Bangladesh’s export earnings for the fiscal year 2015-2016 have seen a 10% increase from last year.
The fact that we have outdone our export earnings target of $33.5 billion by such a large margin is a testament to the robustness of our exporting sector, and is good news for all.
Much of this growth is attributable to the relative political stability the nation has seen recently.
In the wake of the Rana Plaza tragedy, the garments sectors has done much to bring its safety standards up to speed, and that has helped garment exports see a steady growth.
Since the RMG sector is responsible for 80% of all our exports, growth in garments is indeed largely responsible positive effects throughout the economy, generating employment and contributing to overall economic growth.
We need to get behind this success and make sure Bangladesh stays on track. We need to work on increasing productive to become even more competitive in the global market than we already are. Increased investment in education and training, continued improvement of worker safety, and the reduction of interventionist policies and red tape will go a long way in increasing productivity.
Much doom and gloom regarding exports was predicted in the aftermath of Brexit, and we need to make sure Bangladesh does not get hit badly. For that, non-traditional markets can be explored, and special attention must be given to industries that are lagging behind.
It is also important to improve the capacity our sea ports. A proper deep sea port would go a long way in making trade easier.
Source: Dhaka Tribune