Exports to non-conventional markets gain momentum

Bangladesh's exports to the non-conventional markets have gained momentum in recent years with shipments to the small regional destinations rising gradually.
Along with its traditional markets like the US and the European Union, some government policies and exporters initiatives have facilitated the export growth in those Asian and middle eastern trade and economic blocs, according to analysts.
They said the country is successfully boosting its exports to member countries of trade and economic blocs like SAARC, ASEAN, Middle-East, BIMSTEC, and D-8 over the years.
Noted economist Dr Zaidi Sattar said a salient part of Bangladesh's export diversification strategy lies in geographical diversification.

"For the past 30 years, North America and Europe accounted for over 75 per cent of our exports. That is changing, and rightly so. South, South East, and East Asia are becoming a rapidly expanding market for Bangladesh exports, particularly of RMG," he said.
He added that Asia will be the market of the future as 50 per cent of global GDP will come from Asia by 2050.
"The current pick up in exports going to Asian destinations is triggered first by shifting apparel orders away from China and second by the government's effective strategy of incentivising exports to non-traditional markets … a policy that is working."
Bangladesh is now an accepted brand name when it comes to garment exports, said the economist, adding: "Hence the rise in demand from the non-traditional markets."
According to the Export Promotion Bureau (EPB) of Bangladesh, the country's exports witnessed significant growth in the eight SAARC member countries in recent years. It was US$1.260 billion in FY2019 and rose to $1.87 billion in nine months (Jul-Mar) of the current fiscal year (FY2023).
Among the member countries, India registered the highest imports from Bangladesh worth $1.69 billion during the July-March period of FY2023, followed by Sri Lanka $48.10 million  and Bhutan $18.34 million, the EPB data showed.
The exports to the BIMSTEC member countries were more impressive than the other regional blocs, according to the FE analysis on EPB data, as it grew by 52.58 per cent to $2.247 billion in FY2022 from that of $1.473 billion in FY2021.
During the Jul-Mar period of FY2023, the export earnings recorded $1.88 billion to the BIMSTEC markets.
In the D-8 bloc, the exports grew by 5.0 per cent to $1.086 billion in FY2022 from that of $1.035 billion in FY2021, when it registered 22.84 per cent growth from $843.11 million in FY2020.
Similarly, the shipment of Bangladeshi products to the ASEAN countries has also grown significantly.
The export to the 10 ASEAN countries grew by some 44 per cent in two years. Export earnings from the ASEAN countries increased to $841.95 million in FY2022 from $585.76 million in FY2020, EPB data showed.
The US imported $9.24 billion worth of Bangladeshi products and the EU countries $18.91 billion in the July-February period of FY2023.
In FY2022, Bangladesh exported $52.08 billion worth of products to different destinations across the globe, the EPB data showed.
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