New markets drive exports

Exports rose 3.57 percent month-on-month in January on the back of price competitiveness of Bangladeshi wares.
In January, Bangladeshi exports fetched $2.56 billion, 6.34 percent higher than the monthly target of $2.40 billion, according to data from Export Promotion Bureau (EPB).
Year-on-year, the figure is an 18.81 percent increase.
Furthermore, exports increased 8.83 percent year-on-year to $15.15 billion in the first seven months of fiscal 2012-13.
“We are ahead of many countries in terms of price competitiveness. As a result, customers are coming to Bangladesh from other countries,” said Shubhashish Bose, vice-chairman of EPB.
Bose also credited Bangladesh's strong performance in the new markets -- China, Russia, Japan, South Korea, Australia, Mexico, Brazil, Chile, Malaysia, South Africa, New Zealand, Turkey and India -- for the rise.
“In near future, I hope the pie of Bangladeshi exports to European countries will increase further as the export trend is looking positive there,” he said, adding that Bangladesh is becoming a strong player in light engineering, pharmaceuticals and ship making.
Of the major products, Bangladesh exported knitwear worth $5.92 and woven wares worth $6.11 billion in the July-January period, a 6.39 percent and 13.57 percent rise respectively year-on-year.
AKM Salim Osman, president of Bangladesh Knitwear Manufacturers and Exporters Association, said the knitwear sector has been performing “extraordinarily well” recently thanks to higher exports to Japan and Russia.
“The new destinations buoyed the export performance. I hope this will be maintained in to the near future,” he said.
Nasir Uddin Chowdhury, first vice-president of Bangladesh Garment Manufacturers and Exporters Association, said although exports are on the rise the Generalised System of Preferences (GSP) facility from the US remains imperative.
“We must retain the GSP facility at any cost, even though it covers very little of the exports to the US. It is a question of our country's image,” Chowdhury said, adding that the garment manufacturers are working sincerely to streamline the safety matters at factories.

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