The country’s plastic sector now appears an export booster, trying to occupy the lion’s share of the global market worth $1 trillion and to supplement export earnings, thereby empowering Bangladesh economically. Experts opined this sector is contributing significantly through raking up the amount of foreign currency in recent times to make the country’s export growth sustainable.
Although the plastic products have environmentally negative impact in the global front, the government should take a major initiative to recycle its waste timely without shutting this production, they added. Cheaper rate, production of quality products, enhanced manufacturing efficiency and market diversification pushed up the earnings from this sector, market analysts said.
Although most of the manufacturing products’ exports have recently decreased, the plastic sector has witnessed a robust growth, they opined. However, exports earnings from the plastic products has registered a rapid growth, up 24.76 percent to $20.76 million during July-August this fiscal. Although the earnings fell by 15.79 percent to $98.48 million in 2017-18 fiscal from $116.5 million in 2017-16 fiscal, it rose by 21.65 percent to $119.8 million in the last fiscal year.
Most of the earnings of this sector came from India standing at $19.79 million during the last fiscal. It was followed by Germany ($5.68 million), China ($4.99 million), United States ($4.77 million), the United Kingdom ($1.6 million), Japan ($1.5 million) and Belgium ($1.4 million) during the time. Several initiatives the likes of cash incentive and more investment on the part of the government can strengthen the promising sector’s toehold in the global market, paving the way for its becoming the second biggest export earner country after RMG, the plastic sector authority said.
The Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) president Jashim Uddin told The Bangladesh Post, “We export the plastic products to different countries including Poland, the UK, the Netherlands, Italy, Germany, Spain, China, India, Nepal, Australia, Sri Lanka, Malaysia, Hong Kong and New Zealand.
Home furnishers, automobiles and medical equipment, supporting products of export-oriented industries are now made of plastic, he said adding: “We are also making different types of toys.” To meet the overseas demand, most of the export-oriented factories are increasing their manufacturing capacities, he said. “We have been exporting good quantities of film plastic and garment accessories household items made of plastic to many countries around the world,” he added.
“We are yet to capitalize on soaring global demand for the plastic goods. Nonetheless, earnings from this sector are increasing gradually,” he continued. He said that a huge investment is required to increase the export earnings as the plastic products have $1 trillion market globally. The government should give some timely supports to this sector on priority basis to ensure further growth in this sector, he added.
Abdus Salam Murshedy, President of Exporters Association of Bangladesh (EAB), told The Bangladesh Post that export earnings from the plastic sector have gradually increased, a good omen for the future of Bangladesh. He noted that the country is now capable of making the best quality products at low prices, which will help enhance exports from this sector.