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Bangladesh yet to fully capture China’s export potential

  

Soon after China gave duty-free access for 97 per cent goods, Bangladesh could not capitalise on export potentials in China for most part of the last year, largely due to the fallouts of the coronavirus pandemic and also due to lack of diversified products.

Underlining that exports to China in the second half was expected to increase significantly on back of the duty privilege, Policy Research Institute of Bangladesh (PRI), stated retaining duty-free access in China is important considering if Bangladesh can increase its export contribution to China to 1 per cent, the country’s export to China will be $26 billion in a year, but unfortunately the fallouts of the coronavirus pandemic impacted the overall business badly last year.

Meanwhile, as per the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), annual average growth of garment export to China was 48.85 per cent between 2008-09 and 2018-19 and it fell in 2019-20 due to the pandemic as export came down to $330 million. Even though Beijing extended duty-free access to Bangladeshi goods in July last year, bringing 8,256 products under the tariff-free regime, it will be noteworthy to see how the country capitalises on this.

 
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