Country’s earnings from exports of agricultural products stood at $854.46 million during July-May of the fiscal year (FY) (2018-19) amid rising global demand.
This earnings increased by 40.3 percent from $609 million in the same period of previous fiscal year, according to Export Promotion Bureau. Experts linked this significant rise to a plethora of timely initiatives undertaken by the government to promote this sector globally after meeting local demand.
‘Providing cash incentives to cultivators, lower production cost and use of modern technologies help this sector thrive further’, they said. To boost overall export earnings, economists said, ‘The government should work on diversifying products and exploring new market.’ They also put emphasis on creating skilled workforce with knowledge of adding value to products to stay in the global competition.
The country fetched $214.51 million from dry food export during July-May in FY19, which was 19.36 percent higher than the previous fiscal year’s earnings during the same period. It was followed by vegetables ($94.16 million), tobacco ($58.21 million) and spices ($38.40 million). Exporters Association of Bangladesh (EAB) higher officials said, ‘Export earnings from the agricultural sector have gradually increased, which is good news for Bangladesh.’
Highlighting the government’s initiatives to establish the apparel sector in the global market, they said, ‘It is high time to give the same or more support to establish other promising sectors like agriculture, ceramic and pharmaceutical sectors to reduce overdependence on RMG.’ They further said, ‘The country is now capable of making the best quality products at low costs, which will help enhance export earnings even more from developed countries.’ ‘The government should act promptly to reduce trade barriers with different countries,’ they added.
