2 countries added to $1b export marketMoinul Haque
Two new countries have been added to the list of billion-dollar export markets for Bangladesh as the export earnings from Canada and Italy fetched $1.09 billion and $1.03 billion respectively in the just concluded financial year 2012-13.
With the inclusion of the two more countries, the numbers of the billion-dollar markets have reached to seven. The other five markets are the USA, UK, Germany, France and Spain.
The major export to Canada and Italy was readymade garments and the export earnings from RMG accounted for $980.26 million and $913.20 million respectively in the FY13.
The overall export to Canada and Italy was about to touch the billion-dollar mark in the FY12 when the export to the countries were $993 million and $977.41 million respectively, Export Promotion Bureau data showed.
In the FY13 the export growth to Canada and Italy were 9 per cent and 6 per cent respectively. Though the growth figures are minimal, the crossing of the billion-dollar mark is a significant achievement, experts say.
Apart from the two markets, the export growth in seven non-traditional markets and in a number of traditional markets witnessed a robust growth.
‘It’s a good sign for the country as the demand for Bangladeshi products have increased in the world due to its competitive strength,’ Centre for Policy Dialogue executive director Mustafizur Rahman told New Age.
He said, ‘The south-south trade potential has increased in the world and the economy of south has been developing and now we have to strengthen the supply chain’.
In the view of growing demand and growing market product diversification is a must for Bangladesh, Mustafiz said.
He hoped that the export earnings would increase more as Bangladeshi products, besides RMG are enjoying preferential benefits in most of the traditional and non-traditional markets including the EU, China and India.
According to the EPB data, export to the Russian market stood at $208 million in the FY13 which was 56.39 per cent higher than that of the previous financial year.
Export to China increased to $458 million in the FY13 from $401 million in the FY12.
Export earnings from Australia amounted to $461.49 million with 33 per cent growth in the FY13 from $347.14 million in the FY12.
Export earnings from Japan rose by 25 per cent to $750 million in the FY13 from $600 million in the FY12.
Export to India increased by 13.15 per cent to 563.96 million in the FY13 from $498.41 million in the FY12.
‘It is a very encouraging sign and it proves that Bangladesh produces high quality products with competitive prices,’ Export Promotion Bureau vice-chairman Shubhashish Bose said.
Both Canada and Italy are important markets for Bangladesh and government has various initiatives to increase export to those markets, he said.
‘Our products enjoy GSP facilities in Canada and we have a plan to arrange
a single country fair to showcase the variety of Bangladeshi products for Canadian buyers’, Shubhashish said.
Italy is one of the potential markets and Bangladesh mainly exports garment and leather
products to that country, he also said.
The economy of Italy has been rebounding from global recession and export orders are increasing gradually, Shubhashish said.
comments powered by Disqus
The National Board of Revenue is likely to give more tax benefits to the mobile operators by reducing board’s claim of Tk 3,100-crore SIM replacement tax as the Awami League-led government desperately wants to hold the 3G auction before the end of its tenure. The NBR, which have already given a plethora of tax benefits as per government... Full story
The Bangladesh Telecommunication Regulatory Commission on Tuesday finalised auction procedure for the 3G mobile services keeping the provision of awarding four licences and a maximum allocation of 15 megahertz (MHz) spectrum against each licence. Full story
Bangladesh Telecommunication Regulatory Commission on Tuesday decided to block the service of an international gateway operator and limit services of 17 others for their failure to pay the dues in time. Out of 23 IGW operators, which were asked to deposit dues worth around Tk 500 crore by August 26, only five... Full story
The net investment in national savings certificates and bonds increased by 198.85 per cent in July, the first month of the current fiscal year, compared with that in the same month of the FY 2012-13 as banks recently lowered interest rates on their different savings products. Full story
The Bangladesh Securities and Exchange Commission on Tuesday formed a two-member committee to investigate recent unusual hike in share prices of four companies. The companies are Mithun Knitting, CVO Petrochemical, Tallu Spinning and Bangas, a BSEC news release said. Full story
The three-day Asia Workshop concluded here Tuesday with ‘Recommendations from Asia-Pacific’ that call for deepening of the MDGs in the remaining two years to address a set of issues, including slow progress in global partnership on overseas development assistance. Full story
Dhaka stocks declined on Tuesday as the regulator’s decision to investigate unusual price hike of shares of four companies made the gamblers dejected. The Bangladesh Securities and Exchange Commission, the capital market regulator, on the day formed a... Full story
India’s rupee plunged to a new low, posting one of its sharpest-ever single-day falls, and shares tumbled Tuesday on fears about the impact of massive new food subsidies on already strained finances. Asian shares and currencies were also hit on worries about possible US military intervention in Syria, raising... Full story
IFC, a member of the World Bank Group, has mobilised a $345 million financial package for Grameenphone to support the company in expanding its coverage in rural areas, improving energy efficiency, promoting employment opportunities and sustainable development. Full story
The Ministry of Commerce, importers and wholesalers on Tuesday affirmed that there would be adequate supply of spices in the market ahead of Eid-ul-Azha and the prices will remain stable. The assurance came from a meeting with the importers, wholesalers and trade associations... Full story
The dollar edged down against the safe-haven yen in Asia on Tuesday due to concerns over a possible US military action against Syria. The dollar was at 98.29 yen in Tokyo afternoon trade, down from 98.51 yen in New York Monday afternoon. Full story
NCCBL Mutual Fund-1 Trading of the units of the fund will be allowed only in the spot market and block/odd lot transactions will also be settled as per spot settlement cycle with cum benefit from 29.08.2013 to 02.09.2013. Trading of the units of the fund will remain suspended on record date on 03.09.2013. Full story