Bangladesh's exports to Australia have surpassed total exports of $12 billion, marking it as a lucrative non-traditional market despite global economic challenges. In the fiscal year 2022-23, Bangladesh earned $1.05 billion from the Australian market, showing a remarkable 34.3% year-on-year growth and contributing 2.3% to the country's total export earnings.

Despite global challenges

The success can be attributed to duty-free market access, product diversification, robust marketing strategies, and the geopolitical conflict between China and Australia. Australian importers have gained confidence in sourcing apparel from Bangladesh due to the country's long-term policy declarations and commitment to duty-free access beyond 2026.

Experts predict that Bangladesh's export earnings in Australia could double or triple in the near future if the positive trajectory continues. To achieve this BGMEA emphasizes the importance of expanding exports of non-cotton goods and the need for 10% cash incentives.

Export Expansion Through Diversification

While the current export basket includes products such as readymade garments, home textiles, leather goods, footwear, jute goods, and pharmaceuticals, there is room for diversification.

The Australian market has shown a preference for high-end RMG and home textile products. With Australia's focus on diversifying sourcing destinations due to the China-Australia geopolitical crisis, Bangladesh can leverage its competitive advantages in quality and cost-efficiency to increase market share. Additionally, the proximity of New Zealand offers further prospects for exports through Australia.