We have it on the authority of the Export Promotion Bureau (EPB) that the country's export outlook is brightening at a steady pace. The traders also sound upbeat about the rising trend. Not surprisingly, the reason for this buoyancy is ascribed to what is seen as a somewhat rapid recovery of the major importing countries from recession. The latter had whittled down demands from the western economies.
But there is a performance factor too, insofar as meeting the order schedules and demand specifications goes. This does credit to the workers, manufacturers, exporters, banks, transporters and customs and port authorities. Without their combined efforts the export growth couldn't have been attained.
What is the size of the export growth and what does it imply for future? Overall, in the first five months of the fiscal, 35.80 percent growth in export has been recorded over the level of the corresponding period of last year. The highest rate of growth at 40.30 percent has been notched by the frozen food sector, followed by knitwear product at 36.56 percent, woven garments at 35.83 percent and vegetable and allied products at 28.03 percent.
The next half of the fiscal is poised for further growth on account of two factors, one very consequential and the other no less so in a particular area. The exports to Eurozone are set to increase significantly with the introduction of the zero tariff facilities for Bangladesh by the EU taking effect in January, 2011. As a matter of fact, export volume is likely to grow from end-December itself keeping in view the forthcoming zero tariff access. In the coming months a spurt in demand is expected as the western economies emerge freer out of lingering effects of recession. Basically, the EU's relaxation of the rules of origin under the GSP for the least developed countries will enhance Bangladesh's accessibility to Eurozone. Moreover, Bangladesh garments are finding new destinations in Japan, South Africa, Latin American countries, Australia, New Zealand and China.
As for the second factor to push up export it will happen in frozen food area. The EU is likely to relax the strict nitrofuran test on shipments of shrimps from Bangladesh.
All these positive sound bytes raise our hopes for a handsome export growth by the time the fiscal year draws to a close. But bright as the trends may be we should be obliged to ensure steady energy supplies and keep the port functioning smoothly and efficiently. The overarching imperative is, however, made up of two elements: worker unrest is to be avoided and hartal ought to be eschewed.