It is encouraging to note that Bangladesh’s exports earnings in July rose by 44 percent to $3.91 billion, from $2.71 billion in June overcoming all the challenges posed by the global pandemic.
The rise in export earnings was led by the RMG sector as garment shipments raked in USD 3.2 billion, which is 14.1 percent more than the target set by the commerce ministry for July. Also export earning from jute and jute goods soared by 38.2 percent to $103.5 million, homes textiles by 42.5 percent to $94 million, agriculture products by 30.9 percent to $101.1 million, and pharmaceuticals by 49.1 percent to $17.1 million as reported by Export Promotion Bureau (EPB) on Tuesday.
It needs no emphasising that after downward trends in the last four consecutive months since February, July's export stats come as a big relief. It is a commendable achievement given the barriers to production and trade created by the virus. 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.
Existing policies
taken by the government to boost export
earnings have been very fruitful in many cases
It is inevitable to state that existing policies taken by the government to boost export earnings have been very fruitful in many cases. But more support for other potential products from the part of the government can help export earnings rise to a great extent.
In order to compete with other Asian countries, notably China, India, Indonesia, Malaysia, Sri Lanka, Thailand and Vietnam, it is time to come up with more diversified products.
Over the last few years we have seen some revolutionary changes in our industrial infrastructures. 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. Therefore, 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.
