According to Export Promotion Bureau, Bangladesh garment exports to non-traditional market soared by 36.21percent in the first six months of the current fiscal 2018-19 compared to six months of the previous fiscal year. The earnings from exports stood at $ 2.90 billion during this period to new markets compared to $2.13 billion at the same time during last fiscal. The country’s overall exports rose by 8.76 percent to $ 30.61 billion last year while the pace of growth further rose to 15.65 percent or at $ 17.08 billion in first six month of the current fiscal.
Exports to non-traditional markets phenomenally increased in recent time mainly riding on duty free entry of Bangladesh garment to a host of countries not were on the list of major export destinations in one hand and boosted by financial export incentives on the other.
Meanwhile exports to traditional markets like the USA, EU, Canada and others significantly grew after a slow down mainly in recent years for recession at buyers end and recent trade war between UNA and China encouraged many buyers to switch their import orders to Bangladesh. EPB data showed exports to newly growing markets like Australia, Brazil, Chile, China, India, Japan, South Korea, Mexico, Russia, South Africa and Turkey are showing stronger growth owing to 5 percent export incentives.