Bangladesh’s export earnings for the fiscal year 2018-2019 have seen a 10.55 percent increase from last year. The fact that we have outdone our export earnings target of USD 39 billion by such a large margin is a testament to the robustness of our export sector. Much of this growth is attributable to the relative political stability the nation has seen recently.
We are told that the government expects to fetch more than USD 60 million by 2021. In order to do that, making our export growth sustainable is a must. In this regard, the government should look forward to adding more diversified products to the 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.
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. Besides, China, the largest apparel exporter, has been losing its share in global apparel trade because of higher costs of production and shortage of workers. As a result, work orders are being diverted to Bangladeshi factories. Therefore, we should take the privilege of low cost production that we are enjoying here.
The fact that we have outdone
our export earnings target of USD 39
billion by such a large margin is a testament
to the robustness of our export
Experts opine that because of the widening trade dispute between the world’s two biggest economies, lion’s share of RMG exports from China to the US now would be diverted to Bangladesh and other potential RMG manufacturing countries like India, Vietnam, Chile and Mexico. It is needless to say that such a situation has opened up a window of opportunity for Bangladesh to give a boost to its export earnings. In this regard, Bangladesh needs to undertake massive plans to develop skilled manpower in Ready-Made Garments (RMG) in order to invite foreign investments.
Bangladesh is now capable of making quality products at low prices. Therefore, the government needs to encourage entrepreneurs by giving several fiscal and technical supports. Also there is a need for an exemption of taxes on raw materials and backward linkage industries to survive competition with others, which will help expand the country’s export earnings.