It is encouraging to note that the country's overall export earnings have bounced back from the global uncertainties as it posted a growth of 10.58 percent during the first half (July-December) period of the current fiscal year (FY23) compared to the same period of the last fiscal. Reportedly, the export earnings during the first half of the current fiscal year totaled $27,311.26 million against $24,698.55 million during the same period of the last fiscal year (FY22). It is worth that the earning from merchandise export in December grew by 9.33 per cent year-on-year to $5.37 billion, a single month historic high of Bangladesh.
Over the last few years we have seen some remarkable changes in our industrial infrastructures. Also, 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.
In order to boost the export earning, export of Halal products can play a big role. Halal products have a huge demand in the international market, even in the European market, because of their distinct quality. We believe, with proper support from the authorities concerned, Bangladesh can earn more by exporting Halal products.
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.