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Bangladesh's exports to China soar

Bangladesh's exports to China made a quantum leap in the last fiscal year. Over the last four years, the volume of exports to the Chinese market increased more than four times. Export earnings from China in July of fiscal 2014-15 grew by 53.88 per cent compared to the corresponding period.

Items Bangladesh exports to China include readymade garments and textiles, fish and crabs, leather and leather goods, jute and jute-yarn and plastic waste. Apparel constitutes a third of the exports. China is gradually drifting away from basic readymade garment items because of the high cost and switching over to high-tech industries. This has given Bangladesh a big scope to grab the market. Also China gives Bangladesh zero-tariff access.

Currently, Bangladesh as a least-developed country  gets duty-and quota-free access for 4,788 products to the Chinese market. The trading list accounts for 67 per cent of the country's export basket. Chinese investors are coming to Bangladesh to explore export possibilities. Bangladesh's apparel exports could triple by 2020 as European and US buyers also plan to strengthen their presence in the country. Bangladesh considers China as important a market as Japan and Russia and is aiming to push up exports to China to a billion dollars within a couple of years.