Threat to exports

FE Team | Published: October 22, 2019 19:45:51

Threat to exports

Bangladesh's export as percentage of gross domestic product is 15.04. Major export-earning garment sector provides employment to three million workers. In 2018-19 fiscal year, only 10 countries accounted for more than 71 per cent of Bangladesh exports. This shows extreme level of dependence on one sector and a few countries.
However, as EU-Vietnam free trade agreement has come into effect, Bangladesh's export industry would be facing challenges. India is also emerging as a competitor in items that Bangladesh exports. The country's governance does not support the process of improving export competitiveness. To face the situation, industry leaders recommended diversification of export destination and signing of bilateral free trade agreements with a number of countries. On its part, the government needs to take more steps including fiscal and regulatory supports to ensure that the export industries survive and thrive in the coming days.
Mozzammal Hossain Bhuiyan
Mirpur, Dhaka