Bangladesh's annual exports to the European Union (EU) jumped about 5 percent to more than $11 billion in 2011, mainly due to the relaxation of rules of origin by the importing nations, a statement from the European Commission in Dhaka said on Tuesday.
Exports to the EU in 2010 totalled $7.15 billion. "The huge increase in exports was possible owing to the relaxation of rules of origin for Bangladesh that came into force from January 2011," it said. About 87 percent of Bangladesh exports to the EU markets were readymade garments.
"We are grateful to the EU for the duty and quota free access that Bangladesh enjoys, and for the recent relaxation of rules of origin," said Shafiul Islam Mohiuddin, president of Bangladesh Garments Manufacturers and Exporters Association. The European Union is the biggest export destination for Bangladesh. However, Mohiuddin expressed concern that the euro zone debt crisis and the region's faltering economy might curb its demand for goods from Bangladesh.
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