Potentials of export trade of Bangladesh

Export Promotion Bureau has been executing its functions relentlessly to achieve equilibrium in the foreign trade and economic growth through continues development and promotion of the export trade of the country by sustaining in the rapid changing and stiff competitive global trade.
Among those activities, the prominent activities are-expansion of production of exportable products, product diversification, inclusion of new products in the export basket, policy support in the development of export trade, collection, preservation & dissemination of trade information, compilation export data as well as export marketing development.
Export market is being expanded rapidly due to timely initiative of Export Promotion Bureau. Export destination of Bangladesh was limited within 68 countries during 1972-73 FY, now it has been extended to 187 countries. With the robust leadership and strategic planning of Ministry of Commerce and Export Promotion Bureau export earning during 2009-2010 has been achieved amounted to US$16204.65 million. The export growth has registered around 40% during July-January of FY 2010-2011. Export growth registered 4551% in 2009-2010 in comparison to 1972-73.
According to the statistics given by the International Trade Organisation (ITC), Bangladesh was the leading country in the region in registering positive export growth during the year 2009-10 despite the global economic downturn. During the current fiscal year of 2010-2011 export target has been fixed at US$18,500.00 million. During July-December 2010 of current fiscal year 2010-2011 export earning has been achieved worth US$10263.64 million, which is 41.00% more than the same period of the previous year.
Export Promotion Bureau is playing a pivotal role in product diversification and product development. Exportable product during 1972-73 was 25, at present it has been increased to 168 products. Though Bangladesh is exporting 168 products, the major share of export earning is limited to only few products. Main products in the export earning are readymade garments, jute and jute products, frozen food, leather and leather goods, agricultural products and home textile. Among the exportable 80% export earning is being achieved by readymade garments sector.
As an initiative of export diversification, considering the export potentiality and production capacity, eight products such as 1) agro-products and agro-processing products; 2) light engineering products (including auto-parts and bicycles); 3) footwear and leather products; 4) pharmaceutical products 5) software and ICT products; 6) home textile; 7) the sea-bound ship building Industries; and 8) toiletries products have been identified as highest priority sector. Twelve products such as 1) crushed and finished leather production; 2) frozen fish production and processing; 3) handicrafts products; 4) electric and electronic products; 5) fresh flower and foliage; 6) jute and jute products; 7) hand-woven textiles from hill areas (pahari tant bostro); 8) uncut diamond; and 9) herbal plants, medicine and medicinal products; 10) ceramic products and melamine; 11) plastic products; and 12) furniture industries have been identified as special development sectors.
A fundamental report on ``Export of Ship from Bangladesh: Problems and Prospects' has been prepared to make an action plan in order to develop the ship building sector. To implement the recommendation made in the said report, a standing committee headed by Vice-Chairman of EPB has been formulated. The committee has already prepared the strategic plan by reviewing the given advantages to this sector. It is expected that if the recommendations are implemented the ship building industry will be emerged as a promising sector in Bangladesh. It is worth mentioning that by exporting ship to European Union (EU) and Mozambique US $ amounted to 25.29 million has been earned during FY 2009-2010. Considering the potentials of the sector in the world market, a fundamental document has been prepared to develop the furniture sector and a national work plan has been formulated as a part of development planning as well. Export Promotion Bureau has undertaken initiative to conduct export promotional activities at the village level under One District One Product (ODOP) program. Fourteen products from 41 districts have been identified as an initiative of product development under this program. At the preliminary stage, multifarious steps have been undertaken to develop agar wood & ator, clay tally and rubber under this program.
With a view to facilitate export trade by creating direct contact between suppliers and exhibitors "Bangladesh-China Friendship Exhibition Centre" project has been taken under the financial support of Chinese Government. In the meantime the said project has been approved by the ECNEC on 09 December 2009. At present initiative has been taken to acquire alternative site for implementation of the project. Moreover, to accelerate the export promotional activities, initiative has been undertaken to construct National Export House to Conduct the Export related activities from EPB'S own building. A Plot located in the E-5/B under Shere-Bangla-Nagar has been allotted in the favour of EPB to implement the said project.
To expand and to consolidate export market as well as to introduce our exportable in the overseas market, Export Promotion Bureau takes part in international fairs and organises Single Country Trade Exhibitions in different countries. During the fiscal year-2009-2010 EPB participated in as many as 27 International Trade Fairs and organised 03 Single Country Trade Exhibitions. As a result export order worth US$352.26 million has been achieved. Moreover, as a part of export market expansion activities, necessary initiative has been carried out to send trade delegation to Russia, Ukraine, West Africa and Brazil.
In recognition of Exporter's contribution in the export trade sector export trophy and Commercially Important Person (CIP) cards have been awarded every year. The effort undertaken by EPB creates the competitive environment among the exporters that result in favourable impact on export trade. Seventy five companies under 25 products categories had been awarded gold, silver and bronze trophies each year. Apart from this, in recognition of exporter's achievement in different product categories, 125 outstanding businessmen and 40 individual (as ex-officio exporters) had been declared as CIP (in export category).