Country’s earnings from the exports of agricultural products saw a whopping growth in the last nine months of the current fiscal (2018- 19) amid rising global demand.
The exports raked in $722.73 million during the period, up 53.05 percent from $472.23 million over the same period of the previous fiscal, 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 have helped this sector thrive further, they said. To boost overall export earnings, economists said the government should work on diversifying products and exploring new market, economists said.
They also put emphasis on creating skilled workforce with knowledge of adding value to products to stay in the global competition. The country fetched $166.29 million from dry food export in last nine months in the current fiscal, which was 23.75 percent higher than the previous fiscal’s earnings during the same period.
It was followed by vegetables ($81.73 million), tobacco($55.12 million) and spices ($32.50million). Agriculture Minister Dr Md Abdur Razzaq said, “We have a plan to produce new varieties of agricultural products to make this sector more profitable.”
For that educated youths should come forward to this profession, which will help earn more foreign currency from this sector. Abdus Salam Murshedy, president of Exporters Association of Bangladesh (EAB), told Bangladesh Post that 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, 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. He noted that the country now is capable of making the best quality products at low prices, which will help enhance export earnings even more from developed countries.
Murshedy was of the view that the government should act promptly to reduce trade barriers with different countries. World Bank lead economist Zahid Hussain said Bangladesh economy is growing faster on the back of export, remittance and agriculture.