Export basket

FE Team | Published: October 15, 2019 19:04:36

Export basket

For almost three decades, Bangladesh's exports are dominated by a single item -- readymade garment (RMG), which accounts for 84 per cent of export earnings. However, growth of exports of RMG products and a few other items, showed a declining trend in the first three months of this financial year, for the first time in a decade. This has been a matter of concern. When we have long been talking about diversification of export basket, we are struggling with currently exportable items for keeping them competitive in the global market.
Relying on one item for foreign exchange earnings is risky as any fluctuation in demand may lead to disastrous consequences in terms of balance of payments and jobs of millions at home. We have higher potential and competitive advantage in some agricultural items like jute and information technology. What we need is a holistic programme to be undertaken by the government to develop and market unconventional and innovative items. In this context, there is no alternative to creating thousands of young entrepreneurs including ones who would initiate small enterprises for diversifying products. If young, energetic people are provided with necessary supports, they can add new items to the export basket and explore new destinations of their products around the world.
Shahin Bhuiyan,
University of Dhaka