For the seven month period of this financial year Bangladesh’s exports of readymade garments grew by 14.51 per cent. After garments, the other leading products are agricultural products, leather and leather goods, leather footwear, pharmaceuticals, shrimps, jute and jute yarns, bed and kitchen toiletries, home textiles and engineering products.
However, as prices are competitive in the international market, Bangladesh despite its growing volume is not earning much due to low prices. The country’s exporters want the currency devalued against the dollar and incentives so that they can target more markets.
Bangladesh’s export growth during the first seven months of the current financial year was 13.39 per cent and in January the export growth was 7.95 per cent over the corresponding month of the last financial year.
India, Brazil, Mexico and Chile are also turning into major export destinations for Bangladesh. Similarly, China, the largest apparel supplier worldwide, has also been turning into a major export destination for Bangladesh. China also allows duty-free access to over 5,000 Bangladeshi products, most of which are garment items.
Bangladesh’s garment exports to non-traditional markets have been growing since 2010-11 and have been made possible by a stimulus package and duty-free market access. Apart from the US, European Union and Canada all others are considered non-traditional or emerging markets for Bangladesh.