BD\\\'s import from SAARC nations doubled in 5 years

Bangladesh's import of goods from seven SAARC countries has almost doubled in last five years, widening further its trade imbalance to US$3.695 billion in fiscal year (FY) 2013-14, statistics show.
In FY 2009-10 Bangladesh imported goods worth $3.617 billion from the South Asian nations which reached $6.679 billion in FY 2013-14.
On the other hand, in FY 2009-10 Bangladesh exported goods worth $420 million to SAARC (South Asian Association for Regional Cooperation) nations which in FY 2013-14 stood at $2.984 billion.
Heads of SAARC nations started to reach Kathmandu Tuesday to attend the18th SAARC Summit during November 26-27. Bangla-desh's Prime Minister Sheikh Hasina already reached Nepal with her entourage to attend the summit.
Officials said Bangladesh has failed to raise its export to the regional bloc to the expected level despite various scope created in the last few years. They said India has granted duty free access of almost all goods of least developed countries (LDCs) to its market but Bangladesh even could not raise export there.
A senior commerce ministry official told the FE that though India granted duty free access of LDCs goods to its market non-tariff and para-tariff barriers have held back efforts to raise export there.
He also said Bangladesh's export basket is very thin and production capacity is very poor and hence it fails to raise export to a satisfactory level.  
The official said Bangladesh's main export item garment covers almost 80 per cent of total export volume. But, he said export of garment to the SAARC nations is still negligible.
He also said Bangladesh's export to small SAARC nations is also very small and import is increasing day by day. As a result the trade imbalance is widening by around $500 million every year, he added.
Commerce secretary Hedayetullah Al Mamoon told the FE Tuesday that there are various initiatives to raise overall export of the country particularly to SAARC nations.
He said Bangladesh's trade with SAARC nations other than India is very poor. Last year jute bag export to India faced a negative growth because of a non-tariff barrier created there.
Mr Mamoon said Bangladesh imports essentials and intermediary goods which is very much necessary.
"If we can further raise export, the trade imbalance with SAARC countries will come down. To this regard we have to further increase the number of export items and be more compatible to foreign rules and regulations to avoid any barrier," he added.
Former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Mir Nasir Hossain told the EF Tuesday that lack of connectivity is one of the main barriers for Bangladesh to raise its export.
"We can't export goods to Nepal and Bhutan by land route since India surrounds us and there is no connectivity deal among us," he said.
He also said Bangladesh will also have to raise number of export items and work to remove barriers to raise shipment.
The heads of nations of SAARC member states will have to reach a consensus on connectivity and remove infrastructural bottlenecks to augment regional trade, he added.

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