It is encouraging to note that the country’s export earnings showed significant growth in September this year despite the coronavirus pandemic. As reported by this daily on Tuesday, the export performance is 37.99 per cent higher than last year September's $3.01 billion and 39.17 per cent higher than the monthly target of $2.99 billion. Reportedly, a sharp rise in shipment of RMG helped fetch $4165.45 million earnings following some relaxations of Covid-19 pandemic restrictions.
It is inevitable to state that after downward trends in the last few consecutive months, September's export stats come as a big relief. Indeed, it is a commendable achievement given the barriers to production and trade created by Covid-19. Credit must be given to the timely initiatives taken by the government to keep the supply chains flowing and exporting enterprises afloat through subsidised credit for wage payments.
We should look forward to
adding more diversified
products to our export basket
There is no denying that the existing policies taken by the government to boost export earnings have been very fruitful in many cases. But more support for other potential products on the part of the government can help export earnings rise to a great extent. Needless to say, in order to compete with other Asian countries, notably China, India, Indonesia, Malaysia, Sri Lanka, Thailand and Vietnam, we should look forward to adding more diversified products to our export basket. Also, focus should be given on potential export items such as processed agro-products, Halal-products, jute and jute goods, leather, pharmaceuticals and so on.
We have seen some revolutionary changes in our industrial infrastructures over the last ten years. Consequently, international retailers have got back their confidence to invest in Bangladesh. Bangladesh is now capable of making the best quality products at low prices. Hence, the government needs to encourage entrepreneurs by providing necessary economical and technical supports.
Also, there is a need for an exemption of taxes on raw materials and backward linkage industries so that they can vie with others in the world market, which will help expand the country’s export earnings in the long run.