It is encouraging to note that the country's exports crossed $50 billion for the first time ever in the outgoing fiscal, thanks to a record year for the readymade garments sector. According to the Export Promotion Bureau (EPB), the country earned $47.17 billion from exporting goods and services during the July-May period of the current fiscal (2021-22). Reportedly, readymade garments worth around $3.20 billion have been exported in 25 days of the current month, ensuring the threshold was crossed even before final numbers are in.
The existing policies implemented by the government over the last years have been fruitful towards boosting the country’s export earnings. Over the last few years we have seen some revolutionary changes in our industrial infrastructures. Consequently, international retailers have got back their confidence to invest in Bangladesh. Besides, some of the biggest apparel exporters have been losing their share in global market because of higher costs of production and shortage of workers. As a result, work orders are being diverted to Bangladeshi factories. Therefore, we should take the privilege of low cost production that we are enjoying in Bangladesh.
Bangladesh needs to pay more
attention to devise an alternative strategy
that encourages diversification
of exports, both in terms of products and
destination
Bangladesh needs to pay more attention to devise an alternative strategy that encourages diversification of exports, both in terms of products and destination. It is time to add more diversified products to our export basket in order to sustain economic growth, increase investment opportunities, and create more jobs, particularly for women. Also, there is a need for an exemption of taxes on raw materials and backward linkage industries to survive competition with others, which will help expand the country’s export earnings.
The government's recent initiatives to promote thrust sectors including pharmaceuticals, agro-products, plastics, ICT, shipbuilding, furniture, are moving in the right direction. But at the same time it is true that in order to sustain the current tempo of the country’s export growth, our efforts to solve infrastructure, power, and institutional bottlenecks need to be followed through. Also, a comprehensive policy package coupled with supportive governmental incentives will help our export industry grow further. We are capable of making the best quality products at low prices. Hence, the government needs to encourage entrepreneurs by giving several fiscal and technical support