Business Report
Bangladesh’s exports to Asia, Middle East and North Africa will grow 15 per cent a year over the three years to 2016 on the back of stronger global economic growth, according to a recent study by a foreign bank, reports a local daily based on a HSBC study.
It said the country will see a major shift on its export destinations over the next 20 years, HSBC said in its Global Connections Report.
Bangladesh was also included in the HSBC Trade Confidence Index (TCI) for the first time, and scored 103. This indicates a marginally positive outlook for trade, slightly below China, India, Indonesia and Vietnam.
Although the US and Germany will remain Bangladesh’s largest trading partners until 2030, rising incomes across emerging markets will help drive strong trade flows from Bangladesh to these markets, the study said. By 2030, India and Turkey will overtake France and Canada, which were Bangladesh’s fourth and fifth largest export destinations in 2012.
Textiles, clothing and wood manufacturing will contribute around three-quarters of Bangladesh’s export growth during 2017-2030, reflecting the country’s expertise and low labour costs, it said.
Oxford Economics, a leader in global forecasting and quantitative analysis, and TNS, another London-based research firm, prepared the report for HSBC based on the bank’s own analysis and forecasts of 180 economies. Forecast data were modelled by Oxford Economics, while Trade Confidence Index was conducted by TNS on behalf of the bank in a total of 23 markets.
Source: Weekly Holiday
