to represent our brand in the international market while bringing in a large amount of foreign currency into our economy.
Just the apparel sector, the largest contributor to the national exports, has earned a total of $3.31 billion in the last fiscal year, up by 9.7%, which was $3 billion in the same period.
No doubt the RMG sector has been the engine of our economy for a long time, but it would also do us good to diversify our export basket.
Another prevailing concern regarding Bangladesh has been its dependence on a small collection of large buyers. Over 71% of the country’s total exports being limited to only 10 countries, with the US taking the lead with 17% exports share.
In the fiscal year 2018-19, 71.27% of the total exports came from the US, Germany, the UK, Spain, France, Italy, Canada, Japan, the Netherlands, and Poland.
We can surely explore newer markets and broaden our export horizons as we move into the future; Bangladesh should focus on the countries having need for products what Bangladeshi manufacturers produce, and there are many such countries.
The government, to that end, should go for bilateral trade agreements to avail duty-free market access to new counties such as the Russian Federation and South Africa.
Bangladeshi companies are capable of producing at the highest standard and meeting the needs of the global markets, and we would be doing ourselves a disservice if we do build on our successes and expand both our products and export destinations.