Demand for Bangladeshi products in the global market has increased significantly as more countries have continued showing growing interests for importing ‘Made-in-Bangladesh’ items.
For exploring the potentials, the Bangladesh government has set a target of $45.50 billion earnings from exports of merchandise in fiscal (FY) 2019-20, up 12.25 percent over that last fiscal.
As the country is producing quality goods by maintaining world standards, various countries have been attracted in the recent times to import apparel products from Bangladesh.
Bangladesh has already crossed its export target by $1 billion in export earnings from eleven countries in the fiscal 2018-2019.
Of these eleven countries, the country’s shipment in the US totaled $6.87 billion, Germany $6.17 billion, UK $4.17 billion, Spain $2.55 billion, France $2.21 billion, Italy $1.64 billion, Japan $1.36 billion, Canada $1.34 billion, the Netherlands $1.28 billion, Poland $1.27 billion and India $1.25 billion.
However, six more countries like Belgium imported garments worth $946.92 million from Bangladesh while Australia $864.63 million, China $831.20 million, Denmark $731.43 million, Sweden $696.04 million, and Russia $548.25 million. These countries have already shown keen interest to import more products from Bangladesh.
Bangladesh has also set a target for additional $8.50 billion earnings from service exports, up 34.10 percent from that in the previous fiscal.
The total export target for the current fiscal year is set at $54 billion, up 15.20 percent from that in the previous fiscal.
Although the country’s export earnings stood at more than 92 percent of total exports from only 10 countries, this amount came from only 5 products including readymade garment (RMG), agricultural, leather, jute and fish.
On the other hand, the contribution of exports of only readymade garments was almost 84.20 percent of total exports ($40.53 billion) to stand at $34.13 billion.
To make export growth sustainable, the government has to add more diversified products to the export basket, experts said.
It is high time to focus on new and potential export items, like jute and jute goods, leather, agricultural products and pharmaceuticals, in order to come out of the overdependence on readymade garments, they said.
To compete with other Asian countries, notably China, India, Indonesia, Malaysia, Sri Lanka, Thailand and Vietnam, it is necessary to come up with more diversified products, they mentioned.
Existing policies to boost export earnings, undertaken by the government, appear to be very fruitful for several items. But more support for other potential products on the part of the government can help export earnings rise to a great extent, they added.
A senior official of the commerce ministry said, “The export earnings have gradually increased over time, but not to a satisfactory level.”
That is why, the government has already made a plan to increase export earnings by diversifying products and reserved almost Tk 10 billion as support for the issue, he added.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Rubana Huq said, RMG exports have increased, but at the same time, we have to maintain quality of products to exports to different countries.
The BGMEA head said that they are now working to create new markets by promoting their products in order to raise export earnings, especially in Brazil and Russia.
Abdus Salam Murshedy, president of Exporters Association of Bangladesh (EAB), told Bangladesh Post that the country is now capable of making the best quality products at low prices, which will help enhance export earnings even more from developed countries, thus contributing to the country’s economic uplift.